Tim Thompson CPA - April 2021

Tim Thompson CPA - April 2021

April 2021

Going Green at the Coppell Community Garden The Rewarding Fruits (and Vegetables) of Our Labor

Earth Day is all about thinking of ways we can go green and support the planet, which can go a lot of ways. Whether you choose to simply enjoy the outdoors or you start a compost pile, there are many ways to celebrate this holiday. When I think about

help some folks out, and take home some tomatoes in the process. The decision was that simple. That’s not to say it doesn’t have its challenging moments. Last year, I must have turned more compost than I ever had in my entire life. It kept me busy for sure.

encourage people to do the same. Late last fall, I even joined the board of the Coppell Sustainable Food Organization. Chris Hanson the former garden manager and past president, asked me to join, and though I have plenty to keep me busy, I couldn’t pass up the opportunity. The gardens wouldn’t be where they are today without Chris’ previous vision and hard work. If you’re looking to do something a little extra this year but aren’t sure what to do, we do need more volunteers and gardeners for the Coppell Community Garden. If you’re even a little curious, I’d like to encourage you to tend a garden of your very own — no experience is required. To learn more about what we do, visit the Coppell Community Garden website at CoppellCommunityGarden.org or just ask me! I think taking care of the earth is important, and sometimes that just means doing something small like recycling or gardening. The important thing is to do something. And, for those of us who are already doing that something, this is a great opportunity to do a little more. I believe that if we all made some minor changes, it would really make a difference.

it, I realize I celebrate the Earth fairly often. My family and I love our camping trips where we can immerse ourselves in nature. Plus, my wife, Shelby, and I both love being involved in Coppell’s Sustainable Food Organization, which I wrote about in October.

One of our favorite personalities at the garden is a master gardener by the

name of Larry Thompson (no relation). He just

so happens to also be employed by the school district to help out with the gardens at each school, and that’s how

Shelby knows him. “Farmer

Volunteering at our community garden has helped Shelby and me

Larry,” as he’s known by the students and us, always reminds us “it’s a hobby,” and I think that’s why we love it so much. Shelby and I have had a lot of fun serving out there and making a difference for the community, especially during the COVID-19 pandemic. It’s been important to make sure people still have access to fresh fruit and vegetables, which our gardens provide. We had to find new ways to run our distribution center that allowed community members to come in while also following local safety measures. For me, it really drove home that what we do does make a big difference. It makes me want to get back out there this year and start tending the gardens once again, and I’d like to

quite a lot this past year and has brought a lot of fun into our lives too. It’s a great experience to get out to our plots, take care of our plants, and see how quickly they can grow with our care. Currently, there are several gardens throughout the Coppell community. Last year, these gardens grew over 20,000 pounds of food, which we were able to provide to Metrocrest Community Services food pantry. They’ve done great work, this last year especially, distributing food to those who need it in the community.

Shelby and I first volunteered with Coppell because we wanted to try our hand at gardening,

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Finances in 60 Seconds

They say money makes the world go round — so, then, why are so many people financially illiterate? According to a study that examined 150,000 people across 140 countries, only 57% of Americans were financially literate as of 2015. Other studies, like those done recently by the National Financial Educators Council, have found that only 16% of Americans ages 18–26 are hopeful about their financial future.

some quick finance tips, check out these well- established influencers. HUMPHREY YANG — @ HUMPHREYTALKS Yang is verified by TikTok, which means he’s been

TIKTOK INFLUENCERS ARE HOPING TO CHANGE THAT.

TikTok was launched in 2016 and slowly grew before booming in 2019 and becoming a household staple in 2020. Personal finance experts, like advisors, teachers, and economists, saw an opportunity amid the dance crazes and lip-syncing. Today, personal finance TikTok creators are becoming increasingly popular on the app and offer quick tips about common financial mistakes, saving for retirement, and understanding weird market trends, like the insanity with GameStop, Reddit, and the stock market in January 2021. However, there is a caveat to those relying on TikTok for financial advice: Don’t. While the good influencers creating the videos do offer sound advice worth considering, there are plenty of uninformed “experts” that spout bad advice. Plus, the short length allowed on each video means video creators have to boil down complex market advice into short sound bites. The bottom line is that TikTok personal finance accounts are great introductions to financial literacy, but they cannot replace expert advice and information. If you want to check it out or offer the Gen Z in your life

authenticated as an online public figure, and he’s amassed more than

21.8 million likes. His advice ranges from breaking down the latest trends in the market to highlighting common financial ideas in simple terms. RAHUL RAI — @THELAYMANINVESTOR Any investment advice should always be properly vetted, so Rai’s videos feature him performing “duets” with other personal finance accounts to critique or promote their advice. DELYANNE BARROS — @DELYANNETHEMONEYCOACH Pulling from her personal experience and candidly sharing her best practices, Barros has amassed nearly 173,000 followers and offers insights into how the market works. Barros’ goal is to retire by 45, and followers can watch along as she pursues that dream.

The Respite We Needed But Don’t Wait Until the Last Minute

In February, our office and many of our clients were faced with a terrifying ice storm that left us without power for several days. While things returned to normal

also save you from having to rush as we get closer to that final date. This is something we saw last year. Many people waited to file until the extended deadline, which caused a significant increase

throughout March, it did take a toll on many of us. Luckily, the difficulties this caused us did not go unnoticed. The IRS understands the strain this put on Texans and Oklahomans and have thus extended the tax deadline from April 15 to June 15 this year. We would like to mention that this may not apply to all of our clients. If you’re unsure about whether or not your tax deadline has been moved, get in touch with our office before reaching out to the IRS.

of clients in our office. Unfortunately, this meant that some fillings were done after that deadline.

