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 2005.
2005 Big News Story
2005 recorded the incredible aviation exploits of Steve Fossett, who completed the first-ever solo circumnavigation of Earth without refueling on the Virgin Atlantic “Global Flyer.” It also marked the first flight of the world’s largest passenger plane, the double-decker Airbus A380. Home prices continued to rise, jumping to 2005’s median of $201,289.
Some facts on Katrina:
- Hurricane Katrina was the largest and 3rd strongest hurricane ever recorded to make landfall in the US.
- In New Orleans, the levees were designed for Category 3, but Katrina peaked at a Category 5 hurricane, with winds up to 175 mph.
- The final death toll was at 1,836, primarily from Louisiana (1,577) and Mississippi (238). More than half of these victims were senior citizens. Keep seniors safe and sound, and help them plan for hurricane season.
- The storm surge from Katrina was 20-ft (six meters) high.
- 705 people are reported as still missing as a result of Hurricane Katrina.
- Hurricane Katrina affected over 15 million people in different ways varying from having to evacuate their homes, rising gas prices, and the economy suffering.
- An estimated 80% of New Orleans was under water, up to 20 ft deep in places.
- Hurricane Katrina caused $81 billion in property damages, but it is estimated that the total economic impact in Louisiana and Mississippi may exceed $150 billion, earning the title of costliest hurricane ever in US history.
- Hurricane Katrina impacted about 90,000 square miles.
- The region affected by the storm supported roughly 1 million non-farm jobs, and still, hundreds of thousands of local residents were left unemployed by the hurricane.
- More than 70 countries pledged monetary donations or other assistance after the hurricane. Kuwait made the largest single pledge of $500 million, but Qatar, India, China, Pakistan and Bangladesh made very large donations as well.
2005 by the Numbers
Economic Data from 2005
Grocery Prices from 2005
Personally, I remember Katrina very well. The impact of Katrina was far reaching in deed. Although Tampa was spared the the direct impact from Katrina, I will never forget what it looked like in the sky. The sight of the clouds being sucked into Gulf of Mexico so high in the air at suck a rapid speed was almost apocalyptic. And then following the storm, there the sucking of resources into the impacted region away the local area. It was my first taste of shortages at that scale prior to COVID. Now it pales in comparison.
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.