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wealthwithin · 5 years ago

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Stock Market Meltdown - Coronavirus or Coincidence?

This post originally appeared on Wealth Within.

By Dale Gillham | Published 16 March 2020

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In this week’s report Dale discusses the volatility in the Australian stock market and the heavy losses suffered in the market since the All Ordinaries Index achieved a new all-time high of 7,289.70 on 20 February 2020.

Market meltdown unprecedented

Imagine it’s the summer of 2024 and you are sitting outside reading the financial news and drinking a cup of coffee when an article catches your eye titled “2020 Market Meltdown Not Due to Corona Virus” but…

While what I have just written may not eventuate, it is worth thinking about. We need to remember it was only 15 trading days ago that our market made a new all-time high, and now two weeks later the stock market has technically crashed. In 1987 the market had only fallen 10 per cent in 20 days and it wasn’t until day 21 that the big move down unfolded. During the GFC, the market fell 25 per cent plus over 93 days and in the 1929 crash it took over 30 trading days to fall the same amount.

The difference between those times and now is that all of these crashes were caused by rampant speculation and excessive leveraging, yet three weeks ago neither of these situations were occurring. While we are being led to believe by the media that it is the coronavirus that is driving the market down, I believe there are other factors that are not being reported that is driving the market to fall so fast and so deep. Be it political or some other reason, the more the market falls the more unlikely it is being driven by a coronavirus outbreak.

If we look at the coronavirus in China, reports are indicating that the aggressive measures taken by China have slowed the spread of the virus for over a week now, despite this not being reported in the Australian media. So, they are potentially past their peak and a return to normality is likely over the next few months. With the vast majority of coronavirus cases being reported in China, this suggests the rest of the world is likely to follow suit very soon.

While the significant pull back in the market was unexpected, it does present a lot of opportunity to profit when the next rise occurs. It is important to remember that all markets ebb and flow, and the market will rise again. So while everything may appear as doom and gloom right now, being fearful will not help investors. Instead, you would be better off getting prepared to profit when the dark cloud lifts.

What are the best and worst performing sectors?

Given the Australian stock market has continued to fall, all sectors are down with the best performing sector being Consumer Staples, which is down over 8 per cent followed by Utilities down over 10 per cent and Healthcare down over 11 per cent so far this week. At the other end of the scale, Energy has been the worst hit again given the fall in oil prices over the past week. Currently, Energy is down over 26 per cent followed by Industrials and Materials, which are both down over 16 per cent.

Looking at the ASX top 100 stocks, the best performers include Xero, which is down just under 1 per cent followed by Domino’s Pizza and Coles Group, which is down just under 6 per cent. Not surprisingly, the worst performers come from the Energy Sector with Oil Search down over 41 per cent, Santos down over 35 per cent and Woodside down over 27 per cent so far this week.

What's next for the Australian share market?

Let me say that the current move down is not even close to normal market behaviour, and I dare say no expert could have predicted the voracity and speed of the current fall. As any market commentator will tell you, we are sharing our best guess based on research that we can confirm at the time. Right now, what I know is that the stock market is falling and eventually it will stop falling, but the question is when.

It is normal for the market to bounce and retest highs and we should see this occur any day now and for this to last for one or more weeks. I also know that there is strong support for the All Ordinaries Index at 5,171 points. Given this, it wouldn’t surprise me if I was talking about some strong rises on the market next week, however, for now investors are better off protecting their capital and waiting for the dust to settle before making any decision to enter the market.

For now good luck and good trading.

Dale Gillham is Chief Analyst at Wealth Within and international bestselling author of How to Beat the Managed Funds by 20%. He is also author of the award winning book Accelerate Your Wealth—It’s Your Money, Your Choice, which is available in all good book stores and online.

