Tim Thompson CPA - February 2021

Tim Thompson CPA - February 2021

February 2021

Sharing Kindness With the People Around Us

Can Make All the Difference

“You might as well go home and kick your assistant’s cat.”

This is a phrase I heard in a story about how impactful kindness truly is. A business owner’s assistant arrived late because everything that could have gone wrong for them that morning did, including their car breaking down. When they finally made it to work, the boss lectured them about being late instead of being understanding. The assistant went about their day and was foul with their fellow employees, clients, and everyone else they came in contact with. At the end of the day, they went home and kicked their cat. By treating the assistant with no sympathy, the business owner might as well have been the person who kicked the cat. If he had shown kindness and empathy, the assistant’s day would have been a completely different story. This is why acts of kindness are so important and what Random Act of Kindness Day — celebrated on the 17th of this month — is all about. No one really knows what someone else is going through. I believe everyone does the best they can to keep a smile on their face, but sometimes, the weight of the world puts us in a place where we just can’t and manifests in annoyance, frustration, sadness, or anxiety. Personally, I’m always thinking of ways to be kind to the people around me. It’s how I was raised. My dad was a city service manager in the town I grew up in, and he was responsible for ensuring that all the vehicles in town were in top running condition, from police cars to the dump trucks.

Now, I don’t remember all the details because it happened when I was so young, but one year, my dad’s favorite employee lost everything in a house fire. Back then, my parents owned a station wagon, and, as my mom would tell you, on the day Dad decided to help out his employee, she thought we were robbed. After Dad found out what had happened, he came home and went back and forth from the house to the car, filling the back of that station wagon with everything he could find. This was with his disability, too: Dad was hanidcapped and walked with braces on his legs because he had polio as a kid. Once the car was packed full, he drove it to where his employee was staying and delivered everything in the car to him.

That was over 40 years ago, but it is cemented in my memory. I believe that was a true random act of kindness that my Dad did without hesitation. Because of that moment, I can see opportunities to spread kindness each and every day, whether to a complete stranger, an employee, or my family. I believe that, if we keep our eyes open, we can find and share kindness wherever we go.

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4 Life Skills You Can Teach Your Kids This Valentine’s Day

LEARN TO GARDEN What’s a better way to get outdoors with your child than to garden together? From using tools like shovels and rakes to nurturing another living organism, gardening provides plenty of rich life lessons, such as patience.

Nothing says “I love you” more than equipping your children with important knowledge they’ll need for the rest of their adult lives. Even if they groan about it now, they’ll be grateful for the know-how when they’re on their own in the future. Keep in mind that your home classroom doesn’t have to mimic a school classroom. Research from the University of Utah shows that kids learn best through hands-on activities and play. Have fun while teaching these life skills, and you’ll earn thank-yous for decades to come. CLEAN THE HOUSE Were you ever surprised by how often you have to clean your kitchen? Your child may be too. Although your 10-year-old won’t have to worry about cleaning the stove today, they will need to know how when they move out, so find ways to incentivize cleaning and make it more fun. You can have your kids collect “chore points” that add up to a prize, like an extra hour of playing video games! DEVELOP COOKING SKILLS You may be hesitant to have a little chef in the house, but if you’re teaching them how to clean up and stay safe while making some easy dishes, there’s no reason to worry! Even if you’re not a great cook yourself, it’s fun to prepare simple recipes as a family. Plus, your kids will get used to the idea of cooking for themselves, which is both healthy and cost-effective.

UNDERSTAND HOUSEHOLD MAINTENANCE Whether they’re learning how to use

an electric breaker, unclog a drain, or clean out the washer or dryer, your kids can get started learning household maintenance skills with just a little guidance. Who knows, maybe they will be their dorm’s future superhero! There are many lessons you can teach your child at any age, so don’t limit yourself! Be creative with the lessons you pass on, and there’s a chance they’ll never forget them!

The New Biden Tax Plan 3 Things You Should Know

INCREASED TAX REVENUE These higher taxes on taxpayers earning more than $400,000 in addition to higher tax rates on capital gains, dividends, and ordinary income, would lead to an increase of $1 trillion in tax revenue alone in the next ten years. As the plan currently stands, this sum could increase to $3.3 trillion this next decade, as the plan includes increased taxes on corporations and businesses, as well. FINANCIAL EXPANSIONS Biden’s tax plan also aims to increase certain incomes for low-income individuals. These include: • Expanding the Child and Dependent Care Tax Credit (CDCTC) from a maximum of $3,000 in qualified expenses to $8,000 ($16,000 for multiple dependents) and increases the maximum reimbursement rate from 35% to 50% • Expanding the Earned Income Tax Credit (EITC) for childless workers aged 65-plus • Increasing the Child Tax Credit (CTC) from a maximum value of $2,000 to $3,000 for children 17 or younger, while providing a $600 bonus credit for children under 6 You can find these details and more at TaxFoundation.org/Joe-Biden-tax- plan-2020. If you still have questions about these changes and how they may impact you, feel free to call our office to schedule an appointment with Tim Thompson.

Before he was elected as president, Joe Biden created a tax plan that had

the potential to impact taxpayers across the country. At the time of this writing, this new plan has yet to be officially put in place. While we are not sure when this plan will be approved or how it will change, our team at Tim Thompson CPA wants to inform our readers about this new tax plan as much as possible.

