Savage New Canaan – His Love of Legos

They dub themselves AFOLs which stands for “Adult Fans of LEGO”. And, yes, it’s a real community with devotees dedicated to all things Lego building.

Mike Savage of New Canaan, CT is one such devotee. The accounting entrepreneur enjoys his time away from the office building Lego enterprises.

The Lego company was originally founded in the 1930s in Denmark. But it wasn’t until 1947 that the company started making its now-famous interlocking 3-D plastic puzzle pieces. Today, Lego is the second largest toy manufacturing company in the world behind only Mattel. In fact, they reported over $5 billion in revenue in 2019.

In the 1990s, adult LEGO communities began popping up through social forums and continues to grow. In fact, the Lego-centric website BrickLink boasts more than 800,000 registered fans.

Lego has evolved from the early days of simply building, well, buildings or cars. Today, Lego has firmly penetrated the mainstream of pop culture with distinctive Lego sets replicating everything from Star Wars scenes to Jurassic Park places to even set pieces from Monty Python & the Holy Grail.

This wonderfully relaxing hobby is akin to making the old-school, traditional kitchen table puzzles or even crossword puzzles as a distraction from the harried business days. And like puzzles, there are different levels of difficulty with some Lego sets containing only 100 pieces to those that feature more than 6000 individual connecting plastic bricks.

For a busy businessman like Michael Savage, Lego building provides a great escape from the everyday rat-race challenges.

Savage New Canaan

Savage New Canaan

Mike Savage is a long-tenured Chief Executive Officer (CEO) with decades of success in the accounting industry. He has created a virtual accounting business recognized as an innovator in the field of helping small companies more efficiently handle their accounting practices.

New Canaan’s Savage has a Bachelor of Science degree from Brigham Young University in accounting. When he’s not helping small businesses grow, he likes to relax with a variety of interesting hobbies including building Lego projects, taking care of his prized Koi pond and appreciating muscle cars.

In addition, Mike Savage and his wife Sandra actively help children and families living in the impoverished country of Honduras. Sandra is a Honduran native and the pair have embraced the culture and the grave issues facing families of that country.

Nearly 70% of the Honduras population live far below the poverty line. Violence is at an all-time high with many of the victims are tragically children. In addition, the country has recently been clobbered by back-to-back hurricanes that left towns in ruins and families without food, clothes, bedding and many other essential supplies.

From Sandra and Mike Savage in New Canaan, a foundation was born to help these people in desperate need.  The couple raises awareness of the disaster that goes on in the country and collects donations of clothes, children’s toys, book, bedding – anything that people can spare to help.

Read more about this urgent humanitarian campaign at savageriverafoundation.org or contact Sandra at savageriverafoundation.org to learn how you can help.

The Koi Fish Collection at Mike Savage’s New Canaan Home

Savage New Canaan - Koi Fish

Buying and caring for Koi fish is a passion for Michael Savage.

As a successful businessman, Savage appreciates what his Koi represent in his New Canaan residence as most Japanese cultures see Koi as a symbol of material and spiritual abundance or advancement.

Koi are an ornamental species of fish that descend from the carp family. In the early 1600s, Chinese people farmed carp in local rice paddies. That practice later moved to the shores of Japan, where the locals noticed a variant of odd color variations in many of this fish group and started breeding them as one would dogs to create distinctive color variations of the koi species. 

Feng shui’s spiritual philosophy dictates that having koi in your yard will attract good luck and great fortune. 

Each color of the fish breed owns a specific significance in Japanese culture. 

A gold-colored Koi represents wealth and prosperity.

The classic red and white coloring represents career success. 

The rarely-seen platinum koi signifies business success and wealth from that success.

For a man like Mike Savage of New Canaan, CT, maintaining a healthy koi pond can be a rewarding and relaxing experience. Watching these thriving Japanese fish can create a Zen like experience akin to meditation. But what any koi enthusiast must understand is that there is time and money that needs to be put into the hobby. The care and feeding of your koi family is not dissimilar to any other pet…with the added benefit of not having to exercise or clean up after these poetic creatures. 

Mike Savage – In The News

Tax tip – If your business owes tax to a foreign government, you’re allowed to take a US tax credit. “Avoiding double taxation,” Mike Savage advises.

Don’t give Uncle Sam an interest-free loan, especially during a recession says New Canaan resident Mike Savage, chief executive of virtual accounting firm 1-800Accountant. Instead fill out a new Form W-4 and submit it to your employer in order to adjust your withholding

Savage New Canaan Fox business report

“Spending the time now to begin working on your end-of-year tax planning can be incredibly beneficial to your bottom line and may help spare you stress and frustration at the start of the new year,” Mike Savage recently told Fox Business.

“There are a lot of individuals who do perceive a tax refund as a sort of forced savings account, and that could be quite disappointing when that’s not the case.” says Mike Savage from his headquarters in New Canaan, CT, CEO of the tax preparation firm 1-800Accountant.

Michael Savage of New Canaan Speaks of Biden’s Proposed Tax Hikes

May 3rd, 2021
Michael Savage of New Canaan Speaks of Biden’s Proposed Tax Hikes

Recently President Joe Biden unveiled his “American Families Plan,” aimed at expanding the Child Tax Credit and establishing programs for universal pre-K, free community college and paid family leave. 

This bill would cost an estimated $1.8 trillion.

To pay for this bill, Biden is proposing raising taxes on the country’s wealthiest individuals and corporations from 37% to nearly 40%.

How Biden’s plan will affect income taxes and capital gains remains to be seen. 

Biden does want to increase capital gains taxes so that if a family or individual earns more than $1 million, they would pay the same rate on profits from selling their investments – capital gains – as they do on their wages.

Currently, the highest-earning taxpayers owe a 20% capital gains tax on assets held for over a year. Biden would increase this to 39.6% for top earners, meaning, “If you’re making more than $1 million, your capital gains tax is pretty much doubling,” says Mike Savage, CEO of 1-800Accountant.

This change could greatly affect the stock market as well. 

Savage of New Canaan, CT told money.com that if the capital gains tax does go up, investors could hold onto their assets instead of selling. In addition, if corporations have to pay more in taxes, their earnings could fall, and their stock prices might dip affecting those holding that stock.

Lots of “ifs” including if this bill has even a slim chance to pass. Republicans in the House and Senate are decisively saying, “No.”

Savage New Canaan

About Mike Savage of New Canaan

Mike Savage is the Founder, Owner, and CEO of 1-800Accountant, a virtual accounting firm that is redefining small business services through technology. Mike is a 2018 recipient of the Glassdoor Top CEOs award in the U.S. SMB category. A savvy finance expert with more than 20 years in accounting experience, Mike’s proficiency in tax law is unsurpassed. He spent several years as a Certified Public Accountant at PricewaterhouseCoopers, where he worked on high-profile audits in that firm’s fraud division.

Along the way, Mike recognized that small ventures can benefit from the same tax services that big enterprises receive. Eventually, 1-800Accountant was born. Mike has become an industry leader by eliminating bookkeeping and tax preparation anxiety for small business owners.

One of his favorite axioms is: “It’s nice to be important but it’s more important to be nice.”