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heathersmithau · 7 years ago

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To access live links and subscribe to the newsletter click here: http://ift.tt/2GK8k1I Xero recently released its benchmarking report for Australian Accountants. The report is based on data from over 500 accounting firms and it identified these top 4 ingredients for success for Australian Accountants: Firms that have larger numbers of online accounting clients have an easier time signing on new clients and are better at retaining their clients Firms that provide advisory services earn considerably more revenue per client than firms that offer only compliance. Firms that serve a larger number of online accounting clients generate significantly more revenue per employee. Firms that position their firms as a business mentor or specialists generate higher revenue per client and experience rapid growth. Do you agree with these findings? Here are some other things I’ve read recently that you might find interesting: You’ve no doubt heard about artificial intelligence, but is there any reason why accountants should worry? Here’s what the Outsourced Accountant thinks March 8 was International Women’s Day and I read some interesting articles that day, like this article that includes BDO in Australia's National Chair Helen Argiris talking about flexibility being the key to attracting and retaining talent. I couldn't agree more, modern technology in our business tools and a results-focused assessment of performance can help us achieve mutually beneficial flexibility in accounting firms, remove the penalties for women who require this flexibility to survive their multiple demanding roles and close the pay gap. Nikki Adams, co-owner, and CEO of Ad Valorem Accountants in the UK talks about what inspired her here. There are some exciting events on this week. The Accounting Business Expo 2018 is finally here. The four must see sessions on Wednesday 21 March are Expensify’s session on why ignoring expense management is a costly mistake at 10 am, Nick Sinclair of TOA Global explaining why you should be hiring employees in the Philippines at 1 pm, at 1.30 pm Helen Cockle of FUTRLI with Lisa Kernes of IGNITE Alliance, Steve Cole of Signature Consulting and Gregory Will of Armstrong ∙ Dixon will discuss what the future of talent looks like in advisory and how to hire for it, and at 3 pm catch real-time advisory and new fiscal skills – unearthing the global trend with Peter M. Vessenes of Profitsee - I’m really looking forward to hearing Peter talk. The four must-see seminars on Thursday 22 March are death by apps – finding a simpler roadmap for a cloud-based firm at 11 am with Mathew Grant of Waypoint (Formerly Ocius Digital), what will regulation technology look like in 2020? at 1 pm with Ron Lesh of BGL Corporate Solutions. Nick Sinclair has a second session called outsourcing your firm - target these three processes at 1.30 pm and one of the final sessions of the day is open banking - what impact will it have on accounting – and when? at 4.30 pm. And if you're looking to learn more about cloud solutions, make sure you register for an exclusive Receipt Bank demo here. While he’s not exhibiting at AB Expo, I know Jared Armstrong from MinuteDock will be there. If you'd like to hear about his easy to use time tracking solution, I’m sure he would love to meet with you. Send me an email if you’d like his contact details. Last week I was part of the Practice Ignition stand at The Institute of Certified Bookkeepers conference in Brisbane. The conference will be in Adelaide, Canberra, and Perth this week and Melbourne next week. Do drop by if you’re in town. Intuit QuickBooks Business Solutions are holding some free Express Events in Victoria this week. You can book your place here. Some food for thought to leave you with today - accountancy has been around for thousands of years but the way it can be done today is reflective of technology advances. Just look at how these industries have been transformed by automation and what cloud accounting can learn from it here. by Heather Smith

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nofomoartworld · 8 years ago

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Art F City: Set up For Your Best Year Aver: A Tax Day How-To

Here we are at Tax Day. Your taxes are filed. (They aren’t? Here’s an IRS extension form – postmark it today. You’ll need one for your state, too.)

Last year you vowed to get your stuff in order. Then suddenly the tax deadline was upon you, and you scrambled through the process, and weren’t as careful as you intended to be. You suspected you should have been paying estimated quarterly taxes all year, but didn’t, and now your tax bill is surprisingly high.

You meant to set some money aside in a retirement account, but that shocking tax bill meant you didn’t have any cash to do it.

You suspect that there were deductions you missed.

If you’re being honest, your books were a mess (if you’re thinking “I need to keep books?” go back and read this.)

Now that the time pressure is off, let’s take a look at how you can make this year better. Plus some discounts on apps that can help you.

Let’s tackle the worst one first: Estimated quarterly taxes. People with self employment income (Freelancers and artists!) are often shocked at how high their taxes are. The short answer here is self-employment tax. When your income comes in the form of a 1099 or from selling bespoke lingerie or topiary design services from your own business, that money is not just taxed at your income rate – it is further subject to 15.3% self-employment tax. This isn’t an injustice – employees who get a W2 also pay into the system, but they only have to pay 7.65%, and their employer, out of the employer’s pocket, pays a mirror-image 7.65%. When you’re self-employed, you are both employee and employer, so you pay both halves. And if you want to look deeper into the taxes on this, you even get the same discounts on the employer half that big employers do. It’s just that when you’re on your own, and presumably don’t have an HR or accounting department guiding you gently through this process, it hurts more to pay it.

