Think about this! We all say, “I want to be Rich!”
But does that mean I have to be greedy to get there? Is there an inherent conflict of interest between wanting higher levels of success and being satisfied with what I already have?
According to the famous author Dr. Wayne W. Dyer, in his book the Power of Intention, you CAN have success and still be respectful to the well being of others and the planet. Sure, we want to find all the tax deductions we can. Of course, we want to use aggressive business tactics and formulate asset protection strategies that keep the bad guys at bay. And yes, we want to keep our tax rates low. But Dr. Dyer says and I quote, “Let go of your need to have more.”
Here’s a wealth building tip that I think Dr. Dyer would approve of. Go ahead and create great wealth for you and your family and then use it to do good. Create that wealth in respectful and kind ways and be willing to share what you’ve created and what you’ve learned. Create a legacy of wealth for others to learn and prosper from.
When you come from a place of peace and calm as you pursue your dreams you don’t NEED anything. And, in a strange way, that makes it so much easier for prosperity to find you.
Dr. Dyer says, “When you stop needing more of everything, more of what you desire seems to arrive in your life.” Wealth building is not about getting more, it’s about appreciating and caring for what you may already have.
By the way, I know you don’t really NEED to pay more than your fair share of taxes either! Let me know if I can be of assistance!
To some of us, the word creative smacks of illegal or certainly circumventing what is the right thing to do. There is another way to approach both this world and the world of taxes.
It is by focusing on using every single tax deduction permitted by the IRS in as defined and all encompassing way as possible. It is about a true connoisseur of tax coding and regulations being let loose within your company structure to explore every last nook-and-cranny for you.
Then showing you exactly what you have been missing, and just how much money will be pouring back into your pocket and bank account.
“Tax codes and rules are meant for everyone, not just the rich and powerful.”
Creative Tax Planning is therefore a skill set that is definitely real and definitely works. Luckily for us, there are quite a few of these stellar folk out there who specialize in tax planning techniques for all walks of life, and focus on saving all of us as much money as they can.
Making your money work for you is another side-benefit, and a big one, when utilizing this way of thinking. It means that you get to use your money first, pay your bills first, invest first, replace equipment, offices, whatever you need for your company and pay your taxes last. Quite a concept.
This is how multi-millionaires such as Bill Gates continue to remain in the single digit tax paying brackets. It is not that they are doing anything they should not. Nor is that they are employing people 24/7 trying to find as many tax loopholes as possible. Rather it is that they do work with amazing wealth teams that are focused on utilizing every single deduction that the IRS allows for each and every situation.
There is no reason why you cannot benefit in the same way. Those tax codes and rules are meant for everyone, not just the rich and powerful. There is also no reason why you can not utilize the same forward thinking and create your own reduced tax liability and tax planning techniques.
All you have to do is find your own tax planning specialist. You may want them to be part of your own wealth building team. Perhaps have a coach or mentor, heading up your team and working on your behalf using well thought out strategies to build and protect your wealth. For you and generations to come.
But when you need a good one, it’s probably not you! To protect your assets and secure your business you must build a wealth team around you.
Being successful in business requires the ability to create leverage. And that means finding coaches, mentors and advisors who know more than you do.
The people that know how to capitalize on the skills of others are the ones happily reaping the benefits of the financial advice received, or creative tax planning now implemented, or are sleeping well at night.
They are the ones that know that their assets have been protected for their lifetime (and beyond). They are the ones who have sought out the best coaches, who are masters at creating wealth and who know that there is more than one recipe available to create a perfect dish.
“The more you learn the more you earn.”
Wealth building specialists are not hard to find, just hard to duplicate! They, like doctors or lawyers, have dedicated their lives to learning everything there is to know about making your money work for you. They keep up-to-date with all the latest tax code changes, create dedicated wealth building courses, and operate solely on wealth building principles that are proven to work. It is like they possess wealth building DNA!
Why would you jeopardize your future by not creating the right knowledge base for your own situation? There are some basic rules that apply to us all. Maintaining accurate “books,” filing your taxes, etc. These are “no-brainers.” However, it takes more than the basics to create and maintain a healthy and thriving business presence.
