Looking back to 2007

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 2007.   

2007 held the highest home price for years to come, topping out at $215,264. As signs of economic collapse were approaching, the stock market began a brutal 17-month selloff starting in October.

2007 Big News Story

The Shooting at Virginia Tech

Per CNN:

Twenty-three-year-old Seung-Hui Cho killed 32 people on the Virginia Polytechnic Institute and State University campus in Blacksburg, Virginia, before taking his own life.

Facts

Seung-Hui Cho was a senior at Virginia Tech, majoring in English. He was born in South Korea in 1984 and became a permanent US resident in 1992.

Timeline

December 13, 2005 - Cho is ordered by a judge to seek outpatient care after making suicidal remarks to his roommates. He is evaluated at Carilion-St. Alban’s mental health facility.

February 9, 2007 - Cho picks up a Walther P-22 pistol he purchased online on February 2 from an out-of-state dealer at JND Pawn shop in Blacksburg, across the street from Virginia Tech.

March 2007 - Cho purchases a 9mm Glock pistol and 50 rounds of ammunition from Roanoke Firearms for $571.

April 16, 2007 - (Events are listed in local ET)
7:15 a.m. - Police are notified in a 911 call that there are at least two shooting victims at West Ambler Johnston Hall, a four-story coed dormitory on campus that houses approximately 895 students.

9:01 a.m. - Cho mails a package containing video, photographs and writings to NBC News in New York. NBC doesn’t receive it until two days later due to an incorrect address on the package.

9:26 a.m. - The school sends out an email statement that a shooting took place at West Ambler Johnston Hall earlier that morning.

9:45 a.m. - 911 calls report a second round of shootings in classrooms at Norris Hall, the engineering science and mechanics building. At least 32 students and faculty are killed.

9:50 a.m. - “Please stay put.” A second email notifies students that a gunman is loose on campus.

9:55 a.m. - University officials send a third message about the second shooting via email and text messages to students.

10:16 a.m. - Classes are canceled.

10:53 a.m. - Students receive an email about Norris Hall shooting, with the subject line, “Second shooting reported: police have one gunman in custody.”

12:42 p.m. - VT President Charles Steger issues a statement that people are being released from campus buildings and that counseling centers are being set up. He announces that classes are canceled again for the next day.

April 17, 2007 - Virginia Tech Police announce that they “have been able to confirm the identity of the gunman at Norris Hall. That person is Seung-Hui Cho. He was a 23-year-old South Korean here in the US as a resident alien.”

April 18, 2007 - NBC News announces that they have received a package containing pictures and written material which they believe to be from Cho, sent between the two shootings.

2007 by the Numbers

Economic Data from 2007

Grocery Prices from 2007

Personally, 2007 was the year when I launched the firm that became Relax Tax. Even though we E-filed all of the tax returns that we files we still kept paper records. As an individual with such a strong systems background, one of my clearest memories was going through cases and cases of paper.  It was always critical to have plenty of toner in stock and back up printers incase something went wrong getting out all that paper.

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.