Tim Thompson CPA - January 2021

Tim Thompson CPA - January 2021

January 2021

The Secret to Winning the Big Game

Lies in the Small Wins

Over the past few months, one of the ways I’ve relaxed is by watching my college football team play whenever they have a game. Last month, I was watching a game when I started to think about how Coach Jimbo Fisher always pushes his team to focus on winning the game play by play. Whether it’s earning one yard or 10 yards, first down or second down, each of those wins moves the team toward the ultimate goal of winning a game. I think this strategy is very interesting and relevant right now, especially as we move from 2020 into 2021. For many people, a new year is like opening a new door or chapter in their life — that’s where a lot of New Year’s resolutions stem from. Yet many of those resolutions will be forgotten by the time spring is in full swing. That is why I think it’s important to know where you’re focusing. To accomplish a goal, it’s crucial to focus on winning every play rather than jumping to the big win at the end of the game. When someone only focuses on the end goal, anything could disrupt your life in a way that could make accomplishing that goal nearly impossible. This becomes especially true if there is no way to readjust once that disruption happens. As difficult and challenging as it was, 2020 is a perfect example of this. This last year proved that anything can change in a matter of months, weeks, or even days and be completely out of our control. That is why, as we move into the new year, it is important to think of our goals or resolutions in a slightly different way. Recently, I started reading a book called, “The 12 Week Year” by Brian P. Moran and Michael Lennington. The book encourages people not

to focus on their goals within a full-year time frame, but rather to put their efforts into — as the title suggests — a 12-week year. This takes your end goal and breaks it into goals that are on a much smaller scale, day by day and play by play. By planning goals within 12 weeks rather than a year, you not only set those goals on a quarterly basis but also give yourself the ability to be flexible and recalibrate should something happen and disrupt them. Deciding these plans isn’t always easy, and thinking about a year squashed into 12 weeks can be pretty challenging. However, the true goal is to

put one foot in front of the other; even if you’re not at the finish line just yet, those small wins are still wins. Now is a great time to try this out and think about what you want to accomplish by taking those small steps. If you focus on winning every “play,” you’ll put enough of them together and score enough points to win the big game.

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The First Dog to Win a Nobel Peace Prize

Just this past October, the Nobel Peace Prize was awarded to what can only be described as one the world’s goodest boys — a dog named Foxtrot, known also to his Instagram followers (of which there are nearly 7,000) as humanitarian_pup. While Foxtrot wasn’t responsible for improvements to auction theory (like Paul Milgrom and Robert Wilson, who won the Nobel Prize for economics) or for a standout career in writing poetry (like Louise Glück, who won the Nobel Prize for literature), this incredible canine shared the Nobel Peace Prize with the World Food Programme (WFP) for their work in combating world hunger. As the organization’s official mascot, Foxtrot shared in the win with the thousands of other WFP workers worldwide. Foxtrot lives in Bangladesh (one of the most densely populated countries in the world) at a WFP outpost that works to supply one of the world’s largest refugee camps. According to an NPR article that spotlighted Foxtrot and the efforts made by his WFP humans, they worked not only to get food to refugees but also to flatten hillsides to make room for shelters for Rohingya refugees fleeing Myanmar. Foxtrot himself became part of the effort to combat world hunger during a WFP beach cleanup in his home country. Workers found him as a 4-week-old pup, and after failing to locate his owners, took him in as one of their own. For the past two years, Foxtrot has helped however he can to further the WFP’s

efforts to end hunger in Bangladesh. This usually includes accompanying his humans while they work, wearing an adorable custom- made WFP cape, and taking to Instagram to raise awareness about how anyone can join in the WFP’s mission.

After learning that he and his humans had won the Nobel

Peace Prize, Foxtrot didn’t waste the opportunity to share his excitement with his followers. “Woweee,” the pup said. “I … think it would be even more amazing if we didn’t need any peace prizes because peace was the status quo in our world.”

If Foxtrot and his humans keep up the good work that won them the Nobel Peace Prize, it seems like that status quo could be within reach.

When creating New Year’s resolutions, people often find the S.M.A.R.T. method to be a great way to keep them on track and motivated. S.M.A.R.T. is an acronym that stands for S pecific, M easurable, A chievable, R elevant, and T ime-bound. By planning with S.M.A.R.T., many individuals turned their dreams into precise aspirations while simultaneously keeping themselves accountable. However, sometimes, a person may need an extra motivator. What Are Your New Year’s Resolutions? One of the sure ways to keep yourself accountable is to share the goals you have with the people around you. Whether that’s your friends, family, significant other, or even your coworkers, they can help you stay on track and even offer you friendly competition, too. For this month’s gift card drawing, I’d like to help you reach the goals you’ve set for yourself for 2021! If you send in your New Year’s resolutions, I can help keep you accountable so you can succeed at those goals. We’ve all had a difficult year, and if you need that little extra nudge, I am happy to help. Anyone who sends in their response to my email at support@ timthompsoncpa.com with the subject line “New Year’s Resolutions” will have a chance to win a $25 gift card. The new year has just begun; let’s start it off strong together!