Looking for that coach or mentor or advisor that will provide you with everything you need to succeed is as necessary as an oven is to a chef. You simply can’t do without it and experience any level of success!
At Legacy Wealth Building, LLC we work to create leverage teams. Teams that bring more expertise and a professional perspective to any long-term wealth building strategy.
There are two big threats to your financial future.
1. The economy
2. Taxes
While all of us are concerned about the economy, there’s not much one individual can do about it. So stop worrying about number one and focus on the second one, taxes. Taxes are the single biggest threat to your financial future that you can actually do something about.
We don’t give legal or financial advice on this blog because we are all about education. The more you learn the more you earn. And the more you earn, the more you need to know how taxes are cutting into your legacy.
If you want to reduce your taxes in 2011 please give me a call!
While some women stay up late at night reading romantic novels, I like to get under the covers on a cold winter night and read IRS Tax Code! There are tons of changes in 2011 and 2012 tax laws you should know about. If any of these rules, laws and accounting gibberish confuses you, don’t feel bad, be glad you have strange people like me to help! Drop me a note or sign up for one of our classes and we’ll help you learn how to reduce your tax liability!
Here we go Again! Estate & Gift Tax Law Changes for 2011/2012
But before we get to that, please note the new provision for wages earned in 2011 only:
Keep in mind, these are condensed, generalities of some of the tax law changes for 2011 and 2012 you should be aware of! For remuneration received during 2011, employees will pay a whopping 4.2% Social Security tax on wages up to $106,800 and self employed people will only pay 10.4% Social Security self employment taxes on that self employment income up to $106,800. Luckily, Medicare tax rates are unchanged.
Now, about that good old death tax! Estate & Gift Tax Law Changes for 2011 and 2012
A $10,000,000 exemption! Yeah. We like that part. Increased Estate Tax Exemption and Reduced Top Rate. The estate tax exemption in increased to $5 million and the tax rate on the excess is reduced to a mere 35%. ( Code Sec. 2010(c) , as amended by Act Sec. 302(a)) O course, the $5 million exemption is per person. Thus, there is a $10 million exemption for a happily married couple. If you don’t have the “happily” part then it’s still $10 million. Plus, there is a new portability feature for married couples on the go.
Here’s a little boost. The gift tax exemption increased. It is now unified with the estate tax exemption and is increased to $5 million.
Portability of Unused Exemption between Spouses. This new provision adds the unused $5 million exemption of a deceased spouse to the $5 million estate tax exemption for the surviving spouse allowing up to $10 million to pass to the family without the need for credit shelter by-pass trusts. Yet, not all by-pass trusts should be definitely be eliminated since the income from such trusts need not accumulate in the survivor’s estate. The appreciation of the assets in such a trust is not included in the survivor’s estate.
Template for the future. On the flip side, families not expecting their assets will ever exceed $10 million need not have trust provisions in their estate plans and do not need to file trust income tax returns. To receive this tax benefit, an estate tax must be filed for the first spouse to die, even though one would not otherwise be required. Even though this may act as a template for future tax laws, it does sunset in two years. Since there is little certainty about how these new laws will fare beyond the next two tax seasons, you should be reluctant to abandon estate plans exceeding $1 million assets.
This is the time for creativity and flexibility. This is the time to design options and backup strategies into plans to be prepared for future changes in the estate tax laws.
Fifty states – fifty ways. State-by-state estate and estate taxes will be a moving target in making solid estate-planning decisions.
Drop me a note or sign up for one of our classes and we’ll help you learn how to reduce your tax liability!
The Clock has Been Turned Back on Certain Taxes but not for Long!
In my ongoing Axe the Tax campaign, I have been asked by a lot of doctors and other clients what some of the new tax changes will mean to their tax-reduction strategies. It may seem a little strange but Uncle Sam really does give us ample money-saving opportunities to lower our taxes. Unfortunately, the tax gods tend to make things a little too complicated for busy small business owners, doctors with thriving practices, and other mere mortals to grasp.
