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NortonAccountingServices.com 985-640-6072 Info@NortonAccountingServices.com APRIL 2023 NORTON NEWSLETTER EASE OF MIND • AVAILABILITY • FLEXIBILITY • INDIVIDUAL APPROACH • EXPERIENCE • TAX SAVINGS OPPORTUNITIES THE REAL ESTATE TAX PRO ™ Only With the Right Guidance Can Real Estate Make You a Millionaire?
I wasn’t far into my CPA career before I realized that real estate investors have unique financial concerns. Shortly after earning my license, I worked with a family of multigenerational investors. They had built a real estate empire, but when the father hit the magic age of 70 and a half, the law required him to withdraw money from his retirement account. He’d taken the standard advice from financial planners to create his retirement savings from pre-tax contributions. But no one considered his real estate portfolio and how it increased his income over time. The profits from his real estate investments and income from his required minimum distributions pushed him into the highest-possible tax bracket. He ended up paying far more in taxes than if he had initially saved with post-tax contributions. This is a factor far too many financial planners miss when advising real estate investors. Most people see their income decrease in retirement, but real estate income consistently grows over time. People who have built their wealth this way maintain steady income throughout retirement or even see it rise. Earlier in my career, I was a controller for a client with substantial real estate assets. As I did his annual financial statements year after year, I noticed his net worth grew every year. I knew my advice had been part of that. Before every major financial decision, I’d outline the consequences so he could make more advantageous choices. Rather than focusing on his current balance sheet, I looked to the future. Unfortunately, many accountants don’t.
I reflected on other entrepreneurs that I’d worked with and realized that I’d helped almost all of them secure the same level of success. I realized I could do the same thing for many people, not just a handful. It became my mission to help real estate investors gain financial freedom while minimizing tax implications. The government would almost certainly waste that money, but my clients could reinvest it and grow their net worth. It’s simpler than many people think. Say you slowly buy five houses over the years and pay them off with rental income. By the time you retire, you easily have a million dollars in assets. Add more property, and you only increase your profits. Even young people can do it. I have one client who is financially free at 30. He started investing in real estate right after high school, and he and his wife now travel the world instead of working. But while real estate is a surprisingly accessible route to wealth, there are countless pitfalls. Many so-called experts are on hand to teach people how to make a quick buck with real estate but don’t delve into building net worth. People get confused and frustrated, and they drop out, losing a lucrative source of revenue. Anyone can become a millionaire by investing in real estate — if they have a plan. Left to their own devices, most business owners inadvertently maximize the taxes they pay. And a lot of the commonly available advice is just plain wrong. To succeed, you need someone on your side with a great deal of knowledge. I’m looking forward to expanding my efforts to help people build their wealth with the Financial Freedom Inner Circle, a program launching in early 2024. It will be a comprehensive coaching
course for people serious about their real estate investments, and we’ll have more details coming in the following months. In the meantime, call our office with any questions about securing your financial future. –Bob Norton
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We expect our doctors to wash their hands before examining us — it’s a no-brainer. But more than 100 years ago, the idea wasn’t only laughable — it was heresy. The first doctor who implemented mandatory hand- washing in a hospital saw swift improvements in patient mortality rates, but the backlash among other doctors came just as quickly. Before germ theory began to catch on in the late 1800s, doctors believed illnesses were caused by “miasma,” bad smells that originated in swamps, garbage, and decomposing matter. While the concept sounds strange now, convincing a doctor that miasma didn’t exist would be much like telling a modern scientist the earth is flat. The idea of germs or viruses contradicted everything they thought they knew. Still, a Hungarian doctor named Ignaz Semmelweis began to notice startling mortality rates between two maternity wards at his hospital. The ward run by midwives had a much lower maternal mortality rate than the one staffed by doctors. After watching a colleague die of infection after cutting himself during an autopsy, Semmelweis determined something similar might be happening to maternity ward patients. Many doctors were examining mothers-to-be after performing autopsies — but midwives weren’t. BEFORE DOCTORS KEPT IT CLEAN The Horrifying History of Hand-Washing
When you think of recycling, you may think of the blue bins you use to recycle plastic, paper, cardboard, or glass. But did you know that you can also recycle electronics and other devices? How to Properly Recycle Your Electronics Reduce, Reuse, Recycle!