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The Benefits of Thinking About Your Taxes This Month As we enter the new year, one of the last things on people’s to-do list might be filing their tax returns. With the year we just had and the financial and tax implications people have faced, it’s no wonder why people are hoping 2021 will be a fresh start. However, getting a head start on your taxes can give you the boost you never knew you needed. Give Yourself a Head Start

SUDOKU

For the past 10 months, our government has taken on quite a lot, and it will have an impact on people getting their tax

returns completed and filed and will influence how quickly refunds will come back. In 2020, due to

SLOW COOKER CHICKEN CASSEROLE

the shutdowns throughout the country, there was an automatic tax extension,

which allowed people to submit their taxes through to July 15. Unfortunately, this will not be happening in 2021. Taxes are

scheduled to return to the standard submission date, so 2020 taxes are required to be submitted by April 15 this year.

• 8 chicken thighs or

• 1 lb potatoes, peeled and cut in large chunks

This is not the only reason why January is the best time to start getting everything together. In fact, filing your taxes early can give you plenty of other

drumsticks, lightly salted

• 1 tbsp olive oil • 1 tbsp all-purpose flour • 1 onion, finely sliced • 2 celery sticks, thickly sliced • 2 carrots, thickly sliced • 1 leek, thickly sliced • 2 garlic cloves, sliced • 14 oz chicken stock • 1 sprig rosemary • Finely grated zest and juice of 1/2 lemon • 1/4 cup fresh parsley, finely chopped 1. In a large frying pan, heat oil and fry salted chicken on high until brown. 2. Transfer chicken to the slow cooker. Add flour and stir. 3. In the frying pan on high heat, fry the onion, celery, carrots, leeks, and potatoes until lightly browned. Add garlic and fry for 30 seconds. 4. Transfer vegetables to the slow cooker and add the stock, rosemary, and lemon zest. 5. Cook on high for 2.5–3 hours or until chicken is tender. 6. Check seasoning and add lemon juice to taste. Top with parsley before serving.

benefits, including:

• • •

Faster tax refunds

More time to pay anything owed to the IRS

Preventing identity theft

• Gathering any additional financial information you may need for financial investments, such as purchasing a house or applying for financial aid for college • Talking to your accountant before their office becomes too busy If you need help preparing your tax information, talk to your accountant. They can inform you about what financial documentation you need and the timelines you’re working with, and get you started on the filing process. For any questions or to schedule an appointment with Tim Thompson, call our office at 877-829-7847 or visit our website at MyDFWCPA.com.

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Inside

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The Secret to Winning the Big Game The First Dog to Win a Nobel Peace Prize What Are Your New Year’s Resolutions? Filing Your Taxes — No, It’s Never Too Early! Slow Cooker Chicken Casserole

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‘The Bachelorette’ Contestants Go to Court

Judge, Will You Accept This Rose? ‘THE BACHELORETTE’ CONTESTANTS GO TO COURT

T he reality TV show “The Bachelorette” is known for being packed with drama, but last year there was just as much scandal among its contestants off-screen as there was while the cameras were rolling. Late in 2020, not one but two past “Bachelorette” contestants ended up in court. One of them was Chad Johnson, hailing from the group of hunks who competed for Bachelorette JoJo Fletcher’s attention in season 12. That season aired in 2016, but it wasn’t until two years later that Johnson sued Sunset Studios Entertainment and one of its executives, Cristina Cimino, for sexual harassment, failure to prevent harassment, intentional infliction of emotional distress, fraud by intentional misrepresentation, and wrongful failure to hire in violation of public policy. According to Deadline, Cimino told Johnson she would help him get movie roles with her studio, but that never happened. Instead, she allegedly lured him into in-person meetings and bombarded him with inappropriate calls and text messages. After years of back-and-forth, the case is finally moving forward. In July 2020, a judge ruled that all of Johnson’s accusations were proven except failure to hire. Upping the drama, Deadline reported that “no attorneys for Cimino or the studio participated in the hearing.”

vied for the affection of Hannah Brown

in the 2019 season, has

allegedly been making media appearances without the consent of the show’s production company, NZK Productions Inc.

Each appearance was a breach of contract, and now he owes the company a pretty penny: $25,000 per appearance. According to Page Six, Parker might also be on the hook for bad-mouthing the show and/or sharing information about what happened on set — both things his contract forbids. Hopefully, the 2021 season of “The Bachelorette,” which should air later this year following the postponed 2020 season, will feature less drama than these real-life legal battles.

Meanwhile, another “Bachelorette” contestant, Luke Parker, has been ordered by the court to pay $100,000 for breach of contract. Parker, who

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