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How to Profit from Today’s Economic Chaos

admin — Tue, 06 Dec 2011 04:19:28 +0000

Ok… this is one of the coolest “projects”
I’ve ever seen…

It’s pretty obvious that the big-shot bankers
on Wall Street have been getting richer and
richer during this economic crisis, while your
friends and family members haven’t.

Well this really ticked-off my friend Mike Dillard,
(who made his first million by the age of 26),
and he’s basically started a “movement”,
in order to even the score and allow the rest
of us to profit from the current economic chaos
just like they are.

Despite the fact that he’s not an investor, trader,
or financial guru of any kind, he’s made a
300%+ return since 2008, while the rest of the world
has lost 30-40% of their portfolio.

How?

Get this… He found a “map” back in 2007 that’s
allowed him to basically predict the financial future.

Like I said… VERY COOL… (And yes, it’s the real deal).

Anyway, he recorded a three-part, “Year-In-Review”,
video series this month showing how he’s managed
to discover and use these little-known investment
strategies, and has decided to share it with the
public over the next few days.

I just finished watching Part I here about his economic
predictions for 2012, and it’s a MUST WATCH. Just copy and paste this in your browser.

http://theelevationgroup.net/yearinreview/index.php?a_aid=156393&a_bid=418a665e

I’d have to say my favorite part about his strategies
is that you don’t need to be a trader, and you
don’t need to be rolling in money. All you need is
the desire to learn how the rich are getting richer
these days, so you can too…

You can watch all three videos along with me this
week by going to his site with the link below.

http://theelevationgroup.net/yearinreview/index.php?a_aid=156393&a_bid=418a665e

Enjoy,

Howard

IRS changes the Standard Mileage Rate

admin — Fri, 24 Jun 2011 18:10:44 +0000

The Internal Revenue Service announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes.

Image via Wikipedia

The rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through Dec. 31, 2011. This is an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011.

The real question is whether this rate is realistic for the increasing costs we face while using our vehicles for business. The only way to know for sure is to keep track of your expenses and see which method works best.

If you need help in setting up a daily system to keep track of your expenses, let us know, we can help.

The Tax Paper Chase List-Check out our discount

admin — Tue, 25 Jan 2011 20:38:27 +0000

: Image via Wikipedia

This has ALREADY been one of our most intense years, in preparing the groundwork for “tax season”, simply because the tax code is getting even MORE complex. And, truly–it seems as if I write that *every* year, which isn’t a great sign for families who are wanting to do their own taxes!

And, of course, Congress’ last-minute tax agreement didn’t make things any easier.

Don’t cry for us — this is our full-time occupation, after all! But I truly do pity those who attempt to wade through all of the different codes and forms on their own, and not devote a week’s labor to the transaction. It really doesn’t pay to “go it alone” for certain tasks.

So, for those of you who want our help, I’ve got a special incentive for you at the end of this blog post l … AND, I’ve got a handy little list of what you’ll need to bring in or will need to complete your tax organizer we send to you. It’s mostly complete, but there may be certain situations where we’ll need other documentation to get you even more deductions. But, of course, we’ll let you know about that, should the situation arise!

Let me know your thoughts … and, of course, if you’d like to talk this over with us we DO have a couple slots left! Call or email soon, though.

The Tax Paper Chase List
Yes, this is a long list — but it’s the unfortunate reality of our tax code that it’s not even comprehensive! But these items will cover 95% of our clients. Really, this is for ensuring that we’re able to help you keep everything you deserve to keep under our tax code.

Even if for some strange reason you won’t be using our cost-effective services this year, feel free to use this list as a handy guide…

Personal Data
Social Security Numbers (including spouse and children)
Child care provider tax I.D. or Social Security Number

Employment & Income Data
W-2 forms for this year
Tax refunds and unemployment compensation: Form 1099-G
Miscellaneous income including rent: Form 1099-MISC
Partnership and trust income
Pensions and annuities
Alimony received
Jury duty pay
Gambling and lottery winnings
Prizes and awards
Scholarships and fellowships
State and local income tax refunds
Unemployment compensation

Homeowner/Renter Data
Residential address(es) for this year
Mortgage interest: Form 1098
Sale of your home or other real estate: Form 1099-S
Second mortgage interest paid
Real estate taxes paid
Rent paid during tax year
Moving expenses

Financial Assets
Interest income statements: Form 1099-INT & 1099-OID
Dividend income statements: Form 1099-DIV
Proceeds from broker transactions: Form 1099-B
Retirement plan distribution: Form 1099-R
Capital gains or losses

Financial Liabilities
Auto loans and leases (account numbers and car value) if vehicle used for business
Student loan interest paid
Early withdrawal penalties on CDs and other fixed time deposits

Automobiles
Personal property tax information
Department of Motor Vehicles fees

Expenses
Gifts to charity (receipts for any single donations of $250 or more)
Unreimbursed expenses related to volunteer work
Unreimbursed expenses related to your job (travel expenses, entertainment, uniforms, union dues, subscriptions)
Investment expenses
Job-hunting expenses
Education expenses (tuition and fees)
Child care expenses
Medical Savings Accounts
Adoption expenses
Alimony paid
Tax return preparation expenses and fees

Self-Employment Data
Estimated tax vouchers for the current year
Self-employment tax
Self-employment SEP plans
Self-employed health insurance
K-1s on all partnerships
Receipts or documentation for business-related expenses
Farm income

Deduction Documents
State and local income taxes
IRA, Keogh and other retirement plan contributions
Medical expenses
Casualty or theft losses
Other miscellaneous deductions

We hope this helps, and we look forward to seeing you this year!