Though we lost a week or two in February, we gained two months in the tax season. Hopefully, this will give you the time you need to get things settled and file your taxes. Make sure to send your tax information to our office at Tim Thompson CPA today, and we’ll start working on it immediately. If you’re trying to file your taxes yourself and have any questions about the process, reach out to us. We’re here to help you in any way we can.

Additionally, though the tax deadline has been moved to the summer, it’s important not to wait until June to start filing. For anyone who typically files after April 15, this is a good opportunity to avoid paying penalties for filing late. Taking the time to get all your tax information in now will

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Find the Perfect Solution Tax Resolutions As the article on Page 2 states, the deadline for taxpayers to file in Texas and Oklahoma has been extended to June 15. But what about those individuals who have already filed their taxes? If this is you, hopefully, you did not face any issues with your taxes. However, if you received a tax bill that came as an unpleasant surprise and you need help paying it off, we can help you.

SUDOKU

Trouble paying your IRS tax bill is

more of a financial issue than a tax filing issue. We’ll want to look at

your financial information to determine whether or not

you qualify for certain programs to help you with your tax bill. An

SPRING VEGETABLE AND CHICKEN PASTA BAKE

installment agreement is a common way to address this. It allows you to pay your bill over a set time period. In

some situations, some people may not be able to afford to pay their tax bill

even with an installment agreement. In these cases, we’ll consider other options.

• 1 cup cooked chicken, diced • 1 14-oz can artichokes, drained and quartered • 1 cup fresh asparagus pieces • 1/2 cup carrots, grated • 1 1/2 cups uncooked penne pasta • 1 3/4 cups chicken broth • 1/2 cup fresh chives, chopped and divided

• 1/4 cup fresh parsley, chopped and divided • 2 tsp minced garlic • 1/4 tsp salt • 1/4 cup grated Parmesan cheese, divided

In some cases, you may not be required to pay your tax bill immediately. However, if you find yourself in this situation, you will likely accrue some interest or face penalties. The amount for this

will vary depending on your financial situation. Even given that, you may still have an option to not pay the full balance off — it depends on each person’s unique circumstances. If you aren’t able to pay your tax bill and are working to get back onto your feet financially, the IRS may choose to put you on “currently not collectible” status. If you’re on this status, it will keep the IRS at bay for some time. Given what we’ve gone through in the past year, these options are worth looking into, and Tim Thompson can help. We have a second company called Get Tax Resolution Inc., which specializes in this service. If you are concerned with the bill you received from the IRS, reach out today. We can find the best option for you and your situation.

1. Preheat oven to 425 F and grease an 8-inch square baking dish with cooking spray. 2. In the prepared dish, stir together cooked chicken, artichokes, asparagus, carrots, uncooked pasta, chicken broth, half the chives, half the parsley, garlic, salt, and 2 tbsp Parmesan. 3. Cover the dish tightly with foil and bake for 35 minutes. 4. Uncover and stir. At this point, check the pasta to make sure it is al dente. If it’s undercooked, cover the dish and return to the oven until pasta is tender. 5. Remove from oven and garnish with remaining Parmesan, chives, and parsley.

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537 Houston St., Coppell, TX 75019 • 877-829-7847 • MyDFWCPA.com

Inside

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Going Green at the Coppell Community Garden Young Viewers Are Learning Financial Literacy With TikTok Your Extended Tax Deadline Tax Resolutions: Yes, We Can Help You! Spring Vegetable and Chicken Pasta Bake Celebrity Assistants Prove Administrative Assistants Are Required for Success

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CEOs, politicians, and celebrities all have one thing in common: They can accomplish so much because of the people they have supporting them. The last Wednesday in April is Administrative Professionals Day, which is dedicated to honoring the assistants who help small businesses run seamlessly, ensure celebrities look flawless, and provide care to those running countries. These famous assistants prove just how important these professionals are. MEET THE A-LIST ASSISTANTS WHO MAKE SUCCESS LOOK EASY

and mother of three. She relies on a team of stylists, personal

secretaries, nannies, and press secretaries to help her juggle her daily tasks and perform her duties as eventual queen-to-be. Many of her royal helpers have been longtime confidants, with recent shake-ups only occurring when Prince William’s brother, Harry, and his family resigned their royal titles and assistants, some of whom also helped Middleton.

KEVIN KEATING: ASSISTANT TO GWENYTH PALTROW

Gwenyth Paltrow is a silver-screen actress and commands the lifestyle and wellness brand Goop. Behind her success is her assistant of 10 years, Kevin Keating. Supposedly, Paltrow is very fond of Keating and his dedication, so much so that he was the inspiration for Goop’s virtual assistant and some of its products, including a jacket. Some experts credit Keating for helping propel Goop into success. Paltrow also brings Keating along on her global travels and the two share a close relationship, according to Glamour UK and Bustle.

ANGEL MCCONNELL: ASSISTANT TO GEORGE CLOONEY

For more than 20 years, Angel McConnell has been the face behind George Clooney’s success. Clooney and McConnell first met while he was working on the set of “ER,” and since then, Clooney has relied on McConnell to assist him in all aspects of his life. According to Glamour UK, the Oscar and Golden Globe-winning actor even built McConnell a home on his property so she’s available at a moment’s notice without delay. After 20 years and becoming neighbors, McConnell’s dedication to her boss’s success is obvious.

THE ROYAL TEAM: THE ASSISTANTS TO KATE MIDDLETON

When your husband is poised to become the King of England someday, your life becomes a whole lot busier. Since marrying Prince William 10 years ago, Middleton has become a fashion icon, treasured philanthropist,

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