Being proactive vs. reactive with tax planning will have a tremendous impact on profitability and long-term wealth creation. Keep in mind, I am not a CPA and I am not giving tax advice. Rather, I’m passing on information that I learned as a practice owner and now implement in my financial planning practice. While not an exhaustive list, here are a few items to contemplate in 2025 as you watch the dollars in your practice.
Online Shopping Doubles in First Half of 1998
According to a telephone survey by Nielsen Media Research, a total of 20 million consumers purchased a product over the Internet in the first six months of 1998. The figure represents a 100 percent increase over the same period a year ago and shows the power of the Internet in delivering a variety of goods and services to customers.
Of the 20 million people who made online purchases, 5.6 million purchased books over the Internet, an increase of 3.3 million over last year's numbers. Computer hardware came in second with 4.4 million purchases, followed by computer software (4 million purchases), compact discs, cassettes and video tapes (3.4 million combined purchases) and travel services (2.8 million purchases).
While more people are shopping on line, the disparity between the number of male and female shoppers continues to exist. According to the survey, seventy-one percent of those who made purchases online in the first six months of 1998 are men and 29 percent are women, the same ratio that existed last year.
Study: consumer net buying doubles. Reuters, October 9, 1998.