Author: HairWeavings Editorial Team
Walking Memory Sticks
I recently had email contact with a woman who I met only once – and that was some 20 years ago. She is the best friend of someone I used to know and like, but who I haven’t seen for years because we don’t live near each other. In her email, the woman mentioned that she and our mutual friend had just been remembering something I had said years ago.
I have absolutely no memory of the conversation, but it sounded like something I might have said. Odd to think that some few words said so many years ago sit in the brains of other people, far far away.
And it reminded me of how an old friend from France, who I don’t see often but was visiting my house a couple of years ago, talked about something one of my children had said when they were small. I don’t remember the details, but again I was struck that someone well outside my day-to-day life had memories I would have liked to know about but didn’t.
It makes you think.
Memories
Do you ever stop and think how many people – whether a close friend or relative or simply someone you met once – have memories of you or your family that you don’t actually remember yourself?
It is very strange. Pleasing and unsettling at the same time.
You want to remember your life, and you go to some trouble to hold onto those memories. I keep old letters. Indeed, I keep old writings.
Of equal importance, I guard my old computer documents and emails with care. An electronic disk drive sits on my desk and automatically backs up every hour, rain or shine. It’s overkill – once a day would be fine, but it’s what the programme does.
In addition, I have an arrangement with ‘the Cloud’ that I don’t understand at all (in my head, it is literally in the clouds that frequently hide any sun in London), but I believe is backing up my work and papers.
And then there are memory sticks that allow us to save particular documents.
It is fun, now and then, to open such old documents of one kind or another and be reminded of events long forgotten. Not so different from looking at old photo albums or those seemingly endless stored photos on our phones.
I do so from time to time. Ah yes, I think, I had forgotten about that day. Or the nice compliment someone gave me. Or that funny thing one of my grandsons said that I had sent on to his mother.
People with Memories of You
Well, the truth is that people can be like these various devices. You can’t call up the memories quite so systematically. But they can turn up in your life unexpectedly.
There are so many repositories of such memories. There may be friends from primary school or, more likely, high school, the time when so many emotions were heightened.
And then on up – university friends, work colleagues, the parents of your kids’ friends, friends made on holiday. And so forth and so on.
Not to mention your family. Your brothers and sisters who are the repository of shared memories, the older generation – to the extent to which they are still alive – who shared so many family occasions. Not to mention all the people who were more-than-friends – even spouses – at some point. You may or may not have a lot of these.
And then, regrettably, there are all the people who were never friends at all. Those you actively disliked – or disliked you – who remember the assumed or real slights, the battle of wills or serious arguments that tend to stick in the brain for a long time.
No doubt about it, a long list of people will have retained some memories of you.
What We Remember
Of course, they are not all thinking about you much of the time – if ever – but they could. What would they remember? Would it prove embarrassing? Would it prove enlightening?
Would you want to know?
And lest this is a slightly disconcerting thought, remember that you also have memories of a large number of people, too. Good memories, bad ones, funny ones – and the occasional remark that always stayed with you.
Life is full of memories everywhere. It’s a shame that we can’t call them all up when we wish.
Let’s Have a Conversation:
Do you like the idea of people remembering things about you that you have forgotten? Or does the idea disturb you? Or are you completely indifferent? Would you like to be able to cull the brains of all those people to remind you of your past?
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What You Need to Know About Taxes When Selling Your Business
Selling your small business comes with several tax implications, depending on factors like the sale structure and the nature of the assets involved.
To get an overview of key tax issues, I spoke with Adrienne Stewart, CPA/ABV, a senior manager at Larson Gross, p.l.l.c. in Bellingham, Washington. She specializes in strategic, forward-looking tax planning and preparation, and she also assists individuals and businesses with their valuation needs.
Adrienne cautioned this article contains general information and opinions and serves only as a summary of certain issues relevant to business owners. The content addresses these topics as of the date posted and doesn’t provide, nor should you rely on it for, accounting, legal, tax, insurance, or investment advice. Always consult your personal tax professional when considering the tax implications of selling your business.
