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LI BMAN 'S AWESOME LETTER
LIBMAN TAX STRATEGIES
MARCH 2019
Gambling, Four-Leaf Clovers, and Charm Bracelets: The Fallacy of Luck
I want you to imagine for a second that you make a trip to Las Vegas to do a little harmless gambling. You walk into Caesar’s Palace armed with lots of hope and a fair amount of cash and scan the casino for the perfect place to test your luck: the roulette table. You place a couple small bets and win here and there, but after a few consecutive wins, as both your ego and your chip pile start to grow, you bet it all and lose. It seems any luck you had finally ran out. People approach the concept of luck in many different ways. They might carry around a rabbit's foot talisman, search fields for four-leaf clovers, make a wish when a ladybug lands on their arm, or wear a horseshoe-shaped necklace. Especially when it comes to gambling, the vast majority of people believe in some version of luck. In fact, many people think this same kind of luck plays a huge role in the events that shape their lives. They were lucky to find their partner, lucky to get their job, or lucky to have the opportunity to build a successful business. To me, no amount of success stems from sheer luck. Every client I know who has achieved their professional goals or built a successful company did so through very purposeful and time- consuming methods. They brainstormed, planned, created a great product, found an awesome and effective team, ventured out to find clients, and fulfilled their service to the best of their ability. Hardly any of that is luck.
They had to go out on a limb and really put themselves out there. Just as Woody Allen once said, “Showing up is 80 percent of life.” While you can find magical results from just showing up, to me, that still isn’t luck. Prosperity comes from effort, not a charm bracelet. Additionally, people who work hard tend to develop behaviors that increase their odds of success. I used to think the pursuit of success meant I just needed to do the opposite of failure. If I could pinpoint the activities, behaviors, or people that led me to fail, I thought I could simply avoid them, and the direct result would have to be success. I quickly learned this method doesn’t work. Success has its own rules, and in many cases, success involves a lot of failure. Just because you avoid stupid tendencies doesn’t mean you’ll immediately find eternal success, but it will help you get a step closer. In all my life, there is only one area where luck seems to exist: IRS audits. I work with several clients who have legitimate deductions, but their risk profiles are off the charts. Still, in the years that I’ve helped prepare their taxes, they’ve never been audited. Since I’m the type of guy who doesn’t believe in luck, I’m certainly not the type of guy to believe in jinxes. But with it being the middle of tax season and all, maybe we should all knock on wood — just in case.
“Prosperity comes from effort, not a charm bracelet.”
-Adam Libman
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CREATING A HOME CARE PLAN
To Live Your Best Retirement
When retirement approaches, you may be thinking about the freedom you'll enjoy after putting in your last nine-to-five. It’s a culmination of years of hard work and a cause for celebration! Before you get to celebrate, though, it’s important to consider what kind of support you might need down the road. With our generation living longer than our parents, there’s a possibility that we may require additional support services. You and your spouse may not know if either of you will need in-home care, but considering this possibility and the financial factors that come with it can help you better enjoy this exciting phase of your life. In most cases, neither Medicare or Medicaid covers in-home care. There are some exceptions, like home- and community-based services that are state and locally funded and cover those who qualify through Medicaid. If you or your spouse are veterans and meet the requirements, you may be eligible for aid and attendance benefits. These benefits are paid for by the VA in addition to a veteran’s monthly pension. It may cover the costs of in-home care for veterans who require the aid of another person or are housebound. Visit Benefits.va.gov to learn more.
care. Meet with your attorney to review your living trust and see if it addresses a caregiver.
Talk to your family members and loved ones about the possibility that you or your spouse may need this service. While a family member may offer to step into that role, consider how easily they will be able to carry it out. Even a part-time caregiver could provide you with support and make your family members feel like they are not doing it alone. Planning for the possibility that you may need in-home care services can help make your retirement even more enjoyable. Knowing you’ll have a close helping hand can ease your family’s worries and even strengthen your bond.
