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 1982.
1982 Big News Story
The Falklands War
In 1982, home prices ticked up slightly, primarily due to the lasting effects of a recession that began in July 1981 and didn’t end until November 1982. Things were even worse in the stock market, which foresaw the recession and began dropping all the way back in November 1980. The economy didn’t recover until August 1982, after suffering a 27.8 percent loss in the S&P 500 index. Over in the entertainment industry, Michael Jackson dropped the biggest-selling album of all time, “Thriller.”
Per Britannica - Remember when one of these books was were you got all you answers?
Falkland Islands War, also called Falklands War, Malvinas War, or South Atlantic War, a brief undeclared war fought between Argentina and Great Britain in 1982 over control of the Falkland Islands (Islas Malvinas) and associated island dependencies.
Argentina had claimed sovereignty over the Falkland Islands, which lie 300 miles (480 km) east of its coast, since the early 19th century, but Britain seized the islands in 1833, expelling the few remaining Argentine occupants, and since then consistently rejected Argentina’s claims. In early 1982 the Argentine military junta led by Lieut. Gen. Leopoldo Galtieri gave up on long-running negotiations with Britain and instead launched an invasion of the islands. The decision to invade was chiefly political: the junta, which was being criticized for economic mismanagement and human rights abuses, believed that the “recovery” of the islands would unite Argentines behind the government in a patriotic fervour. An elite invasion force trained in secrecy, but its timetable was shortened on March 19 when a dispute erupted on British-controlled South Georgia island, where Argentine salvage workers had raised the Argentine flag, 800 miles (1,300 km) east of the Falklands. Naval forces were quickly mobilized.
Argentine troops invaded the Falklands on April 2, rapidly overcoming the small garrison of British marines at the capital Stanley (Port Stanley); they obeyed orders not to inflict any British casualties, despite losses to their own units. The next day Argentine marines seized the associated island of South Georgia. By late April Argentina had stationed more than 10,000 troops on the Falklands, although the vast majority of these were poorly trained conscripts, and they were not supplied with proper food, clothing, and shelter for the approaching winter.
1982 by the Numbers
Economic Data from 1982
Grocery Prices from 1982
Personally, although I didn't know remember much about the war, I do remember that war. I remember specifically thinking, why would Britain attack such a tiny island. Although I haven't thought much more about it, it did come ack to me when the US later answered when they invaded Granada. To be honest though MJ's Thriller was definitely more impactful to me at the time.
Most important from 1982, was that this would be my last year of public education system. My parents and the school administration agreed that I would be better challenged in a private school. The problem wasn't that I was a bad kid, it was that I was often bored in class as I got all As.
Because of this, I would look for other things to challenge me. I would test the system to figured out the many limitations placed on the public school teachers and administrators. So even in six grade, I had already realized how to make the most of the system so that I could control the outcomes in my favor. I am blessed to have people who saw this and cared enough about me to see this as a strength. These people encourage me to apply these skills in a positive manner.
The tax system is similar in many ways to the public school system. I have spend exponential more time learning and understanding the limitations and restrictions of this system. Thus I grew up to be a CPA who knows how to make the most of the US Tax System and to control the outcomes in the my favor clients.
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.