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NORTON NEWSLETTER
THE REAL ESTATE TAX PRO ™
NortonAccountingServices.com 985-690-4498 Info@NortonAccountingServices.com DECEMBER 2024
EASE OF MIND • AVAILABILITY • FLEXIBILITY • INDIVIDUAL APPROACH • EXPERIENCE • TAX SAVINGS OPPORTUNITIES
Save on Taxes at the End of the Year MONEY MOVES FOR DECEMBER
The end of the year is almost here; it’s a great reminder that time flies, and you are running out of time to save on your taxes for this calendar year. All of us are guilty of procrastinating at one point or another, but if you have been pushing off making moves to reduce your taxable income, don’t panic. You still have ways to save on your taxes this December — but you are going to have to hurry, as time is running out. Here are three proven tax-saving tips for the month of December. Spend Money to Save Money? In some cases, you can save money on your taxes by spending money on your business. However, this is not always advisable. The problem with spending money to save on taxes is that it tends to yield a poor return on your investment. Typically, each dollar you spend specifically to save money on your taxes will only yield about $0.25–$0.30 in relief. That is a loss of 75%, which makes this form of spending wasteful if it is not put toward worthwhile expenses. If you need to buy a vehicle for your business (especially if it is considered equipment, rather than a luxury vehicle, for tax purposes), then you should definitely buy one. However, if it is just going to languish in a parking lot, then you are better off spending that money elsewhere or saving it. For more information on vehicle purchases and relevant deductions, read our previous newsletter article on the subject. Accelerating Purchases If you are looking to make new purchases for your business in the coming year, such as new computers, phones, or large equipment for manufacturing, then it is sensible to make those purchases before the end of the calendar year instead. These purchases will serve the purpose of aiding your business efforts and saving you money on your taxes; rather than wasting the money for a larger deduction, you will be spending it wisely while also benefiting when it is time to file. If you would like to benefit from my tax advice, consider joining our email list. Simply contact our office and inquire about being added to the list. This December, we will send out our “12 Days of Tax Savings” email with tips and advice on actions you can take on your end to help you come tax season.
Likewise, if you are a landlord, it may be wise to take on the cost of making necessary repairs before the end of the calendar year. If you are a tenant, you can prepay rent on a commercial lease for the upcoming year, either for a period of months or an entire year, and write it off in the current calendar year. This may not be a popular move for your landlord, as they will have to pay taxes on that income, but you will be saving a considerable amount in taxes. Delay Tactics Sometimes, the best strategy is to delay . If your business is due to receive payment for goods or services provided in the month of December, you can wait to bill your clients until January instead. This way, you can reduce your taxable income for the current year; this is especially advantageous this year, as the Trump-era tax cuts are currently due to expire after 2025. Speaking of delay, I recommend investing in real property rather than putting away your
extra revenue in a retirement account. By the time you do pull out your retirement savings, they will be subject to a heavy tax burden. Instead, invest that money in real estate so you can depreciate those properties and earn money on them passively.
–Bob Norton
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TOP THRIFTING TIPS Sift Through Cast-Offs to Discover Gems
The U.S. thrift and resale market for second-hand goods will likely hit $50 billion this year, driven by shoppers’ passion for bargain-hunting and reduced prices. Combing through racks, shelves, and piles of donated items has become a popular pastime for millions of consumers. As thrifting grows in popularity, veteran bargain hunters have honed some useful strategies for separating junk from gems. Here are a few tips from seasoned thrifters. Diversify Your Search Leading thrift chains run by Goodwill Industries, Disabled American Veterans, The Salvation Army, and other large organizations have expanded. Still, small local thrift shops operated by churches, hospital foundations, and other local charities often have the best prices. One Reddit poster claims to have found a Coach bag and wallet for $3 at a church-run thrift shop. This thrifting local strategy is rewarding beyond the money saved — it lets you take pride in supporting worthy local causes.
elegance to your home, and that vintage dresser might make a fine living room hutch to hold your TV. When items look expensive or antique, look for a brand name. And use your sense of touch. If you shop for clothing or linens, consider whether the fabric feels weighty and the seams are well-made. If so, the item is probably high-quality and will last. Dress for Try-Ons Bring a tape measure to size up potential purchases and help avoid trying on garments that won’t fit well. Many donated items have lost their size tags, and a quick measurement of bust, waist, and hip circumference can help you minimize fitting room frustration. Also, wear close-fitting tights or slacks and a T-shirt on your thrifting adventure so you can easily slip garments on over your clothes without trekking to a fitting room. Be Patient An axiom of thrifting is that shoppers must work a little harder because many stores fail to display items in an orderly way. Discovering a real find often requires exploring the entire store. You might find crop tops and baby tees in the kids’ section and kitchenware mixed with bath items. Also, you need time to consider whether that colorful but too-large tunic might look great on you with a belt or scarf.