Still, you may not want to rely on qualifying for one of these services. Consider adapting your estate plan to include designated in-home
Client Spotlight
Meet Madison (Eddie) Coronel
Eddie is an extraordinarily intelligent and charitable person. Every time I meet with him, he tells me about all the books he’s read since our last encounter. From those books, he generates ideas and spends hours studying them. It’s like his brain never stops working! In addition to his ceaseless curiosity, he always makes time to help others. Whether it’s offering financial assistance or just smiling at a stranger on a rainy day, Eddie’s kindness is unmatched. There are many reasons why Eddie is one of my favorite clients, but the main one might be a little surprising. Soon after taking him on as my own client, I screwed up and made a mistake — and Eddie, very rightfully, laid into me for it. He called me out on my errors so I could learn from them and prevent them from happening again. Being the nice guy that Eddie is, he chastised me in a loving way, but it was both his frustration and encouragement that helped me grow as an accountant and an individual. I could never replace the support he has given me over the last 45 years, and I’m so grateful to have him as a client!
March 20 officially marks the first day of spring. As people all over the U.S. start readying their gardens for the upcoming months, the concept of growth is often at the forefront of their minds. Whether it pertains to perennials or people, growth brings transformation and change, and a client who has immensely helped me grow is Madison Coronel. Madison, whose friends call him Eddie, was one of my father’s clients before he was mine. In fact, he’s now been working with us for nearly 45 years!
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Homemade Corned Beef
My Best Business!
Inspired by Food Network
SOAR STUDY SKILLSWITH SUSAN KRUGER, M.ED. & BRIANWILLER, M.ED.
INGREDIENTS
2 quarts water 1 cup kosher salt
12 whole juniper berries 2 bay leaves, crumbled
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1/2 cup brown sugar 2 tablespoons saltpeter (potassium nitrate) 1 cinnamon stick, broken into large pieces 1 teaspoon mustard seeds 1 teaspoon whole black peppercorns
1/2 teaspoon ground ginger 2 pounds ice
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1 5-pound beef brisket, trimmed 1 small onion, quartered
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1 large carrot, coarsely chopped 1 stalk celery, coarsely chopped
8 cloves garlic
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8 whole allspice berries
SOAR Study Skills is a company with the mission to bring joy to the learning process by offering creative curriculum that celebrates each student’s individual strength, aptitude, and originality. Created by couple Susan Kruger and Brian Willer, SOAR Study Skills is the brainchild of two educators who wanted to prevent students from having the same frustrating experiences they had when they were in school. To combat her struggles with schoolwork, Susan spent ample time during her first semester of college learning strategies that helped her study. Since she and Brian met on their very first day of college, he helped her work through her ideas to generate creative solutions to her studying frustrations. Their work paid off, because Susan ended up with a 3.9 GPA that first semester! Both Susan and Brian spent years as classroom teachers, living the pressure and demands associated with the job: overloaded curriculum, limited time, unmotivated students, and always feeling like they weren’t quite doing enough. But they noticed that empowering students to effectively manage their assignments, due dates, and study time made a huge difference. Their hard work has made SOAR one of the best-selling curricula in the world. If their own experiences as students and educators weren’t enough, Susan and Brian are also parents to two children with ADHD and LD, making them better able to provide resources to families trying to get proper help for children who need special accommodations. It’s not every day that you meet two people who aren’t only great together as a couple, but who also work together seamlessly. Susan's and Brian’s continued support of kids, parents, and other teachers has been amazing to admire, and I’m excited to see their continued success!
DIRECTIONS
1. In a large stockpot, combine water, garlic, and all herbs and spices to make brine. Cook over high heat until salt and sugar are fully dissolved. Remove from heat and stir in ice. 2. Once water temp reaches 45 F, place brisket in a 2-gallon zip- close bag, pour in brine to cover, lay flat in a large container, and store in fridge. 3. Brine for 10 days, checking daily to make sure brisket is fully submerged and brine is stirred. 4. After 10 days, remove brisket from brine and rinse under cool water. In a large pot, cover brisket, onion, carrot, and celery with water. Bring to a boil, then reduce heat to low and gently simmer for 2 1/2–3 hours. 5. Remove, slice across the grain, and serve. TAKE A BREAK
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‘The Obstacle Is theWay’ Stoicism and Success in the Modern Era
Would you rather read an inspirational book favored by some of the biggest stars in the NFL, or a strategy guide found on the nightstands of some of the world's most powerful political figures? Well, thanks to Ryan Holiday’s latest work, you don’t have to choose. “The Obstacle Is the Way: The Timeless Art of Turning Trials into Triumph” has been championed by leaders in almost every field, from musicians to governors. To understand why this work is winning such high praise, you first have to understand the man who wrote it. In classic entrepreneurial fashion, Holiday dropped out of college when he was just 19 years old, choosing instead to get his education under the direct mentorship of author and strategist Robert Greene. Eventually, his focus on media manipulation and human nature would land him at the top of the American Apparel marketing team. Now the head of his own strategy firm, Brass Check, Holiday and his team have advised major brands like Google and TASER. “The Obstacle Is the Way” represents a distillation of Holiday’s personal philosophy for success.
