Tim Thompson CPA - November 2020

Tim Thompson CPA - November 2020

November 2020

The End of 2020 Is Coming

Should We Be Planning for 2021?

Many people bemoan the prospect of daylight savings time. Losing that hour requires adjustment. While I agree that it is a bit of a pain, I think daylight savings also gives us time to think about the upcoming year. It reminds us that the current year is almost up, and we shouldn’t let anything fall behind. When I think back to this time last year, and the more I talk to my business clients about it, we find ourselves laughing about what our plans were going into 2020. Even if those plans were shot out of the water this year, we should still buckle down and start planning for 2021. The flip side of this hectic year is that there are a whole lot more people who are putting together some kind of plan for the new year regarding how they’ll address the situation the pandemic has left them in. Whether that’s financial, organizing office or home space, or even fitness and health planning, I’ve seen a lot more people on board this year. Parents are thinking about what they’ll do if they’ve got kids going to school online, and many others are integrating more ways to be active and get out of the house. 2020 has given planning a whole new meaning. Though it is not the only important part of planning for 2021, getting together with your accountant to figure out your tax burden next year is very important, especially for anyone who had to dig into retirement funds or something similar to stay alive. If you had to take a pay cut and dive into a 401(k) plan or IRA, chances are you’ll have a surprise in the first quarter of the

year. If nothing else, now is the time to come in and figure out exactly what that surprise will be so you can plan for it. Regardless of how difficult this year was, we will survive it. I very much remember the end of 2019 and thinking how ready I was for that year to be over. For my business, we were growing like crazy, and I was looking forward to continuing that growth in the new year. At the time, 2019 was just a crazy year, and I wanted that fresh new start in 2020. Little did any of us know that 2020 would play “Hold my Beer” with 2019. Both my business and I made it, but now, I’m almost scared to say that I can’t wait for 2021. I think most of us are feeling that, too.

in the moment by being thankful for what we’ve got. We’ve all learned and seen a lot these past two years, and, though the year isn’t over yet, it’s still important to focus on the good things. It was tough for all of us, and work-wise, I had a tough time making sure I could keep giving all of my clients my services. I want to thank all of my clients from the bottom of my heart for taking on this year with me. And, while we might not be able to say with certainty that “the next year will be better,” I can darn well hope it will be for you and for me.

The most important things we can do right now are to not give up planning entirely and to live

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The Stories Behind 2 Iconic Animal Heroes in Video Games

Your family might have had the chance to play more video games lately and interact with some of the most famous animal heroes in video game history, like Yoshi or Sonic. But have you ever wondered about their real-world backstories? YOSHI Or should we say, T. Yoshisaur Munchakoopas? That’s Yoshi’s full name according to Nintendo’s official character guide published in 1993. Ever since the first release of Super Mario Bros, Nintendo wanted Mario to have a dinosaur companion. However, the limitations of the Nintendo Entertainment System (NES) stalled that idea until Nintendo released Super Mario World for the Super NES. The inspiration for Yoshi traces back to the 1984 video game Devil World, which featured green lizards that hatch from eggs, eat enemies with large mouths, and emit the very same signature Yoshi giggle when they hatch. Yoshi has received a positive reception since its introduction, making it Japan’s third-favorite video game character in 2008. A few fun facts: Yoshi is often referred to as male, but its gender remains unconfirmed. Also, Yoshi and K.K. Slider (from Animal Crossing) have the same voice actor! SONIC You could say that random New Yorkers chose Sonic’s ultimate design. When Sega sought to create a flagship series to rival Nintendo’s Mario, Naoto

Ohshima took character designs with him on a trip to New York. He asked random passersby in Central Park to

choose a design, and the spiky blue hedgehog won.

That wasn’t the end of Sonic’s design alterations, though. He had a rock band phase! Initially, Sonic had fangs, was in a band, and had a human girlfriend

named Madonna. The team at Sega of America, led by Madeline Schroeder (who calls herself “Sonic’s mother”), removed those elements to “soften” the character for American audiences. While this led to heated internal debates, Sonic game designer Yuji Naka admitted it was for the best.

These famous characters make our video games more energetic and fun, and their origin stories are just as unique!

What Are Your Favorite Holiday Traditions?

Everyone loves to celebrate the holidays, my family and me included. You’ve read all about where we go and what we love to do all year long, and now I want to give my readers a chance to share their own favorites. With Black Friday and Cyber Monday coming up, I know many people will want to take advantage of the sales going on and even get some early holiday shopping done. Well, we’re going to help you out! We want to know one of your favorite Thanksgiving traditions. Or, if you don’t celebrate Thanksgiving, let us know one of your favorite November holiday traditions you enjoy celebrating either on your own or with your friends and family. Send in your response to my email at support@ timthompsoncpa.com with the subject line “Thanksgiving Giveaway” for a chance to win a $25 Amazon gift card to use or give as a gift for the coming holiday season.