Estimated quarterly taxes exist to approximate the tax withholding that happens with a regular paycheck. But of course, it’s on you to make it happen. The rules are this: if your total tax bill this April was over $1000 (don’t confuse this with the amount of your refund or the amount you owed – that’s just the part where you make change with the government from what you’ve been paying all year), then you are required to pay quarterly estimates this year. You may owe them for your state, too (those rules vary, and the amounts are smaller). The deadlines are:

First payment due: tax day (today). April 18, 2017

Second payment due: June 15, 2017

Third payment due: September 15, 2017

Fourth payment due: January 16, 2018.

If you don’t pay them over the course of the year, you will incur non-payment penalties and interest. Much scarier, you may face an outrageous tax bill come April, that you are unable to pay. Please avoid this, for your own health. Pay here. You can actually pay money in at any time – if you overpay, you can apply the excess to future quarterly payments or get it refunded. When you earn less money than you did in the prior year, you’ll owe less in quarterly payments. When you make more money, you’ll owe more. As with W2 withholding, it is proportional to the amount of income you earn. You’re not expected to predict your future income accurately down to the last dollar (that wouldn’t be fair). But as long as you pay 100% of what you owed in tax last year, you will not be penalized with fees or interest. However, you still may owe more tax – you settle up the total when you file your 2017 taxes in winter 2018.

There’s a start-up that I like, trying to ease this pain for freelancers, aptly called Painless1099. If you sign up with this link, AFC users will get a 15% discount. Basically, Painless1099 allows you to set up a bank account where you deposit your freelance income, and they set aside the correct amount of estimated tax, based on your actual numbers. They charge a modest per-transaction fee, with a yearly maximum fee of $125. If paying this small amount saves you from a financial disaster next tax day, it’s well worth it. This way, you don’t get blindsided by a huge tax bill in April.

Bookkeeping

I’ve addressed the need for bookkeeping before, but to recap, if you have self-employment income or run your own business, then you are required by law to keep accurate books recording your income and expenses. I don’t know one person on earth who doesn’t have a little room for improvement in this area. So if your system isn’t great, take some time now to retool it. A spreadsheet is fine if your business is simple. If not, consider bookkeeping software such as Quickbooks self-employed or Xero. Quickbooks has been making improvements, and their self-employed app is pretty good. But be forewarned that it is designed to feed you into other Intuit-owned products (like TurboTax), and so does not play well with other programs you might use. Xero is cloud-based and easy for an accountant or employee to log in to from another location. They are a more tech-forward company, and I like that they are quicker to make updates and their software is more intuitive. I am personally biased towards cloud-based bookkeeping software, as it eliminates problems of older software that won’t translate to your new computer, or vicious dilemnas caused by multiple bookkeepers working on separate files. I don’t recommend any version of the old Quickbooks desktop software.

Missing deductions

If you’ve been reading my column, you know that you need to keep receipts to back up any expenses you list on your Schedule C. This year, I worked with the artist professional development guides at Kind Aesthetic to create this lovely visual chart of what is deductible for an artist on the Schedule C (and where to put it).

Often, freelancers miss deductions they are entitled to because they aren’t aware that they are deductible. So to help you track some of the often-missed deductions, here are a couple apps (plus discounts).

Xero Taxtouch. This mobile-friendly app made for freelancers lets you hook up to your bank feed, and swipe left or right to categorize deductions as business expenses (deductible) or personal ones (not). It makes it easy to create a report at the end of the year to give to your accountant, and since it connects directly to your bank feed, it captures everything you spend.

Mileage is a deduction people often miss because they don’t track it. The IRS rules require you to keep a mileage log if you’re going to deduct your business mileage, and this rule scares a lot of people off. But the deduction is huge: 53.5 cents/mile for 2017. This means if you drive 100 miles to meet a client, you get a little over $50 of deduction. If you drive for your business at all, the money you save is worth the effort.

MileIQ is one of several mileage apps that use the location detection on your phone to automatically record your mileage. Similarly to Xero Taxtouch, you swipe left or right to categorize drives as business or personal. You can also track the things people often don’t – volunteer miles driven (deductible at 14 cents/mile, if you itemize) and medical miles driven (ditto, but 17 cents/mile, with a high threshold before it’s useful). The free version doesn’t capture everything, so it’s useful to get the full version. ArtFCity readers can get a 20% discount by using this code: HCOL124A

And in the service of having a better tax year next year, I built an online tax course with the help of Kind Aesthetic, specifically for artists. We worked hard to make it clear, accessible and empowering, and I think it’s a great tool to help artists realize their rights as small business taxpayers, and how to armor themselves with best practices. It’s one hour. (And it’s 20% off for AFC readers, using code: 2017MARCHAPRIL) Here’s the link.

