Tim Thompson CPA - December 2020

Tim Thompson CPA - December 2020

December 2020

Christmas 2020

An Interesting Year to Celebrate

The 2020 holiday season will be interesting this year. Back in October, during a trip to visit my daughter in New Orleans, Shelby and I agreed that for Thanksgiving and Christmas this year, we weren’t going to attend a big family gathering like we usually have. In any other year, we would plan to have dinner with Shelby’s family, which is a big production. However, 2020 being what it is, getting together with a large group of people under one roof is a high risk. Although the decision to keep it small this year is a reasonable choice, it was still hard. Many other families are in the same boat as we are, but missing out on time with our loved ones isn’t the only challenging part of this year. In a normal year, people are already stressed around the holidays. I know that even if I’m going to see family, getting together with so many people at once is always going to be somewhat stressful. Then, there’s the pressure of trying to make the celebration as fun as possible to create lasting memories with our loved ones. However, 2020 is going to be a lot more stressful. With the pandemic and the election in November, people are at the end of their ropes. But, I think there are a few things we can do to make the most out of the holidays. Something that I’ve found very helpful is to take things one day at a time. This isn’t something that comes easily to me. I’ve always been the type of person who thinks far into the future and worries about what will happen rather than focusing on the present. Luckily, December is a good time for people to realize they do this. The days this month are shorter than any other time of year, which

makes us think about what we can do with the little sunlight we have.

year, it doesn’t mean that the value of Christmas, Hanukkah, New Year’s, and any other holiday is going to change, too. There is still meaning behind the holiday season and value in whom you spend it with. Whether you have a large family gathering or are just celebrating with a small group of family or friends, the focus should be on gathering together and enjoying each other’s company.

While the pandemic has been hard, it’s actually helped me slow down, too. I think it whipped me into shape about focusing on day-to-day living rather than what may happen in the future. When we wake up this morning, we have today. It’s important not to overthink it. Just because we’re unsure of what is ahead of us, it doesn’t mean that our hopes, dreams, and traditions are dashed.

Even if we can’t celebrate with our entire family and have to change our usual traditions this

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3 Laws Named After People

Perusing a list of federal laws may read like a yearbook of crime history. Bills introduced in Congress are often named after the victims of horrific crimes, greed, and exploitation to honor those victims. Below are three such laws. Each has made a lasting impression on society and culture. THE ADAM WALSH CHILD PROTECTION AND SAFETY ACT The Adam Walsh Child Protection and Safety Act was signed in 2006 — 25 years after 6-year-old Adam Walsh was abducted from a Florida shopping mall. Adam’s body was found 16 days later, and his father’s reaction to his son’s horrific death impacted generations of victims. His father, John Walsh, went on to create the National Center for Missing and Exploited Children and hosted the popular TV show “America’s Most Wanted” for 23 years. The act created a three-tiered categorization for sex offenders, designated requirements for registering as a sex offender, and included a provision that requires offenders to report their whereabouts. THE MUHAMMAD ALI BOXING REFORM ACT Boxing is a tradition that stretches back to the early Egyptians, but it wasn’t until 1999 that Congress took action to protect these heavyweight fighters from greed and exhaustion. The Muhammad Ali Boxing Reform Act — known as the Ali Act — sought to protect boxers from promoters who took advantage of sports bets to make a quick buck. Experts identified many unethical business practices that put boxers in danger and stripped them of their rights to payment. The act was signed into law on May 26, 2000.

Though it bears the name of famed boxer Muhammad Ali, there are no explicit ties to him, but the boxer did fervently support the bill in Congress. KARI’S LAW In 2013, Kari Hunt Dunn was killed by

her estranged husband in a hotel room in Texas. Her daughter, who witnessed the event, knew to call 911 but was

unaware that she had to dial 9 first to make an outbound call. Kari’s parents sought to change that by advocating for Kari’s Law, which was introduced in the Texas legislature in 2015. The law was signed into effect nationwide in 2018. It mandates that hotels, businesses, and other multi-line phone operating systems can no longer require dialing a 9, or any other number, prior to making a 911 call.

How Are You Celebrating This Year?

For Christmas last year, my wife and I started up a new family Christmas tradition by going camping. This year, I believe we’ll have the chance to go out again, despite the restrictions we’re under. It’ll just be us, maybe a few other family members, and, as an added bonus, we’ll be able to social distance with anyone else who might be camping at the time, too. We know we’re one of the lucky families who don’t have to change our traditions too much. Unfortunately, there are a lot of changes taking place for the holiday season of 2020, and I want to give my readers a chance to share those changes. What new ways are you celebrating the holidays this year, whether you like it or not? Of course, we’re excited to hear all the good changes, but we know that things aren’t always positive. With everything that’s happened this year, we’re interested in hearing your creative ways to celebrate, challenges and all. Anyone who sends in their response to my email at [email protected] with the subject line “Christmas Giveaway” will have a chance to win a $25 Amazon gift card. The holidays are just around the corner, and we want to help you with any last-minute presents you still need to buy.

