Court Is In Session - Notable Tax Court Cases

Despite the COVID-19 pandemic, political unrest and severe weather events, the Tax Court has continued to churn out decisions affecting individual and business taxpayers. Here’s a brief sampling of several cases that may be of particular interest.

Holiday Quiz: These Hot Toys Created Shortages

How well do you know the holiday shortages of yesterday?

With all the talk around ports being clogged and transportation backups causing product shortages, why not take a look back at famous holiday shortages caused by the demand for the toy EVERYONE just had to have! So grab your family and friends, put away the cell phones, take out a piece of paper, and see who knows more about these true, historic shortages.

1. In 1983, this toy came with its own certificate of adoption, but only if you could find one.
   
   
2. This hand-held gadget created a bond that if broken could be fatal. At its peak they were selling 15 of them every minute!
   
   
3. In 2014, this supplier limited purchases of this toy to two dozen per person, but it sold out months before the holidays, with some selling on eBay for as much as $1,000. Fortunately, the company making the toy was able to solve the supply problem in time for the holidays. Can you name it?
   
   
4. For three years in a row, from 2005 thru 2007, game consoles were all the rage. Give yourself a point if you can name all three.
   
   
5. Red and popular, this toy was as scarce as ice in a campfire during 1996. But every small child just had to have one.
   
   
6. This hand-held puzzle was all the rage in 1981. Can you name it?
   
   
7. In 1998 these small creatures could be trained to speak English…that is if you could get one.
   
   
8. Often a TV program inspires scarcities in the toys it creates. This colorful group was tough to find in 1993. Never fear, the supplier geared up for the next season only be out of stock once again in 1994. What is the name of this group of toys?
   
   
9. These little furballs were cute, cuddly and hard as ever to find in 2009. This $9 toy often fetched up to $60 each. Can you name them?
   
   
10. And last, but not least, this extremely popular toy in the 1950s may have started the holiday toy craze…mainly because it was advertised on television. But the toy required a food product from your pantry to make it come to life. What was it?
    
    

Answers: 1. Cabbage Patch Kids, 2. Tamagotchi, 3. Elsa doll from Disney’s Frozen movie, 4. Xbox 360, PlayStation 3, and Nintendo Wii, 5. Tickle Me Elmo, 6. Rubik’s Cube, 7. Furby, 8. Mighty Power Rangers, 9. ZhuZhu Pets, and 10. Mr. Potato Head

So how did you do?

0 – 2 right…No worries. Shortages don’t seem to bother you.

3 – 5 correct…You probably have asked for a couple of these.

6 – 8 correct…You are a cultural icon! Pat yourself on the back.

9 – 10 correct…You are a monster shopper.

Five Great Money Tips

Creating a sound financial foundation for you and your family is anything but easy. With low interest rates as an incentive to borrow more and even lower interest rates on savings accounts is it any wonder that it's tough to retain the discipline to save? Here are five thoughts that may help.

Surprise Bills: Prepare Your Business for the Unexpected

Getting a bill for an unexpected expense can put a significant dent in your business’s cash flow. Here are some tips your business can use to deal with a surprise bill.

Tax Moves to Make Before Year-End

There are always moves you can make to reduce your taxable income. Some of these tax-saving moves, however, must be completed by December 31. Here are several to consider:

Social Security Announces 2022 Adjustments

Social Security Announces 2022 Adjustments

The Greatest Theft in America

And you are a victim!

For generations we’ve been taught by our parents to save. Save for a bicycle. Save for college. Save for retirement. And then, in retirement, you could count on this savings to earn interest. Millions of Americans used Certificates of Deposits (CDs) and low risk bonds to ensure they could retire without worry. Think about this...$50,000 in CDs in 1990 earned 8% interest, or $4,164, each year. And a $10,000 balance in your savings account earned 5.5% interest, or $565, each year.