There are tons of new tax deductions available for the tax enlightened out there. So, if you have not been enlightened yet, let me tax-enlighten you a bit! Here are a few Tax Tips to look into and discuss with your tax advisor and/or CPA right now because they are going fast! Literally.
Retroactively Reinstated Tax Break – Extended through 2011
The following tax breaks for individuals that came to a screeching halt at the end of 2009 are back! They’ve been extended through the end of this year. Not perfect, but not bad! Take ‘em while you can get ‘em!
1. The $250 above-the-line deduction for certain expenses of our beloved elementary and secondary school teachers. Yeah! They deserve a little extra help!
2. The election to take itemized deductions for local and state general sales taxes instead of the itemized deductions permitted for local and state income taxes.
3. An increased contribution limit and a carry forward period for contributions of appreciated real property for conservation purposes (may include partial interests in real property).
4. An above-the-line deduction for your qualified tuition and other related expenses.
5. This one’s BIG! URGENT- The provision that permits taxpayers aged 70 ½ or older to make tax-free distributions to charities from their Individual Retirement Accounts (IRA) in amounts up to $100k per tax payer per tax year. In addition, those individuals will be allowed to treat their IRA transfer to charitable organizations during January of 2011 as if it was made back in 2010. Retro is good! Talk to your tax advisor today!
6. The treatment of any mortgage insurance premiums as a deductible of qualified residence interest and the exclusion of 100 percent of the gains on certain small-business stocks.
7. Retro-refrigeration news: The energy efficient appliance credits may apply but they will be in new amounts and with some new requirements.
8. The Code Sec. 25C credit for energy-efficient improvements made to existing homes. Reinstating the credit as it existing prior to the passage of the American Recovery and Reinvestment Act. The standards for which property is eligible under Code Sec. 25C have been updated to reflect improvements in current energy efficiency standards.
That’s the retro news and the tax-saving views from here! The clocks have been set back for a little bit so check with your tax pro and find out which way to go. The list above is far from complete but these are all tax-saving opportunities you should be aware of. Chat with your advisor or give me a call!
Understanding how to use the tax rules to your advantage is what I teach my students in a variety of programs. Find out more about our coaching programs and let’s Axe the Tax from your life! I’ll cover more on the tax changes soon but move quickly, some of these tax savings are only good for January 2011! Here’s more info on tax extensions.
Doctors want to reduce taxes. Attorneys want to reduce taxes.
Everyone wants to reduce taxes but too many of us don’t want to slow down enough to learn the simple secrets of cutting taxes. Lowering taxes, cutting taxes, and reducing taxes for doctors are regular topics on my blog.
Doctors and so many other professionals often put their businesses at risk by not setting up the proper entity structure. Even though you may be a Saint and nothing bad ever happens to you, what if the doctor down the hall (or partner down the hall) screws up and gets his butt sued?
How does that affect you? How does that affect the overall business? Watch this tax saving, hassle reducing video for the next four minutes and save yourself a boatload of money!
Learn how to grow your money in a tax advantaged environment AND learn to protect your assets with the proper legal entity. This is not tax or legal advice, just educational information. AND… information that could save you endless sleepless nights and thousands of dollars!
Doctors Can Lower Taxes If They are Willing to Act… I say, “Axe The Tax!” Tax reduction for physicians is my specialty. I love doctors. I hate taxes. The problem most doctors have when it comes to taxes is that they don’t want to take the time to slow down and deal with the reality that making a great salary or generating substantial revenue does not automatically equate to more money in your pocket.
“Taxes will always be a bigger threat to your wealth than the markets”
Here are a few tax planning tips for physicians (and other professionals) that want to lower taxes and reduce future taxes:
1. Get Your Head out of Your Assets. Just because you’ve created a beautiful office and a nice revenue flow doesn’t mean you’ve created a successful business model. Get your feet on the ground, your head out of the clouds and quit looking at the symbols of success and start focusing on the “systems of success.” An asset protection strategy is critical but if you don’t have a strategy you may not have those assets as long as you’d like.
