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June 2021 – Scattershooting Taxes, Child Care Credit and California Transplants

Reflections today on life, taxes, and immigration from California.

LIFE

It feels good to see our friends and neighbors interacting in ways that have disappeared in the last 12 months.

While we continue to grow back into normal, I encourage you to shop, buy and dine locally.  These are our neighbors, friends and they have depended on us, and then return to what we all love to do is great; they need some special loving.  If you want to visit one of my favorite places, see Joe Covino at Covino’s and have the best pizza in DFW. Covino’s is BYOB (Of course it is Michael!)  I might be there tonight at my favorite patio table.

Taxes

In the latest tax act, the American Rescue Plan, there is a change to the childcare credit. If you have children under the age of 12 and under, please pay attention to what is happening as it will impact your 2021 tax filing, and you may owe taxes in April 2022.

The change to the Childcare Credit for 2021 is that beginning in July 2021, the US Government via the IRS, will send qualifying taxpayers checks as an early payment of the childcare credit.

Next week’s Tannery Company blog will be all Child Care Credit, what to expect, and steps your family needs to undertake to prevent a surprise in April 2022.

California Immigration

As a native Texan, I am used to immigration from other locals. It has created incredible places to dine in North Texas.

However, all these Californians moving here might give us all cause for concern until you get to meet and work with the newest Tannery Company team member – Ashley Graban.

Ashley and her family moved her to join her brother and sister.  Ashley joins us from another CPA/Wealth Management team in Capistrano, California, with close connections.  (Thanks to Peter Prescott)

Ashley joining our team as Director of Client Services increases our abilities, and together we are all excited for the future.  I know that several of you have already enjoyed working with her on your Right Capital Financial Plan account or solving account issues.

Connect with her on LinkedIn, or you can email her hello Ashley@tannery.wordifysites.com

Summertime and the Living is Fine

Finally, the late Spring monsoon has ended, and Summer is here.  What are your plans this summer?  Are you just getting out and about locally or traveling afar?

We would love to know your plans and how we can support you as this economy continues to evolve.

Have a great Fathers Day Weekend,

Need to contact us?

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 Call us at214-239-4700 or click to set up a ZOOM MEETING

 Michael Tannery CPA CDFA® AIF® ● CEO

Registered Principal | Tannery & Company

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 The opinions expressed in this material are for general informational purposes only and is not a substitute for professional advice.  Individual circumstances do vary.

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    Wasted Time

    What is wasted time?
    Unscheduled, unplanned time doing the simple things of life
    As kids out summers were spent riding our bikes, playing in the creek or playing any game we could make up. All of this was outside and required very little parental supervision.
    Ain’t it funny how the best days of my life was all that wasted time
    – lyric from Keith Urban’s song – Wasted Time
    Today, I observe adults and children over scheduled with activities and over connected with every electronic device possible. Wasted time is where creativity is created.
    We are the “Attachment Generation”.
    Based on my observation about us becoming the “Attachement Generation”, I began to pose this question to friends and clients in my conversations.
    “What is your daily routine and how connected are you”.
    The #1 answer was – immediately when I get up or I take my phone to bed with me.
    I would get the answers and ask my favorite question – why?
    Why do you have to keep your phone with you, even taking it to bed?
    Why do you immediately look at it when you wake up, no matter the time of the night?
    They answered with various reasons that attempted to make the attachment to their phone seem normal.
    This simple idea of not having your smart phone with you 365/24/7 caused people stress.
    “When people are so plugged into their devices around the clock, they often lose the ability to be fully present to themselves and to other people,” says Jeffrey Rossman, Ph.D., director of Life Management ar Canyon Ranch in Lenox, Massachusetts. “It negatively impacts our peace of mind and relationships with others.”
    When is the last time you had “Wasted Time?”
    If “I can’t remember” is your answer then you have become part of the Attachment Generation. It is time for a digital detox and some “Wasted Time”.
    Take my seven steps toward finding your Wasted Time.
    1. Let go of the phone – start with taking it out of the bed. Your phone needs to sleep in the other room, not in the bed or on the bedside table. I made this change and the results are positive. (the phone was on the bedside table)

    2. Don’t touch your phone for the first 30 minutes of your day. Let your mind and your body refresh from the night’s sleep.

    3. Eliminate all of the “push” notifications on your phone and your desktop. This also includes your watch. I see many people distracted and looking at their smart watch for the text notifications during a meeting. It is unprofessional and inconsiderate.

    4. Drive your car without looking at your phone at stop lights. (No texting should not even be mentioned)

    5. Stop using your phone to occupy all of your free time. If you are standing in line at the grocery store, it is Ok to let your mind be unoccupied.

    6. Meals are Digital Free.

    7. Plan some wasted time each day without a screen in front of you. That includes a TV. Go workout, take a walk or have a conversation with your spouse, your children or take a bottle of wine and go visit a neighbor. I prefer reds however a chilled white will work this summer.
    Be honest
    You probably use your smartphone way more than you should, but you’re far from alone. It’s addictive checking social media, playing games and of course just staring down at it when you’re in a socially awkward situation.
    Try either taking the Apps off your phone or try one of these six apps to break your addiction.
    Tell me about your results of finding your Wasted Time.