And lastly, if you’re reading this in a sweat because you still haven’t filed your 2016 taxes, fear not. You can still file for an extension, as long as you make a payment for what you think you owe, and postmark it today. The extension deadline is only an extension of time to file, not an extension of time to pay. I hear you asking how you’re supposed to know what you owe before you file. Make a guesstimate based on last year’s tax due. If you underpay or don’t pay at all, and you expect to owe money, you’ll be charged interest and penalties until the day you file and pay. If you overpay, you’ll get a refund. Don’t forget to apply for an extension for your state, too.

And for everyone, today is your deadline to put money into a retirement account to credit towards tax year 2016. If you put money into a traditional IRA, it saves money on your taxes this year (so be sure it’s listed on your 2016 taxes!). If you put money into a Roth IRA, you don’t need to do anything on your tax forms, because there is no tax savings when you put it in – but when you take it out one day, it will be sweet and tax-free.

Let’s make 2017 your best tax year yet. Good luck everyone.

DISCLAIMER: True tax advice is a two-way conversation, and your accountant needs to hear your full situation to apply the rules correctly in your case. This post is meant for general information only. Please don’t act on this alone.

Bio: Hannah Cole is an artist and Enrolled Agent. She is the founder of Sunlight Tax.

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sednanref-blog1 · 8 years ago

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Sim, acabou q vai rolar uma segunda etapa do VIII Salão Universitário de Arte Contemporânea - UNICO em Petrolina. Daí estaremos bem cheirosos nessa sexta (20h) na abertura pra ter uma conversa com o povo, rever os trabalhos dazamiga e encher bucho. Quem puder, cole lá. Xero (em Galeria De Arte - Ana Das Carrancas)

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komboink-art · 9 years ago

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A reference sheet I am working on for a draenei character, Colexero (aka Cole Xero). It's still a little awkward, but I am making progress and the only way for me to get better is to keep practicing and completing projects! I will post a full bio with a finished and colored sheet. Need to color and add more expressions, hopefully pushing expression a little more.

#reference sheet wip #Cole Xero #reference sheet #wow character reference #draenai #wip

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kombink · 11 years ago

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KOMBO, ZEKTBACH, AND FIERY MCSHOOTSTUFF OF PATHFINDER

How I feel about this character:Komboloi is my longest existing, most developed, and probably going to enjoy the seat of most RP interaction for some time. He’s fun for me to RP, and easy as his nerves are probably based on my nerves. Plus, who does not enjoy watching and hearing a flustered, stuffy Komboloi be confronted with things he desperately tries to pretend don’t exist, such as publicly displayed undergarments and discussion of sexual escapades in the comm?

All the people I shop romantically with this character:It’s kind of hard to come up with parings for Komboloi, because sometimes, it’s hard to read what he would really want in a relationship when he’s kind of terrified of Psyrenn. My mind keeps going back and forth over a gambit of things he would actually want in a relationship, He’s probably secretly kinkier than Maethus, but years of repression, being haunted by a toxic relationship, and a desire for organization and a good public face have kind of super repressed that for him.

My non-romantic OTP for this character:Komboloi and Jaira on the Cleanliness, Propriety and Tea Committee.Komboloi and Maethus in the “gods sometimes I hate my brother” relationship.Komboloi and Jerry: ”I have at least one friend, even if they are weird and have no sense of personal space.”Komboloi and just about the rest of the Vanguard: “Just smile and nod, and it’ll go away in a bit.”

My unpopular opinion about this character:I still think a nonsexual romantic Komboloi x Zektbach would be adorable and full of cuddles. Implausible, but adorable.

One thing I wish would happen with this character’s cannon:He’d snap after being stranded with a team of goblins for a week in Draenor.Him to develop a questionable admiration for another member of leadership that borderlined a crush. Have him finally build up to a moment of complete rejection and walking away from Psyrenn. Even if he doesn’t get to kill her, having him have that moment of finally severing himself from that relationship and walk into the next chapter of his life would be very satisfying.