Here are a few important points you should know about what Biden’s new tax proposal may look like.

RAISED TAXES This tax plan would enact several policies and, in turn, raise taxes on people with an income over $400,000. Additionally, it would also raise capital gains, payroll taxes, and individual income. What’s more, the plan would aim to raise taxes on corporations by “raising the corporate income tax rate and imposing a corporate minimum book tax.”

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It’s Tax Season

SUDOKU

What We Can Do to Help

February brings us one step closer to warmer weather, but it also brings us into the midst of tax season. Over the past several months, we have encouraged people not to wait until the last minute to file their taxes. At Tim Thompson CPA, we want to continue stressing this because it is crucial to handle your taxes as soon as possible.

As mentioned in previous newsletters, we live in challenging times. With people struggling through financial strain, drastic income changes, and the addition of government aid, things are

ZUCCHINI NOODLES

more confusing than ever. This is why people should turn to professional tax and accounting services. A tax professional is up to date on the latest tax codes and will know how to navigate these challenges. When you rely on these individuals, you are lifting that stressor off your shoulders. Instead of

WITH TURKEY BOLOGNESE

worrying about whether or not you made a mistake in the filing process, you can rest easy knowing your accountant is a professional. In their capable hands, your taxes will be

• 3 tbsp olive oil, divided • 1 tbsp garlic, minced • 1/2 cup onions, diced small • 1 lb ground turkey • 1 28-oz can crushed tomatoes • 2 tbsp tomato paste

• 1 tsp salt • 1/2 tsp pepper • 2 tsp sugar • 3 medium zucchini • Parmesan cheese, for garnish

well cared for.

Additionally, a professional tax accountant can save you money. They will look for any deductions you may have available to you or may have missed. Knowing their craft, they can find and take advantage of these opportunities to ensure you save as much money as you possibly can. Tim Thompson understands that this tax season is quite complex and wants to make sure no one is lost or frustrated in a time where everyone is already stressed. If you know anyone who is hesitating on their taxes, refer them to our office. Our team thrives on referrals because they give us a chance to help more people. Give them our office number, 877-829-7847, or our website, MyDFWCPA.com, and encourage them to call so we can take care of the rest.

1. In a large sauté pan over medium-low heat, warm 2 tbsp olive oil. 2. Add garlic and onions and stir constantly until garlic is golden and onions are translucent. 3. Increase heat to medium and add ground turkey, break apart, and cook thoroughly. 4. Add crushed tomatoes, tomato paste, salt, pepper, and sugar. Reduce heat to low. Stir occasionally. 5. Using a spiralizer, mandolin, or vegetable peeler, cut the zucchini into noodles. 6. In another large sauté pan over medium-low heat, add remaining olive oil and zucchini noodles, tossing constantly for 2 minutes until slightly wilted. 7. Plate the zucchini noodles, top with the turkey Bolognese, and garnish with Parmesan cheese. Serve immediately.

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Raised With Kindness Inside

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Teach Your Kids Life Skills This Valentine’s Day! What Is the New Biden Tax Plan? You Can Rely on Your Professional Accountant Zucchini Noodles With Turkey Bolognese The Deadly Revenge of 17th Century Chocoholics

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H ow much do you love chocolate? Would you be willing to die for a taste of your favorite candy bar? Would you kill for one? You’ve probably never thought to ask yourself these questions, but if tall tales can be believed, arguments over chocolate have, in fact, turned deadly. National Dark Chocolate Day and National Chocolate Fondue Day both fall this month (on Feb. 1 and Feb. 5, respectively), and in honor of those tasty holidays, we investigated the original “death by chocolate” — an act of legendary revenge. Rumor has it that the controversy started in the 1600s in Chiapas, Mexico, when a group of chocoholic churchgoers started bringing their favorite sweet snack to services. This annoyed the bishop, who resorted to banning parishioners from eating chocolate during church. As an article in Indian Country Today tells it, the chocoholics got back at the bishop by poisoning his daily cup of chocolatl , an Aztec chocolate drink. Who knew the ancestor of hot cocoa could be so deadly? Surprisingly, this crazy story isn’t the origin of the “death by chocolate” cake we love today. That dessert was created in 1993 by Chef Marcel Desaulniers, then-owner of The Trellis restaurant in Williamsburg, Virginia. Here’s the restaurant’s mouthwatering description of the seven-layer confection, which takes three days to make: 17th Century Chocoholics Get Revenge THE ORIGINAL DEATH BY CHOCOLATE

“The decadence begins with layers of moist chocolate cake, dark chocolate ganache, crunchy chocolate meringue, and an airy chocolate mousse. The cake is then coated in a

glaze of dark chocolate and served on a pool of chocolate sauce with house-made milk chocolate ice cream, topped with a hand-rolled white chocolate truffle, and finally dusted with white chocolate powder.” Is your mouth watering yet? The original version of death by chocolate might be a bit complex for the average chef, but if you’re craving a slice, you can find more accessible recipes at Delish.com and SugarGeekShow. com. Just remember that when you pull it out of the oven, we don’t live in the 1600s, so you should probably restrain yourself from poisoning anyone who steals a bite!

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