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MOVE OVER, RUDOLPH! The 4 Most Underrated Holiday Specials
By Thomas Craig, CPA and Katie Geisinger, CPA, Baker Tilly
When the weather outside is frightful — or your family is on your last nerve — there’s nothing like settling in to watch a classic holiday special. “A Charlie Brown Christmas” and “It’s a Wonderful Life” hold top spots on the TV guide, but there are plenty of overlooked specials that are sure to delight. Here are a few seasonal suggestions that might become your new family favorites. ‘A MUPPET FAMILY CHRISTMAS’ In this musical masterpiece, Kermit and friends prepare to celebrate the holiday season. What makes this special truly unique are the appearances by characters from “Sesame Street,” “Fraggle Rock,” and “Muppet Babies.” There’s even a cameo from the Muppet creator, Jim Henson, himself. If you can find this holiday special, consider yourself lucky. Complicated copyright laws can make it hard to track the movie down. ‘THE LIFE AND ADVENTURES OF SANTA CLAUS’ The stop- motion film “The Life and Adventures of Santa Claus” is one of Rankin/Bass Production’s lesser-known works. Based on a story by L. Frank Baum, the author of “The Wonderful Wizard of Oz,” this fantasy epic introduces a new Santa Claus story, one with light elves, wood nymphs, and benevolent immortals. It’s an unusual tale, but the strange elements are what make the story worthwhile. ‘A RUGRATS CHANUKAH’ Praised by critics and audiences alike, “A Rugrats Chanukah” covers the story of Chanukah through the eyes of Nickelodeon’s beloved animated babies. In addition to putting a “Rugrats” spin on the Chanukah story, this special episode also features themes of family and forgiveness. “A Rugrats Chanukah” is a delightful experience for audiences who celebrate Chanukah and those who would like to learn more about the holiday. ‘DOCTOR WHO: A CHRISTMAS CAROL’ Here’s one for your nerdy family members. In this episode of the British sci-fi classic, the titular Doctor, an alien who travels through time and space, must save his friends by teaching a bitter old man the true meaning of Christmas. Time travel shenanigans ensue as the Doctor reminds us of the importance of kindness, the value of loss, and the magic of spending the holidays with those we love. This special puts a unique spin on the Christmas Carol formula and is even accessible to audiences who have never seen “Doctor Who” before.
As the year quickly comes to a close, your options for tax planning strategies take center stage. It is early December, and you finally have an idea of what your year-end business earnings are. You had a great year, but with that comes more taxes. You didn’t expect this back in April, so now what do you do? One of the most underutilized aspects in your arsenal is what to do with your year-end bonus. You, as a business owner, have the opportunity to take that bonus and apply it to your tax burden. But this is only if that money is taken in this calendar year. It may be upsetting to not receive that cash, but the taxes and penalties not paid are well worth the disappointment. If you didn’t manage to take your bonus in time, you still have other options. Perhaps a simplified employee pension plan (SEP) is the right thing for you — if your business is profitable. Anytime until the due date, you may contribute roughly 20% of your net income and take that as a deduction. This lowers your tax base and is available upon retirement. Setting up a SEP, especially if you are the only employee, is significantly easier than many other retirement plans. Additionally, because it is after the close of the year-end, it is one of the few options still available. The money will be yours to use in retirement independent from whether the business thrives or not. Sometimes neither of these options will work for your specific situation. We believe your tax planner can still help you. It may be as simple as paying your state taxes first to avoid large penalties and interest or making a fourth quarter estimated payment often due Jan. 15. The only way your tax advisor can help you is if you reach out and provide them with the information. Do not neglect this valuable financial strategy.
May these specials bring you some much-needed cheer and a moment of relaxation this holiday season.
The information contained in this newsletter is derived from sources believed to be accurate. You should discuss any legal, tax, or financial matters with the appropriate professional. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Registered Representatives offer Securities through The O.N. Equity Sales Company, Member FINRA/SIPC (www.FINRA.org/ and www.SIPC.org). Investment Advisory Services offered through O.N. Investment Management Company and FAI Advisors, Inc., Financial Architects, Inc., and FAI Advisors, Inc. are not subsidiaries or affiliates of The O.N. Equity Sales Company or O.N. Investment Management Company. We have representatives currently registered in the following states: AL, AZ, CA, CO, DC, FL, GA, IL, IN, LA, MD, ME, MI, MN, MS, MO, NC, NJ, NV, NY, OH, OR, PA, SC, TX, VA, WA, and WI.
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