Ways to Sell Your Business
Adrienne explained that the most common way to sell a business is by selling its assets. A business typically has two main types of assets:
Tangible Assets
These are physical items your business owns, such as equipment, machinery, buildings, and inventory.
Intangible Assets
These include non-physical items like intellectual property (patents, trademarks), brand reputation, goodwill, and customer relationships.
When you sell your businesses’ tangible assets, you will generally pay regular income tax on the gain of those assets. Gains on intangible assets, however, are taxed at capital gains rates.
Stock Sale
Another option for selling a business is through a stock sale. With a stock sale, the owner is also taxed at a capital gains rate. If your business operates as a C or S corporation or LLC, you can pursue either an asset or stock sale option. However, a sole proprietor can only sell assets.
A stock sale might be less complex and less costly to execute, but buyers generally prefer an asset sale because they receive preferential tax treatment. Buyers also tend to avoid assuming legal liabilities, which often come with purchasing the stock of a company.
Capital gains tax rates vary depending on how your company is structured (C or S corporation, LLC, or sole proprietorship) and income level. State income tax rates can also come into play. Adrienne again urged consulting your tax professional when it comes to state income taxes on the sale of your business.
Minimizing Tax Costs
I asked Adrienne if there are any strategies to minimize the tax burdens of selling a business. Outside of sales involving real estate, there aren’t many ways to defer the gain. If your business includes real estate, you might use a Section 1031 exchange, which involves working with a qualified intermediary to purchase a replacement property within a specific timeframe that meets IRS requirements.
There are deductions you can use to offset the sale price. Legal fees, accounting fees, broker fees or commissions, and appraisal fees related to the sale of your business directly offset the purchase price as deductions.
The only other way to defer gain on other assets is carrying the contract and electing an installment sale treatment. In this type of sale, the buyer may make a down payment, and you function as a bank, carrying a contract for the remaining sales price plus interest that the buyer pays over time.
In an installment sale, you will be taxed on 100% of the interest and some or all of the principal amount you receive. The amount of principal you’re taxed on depends on the basis. “Basis” refers to the amount used to determine gain or loss when an asset is sold. It is usually the original purchase price, adjusted for factors over time. For example, if your business has a 25% basis, only 75% of the principal would be taxable.
I asked Adrienne if she anticipates any upcoming tax law changes that could affect the tax treatment of a business sale. She explained that federal and state tax laws are unpredictable. The only certainty is that the 2017 federal tax law changes will expire at the end of 2025. Without intervention from Congress and the President, we will revert to the tax laws of 2017, including income and capital gains tax brackets.
Advice for Business Owners Looking to Sell
My final question for Adrienne was what advice she would give to any business owner considering a sale. Her answer? “Run the numbers!” In other words, know the after-tax value of your business. I couldn’t agree more. As a former financial advisor, my top rule to clients was that it doesn’t matter what you make – it only matters what you keep!
I hope this article gives you insights into the tax impact of selling your business. To echo Adrienne’s advice, always consult your tax professional as you weigh your options.
Let’s Have a Conversation:
Are there any other challenges or questions you have about selling your business? Feel free to leave a comment below, and I’ll answer your question or address the issue in a future blog post. Thanks for reading!
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Why You Should Commit to the Carry-On and Tips for Making it Easy
The world is divided into two different kinds of people: overpackers and underpackers. If you fall into the first category, don’t turn away yet! Give me a few minutes to try and convince you that there is a better way to travel.
As you might already suspect, I am an underpacker. My measure of a packing fail: Coming home with even one thing in my suitcase that I did not need, use or wear during my trip. I do fail sometimes, but not often anymore.
Here’s how to pack lighter – all lessons I learned the hard way.
Start with an Attitude Change
It helps that I don’t really care how I look. I don’t mean I would travel in ripped or dirty clothes. But I don’t need to be the glammed up center of attention. In fact, when you’re traveling, the more you can blend in, the better. You’re less likely to be targeted by pickpockets and local scammers.