- Zektbach Skysong -

How I feel about this character:He’s a relaxing character to play in that my other characters are jerks sometimes, and inconsiderate sometimes, and are prejudiced and all that. He’s relaxing in that he’s a nice character who I can just go and be like, “I’m gonna go have a picnic or fly a kite or buy ice cream for kids or say confusing, weird things to people, but generally be nice and not be a jerk”

All the people I shop romantically with this character:I don’t know, don’t have too many active ships for Zektbach.

My non-romantic OTP for this character:Zektbach x Jaira - one true “next rulers of the world beyond The Red Door of Destiny”Zektbach x Syll - one true “terrible adoptive father”Zektbach x Jerry - one true “cuddle buddies”Zektbach x Aythala - one true “super hero team to save the kittens”Zektbach x Arthamir - one true “protect the lord at all costs”

My unpopular opinion about this character:That Komboloi x Zektbach cuddles would be adorable.

One thing I wish would happen with this character’s cannon:That I could work in some good moments of tragedy, and suggestions that he might be more aware of what people think of him than he lets on.That Zektbach would somehow one day get confused for/swap bodies with Arthamir, become extremely popular and give inadvertently excellent ideas, and then the truth would come out.

- Cole Xero, aka, Firey McShootstuff of Pathfinder -

How I feel about this character:I’ve enjoyed playing him. He blurts out things that are on his mind, tries to set things on fire, doesn’t get all these good aligned characters and their problems about looting corpses when they’re in the middle of a demon-scarred landscape.

All the people I shop romantically with this character:Cole x BoobiesBut seriously, I haven’t seen much romantic development for this character yet. He kind of has issues developing beyond the lust aspect of things. His romantic relationships are probably going to take a really long time to develop, and have to survive the initial “just appraising attractiveness” stages.

My non-romantic OTP for this character:Cole x Raikis - one true “can’t decide if I admire this guy or am extremely jealous of his coolness”Cole x Nicolas - one true “guy who I’m going to mix up the names with” (side note: I always think of Larry Butz whenever these two interact)Cole x Melonius - one true “why does this guy have to have a stick up his fine ass?”Cole x Carriage - one true “setting on fire that was never to be”

My unpopular opinion about this character:If there’s any more paladins on this trip, he’s going to start utilizing their shiny armor for trick shots. .

One thing I wish would happen with this character’s cannon:I’d like to see if any of the paladins/good aligned characters could get him to shape up. Not because I want him to change, but I’d enjoy the challenge resisting. He gets his sorry ass saved by Sara, and she carries him out of a building, bleeding, as they run from a fire that he started when he though he wasn’t going to make it. I want to see Cole get drunk, because I think that would be hilarious.I kind of wish I could explore Cole’s fire-ish heritage, but I don’t see how that’s going to fit in with the campaign.

#komboloi sunwhisper #zektbach skysong #cole xero #tyrellia

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nofomoartworld · 8 years ago

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Art F City: Getting Organized: Financial Resolutions for Artists in 2017

As we enter a the new year, let’s take time to think about the priorities in our arts practices, and in our personal lives. You may roll your eyes at the idea of New Year’s resolutions, but there is evidence that writing down your goals actually helps you achieve them. So grab a pen, and let’s put some intention into 2017.

In my interview with artist Susan Crile about her eight year ordeal defending herself in US Tax Court, there was a lot of discussion about keeping records to prove the profit motive in one’s art practice. It brings up a good question for most of us: how are we doing on our own record keeping? If the IRS sent an audit letter tomorrow, would you feel good about the shape that your records are in? If the answer is not good, don’t panic. Here is a list of what you will need, and some thoughts on how to improve your record keeping going forward.

Good Bookkeeping. Bookkeeping is important to any business. Without tracking expenses and growth, there is no way to improve your practice. It’s impossible to argue that you are actively trying to turn a profit when you don’t track your income and expenses. Not only is keeping an accurate set of books a legal requirement for your arts practice, but it can help you by generating reports to show you how you are using your resources, and these reports can be the documentation you need to get loans, make budgets, and apply for grants. In short, bookkeeping is worth all the investment of time we put into it and then some.If you have a simple business without a lot of transactions, say, you sell about 10 paintings a year, then a Google spreadsheet may be all you need. But if your operation is more complex, you’ll need something more robust. Before you pick the cheapest software, think about how your business may grow in the next five years, and what you may need. Do you need software that can integrate with a ticket sales system or an Etsy shop? Do you think you may hire an employee? Do you need invoicing? Do you want to do it all yourself, or would you like a system that a bookkeeper or accountant can easily access?Quickbooks is the old standby, but it can be confusing for those without an accounting background. There are lots of alternatives, ranging from free to expensive, and all with different strengths. No matter which you choose, make sure you have a good bookkeeper set it up for you, and give you a thorough tutorial on how to make entries correctly. It is worth some up front cost to have a professional set you up – mistakes in your books are costly and a professional will charge you a lot to clean them up.

