Looking back to 1979

We look forward not back 

Does your accountant seem obsessed with last year? If you want to legally pay less in taxes, you need a professional who looks forward. Since Relax Tax helps our clients focus on planning for a better future, we thought it might be fun let our blog address what we learned in the last 50 plus years. You can get a FREE COPY of the entire guide at back.relaxtax.com. Now lets take a look at 1979. 

1979 Big News Story

Soviet Union Invade Afghanistan

 

1979 saw another big jump in U.S. home prices, up to a median of $52,041. Electronics transformed the world with the introduction of the Walkman, the first portable music player. 1979 also saw the election of Britain’s first female Prime Minister, Margaret Thatcher, and the epic NBA battles of Larry Bird and Magic Johnson. The year also carried tragedy, in the form of the 3 Mile Island nuclear disaster, the beginning of the Iranian Hostage Crisis and the deadliest day in U.S. aviation history, the crash of American Airlines Flight 191, which killed 271 passengers and crew, plus two civilians on the ground.

Per Britannica - my key resource for this time. 

Iran hostage crisis, international crisis (1979–81) in which militants in Iran seized 66 American citizens at the U.S. embassy in Tehrān and held 52 of them hostage for more than a year. The crisis, which took place during the chaotic aftermath of Iran’s Islamic revolution (1978–79) and its overthrow of the Pahlavi monarchy, had dramatic effects on domestic politics in the United States and poisoned U.S.-Iranian relations for decades.

 

1979 by the Numbers

Economic Data from 1979

Grocery Prices from 1979

Personally, I remember the Iran hostage crisis. I don't remember learning about exactly wen it began. I remember more as it dragged on and when it ended. What I remember most from this time was all the Yellow Ribbons. 

A tax return is just a historical record of what happen financially in the previous year. If you don't think about your taxes until you start receiving your tax forms, then it is already too late. Click Here to schedule your risk free tax planning session. 

If your tax preparer isn't doing tax planning with you, then you have the wrong tax preparer. If you do your taxes yourself with software and just "tweak" the numbers till you get the numbers where you want them then you should read our blog post on what could be in store