Timing Matters Consider shopping off-season to pick up affluent donors’ end-of-season castoffs. Throughout the year, Mondays can be great shopping days for getting first dibs on weekend donations. Also, tune in to thrift stores’ sale days. Ask thrift store employees to clue you in on regularly scheduled sales, such as “color
Bring a List Have an idea of what you want or need. Setting out to find the perfect vintage lamp or distressed jeans can help you avoid impulse purchases that strike your fancy but disappoint after you bring them home. Additionally, you should set a budget and stick to it. Getting carried away with thrift store purchases can defeat the purpose of shopping there. And if you don’t find a good fit for your needs or an item that delights, it’s okay to leave empty-handed!
days,” when all items tagged in a specific color are discounted, or “half-off Saturdays.” Hone the Art of the Scan Train your eye to survey tables, shelves, and display racks and notice fine materials, target colors, or beautifully designed products. That eye-catching ceramic crock pot on a top shelf might bring
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A PURR-FECT MATCH
How a Kitten Helped Samson Unleash His Inner Pup
Golden retriever Samson takes his job as a medical service response dog very seriously, maybe even too seriously. For owner Lea Hendy, it became apparent quickly that the loveable giant didn’t know how to dog. On their days off at the dog park, Samson was the odd man out, sitting alone in the corner while the other pups played. It seemed like he couldn’t turn off work mode or form bonds with other dogs. Samson joined Lea’s family to train as a service dog. When she noticed his seeming lack of social skills with other dogs, she was determined to find a way to bring him out of his shell. Little did she know that a chance encounter with a cat would change everything. While they were out traveling, Samson spotted a kitten in the window of a building and immediately wanted to play. It was an “aha!” moment that Samson could indeed make deep bonds; it just had to be with the right animal.
A couple of months later, they brought home a tiny kitten named Cleo, and the instant friendship surprised everyone. They gently placed the backpack with the little kitten inside in the middle of the room, and Samson immediately sprung into excited barks and tail wags. Lea said they were never expecting him to be so excited about his new friend, and the two have been inseparable since. “It was so heartwarming to see him come out of his shell and immediately form a connection with Cleo,” Lea said. Now, the pair spend every moment they can together, playing, napping, and enjoying each other’s company. Cleo has become an avid adventurer since the family started taking her on hikes. When the kitty tires out, she takes a ride on her older brother Samson, who looks so proud to be transporting his sister.
Cleo, a tiny kitten with a big heart, allowed Samson, a workaholic looking for a friend, to break out of his shell and explore his world in ways his family never thought possible. Now, thousands of people worldwide watch their friendship and adventures on the animal-odd couple’s Instagram page @calvin.andco.
“It shows that friendship has no bounds,” Lea said. “Anyone can be friends.”
Sticky Fig and Pecan Pudding With Toffee Sauce
TAKE A BREAK
Ingredients
Inspired by Delicious.com
• 3/4 cup unsalted butter, softened • 2/3 cup brown sugar • 2 eggs, beaten • 1 tsp baking powder • 3/4 cup self-rising flour • 3/4 cup dried figs, roughly chopped
• 3/4 cup pecans, roughly chopped • 1/2 cup hot water Toffee sauce • 1/2 cup unsalted butter
• 1 cup brown sugar • 1/2 cup heavy cream
Directions
1. Preheat oven to 350 F. Grease a 6-cup ovenproof bowl and line the bottom with waxed paper. 2. In a large bowl, beat butter, sugar, eggs, baking powder, and flour until smooth. Stir in pecans and figs, then add 1/2 cup hot water. 3. Pour batter into prepared bowl, cover with a circle of waxed paper, then cover tightly with foil. Bake for 50–60 minutes until a skewer inserted into the center comes out clean. 4. For toffee sauce, put butter and sugar in a saucepan over low heat, stirring constantly until the sugar dissolves. Stir in cream and increase heat to medium. Bring to just below boiling, then reduce heat to low and cook, stirring occasionally, for 5–7 minutes until thickened. 5. Turn pudding onto a plate and drizzle with toffee sauce.
Cardinal Cocoa Frosty Garland
Generosity Menorah Mittens Peppermint
Pinecones Snuggle Unity Yule
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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
End of the Year Tax Saving Strategies How Skilled Thrifters Discover Bargain Treasures
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Samson and Cleo’s Tail-Wagging Tale
Sticky Fig and Pecan Pudding With Toffee Sauce Mix, Measure, and Make Memories
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WHISKING UP FAMILY FUN Festive Kitchen Adventures — Kid Edition
Could your child be a future celebrity chef? Could your baby be a world-class baker in waiting? Help transform your toddlers or school-age kids into tiny tastemakers by following these three simple tips. Use your space as a skill zone. It takes more than just a love of food to make delicious meals and treats, as cooking and baking put all five senses to the test. Helping in the kitchen enables small children to heighten their awareness of smells, tastes, sounds, and textures while learning new words. Having them measure ingredients and pour them into bowls is an easy way to refine their motor skills, and your guidance behind the counter will encourage them to follow directions. If your kitchen companion is a baby, you can still involve them by describing the sights, sounds, and smells surrounding them and letting them touch some of the food — all great tools to assist in developing their connection to the world. Kid-proof your meal prep. Before taking your child on a culinary journey, check that their countertop travels won’t endanger them. It’s obviously a big no-no to rest a sharp knife on a cutting board that small hands can reach, but little things like toothpicks can also pose a risk. If your small assistant is old enough to cut up ingredients, a plastic utensil will be less painful than steel if the blade misses its mark.
Keep family flavors flowing. Want to give your elderly mom or dad a holiday surprise they’ll never forget? Present them with a meal based on one of their famous recipes that their grandkid(s) helped prepare! Holiday gatherings are great for sharing the details and delicacies that shaped your family’s history — and a wonderful opportunity to pass down those special traditions to the next generation. With the holidays upon us, now is a perfect time to introduce little ones to the joys of baking and cooking by turning your kitchen into a safe space for learning and bonding.
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