What generally happens over coffee?
YOU GET TO KNOW SOMEONE • YOU DEVELOP RELATIONSHIPS
YOU BRAINSTORM • YOU LEARN NEW THINGS
Saville, Dodgen & Company wants to get reacquainted with you. Our goal is for you to be fully informed of our services, our people and their areas of expertise. Look for upcoming “coffee breaks” as we reintroduce ourselves to you. You never know what you will find out…
TODAY: MICHAEL FRANK
GET TO KNOW MIKE: Mike began his career with a publicly traded company and quickly realized that he wanted a career where he could help real people find solutions to their business problems. In 1999, he began working with Saville and enjoys helping clients prosper with practical solutions to their complex business problems. See more details about his experience and qualifications here on his bio.
Now, see below for a glimpse into what makes him tick…
Mike’s Points to Ponder: Why does a slight tax increase cost you 200 dollars and a substantial tax cut save you 30 cents?
Advice and Insight
As Mike talks about what things he would want us to know, he begins by saying, “With the tax rates going up you need to be sure you are prepared for your taxes increasing. There are a few different tax increases that people may not understand. The first is the Medicare surtax. This kicks in on investment income if you have total income over $250k. The Medicare surtax rate is 3.8%. The other big tax increase is for people whose income is over $400k. If your income reaches this level your total tax rate is increased to basically 40%.”
When asked about taxes and international issues, Mike says, “The international tax area is still very hot with the IRS. If you have any international assets please talk with me so we can make sure you are staying compliant as the penalties are amazingly high. Also if your business does anything with people or companies internationally there may be tax issues you have not considered.”
He also puts high importance on knowing your business inside and out, especially with government regulation increasing more and more in every area, sharing, “I would suggest focusing on what makes your business great and become an expert in that rather than trying to be a jack of all trades.”
When asked about insights on life, Mike referred to an excerpt from a talk by John Ortberg that he says he always appreciated to hep get him back to center…
“Gift From a Hair Dryer–Reflections of a Mom as She Combs Her Seven-Year-Old Daughter’s Hair After a Bath.” And somehow, it kind of captures what a precious thing life is.
“Comb and dry. Comb and dry. ‘Soon, I won’t be able to do this anymore,’ you say to yourself knowing that the little straight bob must inevitably yield to grown up coiffures and ugly curlers. What will she be like at 14? Where will her hair be blowing then–at 16 and 18? Do you suppose boys will love to watch her hair blow as you do now? And some of them will feel it on their faces. And one of them will marry her and her hair will be spread under the veil, and then, spread out on his pillow. “And oh, you hate him a little and wonder where he is at this moment, whether he’ll be good to her. They will grow old together. And the gold-brown hair will be gray. And you will be gone. And then, she will be gone–this very hair, that now, your fingers smooth. And all the tears of the world swim for a second in your eyes as you snatch the plug out of the socket suddenly, and gather her into your arms, burying your face in the warm hair, as if you could seal this moment against all time.”
But, of course, you can’t, because moments come and years fly, and you cannot stop them and you cannot control them. And one day, the final moment of your life will come, and you cannot control that either. And Jesus says anybody who goes through life, no matter how well they’ve played the game, and doesn’t prepare for that moment, is not a smart guy. So I have to ask you this morning, are you ready for that moment?”
MBA Accounting ~ University of Texas at Dallas/BBA Business ~ LeTourneau University
Certified Public Accountant, Texas
Professional Associations: American Institute of Certified Public Accountants, Texas Society of Certified Public Accountants
MARKETS OF EXPERTISE
Energy, Real Estate
SERVICE AREAS OF FOCUS
International Tax Compliance & Planning, Partnership Taxation & Accounting
We really do want to hear from you!
At Saville, our spirit is founded upon a sincere faith-based value belief. We encourage our team to consistently build their futures and grow both professionally and personally. Our principles center around a triad approach of a client-centric focus, community involvement and career development.
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