Looking back to 2006

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 2006.

2006 Big News Story

The Tesla Roadster Introduced

Saddam Hussein was tried and executed by the U.S. in 2006. The 2001 collapse of Enron culminated in the 2006 sentencing of top executives Kenneth Lay and Jeffrey Skilling. In October, Google announced that it was buying YouTube, a company that had been founded less than one year before. Amid these breaking news stories, home prices continued to climb, along with subprime lending practices, with few anticipating the bubble burst that would soon follow.

From Time in 2006:

There hasn't been a successful start-up car company in the U.S. since, oh, Ford. But more than a few entrepreneurs believe that with the auto industry on the brink of a technological revolution, now is the time for new players with radical ideas. Michael Marks founded Tesla with the plan of creating an electric car that doesn't sacrifice performance for fuel economy — and by all accounts, the red-hot Roadster succeeds.

Not only does the Tesla accelerate from 0-60 in four seconds, its battery has a range of 245 miles, making it six times as efficient as the best sports car on the market. But if you want one, you better get in line just as quickly — there's already a waiting list, and the first production models won't be available until 2008.

2006 by the Numbers

Economic Data from 2006

Grocery Prices from 2006

Personally, like most people Tesla was a stock that I missed out on. I am sure more people wish they had jumped on it sooner. 2006 was the year where I was beginning to look to transition out staffing and focusing on that side hustle taxes. I was starting to notice distinct trends with where people needed the most financial assistance and often is was beyond just their taxes. 

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.