Here are some statistics about electronic waste (e-waste).
• Around 12% of our electronics are appropriately recycled each year. This means that over 80% of devices are put in the garbage or sent to Asia or Africa to be burned. However, burning these devices releases harmful toxins in the air that can affect us, other living organisms, and the environment. • The most hazardous electronic toxins are mercury, lead, arsenic, cadmium, selenium, chromium, and flame retardants. • E-waste is increasing yearly — we generate around 40 million tons worldwide. • Our cellphones are filled with precious metals such as gold and silver. The U.S. throws out $60 million worth of these metals each year. What electronic devices can you recycle? You can recycle computers, laptops, monitors, cellphones, TVs, radios, tablets, printers, and other devices. But that’s not all! You can also recycle air conditioners, heaters, microwaves, digital cameras, circuit boards, VCR/DVD players, calculators, and more. How can you reduce, reuse, and recycle these devices? If your electronics are still in good condition and function properly, you can donate them to friends, charities, or community outreach programs. Some cellular companies allow you to turn in your old phone when you buy a new one — and you can even get some money back if your phone isn’t in shambles! Just be sure your personal information and data are wiped from your devices before giving them away. You can also send your electronics to a specialized facility that will wipe your data and recycle your devices. Search online for electronic recycling in your area to find businesses and organizations that offer this service. However, ensure that whatever facility you use is environmentally friendly. So, the next time you upgrade to a new phone, tablet, or computer, or when you get a new microwave and other electronic devices, recycle or donate them! The environment will thank you for it.
Semmelweis blamed the problem on miasma from corpses. Nevertheless, he instituted sterilization and hand-washing procedures in the hospital in 1848. The maternal mortality rate dropped substantially in the doctor-run ward, becoming on par with the midwives. Semmelweis had solved the problem.
Yet, his colleagues disagreed. Other doctors at the hospital resented the
suggestion that they’d been causing their patients’ deaths. And Semmelweis allegedly didn’t make it any easier, behaving in ways others found condescending and arrogant. Further, Semmelweis had no hard proof that hand-washing and
sterilization worked. Eventually, the other doctors stopped washing their hands. Semmelweis lost his job at the hospital and, sadly, died in a mental institution.
Fortunately, for the rest of the world, Semmelweis was not the only hand- washing proponent. Though they likely came by the idea independently, Doctor Oliver Wendell Holmes and a nurse, Florence Nightingale, encouraged the practice. Their championing and the emergence of germ theory gave us medical professionals who now have much safer habits — and, hopefully, the humility to acknowledge that they always have more to learn.
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One Sniff Can Save a Life NEVER DOUBT A CANINE’S SENSES
Dogs are known for their keen sense of smell — on TV, you will often see dogs that can find missing people or even search for drugs and bombs. When dogs use their extraordinary senses for a particular job, they’re often trained for that one purpose, but even without training, dogs do seem to know something is wrong.
After a couple of hours, Frances Wall, Roger’s owner, began calling for Roger. When he didn’t immediately come
home when she called, she started looking for him, and that’s when she found Roger and Cohen. She immediately called emergency services, and three firefighters came by the home to free Cohen. They quickly took him to the hospital because they worried about hypothermia.
Roger, the Jack Russell terrier-poodle mix, is a great example.
Our story takes place in Ringwood, England, in December 2022. Winter was in full swing, with temperatures below freezing. No one wanted to find themselves outside in the cold for too long because it could be dangerous. Unfortunately, that’s what happened to 94-year-old Morris Cohen, and he almost died. Cohen just got home and parked his car in the garage when he found himself in a spot of trouble. As he tried to exit his vehicle, his walking stick suddenly snapped in half. Unable to keep his balance, Cohen fell and became wedged under his car’s brake and clutch pedals. The man called for help several times, but unfortunately, no one could hear his pleas, and he remained stuck overnight. The next day, Roger’s owners let him roam around outside. Roger began sniffing around Cohen’s home (some believe Roger had heard the man’s calls for help), and once Roger found the elderly man, he didn’t leave his side for the rest of the day.