Spend a little time researching what the locals wear and try to pack like that. This is the lesson I learned when I wore my electric blue winter coat to Romania, a former Soviet block country where there were two colors of winter coat: grey and black.
So if you simply must be a fashion plate, try to pare down the clothes to a capsule wardrobe of items you can mix and match and pieces that will do double duty.
Use a Packing List
These printable packing lists will give you a feel for the things you’ll need. If the list includes something you don’t think you’ll need, don’t pack it. If there is something missing, make a note on the printed sheet so you don’t forget it.
Check the Weather Forecast
I make this recommendation because I live in Chicago. We like to say, “If you don’t like the weather, wait 10 minutes.” Here, the calendar might say May, but the thermometer might say March. Or July.
So check the forecast for your destination. It will tell you whether to pack a raincoat, sunhat, shorts, or sweaters.
Start Packing Early
If you have a spare bed, room, couch or some other spot to hold the things you want to pack, start a week early and put everything on the bed that you think you might want on your trip.
Then walk away.
Come back the next day and look it over. Is there anything missing? Is there anything you think you might not need on the trip? Make adjustments accordingly.
Then walk away.
Come back the next day with the intention of making choices. If you have two pairs of pants on the bed, take away one pair. If you have four shirts, take away two. And so on, until you have cut in half the things on the bed.
Then walk away.
The next day, it’s time to pack. Start with the pieces of clothing you absolutely MUST have with you.
If you run out of suitcase before you run out of clothes to pack, you get to make a choice: Leave something else behind or pay $40 or more to check a bag.
Buy Packing Cubes
I resisted buying this travel essential for years. Now I can’t believe I ever traveled without them.
Packing cubes are flexible pouches with a brilliant zipper system. You pack them with the clothes you want to take, and zip them shut. Then – this is the brilliant part – you zip a second zipper to compress the insides flat. (Think of it like your expandable suitcase, when you open that second zipper, it gives you an extra inch or two of suitcase space. When you zip it shut, everything inside is compressed.)
As a bonus, the clothes you lay inside the packing cube are much more likely to stay wrinkle free. I don’t know why. But it’s true.
Stick with One Basic Color
When I head to a Caribbean resort, that color will be white. But most of the time, it’s black – black pants, a black skirt, a black dress. Then I add color in the tops I will wear with the pants and skirt. Finally, I pack a few scarves and funky costume jewelry to dress everything up or down and add more color.
Wear the Heavy Stuff on the Plane
There are plenty of TikTokers and travel hacker influencers who will tell you to wear layers and layers on the plane to save suitcase space. Or to pack a pillowcase with your stuff and pretend it’s a pillow, not a suitcase, so it doesn’t count as a carryon.
While that might be useful info for travelers on uber-budget airlines that charge for anything that doesn’t fit under your seat, you really don’t have to go that crazy. Just use a little common sense.
If, for example, you’re flying from Florida to Colorado, you know you’ll need your winter coat, hat, gloves, hiking boots and heavy jeans. Wear the jeans and hiking boots on the plane, stuff the hat and gloves in the coat pockets and carry the coat on the plane rather than packing it in a suitcase.
I do this anyway because I’m always chilly on a plane. I’m always surprised when I see someone boarding a flight in shorts and flip flops. I would be blue by the time I landed!
Think Layers, Not Bulk
Thin layers are always the right answer, no matter where you are. Even a Caribbean vacation requires preparing for chilly evenings or overly air-conditioned restaurants. Layers are the answer to staying warm and packing light.
Make the Best Use of Your Under-Seat Bag
Finally, remember that you get not one, but two things to carry onto the plane – a bag that goes into the overhead and a smaller bag that fits under the seat in front of you.
Don’t waste the space in that second bag!
My go-to is a roomy backpack because I travel with a lot of electronics – laptop, Kindle, phone, ear buds and all of the cords and accessories they require. But those only take up two zippered compartments. That leaves two more compartments for other things – makeup bag, an extra pair of shoes, etc.
