Looking back to 2017

Looking back to 2017

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 2017.

2017 Big News Story

Equifax Data Breach

Per Epic

Equifax, one of the three largest consumer credit reporting agencies in the United States, announced in September 2017 that its systems had been breached and the sensitive personal data of 148 million Americans had been compromised. The data breached included names, home addresses, phone numbers, dates of birth, social security numbers, and driver’s license numbers. The credit card numbers of approximately 209,000 consumers were also breached. The Equifax breach is unprecedented in scope and severity. There have been larger security breaches by other companies in the past, but the sensitivity of the personal information held by Equifax and the scale of the problem makes this breach unprecedented.       

Top News

  • Chinese Military Charged with Equifax Breach: The U.S. government has indicted four members of China's military on charges of hacking Equifax to exploit the personal data of 150 million Americans. They allegedly conspired to hack into Equifax's computer networks, maintain unauthorized access to those computers, and steal sensitive, personally identifiable information of nearly half of all American citizens. EPIC President Marc Rotenberg testified before the House in 2018 and the Senate in 2017 about the Equifax breach. Rotenberg warned lawmakers and regulators that the failure of the U.S. government to safeguard the personal data of Americans has placed American consumers at risk from foreign adversaries. And in the Harvard Business Review, Rotenberg explained that "consumer privacy is not a goal achieved by markets. It must be mandated by Congress." EPIC has called for passage of the Online Privacy Act, H.R. 4978, and the creation of a U.S. data protection agency. (Feb. 10, 2020)

2017 by the Numbers

Economic Data from 2017

Grocery Prices from 2017

Personally, the public in 2017 was still not yet ready to meet there accountant completely virtually. But I had been approached in 2016 by an investor whom we had spoken to about Relax Tax years before. They were actively involved in launch there third tech startup. The were looking for someone who could launch an insurance agency within a tech firm that focused on employee benefits. My clients at always brought up medical insurance as a key pain point.

Thus I took the assignment to establish the agency arm within Everything Benefits. This experience would allow me to see "behind the curtain" of employee benefits. Thus allowing me to gain a level of insights for my clients that no competing CPA could possible have.

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.

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