With the fast-approaching deadline to file your 2017 income taxes, Raghav’s top reads includes even more helpful articles on the topic of taxes (for the last top reads edition dedicated entirely to taxes, click here). If you’ve already filed or are feeling “taxed out,” we’ve included articles about taking career risks, retirement income strategies, books to add to your reading list, how to choose the right leader for your company, and more.
Whether your company is in its infancy or you have been managing it for many years, as a small business owner, filing your taxes can be stressful. Without the right tools and adequate planning, you’re at risk of making mistakes that come at a high price. In this article by Bill Smith, he discusses the most common mistakes that entrepreneurs make at tax time and explains what to do to avoid them. Read the full article here.
As of the date of this article, the federal income tax deadline is a little more than one week away (April 17th). If you haven’t filed yet, this article by Bill Bischoff could be helpful. Bischoff outlines four strategies that you can use (as a business owner or individual) to help you save on your 2017 tax return. Among his four strategies: reversing an ill-fated Roth conversion, choosing to deduct state and local sales taxes, and making a deductible IRA contribution. For all four strategies and detailed examples, click here.
After reading Charles Bukowski‘s poem, Roll the Dice, Nick Maggiulli became inspired to write this article about what it means to take risks.
The biggest risk you can take in life is taking no risk at all.
Maggiulli writes in hopes of inspiring you to paint, leave a job you hate, or start a blog – and talks about his most recent decision to move to New York to pursue a new career path. Read the full article here.
In this article by Dirk Cotton, he discusses multiple theories on the Sustainable Withdrawal Rate (SWR) put forth by respected members of the finance industry. Cotton goes over the differences in each strategy and uses examples to demonstrate how differently each one would look for retirement.
More recent work by Pfau suggests that the number at present is perhaps 3% to 3.5% — a sizable range. A range of 3% to 4.5% may sound small but it’s the difference between a safe spending amount of $30,000 and $45,000 a year per $1M of savings. Regardless, it’s well below Lynch’s 7% assertion.
For a closer look at each strategy and how they can impact your retirement funds, read the full article.
Jonathan Clements uses seven examples to put into perspective how finance uses one societal group to subsidize another. He says that most of the time, we hope to be in receipt of the subsidy, but in certain situations that is not the case. Here is one of his examples:
Those who carry credit card balances and pay late fees subsidize those of us who make money off our credit cards, by collecting handsome credit card rewards while never carrying a balance. What if the financially sloppy got their act together, paid on time and paid off their balances? Credit card companies would be forced to slash the rewards they offer—and we freeloaders would collect less.
Read the full article here.
Looking for some new books to add to your 2018 reading list? Joan Stewart of Basecamp asked her colleagues,
Given your role at Basecamp, what one or two books/resources would you suggest to help someone prepare for the kind of work you do?
She also makes an important point – purchasing these books (and hopefully reading them) will not make you a guru when it comes to managing people or starting a business. This requires the hard work of taking what you read and putting it into action. See the full reading list here.
Good leadership is important for running a successful business, but there is no magic formula or list of traits that will get you the perfect person for the job. The best leader at company ‘A’ may be horribly unsuccessful if placed in that role with company ‘B’; the organization itself needs to determine what a good leader looks like for them specifically:
Leadership styles, or brands if you prefer the term, are always contextual. Different kinds of leaders are minted in different organizations, and whether they can succeed elsewhere is always a question. And leadership styles have their times as well as their places.
If you are having trouble figuring out what a solid leader looks like for your business, Harvard Biz shares strategies to help you select the best fit for your leadership team. Read the full article here.
Thank you for reading all the way!
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