I look forward to hearing what creative methods you’re implementing this year!

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Get Your Tax Information Reviewed Before Dec. 31 In this last quarter of the year, we’ve been pushing our readers to reach out to us at Tim Thompson CPA to look over your tax information before the year ends. By the time you’re reading this, you may be tired of this message, but we want to drive home just how important it is for the coming tax season. This is our last chance to reach out to you. It’s Still Not Too Late!

SUDOKU

As we move into December, it’s still not too late to schedule an appointment with Tim Thompson, but time is

running short. After Dec. 31, we can’t positively influence your taxes. Though there may be a few ways we can impact

FESTIVE APPLE CIDER

them, most options are

off the table by the time New Year’s Day arrives. By taking a look

at things now, you will avoid

any unnecessary surprises in 2021.

If you’re cutting back on calories, skip the eggnog and buttered rum this year and fill up your mug with this delicious mulled cider!

The new year is always a time to refresh ourselves, and all

• 1 lemon • 1 gallon pure apple cider • 1 large orange, thinly sliced crosswise • 2 tsp whole cloves

• 2 tsp allspice berries • 1 inch fresh ginger, thinly sliced • 2 tbsp honey • 3 cinnamon sticks

of us are looking forward to the end of 2020. We want to help you enjoy the new year by taking away the stress of your taxes.

While the pandemic might not be over, ensuring your tax information is in order now will take a huge weight off your shoulders in the next several months. Before we finally say goodbye to 2020, be sure to get an appointment scheduled with Tim if you haven’t already. You can do this by calling our office at 877-829-7847, visiting our website at MyDFWCPA.com, or keying in Tim’s calendar link, Calendly.com/taxsavingcpa/15min, into an online search bar. Take this first step in preparing for 2021 and give yourself one less thing to worry about.

1. Using a paring knife, shave the lemon peel off in curls. Reserve the curls and save the lemon for use in a different recipe.

2. In a large slow cooker, combine the lemon peel with all other ingredients. Cook on low for 3–4 hours.

3. If desired, use a sieve to strain the spices. Serve and enjoy!

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Inside

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A Year Unlike Any Other

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The Story Behind 3 Laws Named After People How Are You Celebrating This Year?

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Tax Review: Time Is Running Out Festive Apple Cider

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Want to Make Your Holidays a Little Easier?

4 Tips for a Less Exhausting Holiday Season HOLIDAY HACKS FOR THE BUSY PROFESSIONAL

T he holidays are an incredibly busy time of year. Between work and home, it can feel like there isn’t enough daylight to get everything done. We have projects to complete, emails to answer, dinners to plan, gifts to buy — and family is coming in from out of town. Is it possible to take care of everything and not be completely exhausted by the end of it? While we can’t answer that definitively, we can share a few “holiday hacks” to help you get more out of your time. PUT WORK ASIDE. Give yourself blocks of time to focus on one thing at a time. You may be tempted to multitask, but for your mental health, don’t do it. Focusing on one thing at a time produces better results (this applies equally to cooking as it does to client work) and you’ll feel better through the process. DELEGATE — AT HOME! You delegate assignments at work, so why not do the same at home? Start with your immediate family and work your way out. Give everyone a task: Someone does the grocery shopping. Someone is in charge of a main course dish. Another is on side-dish duty. Others get dessert. Don’t forget to assign a clean-up crew. Save yourself for the tasks you REALLY want to do.

Don’t hesitate to take brain breaks throughout the day. Go for a quick walk around the building or neighborhood. Read a chapter of your book. Play a quick game on your phone.

SAY NO TO THE KITCHEN. When your time is precious, why spend

a lot of time in the kitchen? While some find cooking a joy, others find it burdensome. If you’re in the latter group, it’s okay to go the boxed or prepared meal route when time is short. Boxed meals can still be prepared with love, and you can get high-quality frozen dishes or freshly prepared meals from your favorite grocery store. The time and energy you save is worth the investment. In 2020, we have more options than ever to make life easier. So, enjoy the holidays a little more by doing the things you love and using these tips to make the most of your time and energy this season.

TAKE FREQUENT BREAKS. When you have a lot going on, frequent 5–10 minute minibreaks can go a long way in easing the mental pressure.

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