Over a week later, medical staff released Cohen from the hospital,
and now he gives Roger treats whenever he sees him. “I owe my life to that dog. They [health care professionals] said that if I would’ve been there for a few more hours, I would have been a goner,” Cohen told Bournemouth Daily Echo. Fortunately for Cohen, Roger’s amazing canine senses saved the day. It’s always great to have a furry friend around — you never know when their incredible skills will come in handy!
TAKE A BREAK
Tasty Spinach Artichoke Dip Inspired by DinnerAtTheZoo.com
Ingredients
• 8 oz spinach leaves • 8 oz cream cheese, softened • 1 cup sour cream • 3/4 cup chopped marinated artichoke hearts • 1 tsp minced garlic
• 1/2 tsp salt • 1/4 tsp black pepper
• 1/2 cup grated Parmesan cheese • 1 1/2 cups shredded mozzarella cheese, divided • Sliced bread, crackers, or tortilla chips for serving
Directions
1. Preheat oven to 375 F. Coat a small baking dish with cooking spray. 2. In a medium pan, steam or sauté spinach until wilted. When spinach cools, ring out excess water, then chop coarsely. 3. In a large bowl, mix cream cheese, sour cream, spinach, artichoke hearts, garlic, salt, pepper, Parmesan cheese, and 3/4 cup of mozzarella cheese. 4. Spread the mixture onto the prepared baking dish. Top with remaining mozzarella cheese. 5. Bake for 20 minutes or until the dip is bubbly. Turn the oven to broil and cook for an additional 2–3 minutes so the cheese will begin to brown. 6. Immediately serve with bread, crackers, or tortilla chips.
Buds Conservation Diamond Easter
Lily Planting Refund Regrowth
Shower Sweets Taxes Volunteer
985-640-6072 • 3
THE REAL ESTATE TAX PRO ™
Norton Accounting Services, LLC
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
NortonAccountingServices.com 985-640-6072 Info@NortonAccountingServices.com
1527 Gause Blvd. Ste. 132 Slidell, LA 70458
INSIDE 1
Financial Freedom With Real Estate Our Landfills Are an Electronic Wasteland A Time Before Doctors Washed Their Hands Never Doubt a Canine’s Senses Tasty Spinach Artichoke Dip
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Top 3 Extended Stay Destinations
ALL ABOARD THE EXTENDED VACATION TREND TOP 3 VACATION DESTINATIONS FOR A LONGER STAY
Hop aboard a cruise. A cruise is one of the best ways to see many destinations in one trip. You could visit several countries in just two weeks, stopping in different ports to explore! On a cruise, you could see the Caribbean one day and wake up somewhere completely different the next day with a new adventure ahead!
The pandemic slowed us down. Over the past few years, we collectively took fewer vacations, boarded fewer cruise ships, and avoided airports. However, many studies and reports show that now, more than ever, Americans are taking longer vacations! Why might this be, and what are some of the greatest destinations for an extended stay? According to Amex Travel’s 2022 Global Travel Trend Report, 55% of vacationers are interested in taking longer trips because they can work remotely. The trend of swapping homes is also on the rise. HomeExchange’s website reports that home exchanges of two weeks or more increased by 13% in January-May last year. According to Travel Pulse, 26% of people opt to take a trip that exceeds 10 days. If you are interested in taking a more extended vacation, whether it’s because your job went remote, you lost out on travel time in 2020-2022,
or you saved on gas money while working from home, here are some great destinations that support a longer stay. Visit the national parks. There is no better way to connect with nature than to tour the national parks. Several epic national park road trips could allow you to pack in a dozen or more of these natural gems in just a couple of weeks! Many national parks also accommodate RVs for comfort and convenience. Drive the California coast. A trip up and down the California coast never disappoints. With so many great places to stop and breathtaking views to absorb, you’ll need at least two weeks to experience them properly. You’ll want to explore the Redwood National Forest, the Lost Coast, Pebble Beach, Monterey Bay, Half Moon Bay, Big Sur, Venice Beach, and many more!
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