I’m excited to see what your favorite

celebrations are!

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The Year Is Almost Up

SUDOKU

Don’t Wait Until It’s Too Late

In last month’s newsletter edition, we wrote an article focused on the importance of looking over your tax information before the end of 2020. While we might be beating a dead horse, we want to continue pushing this because it can make all the difference for you in the coming 2021 tax season. Our staff has been busy spreading the word on this, and we’ve had a huge response. Many people have reached out knowing how vital it is to look at their tax situation sooner rather than later. We want to ensure everyone has the opportunity to go over their financial information by reaching out to talk to our team. Even if the

CINNAMON-SPICED CANDIED SWEET POTATOES

new tax season is still some distance away, now is the time to start looking at these things and preparing for what’s to come.

As we mentioned in last month’s article, 2020 has been an incredibly

• 4 lbs orange-fleshed sweet potatoes, peeled and cut crosswise into 2-inch pieces, then cut lengthwise into 1-inch wedges • 1 cup light brown sugar, packed

• 1 tbsp kosher salt • 1/4 tsp ground cloves • 1/4 cup unsalted butter, cubed • 4 (2-inch) cinnamon sticks

twisted year, and no one wants any more surprises. We can help you take

into account everything you’ve faced this year by scheduling an appointment

1. Preheat oven to 350 F. 2. Place sweet potato wedges in a 4-quart baking dish. 3. Sprinkle sugar, salt, and cloves over sweet potatoes.

with you and having a

conversation.

Don’t hesitate to schedule an appointment with Tim Thompson by calling our office at 877-

4. Dot with butter and place cinnamon sticks around sweet potatoes. 5. Bake, turning every 15 minutes, until sweet potatoes are tender

829-7847, visiting our website at MyDFWCPA.com, or keying in Tim’s calendar link, Calendly.com/taxsavingcpa/15min, into the online search bar. From here, Tim is ready and willing to have a brief conversation with you about your finances. If needed, he’ll schedule another appointment for a more lengthy discussion at a later date.

and the liquid is syrupy, about 1 hour and 15 minutes. 6. Remove from the oven and let stand for 10 minutes. 7. Discard cinnamon sticks and serve.

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Goals for the New Year Inside

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The Stories Behind 2 Iconic Animal Heroes in Video Games What Are Your Favorite Holiday Traditions? Review Your Tax Information With Our Professionals Cinnamon-Spiced Candied Sweet Potatoes

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Woman Sues Starbucks Over ‘Too Much Ice’

S ometimes, there is such a thing as “too much ice.” You’re sipping your cold beverage when suddenly, it’s gone far quicker than you expected. All you’re left with is a cup full of ice. It’s disappointing, for sure, but is it so disappointing that you would want to file a lawsuit against the company that supplied the beverage? That’s exactly what Stacy Pincus did in 2016. She ordered an iced coffee from Starbucks, only to find “too much ice” in her drink. The lawsuit, filed in Chicago, alleged that the drink was advertised as a 24-ounce beverage, but once the ice was factored in, Pincus and her lawyers claimed the drink was really only “14 fluid ounces.” “Starbucks’ advertising practices are clearly meant to mislead consumers when combined with the standard practice of filling a cold drink cup with far less liquid than the cup can hold,” the suit claimed. NBC News reported that Pincus sought damages to the tune of $5 million against the coffee chain. “The plaintiff would not have paid as much,” her lawyers stated in a court document, “if anything, for the cold drinks had she known that they contained less, and in many cases, nearly half as many, fluid ounces than Woman Sues Starbucks Over ‘Too Much Ice’ ICE, ICE, LAWSUIT

claimed by Starbucks. As a

result, the plaintiff suffered injury in fact and lost money or property.”

Starbucks’ response: “Our customers understand and expect that ice is an essential

component

of any ‘iced’ beverage. If a customer is not satisfied with their beverage preparation, we will gladly remake it.” The company also reaffirmed that you can order any iced beverage with “light ice” and receive half the ice normally included. Interestingly, a second lawsuit against Starbucks popped up in Los Angeles a few months later, but both cases were thrown out. Pincus never saw a cent of that $5 million, nor did she recoup her attorneys’ fees. The case went on to be called “one of the most frivolous lawsuits of 2016.”

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