Dozens of states are expected to legalize betting within the next few years. Naturally, there will be winners and losers. The American Gaming Association estimated that legal sports betting will generate up to $26.6 billion of economic activity and 152,000 jobs. Walmart and Target will make millions from fans converting their winnings into giant TVs. Even a few old-school backroom bookies will manage to hang on — they can offer credit, so they don’t have to start kneecapping until some poor loser fails to pay.Continue reading →
The F-150 may look like just another pickup truck rumbling down America’s fast-crumbling roads. It’s not. It’s been the best-selling vehicle in the entire country since M.A.S.H was on primetime and the most profitable vehicle of all time. The average truck sells for $47,000 and you can pay north of $70,000 for a fully-loaded Limited SuperCrew model. Celebrity drivers include Walmart founder Sam Walton, actors John Goodman and Dwayne “the Rock” Johnson, Michael Jackson’s son Prince, and even singer Lady Gaga.
So, shutting down production is a big big deal. But we’re not here to talk about about the downsides of just-in-time manufacturing, cascading supply chain failures, or black swan events. We want to know what the IRS and other tax collectors think about this sort of manufacturing mishap!Continue reading →
Actress Alyssa Milano first gained fame playing Tony Danza’s daughter on the television sitcom Who’s the Boss. The show ran for eight seasons, snagged ten Emmy and five Golden Globe nominations (winning one of each), and established Milano as a bone fide teen idol. While her star has dimmed since then, she continues to work in Hollywood and seems to be one of the few child stars in recent memory to grow into adulthood without well-publicized trips to rehab or jail.
Here’s the lesson from today’s sad stories. Choose wisely! Don’t ask us for advice on remodeling your home or managing your household staff. But do count on us to help stop wasting money on taxes you don’t have to pay. And remember, we’re here for your co-stars, too!
Here’s the dark reality behind racing’s bright silks. Only one horse gets to claim that seven-figure Derby purse in a year, and most horses never clear a profit in their life. For the majority of owners, “investing” in racehorses is like “investing” in lottery tickets. And for most of them, that’s OK — their horses are just a (very expensive) hobby. And, here’s where the handicappers at the IRS come in.Continue reading →
It’s no fun if you lose money in a bad investment. It’s no fun if you get ripped off in some sort of fraud. It’s even worse if you get ripped off in an investment fraud! And that brings us to this week’s story, which starts out in the underwater city of Bikini Bottom. SpongeBob SquarePants is a kids’ cartoon chronicling the adventures of a sponge named Bob, who lives with his pet snail Gary in a pineapple on the ocean floor. And, with a franchise that successful, every huckster within 20,000 leagues wants a SpongeBob tie-in to promote their business.
Remember when you were a kid and your mom told you not to buy something just because there was a cartoon character on it? She was right, and she would tell you the same thing about your portfolio. The most important lesson here may be to make the right financial decision first, then find the most tax-efficient way to do it. So call us for help — we’re here to help you clean up your messiest financial mistakes! Serving Cornelius, Huntersville, Mooresville, and surrounding area.Continue reading →
Everyone knows what a hobby is, right? It’s something you do to relax and have fun, not something you do as an occupation. And everyone knows what a business is, too. It’s something you do to make money. So everyone … Continue reading →
Football fans can rejoice — the NFL is finally back! On Sunday night, the New York Giants defeated their cross-state rivals from Buffalo, 17-13, in a meaningless pre-season contest. On September 4, the Packers and Rams kick off a regular … Continue reading →