++++++++

Warmly,

Howard

+++++++++++++++++++++++++++++++++
Special Early 2011 Blog Offer
$29.00 Off Any Tax Service
Special Gift Certificate
Print This blog post and bring it to our office–and receive an instant $29 credit towards any tax or financial service for 2011

Expires February 11th, 2011
Not valid with any other offer
+++++++++++++++++++++++++++++++++

All I can say is WOW

admin — Mon, 13 Dec 2010 03:25:49 +0000

Ok… this is one of the coolest “projects” I’ve ever seen…

It’s pretty obvious that the big-shot bankers on Wall Street have been getting richer and richer during this economic crisis, while your friends and family members haven’t.

Well if you’re interested in cracking open the “black-box investing strategies” of the rich, so you can see how they’re doing it, you’ve gotta check out this video Mike Dillard just posted…

Despite the fact that he’s not an investor, trader, or financial guru of any kind, he’s made a 280% return since 2008, while the rest of the world has lost 30-40% of their portfolio.

How?

Get this… He found a “map” back in 2007 that’s allowed him to basically predict the future.
Like I said… VERY COOL…

Check out this video he just posted and you’ll see how he’s doing it…

http://www.theelevationgroup.info/click.track?CID=142138&AFID=156393&ADID=411870&SID=

Let me know what you think.

Howard

Last minute year end tax ideas

admin — Sun, 12 Dec 2010 19:24:34 +0000

Now that we near the end of the year, here are some last minute tax tips.

Gifting

: Image by midnightglory via Flickr

1. If you are giving securities away, endorse them over to the donee. On year-end gifts, companies may not be able to retitle the certificates in the donee’s name by December 31st.

2. If you’re making a gift by check, be sure the donee deposits it in 2010 if you want the money to be included as a 2010 gift for gift tax purposes.

Otherwise, give a certified check to the recipient this year. That will count as a 2010 gift, even if the donee does not deposit the check into his or her account until next year.

General

1. Mail checks for deductible items before year-end to make sure of a 2010 write-off. You get to claim the deduction this year even if the checks don’t clear until January.

2. If you are charging deductible items, make sure you know these rules:

: Image via Wikipedia

Charges that you make with a retail store credit-card are only allowed as a deduction in the year you pay the bill.

Charges that you make with a bank credit card are allowed as a deduction in the year you charge the items, even if you pay the bill next year.

Here are some links to some more articles

Year-end giving moves, December 2010 (dontmesswithtaxes.typepad.com)
Sometimes it’s better to give right now (iowabiz.com)

Small Business Jobs Act of 2010- Tax Ideas

admin — Sun, 24 Oct 2010 21:57:52 +0000

On September 27, 2010 The Small Business Jobs Act of 2010 was signed. Here is a quick rundown on some tax strategies to use for 2010. These are just some of the major items and various exceptions come in to play. Please check with us to see how they would apply to you.

1. Larger Section 179 Deductions. For 2010 and 2011, you may take the Section 179 expense deduction up to $500,000 if you place $2 million or less of such assets in service during the year. This does not change the limits on sports utility vehicles which is $25,000.

: Image by JD Hancock via Flickr

2. Real Property is temporarily included for the Section 179 deduction. This means you can expense up to $250,000 for qualified leasehold improvements.

3. Bonus Depreciation is extended for one more year.

4. Deduction for Self Employed Health Insurance. For 2010 only, the new law allows self-employed taxpayers to deduct their qualified self-employed health insurance on Schedule C. This is big as it becomes a deduction that will reduce your self-employment taxes.

5. No Taxes on Sale of Qualified Small- Business Stock. If you buy or set up a new corporation with this type of Stock from now until the end of this calendar year and hold it for at least 5 years, you will not pay any taxes on the gain when you sell it. Check with us on this as there are many rules you have to follow.

6. Rollover to Roth. You know that there have been rules to convert part of your IRA into a Roth but this has been expanded to allow some employees to convert their 401K balances to Roth 401K accounts. The plan you are in must offer a Roth option and the plan must allow an in-service distribution. Again there are some additional tax strategies to check with this.

We have just hit a few of the items in this act. Please contact us so we can see how to take advantage of these ideas for you. Warning, there are many exceptions to these laws so you need to check with a tax professional that can help you.

Here are some related articles you can check out.

Economic, political climate make tax planning hard (seattletimes.nwsource.com)
New tax breaks for the 2010 tax planning home stretch (iowabiz.com)

Buying a new house, don’t be rushing to file your 2009 tax return!

admin — Sun, 28 Feb 2010 05:58:10 +0000

: Image by Getty Images via Daylife

If you bought a home in 2009 or early 2010,you may qualify for thousands of dollars of tax relief, thanks to a home buyer tax credit. The first home buyers credit which was originally offered back in 2008 has been updated to a tax reduction up to $8,000. In addition, this credit has been extended to home buyers who have owned and lived in a home for at least five consecutive years of the eight years before the purchase of a new home.

This credit has been extended for contracts made before April 30, 2010 and closing on the purchase by June 30, 2010. You can elect to take the credit for 2009 even though the transaction is in 2010. If you close soon, you can take this credit on your 2009 tax return without amending the return or going on extension. There are certain requirements as far as income and the cost of the home that have to be met. Bottom line, if you are about to close on your new home, hold off filing your return. We can help you figure what is the best way to get what is entitled to you.

2010 Mileage rates are released by IRS

admin — Sat, 05 Dec 2009 00:33:51 +0000

The internal Revenue Service has released the standard mileage rates for deducting automobile expenses in 2010. For business use, the rate will be 50 cents per mile, down from 55 cents in 2009. For medical or moving purposes, the rate will be 16.5 cents per mile, down from 24 cents per mile in 2009. Please comment as to how this could impact you for your 2010 taxes.