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NORTON NEWSLETTER
THE REAL ESTATE TAX PRO ™
NortonAccountingServices.com 985-690-4498 Info@NortonAccountingServices.com MARCH 2025
EASE OF MIND • AVAILABILITY • FLEXIBILITY • INDIVIDUAL APPROACH • EXPERIENCE • TAX SAVINGS OPPORTUNITIES
Don’t Let Taxes Surprise You in 2025 PLAN AHEAD, STAY AHEAD
If you’re like many of our clients, you have big plans lined up for this year. Maybe you’re selling a property or buying a business. Perhaps you’re even thinking of withdrawing money from a retirement account. Whatever your situation, don’t let a lack of planning leave you with a surprise tax bill. At Norton Accounting Services, this situation is all too familiar — clients make major financial decisions without considering possible implications, only to find out later they could have saved money if they planned better. The good news? With early conversations, we can help structure transactions to maximize benefits and minimize problems. Here are three common situations where planning matters. Selling Real Estate Timing and planning are critical in real estate transactions. If you sell a property, a 1031 exchange can help you delay capital gains tax — but only if you set it up before the sale. This option allows you to roll profits from one property into another, avoiding an immediate tax hit. However, it’s too late to implement this strategy after a sale closes. We’ve also seen situations where structured deals with owner financing or other strategies could have helped reduce tax liabilities. Still, clients missed the opportunity by failing to reach out for a consultation. Early planning before making a transaction helps ensure you understand your options and choose the best path forward. Buying a Business Few things are as exciting — and nerve-wracking — as buying a business. This significant decision can significantly impact your taxes and overall financial situation. The way you structure the purchase is key and requires careful consideration. You can buy the business entity (i.e., corporation shares and membership interests) or the business’s assets, including contracts, equipment, and trade name. On one hand, buying the entity can give you access to licenses and leases that may be difficult to obtain otherwise. It also means you inherit all the business’s liabilities. On the other hand, an asset purchase may limit liability and offer cleaner ownership but requires careful planning to ensure tax efficiency. We help clients weigh the pros and cons of these options to fully understand the risks and benefits before deciding. Withdrawing Money From Retirement Funds Taking money from a 401(k) or other retirement account may be a solution if you need money fast and want to avoid high-interest loans and credit card debt. However, this quick fix comes with a price. The tax code rewards people
who save for retirement by offering tax benefits on 401(k) contributions. Early withdrawals — those made before age 59.5 — are subject to both federal and state taxes. You’ll also face a 10% penalty on top of the tax liability. While calculating the cost of an early withdrawal may be straightforward, many clients are surprised by the overall financial impact of this decision. Strategies for accessing funds without liquidating the entire account or triggering penalties exist, but these require planning. If withdrawing early is unavoidable, we can at least help you understand and prepare for the tax implications and decide if it’s worth the price tag. Why Planning Early Matters The common thread in these scenarios? Timing is everything. Many tax- saving strategies need to be implemented before a transaction occurs. After the paperwork is finalized, your options could be severely limited or disappear entirely. That’s why we strongly recommend contacting us before making major financial decisions. Early discussions can help minimize taxes, avoid surprises, and achieve a smoother financial process. With planning, we can help you achieve better results, whether that means lower tax burdens, penalty avoidance, or more advantageous deal structures.
Plenty of time is left this year to take control of your tax situation. Contact Norton Accounting Services today to arrange a consultation. Together, we’ll ensure smart planning and optimal results inform your next big decision.