The other thing that works for me is a big striped bag that is super flexible. I can cram a lot into it and still stuff it under the seat. The downside of that is it is heavy to carry, unlike my backpack which easily distributes the weight across my shoulders.
Practice, Practice, Practice
I know. This isn’t easy. Especially if you’ve always been an overpacker. But practice will make perfect. Try it on your next quick weekend trip. That will give you a chance to see how it feels to only pack what you’ll need for 2-3 days, how much you like being able to lift that light carry-on bag and how happy you are not worrying about whether your suitcase will show up at the other end of your flight.
Just remember to pack one more thing: a credit card. That way, if you find you truly can’t live without something for a few days, you can head to the store to buy it.
Let’s Have a Conversation:
Are you an overpacker or an underpacker? What’s your favorite packing hack? Share with us in the comment section below.
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10 TV Show Recommendations for Those of Vintage Age
Television is the most popular form of entertainment as we age. It has probably been our most popular form of entertainment through the years also. We were bombarded with warnings of turning our brains to mush if we engaged with the boob tube, idiot box, squawk box or whatever insulting name it was called.
Yet, television has prevailed and is now accompanied by cousins laptop, iPad and smartphone. I am not advocating a couch potato lifestyle, but if you have a desire and some time in your life for television diversion, here are my recommendations of 10 great TV shows to enjoy in your vintage years.
This Is Us
This show is an incredibly heartwarming and emotional, multi-generational and cross-cultural television series. This Is Us will tug and rip at your heart strings. The show and cast were consistently nominated for the Golden Globes, NAACP and Primetime Emmy Awards. The American Film Institute named it one of the top television shows in 2016 and 2017.
This Is Us, with its numerous timelines and time jumps forward and back, keeps you guessing as to what is to come and what has happened with all of these beloved characters. You are given peeks into the characters’ lives. There are many times you know what is going to happen, but you are so intrigued as to how they got to that conclusion.
The pilot episode is phenomenal, and it continues with the same intensity and quality throughout many seasons. This show is unique in style and filled with humanity, complexity and universality.
Breaking Bad
This iconic show is in the Guiness Book of World Records as the most critically acclaimed TV show of all time. Breaking Bad has won 16 Primetime Emmy awards and in 2023, it was ranked by Rotten Tomatoes critics as the best TV series in the last 25 years.
This is the story of a high school chemistry teacher, Walter White, who, when diagnosed with cancer, becomes a methamphetamine producer. I know it sounds ridiculous, but the story works fantastically well. It is true to its name as we watch Walter White transform slowly and nonlinearly from straight laced family man high school teacher to drug kingpin.
This is a very intense drama with extreme suspense and just extraordinarily memorable scenes. It is a psychological thriller that leaves you pondering your own moral ambiguity. Tension and dark humor underlie much of the show and add to the captivation.
The relationship between Walter White and his partner, Jesse Pinkman, is intricate and fascinating. Also, the cinematography of the show can be just breathtaking at times. The acting, the story writing, the aesthetics and detail in Breaking Bad make it an exceptional show.
Better Call Saul
Breaking Bad’s spinoff, Better Call Saul does not disappoint. It could easily be watched as a standalone show, but there is so much more to get out of it if you watch them both. Better Call Saul is mostly a prequel to Breaking Bad, although it also works as a sequel. It focuses on the life of Saul Goodman, the fan favorite lawyer of Breaking Bad. This is in large an origins story.
There are a lot of what the whippersnappers call Easter eggs (secrets or bits of information) in Better Call Saul that throw back to Breaking Bad. Off-handed comments, such as Saul’s character saying he gave himself a Jewish sounding name because he thought it would be good for business in an episode of Breaking Bad, turns into a whole plot, the main character starting out as Jimmy McGill and it taking seasons for him to assume the name of Saul Goodman. There are numerous Easter eggs for you to find along the way and I won’t spoil them.
