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(502) 426-0000 ∙ www.Roberts.cpa June 2024 DADS ARE THE REAL MVPS Embracing the Love and Guidance of Fathers
Losing my father in 2007, when he was just 63 years old, was a profound loss that deeply affected me. However, his legacy inspires and shapes my life, particularly in my journey as a business owner. My father instilled in me the importance of entrepreneurship and the value of hard work and responsibility. Father's Day is a special occasion celebrated worldwide to honor and appreciate fathers' significant role. It is a time to express gratitude for their dedication, sacrifices, and the countless ways they have shaped our lives. Today, we reflect on fathers' valuable contributions and celebrate their profound impact on families, communities, and society.
“We will always hold onto the lessons learned, and the memories shared, remembering the impact fathers have had on our lives and the bonds created.”
Becoming a father myself further deepened my appreciation for the lessons my father taught me. As the father of a daughter and son, I recognize the significance of modeling positive traits and behaviors for my children. I strive to be the kind of person I want my son and daughter to look up to — someone with a solid moral compass, grounded in values, and instilled by our background in faith. As my kids grow older, I continuously strive to be present and active in their lives, offering guidance, support, and unconditional love. I believe fathers play a crucial role in shaping their children’s lives, and I am committed to being a constant and positive presence. I want my children to know the qualities that make someone a good man. One of the most valuable lessons I want my children to know is that they both have worth. As a father, my presence is a foundation for their sense of security, self-worth, and emotional well-being. By actively participating in their lives, I demonstrate my love, care, and commitment to shaping their understanding of what it means to be valued and supported. My father's teachings and example have profoundly influenced my journey as a business owner and father. His legacy lives on through the values he has instilled in me. I am excited to pass on these same principles to the next generation, as I strive to be the best father, husband, and businessman I can be. This Father’s Day, let us carry the spirit of
My father ran an auto parts store in the early 1980s when technology was less prevalent. Despite lacking computer skills, he managed the business efficiently, handling tasks such as billing customers and manually creating invoices. His old-fashioned entrepreneurial spirit left a lasting impression on me, teaching me valuable business management and integrity lessons. My father’s influence extended beyond the realm of business, too. He was simply a good man — he had it all, kindness, integrity, and diligence. He showed me the importance of being a strong individual who always strives to do the right thing.
appreciation and recognition this special day embodies. We will always hold onto the lessons learned, and the memories shared, remembering the impact fathers have had on our lives and the bonds created. —Kevin Roberts
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EATING WELL ON A BUDGET Your Guide to Frugal Grocery Shopping
Are you tired of spending more money on fewer ingredients? You are not alone. While prices for most consumer goods have increased, food costs have increased even more. Grocery prices have increased by 25% since 2020, outpacing inflation by 6%. By buying food that costs less, lasts longer, and feeds more people, you can keep your grocery bills manageable while still eating well. Look for these foods at the grocery store to keep your wallet and pantry full! GROUND MEAT
in larger quantities and costs less than many other forms of meat. Despite not being a “prime cut” option, ground meat is still full of protein that satisfies your hunger. PEANUT BUTTER While everyone loves peanut butter and jelly sandwiches, this inexpensive ingredient can also be used in a number of other recipes. It can be used as a delicious protein additive to smoothies or spread on celery to make ants on a log. TORTILLAS Tortillas come in two main varieties: corn and flour. The former is more traditional and less expensive, but if you prefer flour, it’s still an economical option. While you can buy pre-cooked tortillas, the flavor is much better when you cook them yourself. If you buy in bulk, you can save the tortillas you aren’t ready to use by freezing them, allowing you to save more and only use what you need. Tortillas are also used by astronauts as a substitute for bread since they don’t leave crumbs when you eat them. If they are good enough for astronauts, they’re good enough for us!
Whether it’s chicken, beef, turkey, or pork, ground meat is cheap and usable in many recipes. In addition to a range of options to meet dietary restrictions and preferences, ground meat is sold
Strategize Your Savings
TAX PLANNING PUT FIRST During tax season, your focus tends to be on the previous year’s taxes. However, it is time to dive into potential refunds or minimize owed amounts in 2024.
enabling taxpayers to earn higher incomes before bumping up into higher tax rates. For instance, the 10% bracket is limited to $11,600 of annual income for single filers, up from $11,000 in 2023, while the top bracket of 37% begins at $609,350 for single filers, a rise from $578,126. Additionally, the standard deduction increased by 5.4%, providing more significant initial tax relief. COME UP WITH A TAX PLAN THAT SAVES YOU MONEY. With the updated 2024 tax brackets, you can begin devising tax-planning strategies to alleviate your tax burden and potentially increase your savings. Methods are available to decrease your tax liability or position you in a lower tax bracket. Tax planning is not a one-size-fits-all solution; everyone's financial circumstances differ. Understanding and utilizing the adjusted federal income tax brackets for
Opportunities for tax-savvy maneuvers from 2023 are typically no longer available. This is why it's crucial to explore the adjusted federal income tax brackets for 2024 and use this knowledge to inform tax-planning strategies. Here are a few helpful tips to better understand how this system works. PAY ATTENTION TO FEDERAL INCOME TAX BRACKETS. The IRS has seven income tax brackets in 2024: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Federal income tax brackets serve as a guide for determining the percentage of your income subject to taxation and the various rates it will be taxed. In 2024, the IRS adjusted income thresholds within tax brackets to counter inflation and prevent “bracket creep,”
2024 will significantly impact your tax planning strategies and maximize savings. Stay informed about tax regulations so you can use more of your hard-earned money to achieve your financial goals. By seeking assistance from a tax professional who can customize a plan that fits your specific needs, call Roberts CPA Group today.
