The Good Life Report 7/31/2019
You've gotten all of the financial questions you had answered in our office. Now you can read about the things you love. From gardening to golf, each week we will post content that interests you and tips to help you live the good life.
For the Seasoning
- ¼ cup brown sugar, packed
- 2 Tbsp. paprika
- 3 Tbsp. chili powder (adjust for how spicy you prefer)
- 3 tsp. cumin
- 3 tsp. garlic powder
- 1 tsp. salt
For the Glaze
- 1 cup soy sauce
- 1 cup brown sugar, packed
- ⅔ cup ketchup
- ⅔ cup lemon juice
- 1½ tsp. ginger
- 6 lbs. pork baby back ribs
Turn on the grill for these perfect summer ribs! With the ideal balance of sweet and spicy, you're going to want to make these ribs all summer long.
- Mix seasoning ingredients together and rub on ribs.
- Refrigerate for at least 30 minutes.
- Wrap ribs in aluminum foil and grill over indirect medium heat for 1 to 1½ hours or until tender.
- While the ribs are cooking, combine glaze ingredients and cook over medium heat until all the sugar is dissolved (about 7 minutes).
- Remove ribs from foil, place over direct heat, and brush with half the glaze. Grill for another 25 to 30 minutes, turning occasionally and brushing with the remaining glaze until they're finished cooking.
Recipe adapted from Taste of HomeShort-Term Rentals, Long-Term Income Tax Deductions
If you have a short-term vacation rental, you may be bringing in some extra income this summer season. By following a few easy tips, you can reduce your income taxes and keep more of what you make (some of which might go into a savings account for a vacation of your own!). Here are some helpful tips that short-term rental owners should consider:
- You don't have to pay income tax on what you earn from your short-term rental, but only if you don't rent it out for more than 14 days throughout the year, and also, if you live in it as your primary residence for at least 14 days out of the year.
- Keep thorough records as well as separate business and personal expenses. You may be able to deduct all ordinary and necessary expenses to operate the rental home.
- If you rent out a room in your home rather than the entire property, you may still be able to deduct a portion of the mortgage interest and property taxes of the property. But you still need to delineate between personal and business use of the residence.
Renting out an extra property or an extra space in your house is a great way to make some extra cash, and the tax laws may work in your favor.
* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.
Tip adapted from TurboTax
Stay Safe in the Summer Heat
Thanks to the long days and abundance of sunshine, summer may be the best season for golfers. But depending on where you live, it can also be extremely hot. These tips will help keep you safe out there, while you enjoy your game in these summer months:
- Make sure to drink plenty of water, as you can easily get dehydrated out on the course. Keep water in your bag and in your cart, and take advantage of water stations on the course. In fact, you should start drinking water even before you start playing.
- Wearing sunscreen is important for anyone out in the sun, but it's especially important for golfers because you're out there for hours at a time. Choose a sunscreen that is SPF 30 or more and reapply it at least every two hours. You might also want to wear a sun-protective lip balm.
- Reconsider your club selection as you play in the summer because the ball goes farther when it's hot outside.
Enjoy a beautiful summer day on the course, but make sure to take care of your body in the heat.
Tip adapted from GolfDiscount.com
Rest, Relaxation, and Healthy Nutrition
Between the junk food at airports, room service, and the love of lounging, vacations can be where healthy habits meet their match. But you can make healthy choices while on vacation and still have fun. Here are some tips on how to stay healthy, even on the road:
- Before heading to the airport, pack your own snack box with fruits, veggies, nuts, lean proteins, and healthy bars. That way, you won't be tempted by the chips and soda while you wait for your flight.
- Get plenty of sleep. Just like at home, it's really important to get a good night's sleep while traveling. Sleep helps your body reset for the next day and will help you maintain your weight.
- Hydrate often. Our bodies don't function as well when we're thirsty, so make sure you always bring your reusable water bottle with you on vacation. And no, margaritas on the beach don't count as hydration.
- Take your vitamins to make sure you feel your best. A daily pill holder can help you remember to take them, even while traveling.
There's no reason why you have to sacrifice all your hard work and healthy habits while on vacation. If anything, continuing a healthy lifestyle while traveling will help you have even more fun!
Tip adapted from Travel & Leisure
Be an Environmentally Friendly Traveler
There are lots of ways to live green on the go. Here are some of our favorite ways to be an environmentally friendly traveler on your next vacation:
- Use public transport whenever you can in order to reduce carbon emissions. Plus, public transportation is a great way to explore a new city.
- Travel by land instead of air when possible. One five-hour flight increases your carbon footprint by one ton! Take a train, bus, car, or boat to see more during your trip.
- If you're staying in a hotel, avoid getting clean towels or sheets every single day. You want to pamper yourself, but by reusing your towels and sheets for a day or two, you will help save water and energy.
- Avoid bottled water when possible. Bring a reusable water bottle along with you, and use water filters to refill your bottles with safe water.
Tip adapted from World Nomads
These are the views of Platinum Advisor Strategies, LLC, and not necessarily those of the named representative, Broker dealer or Investment Advisor, and should not be construed as investment advice. Neither the named representative nor the named Broker dealer or Investment Advisor gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your financial advisor for further information.
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