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The best laid plans

June 10, 2007

grisham_pelicanbriefJohn Grisham, the lawyer-turned-novelist whose books
have provided countless readers hours of diversion, not to mention a
very comfortable lifestyle for the writer, initially wanted to be a tax
lawyer
.

No joke. In today’s New York Times, Grisham’s admission to the University of Virginia senior class was part of a collection of recent commencement speeches.

Recalling his own undergraduate graduation ceremony 30 years ago, Grisham said back then he was "pretty smug: I was graduating from college, I had been accepted to law school and I knew exactly what I was going to do. I was going to study tax law. I wanted to be a tax lawyer because I was convinced I could make a lot of money representing wealthy people who did not want to pay all their taxes."

That was the plan, said Grisham, even though he didn’t like tax law and "sure didn’t know any wealthy people." No problem. He had it all planned.

As for the fictional court cases that have made him a household name, not to mention probably wealthier than the practice of tax law would have, Grisham said the thought of writing never crossed his mind as he got his diploma. "I had never written anything that had not been required by school," he said. "I had never dreamed of it."

Grisham’s final words of wisdom for the new Cavalier grads: You cannot plan the rest of your life.

Gifts for the new grad: If you want to give a recent graduate, college or high school, something other than words to commemorate their accomplishment, I refer you to my 2006 post, Financial gifts for graduates.

Sure, it’s a year later, but money or similar fiscal presents never go out of style. Here are the six suggestions from that previous blog entry:


$
Cash
$$ Gift certificates or prepaid gift card
$$$ Certificate of deposit
$$$$ Savings bonds/other Treasury products 
$$$$$ Educational savings account contribution
$$$$$$ Financial publications

Check out the earlier post for details on each gift-giving option.

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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