I’m personally switching to Xero this year, because I like its clean design, usability, and the fact that it is cloud-based and mobile friendly. It has an invoicing feature with automated reminders, which I’m really excited about. I also think that because Xero is a more progressive, tech-forward accounting software, the accountants who service it tend to be more tech-savvy and millennial-friendly.

If you have a system that isn’t working, pay a bookkeeper to look it over for you, or take a bookkeeping course yourself. Good bookkeeping is a question of habit. So schedule a regular time to do it.

Saving receipts. The law says that if you can’t produce the receipt to prove it, it never happened, and you can’t deduct the expense. Your bank statements aren’t enough. For meals and entertainment, the documentation requirement is even stricter: the receipt must be accompanied by the name of the business contact you are meeting with, plus the reason for the meeting. A receipt alone will not suffice. Personally, if I don’t grab a pen and jot these things down at the moment I am handed the receipt, I will never do it. So that has become my personal habit – I write directly on my receipts, and the save them in a file folder. Some people are handy enough with their phones that they snap a picture of every receipt (many accounting softwares integrate a receipt-saving feature like this, and there are stand alone apps dedicated to it). I am not fast enough with my phone for this to work for me, but if you are, it is a great method for keeping your receipts.

Tracking mileage. I went over the details of mileage tracking in my Miami travel expense post. But here’s a New Year’s tip: go out and record your car’s odometer reading right now. And while you’re at it, set an alarm on your calendar to do this the first day of every year. Because tracking your business mileage means not only tracking the number of business miles you drove this year, you also must record your total miles for the year. By recording your odometer on day one, you have both your ending mileage for last year, and your beginning mileage for this year. Two birds. One stone.

Keeping a calendar. In the days of Google calendar, you probably have one that is pretty good already. But you might not realize that this can be an important document to show your business activity in the event of an audit. Your calendar can be used to show the amount of overall time you spend on your arts practice — and that means everything from making the actual work to networking, marketing, and bookkeeping. Your calendar can also show who you met with and for what purpose. This may corroborate other parts of your documentation, from travel expenses (your calendar shows the meetings you had set up in your travel location), to your meals expenses (meeting the strict substantiation requirement of who you met with and for what purpose).

Maintaining important correspondence that shows your effort to grow your career. You may still snail-mail out old-school introduction packets to museums (and be sure to save those receipts if you do!), but you almost certainly reach out to art world people over email. In the days of searchable email, this is a lifesaver. If you use an email folder system, consider saving this correspondence into one place (ie. “gallery + museum correspondence 2016”), so that in the event of an audit, you can produce this important evidence of your businesslike intentions quickly and without having to rely on your memory.

Maintaining your arts inventory. In Susan Crile’s drawn-out audit, her professional inventory system weighed heavily in her favor to prove that she was a professional artist and not a hobbyist. How do you track your art inventory? Having an up-to-date document that shows what you’ve produced and where everything is is an important tool in your arsenal.

While looking at record-keeping goals for our work lives is important, I think it’s even more important to look at the complete picture. Where do we want to have an impact in the larger world — in our personal lives, and in our communities, both near and far? If donating money to good organizations hasn’t always been your habit, consider making it a goal this year. There are many organizations whose work will blunt the impact of the Trump agenda — doing work from good journalism to addressing income inequality issues and more. This is important. Give some thought to the world you want to help shape, and take a moment to write down your charitable giving goals for this year. It feels good, and it reduces your taxable income if you itemize your deductions.

And lastly, remember that we need to budget more than just money. Time is the most limited of all resources – so consider budgeting time to be mindfully present with friends and family, and time for civic engagement. It may end up being the most valuable contribution you make to the world this year.

Bio: Hannah Cole is an artist and Enrolled Agent. She is the founder of Sunlight Tax.

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