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Published by Newsletter Pro • www.NewsletterPro.com
Inspired by Foodnetwork.com
Summer Chicken Salad
INGREDIENTS
• 3 boneless, skinless chicken breasts • Salt and pepper • 4 ears of corn, shucked • 3 tbsp minced dill • 3 stalks celery, finely diced • 1 red onion, finely diced • 1 1/2 cups blueberries • 1 head of butter lettuce
Dressing • 3/4 cup crumbled feta cheese • 1/2 cup half and half • 1/4 cup mayonnaise • 1/4 cup sour cream • 1 tsp sugar • Juice of 1 lemon
Timing in Tax Planning MAXIMIZING BENEFITS AND MINIMIZING LIABILITIES In financial management, timing is inconvenient; it can significantly impact your tax bill at the end of the year. Whether selling assets or settling debts, strategic decisions made at the right moment can yield substantial benefits or liabilities. Selling at the right time can profoundly influence the annual tax burden, as up to $3,000 in short-term losses can offset an equivalent amount of regular income. Unused short-term losses can be carried forward for future utilization. Proactive planning extends beyond asset management to encompass charitable contributions. The timing of philanthropic endeavors is relevant in tax optimization. For individuals whose charitable giving typically falls short the standard deduction threshold, a strategy known as bunching deductions can be helpful. By consolidating several years' worth of donations into one year, then itemizing those deductions (rather than taking the standard deduction) becomes crucial to minimizing tax liabilities. For investors navigating the challenges of the stock market, planning when to sell investment holdings is very important. Earnings from your stock investments are called capital gains. Capitalizing on favorable tax treatment requires distinguishing between short-term and long-term capital gains. Short-term gains accrue from investments held for less than a year. Capital gains tax rates for stocks held less than one year are the same as income tax rates, which start at 10% and go all the way up to 37%. Attaining long-term status by maintaining investments for at least one year before divestment affords preferential treatment from the IRS. Long-term capital gains are subject to significantly lower tax rates, ranging from 0%–20%. Strategic foresight in achieving long-term status safeguards against large tax burdens and unlocks favorable tax rates. By implementing a planning strategy, individuals can optimize their financial positions, leveraging timing as a tool for tax efficiency. The significance of timing in tax planning cannot go unnoticed; by adopting a proactive approach and capitalizing on timing, individuals can maximize saving opportunities, fostering long-term health and stability. See Page 2 for more information on how to create an effective tax plan. Call Roberts CPA Group today for more information on how to get started.
DIRECTIONS
1. Place chicken in a large plastic bag and pound with a mallet to flatten to 1/4-inch thickness. Drizzle with olive oil and sprinkle with salt and pepper. 2. Heat grill, then grill chicken on both sides for about 4 minutes per side; set aside to cool before slicing. 3. Grill corn until the kernels begin browning, turning regularly for even cooking. Use a knife to shave the kernels off. 4. In a bowl, mix all dressing ingredients until combined. 5. In a large bowl, combine corn, dill, celery, and onions, then stir in chicken and top with dressing and blueberries as desired. 6. Separate the head of butter lettuce into “cups” to fill with salad and enjoy!
SUDOKU
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INSIDE THIS ISSUE 1 The Valuable Lesson in Father’s Day 2 Tips for Affordable Grocery Shopping How to Craft Your Tax Planning Strategy 3 Prioritize Proactivity in Tax Planning Summer Chicken Salad 4 The Appeal and Evolution of Scrabble
MY WORD! Exploring the Rich History of Scrabble
In 1931, the Great Depression — the worst economic crisis in American history — had thoroughly dampened the country's spirit. Amidst the crisis, Alfred M. Butts, an out-of-work New York architect, decided to create a game to take his mind off the economy. Aspiring to develop a classic to join the ranks of other timeless card and board
to be. It wasn’t until fellow New Yorker James Brunot discovered the game that things changed for the better. Brunot offered to mass-produce the game and, in exchange, would provide Butts with a portion of the profits, which Butts happily agreed to. BRUNOT’S BARGAIN As soon as Brunot secured the rights to the game, he began making significant changes to it.
games, Butts came up with the idea for a board-and- tile game he non-committedly named “Criss Cross,” which we now know as Scrabble. THE ARCHITECT’S PLAN At its core, Scrabble was inspired by crossword puzzles and always featured the iconic lettered tiles, each with separate quantities and point values. Butts determined the point values by surfing through his collection of local newspapers and counting how often each letter appeared. To prevent players from creating too many cheap plurals, he included only four “S” tiles in each box and assigned the letter a measly 1 point.
These included redesigning the board, its color, players’ starting position, and the location of various score multiplier tiles. But his most important contribution was changing its name to Scrabble! The owner of Macy’s then discovered the game and offered to carry it in his stores. Brunot went from creating 12 copies of the game an hour when he first acquired the rights to 2,000 sets per week by 1952. By 1954, millions of copies were sold. Today, the game has been
translated into over 20 languages and has sold over 100 million copies. People play the game worldwide, in tournaments and living rooms alike, and it has allowed millions to share in the joy initially envisioned by a down-on-his-luck architect in a time when hope was a distant prospect.
Butts was eager to share his idea with the world, but the world was not as eager to receive it. He pitched the game to several publishers and retailers, but all rejected it. Butts had to retail it on a small scale, and the game did not become the surefire hit he expected it
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