–Bob Norton
985-690-4498 • 1
Spring-Clean Like a Pro REFRESH, REORGANIZE, REVIVE
It won’t be long before winter is in our rearview mirror, and we can start enjoying the warmth, sunshine, and blossoming flowers that come with spring. This is a time for renewal for many people as they return to some of their favorite outdoor activities after spending most of the winter indoors. Along with our personal renewal, we should also take some time to reevaluate our living spaces, determine if we want to make any layout changes, and conduct deep-cleaning before we open our doors and windows to welcome in the spring season. You’re probably already familiar with spring-cleaning, and now is the perfect time to get started. While keeping your house spotless throughout the year can be beneficial, many Americans find this impossible; it’s hard to find time to deep-clean our homes regularly. It’s even more challenging if you have kids who leave messes around the house. Thankfully, taking your spring-cleaning efforts seriously will be enough to keep your home clean for several months.
clean under them properly. You should also clean under any rugs. If you want to be extra thorough, sprinkle baking soda on top of your pillows and mattress for a few hours, then vacuum it up to refresh your bed and furniture. If the mattress is older, it may be better to steam-clean it. If you don’t have a steam cleaner, you can use white vinegar instead. Just be sure to let the mattress dry before covering it with sheets.
Here are some spring-cleaning hacks to boost your cleaning efficiency while making your home pristine.
The Kitchen Outside the bathroom, the kitchen is likely the dirtiest room in your house. Even if you try wiping down the table, cleaning the dishes, and putting away small appliances after every meal, your kitchen might still need extra help. Since this is spring-cleaning, it’s time to go a little deeper. Unplug your larger appliances and scoot them away from their regular location. Sweep up the dust, crumbs, and other debris. Then, sweep and wipe down the floor with a wet cloth. Depending on the level of grime, you may have to use hot water and dish soap to make the area spotless. This is also a good time to clean other often-ignored kitchen areas, starting with the microwave. If you regularly use your microwave to reheat leftovers, it’s time to clean up the splatter. Place a bowl of water in the microwave and turn it on for 2–5 minutes. This will steam up the microwave, making wiping away food scraps and gunk much easier. Also, wipe down the tops of kitchen cabinets and the refrigerator. The Living Room/Bedroom Just like you did with the appliances in the kitchen, it’s time to move some of your bigger furniture in the bedrooms and living rooms so you can
The Bathroom This is probably the room you dread the most, but if you give your bathroom a deep-cleaning now and maintain it throughout the year, it will be less of a chore in the future. While you’ll probably start with the toilet, sink, and shower, don’t forget about the vent covers in the bathroom. Most people dust their covers, but you should also wash them at least once a year. Simply pop them off and scrub them down in a sink with soap and warm water. If you have mildew and mold in your grout, use a toothbrush and a bleach-based cleaner to make a real difference. Spring-cleaning doesn’t have to be a stressful or daunting event every year. With an efficient and thorough cleaning this year, maintaining that cleanliness throughout the next 12 months will be much easier, and spring-cleaning next year will be a snap.
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Scout’s Meaningful Mission
A Black Lab’s Role in Transforming a Veteran’s Life
For former U.S. Army Cavalry Scout Ryan Finch, life after his tour of duty was a battlefield of its own. Haunted by PTSD (post-traumatic stress disorder) and the weight of his experiences, Ryan struggled to navigate even the simplest moments of daily life. But then Scout came into his life and became a lifeline, a symbol of hope, and a steadfast partner in his journey toward healing.
never truly reconciled as he was away from home. So, when Ryan arrived at K9s For Warriors, and the trainers introduced him to his new service dog — a black Lab named Scout — it was a moment of profound healing and renewal. It was as if life had come full circle, offering Ryan a second chance at hope. K9s For Warriors is a testament to the life-changing power of service animals. Determined to combat the devastating reality that 20 veterans die by suicide every day, this program rescues and trains dogs to become service animals for veterans grappling with PTSD, traumatic brain injury, and military sexual trauma. The result is transformative. Veterans find independence, confidence, and purpose, while rescue dogs gain a life of devotion and meaning. The impact is undeniable. Graduates of the program report mended family relationships, reduced medication reliance, and renewed joy in life. Ryan’s wife has seen the change firsthand, describing her husband as more engaged, animated, and hopeful for the future. Scout symbolizes resilience and proves that an incredible bond can heal even the deepest wounds.