“What stands in the way becomes the way.” From this principle, and the foundational tenets for stoicism developed by the ancient Greeks, Holiday presents a no- nonsense approach to problem- solving that is as old as time.
Packed with examples ranging from American Civil War generals to Amelia Earhart, “The Obstacle” paints a clear, compelling picture of what this ancient philosophy has to offer the leaders of the future. The book has a hardline stance: “It doesn't matter what happens to you. It matters what you do,” which removes factors of luck and talent from the equation. To Holiday, persistence trumps everything else. Those looking for feel-good quotes or self-affirming platitudes should probably skip this book. But for those who are serious about reaching their personal or professional goals, and who are willing to put in the work, “The Obstacle” is just the kind of kick in the pants you’ve been looking for.
The book gets its name from a modern rephrasing of a Marcus Aurelius quote. The philosopher turned Roman emperor once said,
Visit Us Online!
4 Steps to Spring-Clean Your Company Website
When was the last time you updated your website? Not a full overhaul with a new logo or a dynamic interface — when was the last time you checked for broken links or updated your blog? Your website is an important tool to help convert prospects and reach old and new clients, and it should be properly maintained. Here are some simple tips to keep your website fresh. UPDATE EVERYTHING Do you have a team members page on your website? Does everyone listed on that page still work for your company? It’s easy to overlook how often your company changes. Update your team members page, check that the contact information is accurate, and add any new products or services. Also, make sure your website matches today’s version of your company rather than the company it was when the website launched. CHECK FOR BROKEN LINKS There’s nothing as unprofessional as clicking a link on a website only to be brought to a page that doesn’t exist. Beyond being an annoyance for anyone visiting your site, broken links are also bad for your SEO. Depending on the size of your website, you could check all links manually or run Google Chrome’s Check My Links
extension. However, if you have a larger website, it’s wise to invest in a professional tool, like Semrush.
WHAT’S NEW? Blogs, social media widgets, and news pages make your website feel active. But if you aren’t updating these sections, it can make your site — and your company — look and feel abandoned. If you haven’t posted a new blog since 2016 or left your What’s New page totally blank, it’s time to make a plan to regularly update these sections or scrap them entirely. DOUBLE-CHECK YOUR DOMAIN Don’t let your website domain expire. At best, clients will be taken to some unclaimed page when they type in your website. At worst, someone can snag the domain out from under you. It can happen to anyone. Even Google has had problems with expired domains! Check the status of your domain, set reminders to renew your plan before it expires, or set up auto-renewal so the domain is paid for automatically. You don’t have to redesign your whole website to make it feel fresh. Taking the time to dust off the cobwebs and open the windows can make a world of difference.
6 • www.AdamLibman.com • Pay Less Taxes by Implementing Tax Reduction Strategies
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Think of all the accountants you’ve seen on TV. How were they portrayed? Did they have thick-framed glasses, a wide-eyed expression, and a scrawny stature? If so, there is a good chance they were modeled after Louis Tully, the number cruncher from the original 1984 "Ghostbusters." Louis (brought to life by the perfectly cast Rick Moranis) is the bespectacled accountant who is notorious for locking himself out of his apartment after lingering in the hallway to catch a few moments with his neighbor Dana, the woman of his dreams, who barely gives him the time of day. Although his romantic game might be lacking, Louis is a whiz of an accountant — and a dedicated one at that. If you’ve seen "Ghostbusters," then you’ll likely remember Louis’ master plan to host a party honoring his four-year anniversary as an accountant. In an attempt to throw a titillating soirée filled with Nova Scotia lox, breakdancing, and a few rounds of Parcheesi, Louis uses his tax expertise and invites his clients rather than his friends to ensure that he can write off the event as a promotional expense. His quaint evening is quickly ruined when he becomes possessed by Vinz Clortho, the Keymaster. While his possession definitely puts a kink in his party plans, he does get to spend time with Who Ya Gonna Call? Anyone but Louis Tully!