There are numerous situations and characters on the show that are not on or referenced in Breaking Bad, of course. The relationship between Saul (or Jimmy) and his brother Chuck is fascinating and complex along with his unique relationship with girlfriend Kim Wexler.
This show uses an interesting technique of showing post Breaking Bad scenes in black and white and before and during Breaking Bad scenes in color. The style and tone of this show seems very different to me than Breaking Bad, but it is equally as mesmerizing and intriguing.
I Love Lucy
Yes, my list is very eclectic. I cannot put out a list of great TV shows and leave out the classic I Love Lucy. It was the most watched TV show in the United States for 4 of its 6 seasons. In 1955, I Love Lucy became the first TV show to have reruns. This iconic treasure is just plain fun and hilarious.
I Love Lucy was a transformative part of television history. Lucille Ball and Desi Arnaz created Desilu Studios which was one of the first independent television studios. Lucille Ball demanded the TV show have Desi Arnaz cast as her husband, which CBS was reluctant to do. CBS did not think a Cuban band leader with an accent would be accepted by the American audience. They were so wrong! The chemistry between Lucy and Desi was magic and gave us the first Latino lead in a TV show.
When Lucille Ball was pregnant, the Code of Practices for Television Broadcasting did not allow pregnancy of TV due to it being sexually suggestive. This absolutely bewilders me. I do not believe there are or were many if any children who had not seen a pregnant woman in their everyday lives. Again, Lucy and Desi insisted on getting their way and the episode where Little Ricky was born was watched by more viewers than any other television episode to that date. But, enough history; it’s a great show! Watch it.
Ted Lasso
This show just works as great entertainment, and curiously, many people are not able to tell you why they like it so much. It is a heartwarming story about an American football coach moving to England to coach soccer (most of the world would call this real football). Ted Lasso is a TV show that is the exact opposite of edgy. It is down to earth yet not sappy. It makes you laugh and smile but not chortle and snort. There is a soft optimism and kindness throughout this show that our cynical existence needs.
Jeopardy
Cannot have a list of TV shows for those of vintage age without including Jeopardy and Wheel of Fortune. These are the stereotypical TV shows of the elderly and for good reason! We need to try and keep our minds as sharp as possible and what better way to do that than game shows. Jeopardy questions are tough and even if we rarely get the answer right, it is fun to try. The first episode of Jeopardy aired March 30, 1964. The format of the show has barely changed through all those years. There is no more iconic game show than Jeopardy.
Wheel of Fortune
Wheel of Fortune is another game show created by Merv Griffin. It first aired in 1975. This is another show to try and keep your mind as sharp as possible while having a lot of fun. The format is simple, but the puzzles can be challenging.
The Office
The Office is a mockumentary filled with laughs, drama and heart. Irreverent at times, The Office gives you relatable characters. The running gags are great, and the plots and call backs are consistent. I dare to call this show iconic. It lives in infamy with numerous fans, merchandise, and memes galore.
The Twilight Zone
I am referring to the original Twilight Zone series from 1959 through 1964, with Rod Serling. If you have never seen it, I find this anthology series a little difficult to explain. Each episode can be very different from the next. It will go from science fiction to horror and sometimes just plain absurd.
Basically, it is a show about individuals finding themselves in unusual situations referred to as The Twilight Zone. The episodes often end in a twist to catch you off guard and shock, scare or teach you something. The Twilight Zone is a cultural phenomenon that will have you “traveling through another dimension – a dimension not only of sight and sound but of mind.”
Queen’s Gambit
This TV show is about a chess-playing prodigy. How can that possibly be interesting, you would probably ask. It is surprisingly mesmerizing. You get to know the main character, Beth, so well that you constantly forget this is not a true story. We experience Beth through her days in the orphanage and her drug addiction, and we see how the structured precision of chess brings clarity to her life.
So, these are my 10 recommended TV shows for those of vintage age. They bring me great joy, and I hope they do the same for you.
Let’s Have a Conversation:
Who else loves these shows? Which is your favorite? Has anyone watched all 10 of these TV series? What are your favorites not on this list?
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