Scout, a vibrant black Lab, has done more than help Ryan manage his anxiety; he’s transformed his world. Crowds and loud noises, once overwhelming triggers, are now manageable with Scout by his side. Soccer games, family gatherings, and the everyday joys of life that once seemed impossible
are now part of Ryan’s new normal. Scout’s presence allows Ryan to enter spaces he never
thought he’d enter again, not as a man weighed down by his past, but as a father, a husband, and a human being rediscovering connection. The story of how Scout came into Ryan’s life feels almost destined. Before his deployment, Ryan and his wife had adopted a black Lab, coincidentally named Scout, who died before Ryan went overseas and whose loss Ryan
Not Your Mom’s Corned Beef and Cabbage
TAKE A BREAK
Inspired by AllRecipes.com
Ingredients • 1 (4 lb) corned beef brisket with spice packet • 3 qts water • 1 onion, quartered • 3 carrots, cut into large chunks
• 3 celery stalks, cut into 2-inch pieces • 1 tsp salt • 2 lbs red potatoes, halved • 1 small head of cabbage, cut into eighths
Directions
1. In a large pot or Dutch oven over medium-high heat, combine corned beef, spice packet contents, water, onions, carrots, celery, and salt. Bring to a simmer (skimming off any foam on top). 2. Cover pot, reduce to low heat, and let simmer for 3 hours until meat is fork tender. 3. Add potatoes to the pot and let simmer uncovered for 30 minutes or until potatoes are al dente. 4. Add cabbage along the edges of the meat and on top. Cover and let simmer until cabbage is tender, 20–30 minutes. 5. Place meat on a cutting board and let rest for 10–15 minutes. After meat has cooled, slice against the grain. 6. Add to a large serving bowl, ladle vegetables and broth over top, and serve.
Aquamarine Basketball Bluebird Clover
Green Ides Leprechaun Madness
Pisces Spring Tangerine Tulip
985-690-4498 • 3
Norton Accounting Services, LLC
THE REAL ESTATE TAX PRO ™
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
NortonAccountingServices.com 985-690-4498 Info@NortonAccountingServices.com
1527 Gause Blvd. Ste. 132 Slidell, LA 70458
INSIDE 1 Avoid Tax Trouble With Smart Planning
2
Make Your Home Bloom This Spring
3
K9s For Warriors Is Saving Veterans, One Rescue Dog at a Time
Not Your Mom’s Corned Beef and Cabbage
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The Effects of Getting Outdoors on Our Mental Health
Many of us neglect our mental health because we’ve desensitized ourselves to stress, instead teaching ourselves to “white knuckle” through the day. However, if you knew a better way to manage your stress, you could loosen the reigns more, right? Well, when was the last time you spent some time outside? Whether it’s going on a hike, tending to your garden, or riding a bike, research reveals the positive effects on your mental health of spending time outdoors. Improved Overall Mood Everyone occasionally falls into a “funk.” And while it’s normal to experience that mood at times, it shouldn’t be a constant feeling. A 2010 study revealed that exercising in nature for just five minutes improved self-esteem and overall mood. Experiencing nature often makes people feel grounded and more connected to the Earth, leading to feelings of happiness and a sense of purpose. A separate study revealed that participants who went on nature walks had increased positive emotions after the walk. Positive Brain Stimulation When you spend time outdoors, taking in the sunlight and fresh air, your body releases the feel-good hormone serotonin in return. Many antidepressant medications work by inhibiting reabsorption of this key neurotransmitter. Additionally, sunlight activates melatonin release, which helps regulate our internal clock. The more sunlight we get each day, the more our bodies know when it’s time to go to bed. Enhanced Focus and Attention Whether at home or in the office, our brains can go a mile a minute, focusing on everything except the task at hand. While you’re supposed to be working on a PowerPoint presentation, your brain thinks about Getting Outside Can Help You Feel Better Wood You Be-Leaf It?!
the new tire you need and the pile of dirty dishes in the sink. A 2020 study found that spending time in nature can calm the mind, allowing for enhanced focus. Further studies on outdoor play settings stated that children with ADHD were calmer after playing in green spaces than in other settings.
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