Looking back to 1994

Looking back to 1994

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 1994.

1994 Big News Story

Nelson Mandela Elect President of South Africa

On January 17, 1994, the Northridge earthquake rocked the greater Los Angeles area, causing billions of dollars in damage and killing 54 people. 1994 also marked the deaths of Kurt Cobain, former President Richard Nixon and former First Lady Jacqueline Kennedy Onassis. Nicole Brown Simpson and Ronald Goldman were found murdered in June, leading to the arrest of football star O.J. Simpson.

Per South African History Online

On 10 May 1994, Nelson Mandela, at the age of 77, was inaugurated as South Africa’s first black president and F W de Klerk became Mandela’s first deputy. Although the ANC gained a majority vote, they formed the Government of National Unity (GNU), headed by the Mandela.

 In 1994, Mandela published an autobiography titled “Long Walk to Freedom” which he secretly wrote while in prison. He also published a number of books on his life and struggles, among them “No Easy Walk to FreedomNelson Mandela: the Struggle is my Life” and “Nelson Mandela's Favourite African Folktales”. In 1995, he was awarded the Order of Merit by FIFA for bringing South Africa back in the international football.

During his presidency, Mandela also worked to protect South Africa's economy from collapse. There was also a serious need to address the economic legacy of apartheid: poverty, inequalities, unequal access to social services and infrastructure, and an economy that had been in crisis for nearly two decades.

1994 by the Numbers

Economic Data from 1994

Grocery Prices from 1994

Personally, I spend much of 1994 in airports traveling all over the country as the only fully integrated auditor on the McGraw-Hill staff. I was speaking regularly with the recruiting firm that placed me at McGraw-Hill, Rylan Forbes about the way technology was changing staffing of financial professions. The travel limited the number of tax clients that I could serve. I was getting the taps to move out of internal audit to various Mc Graw Hill business units, the natural next step. Unfortunately, their where no roles where I felt like I could make and impact. So by year end, I decided staffing would be a better fit and I joined Rylan Forbes.  

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. 

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