Mike Savage of New Canaan Helps Honduran Children
Mike Savage, a New Canaan, CT resident, has enjoyed great business success in life. As the founder and CEO of 1800 Accountant Michael Savage knows how to get the best out of a team. Savage recognized early on in his career that small businesses could benefit from the same big four level of service when it came to their accounting practices.
It was in that spirit that he created 1-800 Accountants. The business model was a clear focus on eliminating complicated bookkeeping and tax preparation stress for small business owners. In doing so, 1-800 Accountant stands today as one of the largest, small business accounting firms in the nation with over 200,000 businesses as clients.
Now, he’s turning his attention to philanthropy. For years New Canaan’s Michael Savage and his wife Sandra have been helping Honduran children and families suffering in poverty by donating clothes, bedding, books and other necessities to families in need of help and a kind heart.
To that end, Savage has formed a foundation to raise awareness about the need to feed and clothe children in Honduras. His non-profit organization is called the Savage Rivera Foundation.
Mike Savage of New Canaan Gives Back
Honduras is a Central American country that lies above Nicaragua and to the west of Guatemala and El Salvador.
With a population of nearly 10 million people, Honduras remains one of the poorest nations in the world. More than 66% of the Honduras population lives in poverty and one out of five Hondurans actually live in “extreme poverty”. For those one in five people, they are desperately struggling to get by on less than $2 U.S. per day.
In fact, all of Latin America has the highest rate of child homicides in the world. The region is besieged by violence as armed groups target children.
In addition, Honduras was one of the hardest nations in the region to be hit by COVID-19. Without the proper medical and everyday supplies, these children and their parents have barely a chance to survive. They struggle daily to not just survive, but have any chance to thrive.
That’s why migrant caravans are at all time high. Little success of making the trek safely to the United States border is a reality. Making it successfully and legally across the border is almost a complete fantasy.
In short, these children and families need to help if they have any change to make a decent life for themselves in their home country.
To survive, Honduras families and children need help. Mike Savage of New Canaan, CT and his wife Sandra are two people doing just that.
September 2021 was marked with a clothes drive in celebration of National Hispanic month.
And the drive goes on!
The drive to continue collecting clothes and learning items for the impoverished families of Honduras continues. To date, hundreds of pounds of merchandise has been collected and shipped to the Central American country. Many families have given thanks to the Savage-Rivera Foundation for the ongoing effort to help those in need.
Fighting Poverty in Honduras
Though poverty remains widespread in Honduras, the country has made considerable progress in recent years in reducing the number of people living in poverty. Between 2010 and 2015, the Honduran government estimates that the poverty rate fell from 64.2 percent to 57.5 percent.
The country’s poverty reduction efforts have been hampered by a number of factors, including high levels of inequality, limited economic opportunities, and environmental shocks such as hurricanes and droughts. In addition, Honduras faces significant challenges in terms of governance and institutional capacity.
Despite these challenges, the Honduran government has taken a number of steps to reduce poverty and improve the standard of living for its citizens. For example, the government has implemented a number of social protection programs, such as the Bono 10,000 cash transfer program, which provides financial assistance to households with children under the age of 18.
The government has also invested in infrastructure and services, including the construction of roads, bridges, and schools. In addition, the government has launched initiatives to promote economic growth and create jobs. These efforts are starting to bear fruit, as Honduras’ economy is projected to grow by 3.5 percent in 2017.
While Honduras still has a long way to go in terms of reducing poverty, the country’s efforts are beginning to pay off. With continued commitment from the government and international partners, Honduras can continue to make progress in tackling poverty and improve the standard of living for its citizens.
The Mike Savage Rivera Foundation
Michael and Sandra Savage have been dedicated to helping the less fortunate in Sandra’s home country of Honduras ever since they met in 1998. Michael was backpacking through Central America and Cuba in the late nineties where he was lucky enough to meet Sandra Rivera in the Mayan ruins city of Copan at a restaurant named Tunkol. They exchanged email addresses and a few years later fell in love and were married in 2003.
The couple opened a restaurant named La Negrita in 2004 on the upper westside of Manhattan. The restaurant was named after Sandra’s childhood nickname. They held many nonprofit and charity events during their ownership of La Negrita until they sold it and moved to New Canaan, Connecticut in 2009.
Frequently Mike Savage and Sandra hold clothing and home good drives in their home town of New Canaan, Connecticut. They have sent dozens of giant boxes filled with children’s clothing, children’s books and other essential items south to Honduras to help those in need.
Recently after the back-to-back natural disasters of Hurricane Eta and Hurricane Lota, many Hondurans were left homeless. Those who still had a home found that the floods and mud had ruined the interiors of their homes. They were left without clothes, bedding and food. Michael and Sandra immediately began sending box after box full of clothing and clean bedding donated by the generous residents of New Canaan.
If you live near the hometown of Mike Savage New Canaan and would like to help in their Honduran efforts please reach out. To donate children’s clothes, children’s books or toys please send Sandra an email at [email protected] to arrange for drop off or pick up.
They continue to provide clothes and educational materials to families and children who simply cannot afford to buy these necessities on their own. If you or someone you know has goods worth donating, please reach out to the Savage New Canaan Rivera Foundation today.
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.”
Getting To Know Mike Savage of New Canaan
Mike Savage is the CEO and sole shareholder of 1-800 Accountant, a virtual accounting firm that is redefining small business accounting services through innovative technology. Mr. Savage is responsible for detailing the company’s vision and strategy. Mike was a 2018 recipient of the Glassdoor Top CEOS award.
After graduating from Brigham Young University’s School of Accountancy, he started his career with PricewaterhouseCoopers, where he served as a consultant working on high profile investigation cases for their fraud division. He consulted on financial statement and earnings restatements for Fortune 50 companies. He is also a frequent expert guest on Fox & Friends and CNN among other national media outlets.
Today, he enjoys helping small businesses grow by offloading their accounting duties by using his virtual service. In his spare time, he relaxes by building complex Lego sets and sharing his fondness for muscle cars.
Additional Media Links
- Consumer Reports – IRS Loosens Tax Penalty for Millions
- NASDAQ – Pay yourself first? Last is how small biz often works
- NPR Marketplace – IRS warns taxpayers to check on their withholding
- Reuters – Your Money: Pay yourself first? Last is how small biz often works
- US News & World Report – How to Invest When You Owe the IRS
- USA Today – Worried about getting a tax refund? When should you hire a pro to do your