Looking back to 1980

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. Relax Tax helps our clients focus on planning for a better future, and not the past. If we want to look back at anything, we thought it might be fun let our blog look back at 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 1980. 

1980 Big News Story

Mount St. Helens Erupts

1980 began with the first recession in five years, lasting from January until July. The economic dip didn’t seem to hurt home prices, which rose again from the previous year. Over the summer, the U.S. boycotted the Moscow Olympics as a result of the Soviet invasion of Afghanistan. And later that year, Mark David Chapman gunned down international pop music icon, John Lennon.

Per USGS.gov

On May 18, 1980, a magnitude-5+ earthquake was accompanied by a debris avalanche, which in turn unloaded the confining pressure at the top of the volcano by removing the cryptodome. This abrupt pressure release allowed hot water in the system to flash to steam, which expanded explosively, initiating a hydrothermal blast directed laterally through the landslide scar.

Because the upper portion of the volcano was removed, the pressure decreased on the system of magma beneath the volcano. A wave of decreasing pressure down the volcanic conduit to the subsurface magma reservoir, which then began to rise, form bubbles (degas), and erupt explosively, driving a 9-hour long Plinian eruption.

1980 by the Numbers

Economic Data from 1980

Grocery Prices from 1980

Personally, there are many memories from 1980, but Mt. St. Helens and the boycott are two that stick out most. They were followed closely by the non-stop local coverage of John Lennon. I distinctly remember asking what exactly did Yoko Ono do that was so bad?  

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.