Looking back to 2002

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 2002.


2002 Big News Story

UN Weapons Inspectors enter Iraq seeking Weapons of Mass Destruction (WMDs)

The stock market carnage finally ended in 2002, after 30 months of decline and a total drop of 49.1 percent in the S&P 500 index. However, the combination of generally poor economic conditions and the aftermath of the 9/11 attacks drove carrier U.S. Airways into bankruptcy. The world’s No. 2 airline, United Airlines, followed soon after by also filing for bankruptcy.


Iraq's history with chemical, biological and nuclear weapons is a long and winding path that eventually ended in an American invasion of the country.

Related Iraq Timelines

In the end, though, the government's opaque and obstinate nature made it difficult for outsiders to tell exactly what Iraq was doing, if anything, in the realm of WMD.

Full Time Line

2002 by the Numbers

Economic Data from 2002

Grocery Prices from 2002

Personally, 2002 was a very dark year all around. 9-11 had a huge effect on everyone. We went to Portugal for the Christmas and new year to visit my father-in-law who was in poor health. On the return flight our planes fuel pump had malfunctioned and at some point over the Atlantic, we were forced to turn around to "ATTEMPT" to make an emergence landing on an Azores Island. We ended up having to glide after the pumps gave out. The fear in the eyes of the flight attendants let us know they did not think we would make it.

I discussed with my wife how cold that water was going to be if we ended up in it. Logically it would be best to die on impact, but what ever happened it was out of our hands. Luckily we made it, yet we they couldn't get another plan on to the island. Thus they had to fly out a part and we had to take the same plan back across the Atlantic. The entire experience took a big toll on my wife.

Later that same year I was diagnosed with Chronic Lymes Disease that I had contracted in about 1984. The series of events was too much on our marriage and we decided to have as do it yourself divorce. We remained friends throughout. 

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.