Dana, who has been possessed by Zuul, the Gatekeeper. This is when the Ghostbusters get called into action! You know how the rest of the story goes. What makes Louis stand out as an accountant isn’t his ability to pinch a penny or throw a hip party, nor is it his susceptibility to the ghost’s possession. It’s what he says after the Ghostbusters set him free. After he’s given back control over his mind and body, Louis doesn’t remember the possession or the time he spent with Dana. Rather than inquiring about the unbelievable series of events, Louis merely asks the Ghostbusters, “Who does your taxes?” Now that’s some job dedication anyone can rally behind!
Here at Adam Libman Tax Strategies, our Diamond Club is invitation only and reserved for our top clients. If you have questions about the privileges that come with being a Diamond Client or want more information, make sure you give Adam a call! Diamond Clients Have You Heard About Our Diamond Club?
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FLOWERS FORWARD
GRAS LAMB LEPRECHAUN LION MARCH MARDI PARADE PATRICKS RAINBOW SHAMROCK SPRING TUESDAY WEDNESDAY
• Randy Gleckman * • Jay & Laine Zuckerman * • Ken Ma & Juliana Tu • Max Keylor • Lynn Adkins * • Ms. X
*Founding Members of the Diamond Club
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AreYou a Movie Fanatic? How to Make the Most of the Academy Awards
If you’re a big film buff, then there’s a good chance you set aside one important night each spring to watch the Academy Awards. A great number of memorable moments have happened during the Oscars, such as the 2017 “La La Land” best picture mix-up, the 1974 streaking incident when a naked man ran across the stage, or the 2013 falling accident when Jennifer Lawrence tripped as she walked on stage to receive her award for best actress. The Academy Awards is an event you don’t want to miss out on. Here are three ways you can get the most out of Oscars night. 1. PLAY TRIVIA Everyone loves a good trivia challenge. If you and your family watch the ceremony live, you can use the commercial breaks to test your knowledge. Pose questions about the best picture winners over the last 90 years or the actors selected for different categories. You can also find printable Oscars prediction charts and offer prizes to whoever has the highest number of correct answers. 2. THEMED FOOD If you’re throwing an Oscars party, serving some tasty dishes is a must. But why not kick it up a notch and keep your entrees and hors d'oeuvres in line with the blockbuster theme? There are multiple recipes for Oscars-party popcorn online, and you can also
use star-shaped cookie cutters for your desserts. For your libations, you can serve cocktails from famous films and make a martini even James Bond would approve of. 3. TICKETS GALORE! The ticket price for the first motion picture ever shown at the oldest American movie theater cost 15–25 U.S. cents, depending on the location of your
seat. Nowadays, the price of watching a film is astronomical. Fortunately, there are ways for you to create the feeling of watching a film premiere or Oscars ceremony from your own home. Find printable tickets online to distribute to your guests before the showing, and encourage them to dress like they are heading to the red carpet.
Maria's Corner
FromMy Wife’s Perspective!
While this month marks the beginning of spring, a season associated with sunshine and growth, it can be one of the most stressful times of the year for my household. Since tax season is in full swing, Adam is working almost 70 hours a week, and when he gets busy, we all get busy. In fact, it seems like our boys know their parents will be extra exhausted this month and try to take advantage. If any of you reading are parents, then you know how great (and slightly awful) it is to have to really smart children who pick up on every little household change that occurs! While March is an especially overloaded month for our family due to Adam’s job schedule, it has been extra busy ever since we had our second son, Ethan, nearly six years ago. It was 2013, and we already had our hands full with our oldest son when Ethan was born near the end of the month. Since then, we’ve had two more sons and our youngest, Samuel, celebrates his third birthday in March as well. Adam and I like to joke that even though March 15 is the corporate deadline
for taxes, we still ended up having a baby just weeks after the deadline and then another just weeks before a few years later.
We are going to host two big parties, one at the beginning of the month for Samuel and one at the end of the month for Ethan. We’ll invite all their family and friends over for some tasty cake and epic pool time. While Adam and I are looking forward to these celebrations for the sakes of our boys, we are also excited to be able to spend some quality family time together amid the hectic workload this month brings. All in all, while this month can be trying, it is also signals a really beautiful time.
-Maria Libman
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Check Out This Awesome Business! Oscar Mena & His Company, Pachanga Ice
At first, he continued his job as a driver and delivered ice periodically. Eventually, he had enough orders for ice that he decided to quit his job. While I imagine it was frightening for him to leave his career of many years — which came with a regular paycheck and benefits — he took a chance on himself and has had amazing success because of it. In just a handful of years, Pachanga Ice has become nearly a million-dollar business, and Oscar’s reviews prove its success. One of Oscar’s clients tells the story of ordering 400 pounds of ice two days before their wedding and still getting their delivery on time. Oscar also helps out restaurant owners who are in pinch when their ice machines either break or under produce during the scorching summer temperatures. They boast about his quick delivery times and friendly demeanor. While I have clients with all sorts of various journeys into business ownership, Oscar’s is one of my favorites because it exemplifies his ability to stay true to his dream. In the 20 years I’ve known him, I’ve enjoyed watching him grow both as a professional and a human being! If you have any events or parties planned for 2019, be sure to look up Pachanga Ice. You won’t be disappointed!
Before he started Pachanga Ice, Oscar Mena was working as a longhaul truck driver. For many years, he was dedicated to his job, and he worked very hard, but he had dreams of being his own boss and starting his own company. While he didn’t come from an entrepreneurial family, Oscar made his dreams a reality by creating Pachanga Ice, an ice delivery service.
These prizes are absolutely real, and they are our FREE gifts to you. For more information about this program, please visit AdamLibman.com/prizes. Our Prize Giveaway Program Gift Cards, Tablets, andVacations!
Here at Libman Tax Strategies, our mutual relationship with you is what makes our business function at its highest level. I am honored that so many customers trust us enough to recommend our services to others. We can’t possibly express how much these referrals mean to us, but with our new referral PRIZE GIVEAWAY PROGRAM, we hope we are at least coming close! PRIZE NO. 1: If you like reading our newsletter and think someone you know might enjoy it too, we’d love to add them to our mailing list. Send us their name and address, and we’ll send them a newsletter. To thank you for your referral, we’ll give you a $5 gift card to Starbucks! PRIZE NO. 2: If you get a friend, family member, colleague, or even a stranger in the grocery store to use our services, we will give you a FREE Amazon tablet! Easy as that! PRIZE NO. 3: After we give you the FREE Amazon tablet as a thank-you for your referral, we will enter your name in a quarterly drawing for a romantic weekend getaway to Palm Springs!
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150 N. Santa Anita Avenue, Suite 740 Arcadia, CA 91006 424.253.0200 www.AdamLibman.com
LIBMAN TAX STRATEGIES
INSIDE THIS ISSUE P1 DoYou Believe In Luck? P2 Considering the Costs of Home Care Client Spotlight: Meet Madison (Eddie) Cornell P3 How This Accountant Got Himself (Ghost)busted! Our Diamond Club P4 Make the Most of the Academy Awards MyWife’s Perspective P5 Awesome Business: Check Out Pachanga Ice! Check Out Our Free Prizes! P6 Book Review:‘The Obstacle Is theWay’ UpdateYourWebsiteWithout Learning HTML P7 Awesome Business: SOAR Study Skills! Homemade Corned Beef P8 How to MakeYour Sailing Dreams Come True
Set Sail for Vacation
TakeYour Next Trip Offshore
If you’re lucky enough to have been aboard a ship under full sail, chances are you know the thrill and serenity sailing can give you. If you’ve never been but have always wanted to know what it’s like to get out on the wind and waves, there are many great options available for beginners. Here are some ideas to inspire your next waterside vacation.
TAKE A DAY SAIL
Many day-sail charters exist for those who want to go out a little farther than a dinghy would permit. If you’ve captained a boat and are familiar with the waters, you can apply for a bareboat charter. However, if you are inexperienced or simply don’t want a local guide at the helm, signing up for a day trip with a skipper and crew is a great option.
START SMALL
For those who dream of becoming a skipper one day, a great way to start is by sailing dinghies. These one-sail, beach-launch boats fit 1–2 people and can be rented at most water sports shops. If you want to make it a family experience, shops usually have 16- foot catamarans for rent as well. Catamarans have two hulls rather than one, making for a smoother, more spacious ride. If you’ve never sailed before, inquire about lessons. Most rental operations have instructors on hand who can show you the ropes. The great thing about sailing is that whether you’re in a 12-foot dinghy or a 60-foot sloop, the same basic principles, rules, and skills apply.
DO A FULL CHARTER
Short of owning your own vessel, chartering a boat for multiple nights is the closest you can get to living out your nautical dreams. Some of the most beautiful destinations on earth — from the Caribbean Sea to the Mediterranean — are best experienced from the deck of a sailboat. Letting the sea guide you to amazing snorkeling destinations, remote cays, and bustling harbors is the stuff of real adventure.
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