2. Prescribe a New Entity. After a deeper diagnosis, get serious about what you can and can’t control. You can’t control your patients. You can’t control the market or the economy. But… you CAN control your taxes. One of the best ways to do that is with the proper entity structure. That might be a physician’s corporation, an LLC, a partnership, or another combination of legal structures that allow you to minimize your tax liability.
3. Pay Yourself first to Pay Less Later – Generating money and keeping it are two different things. Most doctors want to pay fewer taxes but you must pay yourself a little to save yourself a lot. By paying yourself a small salary, your overall tax liability may be lower because you will not have to pay FICA taxes on the dividends taken from a physician corporation.
4. Be a Little Un-civil – Not your bedside manner of course, what I mean is that civil judgments in most states cannot attack your retirement accounts. So, contribute to your retirement accounts because it will reduce your taxes and it will protect your assets. Retirement plan contributions are not subject to income or FICA taxes so these contributions reduce your tax bill and protect your assets simultaneously.
5. Did I Mention the Pension? If the physician corporation is the right legal entity for you, as its owner you may be able to establish a physician pension for yourself. Now you can fund a retirement vehicle for yourself and a deductable expense for your business. You do not need to take a significant salary in order to contribute to this type of pension and it does provide additional asset protection from legal predators.
6. Hire an Expert – Find someone you trust to give you the honest and accurate feedback you need about your unique situation. In business, you must leverage your resources to get ahead or you are just trading your time for money. A wealth coach, a financial adviser, you tax professionals all have the ability to give you the leverage you need to go beyond where you are today. You don’t have to do it all alone and you don’t have to be a victim of the tax systems just because you are able to generate significant revenue.
Of course, all of the above are just education tax-saving tips! Every situation is unique so give me a call if I can be of assistance with any aspect of your wealth building or tax planning education.
Have a prosperous day.
Gabby Huguenin
Wealth Coach
208-263-7202
Disclaimer:
This information does not constitute a complete description of all or any one aspect of financial planning. There is no offer to sell or buy any financial product in this video or on our website. Please consult with a qualified financial, legal and/or tax professional before investing or modifying any aspect of your taxes, assets or finances. This information is strictly educational.
Here’s a quote from one of my wealth coaching clients…
“WARNING! BE READY FOR RESULTS! Coach Gabby is a coach who takes action & expects results! Her mentoring has given us the tools to save taxes, create an estate that won’t burden our children & protect us from others taking what we worked hard to achieve! She follows up her calls with action steps like no other coach we’ve had. Thanks Gabby!”
– C Cripps
2011 is going to be a volatile year in many ways. That’s not a bad thing it’s just a, well, a… thing! How will you capitalize on the ups and downs of the market? How will you leverage your company, your practice, your assets to reduce your tax liability and increase your take home pay?
Without a plan you are at the mercy of the market. And, that’s may be a blast. Or not. Why not educate yourself and join one of my coaching programs? I don’t believe in telling people what to do, I believe in teaching people what their options are and helping them make informed financial decisions. Give me a call!
Disclaimer:
This information does not constitute a complete description of all or any one aspect of financial planning. There is no offer to sell or buy any financial product in this video or on our website. Please consult with a qualified financial, legal and/or tax professional before investing or modifying any aspect of your taxes, assets or finances. This information is strictly educational.
Gabby Huguenin lives what she coaches. High impact, & high energy; Gabby is laser focused on assisting individuals and businesses to RECAPTURE income that would normally flow to income tax, while building, sustaining, and succeeding a business plan into Legacy Wealth Building
Gabby is personally mentored by multi-millionaires, and has access to billionaire advice. The slogan in her house and business is ‘the team work makes the dream work’.
She currently leads and owns several companies in the USA and has international business developments. She is a mother of two and married.
Gabby & Timothy McGilberry, CPA starting separately with Gabby in 2003 – 2008 and then 2008 until now with Mr. McGilberry, saved clients an excess of 14 million in taxable income legally with 1:1 proven coaching tactics.
She assists her clients in building, sustaining, and protecting wealth for legacy impact.
Her job is to keep you safe when it comes to tax, asset protection, and wealth building.
She will give you everything she has got and then some to make sure that you succeed within the parameters that are set.
Gabby grew up in a family business that had an excess of one hundred million in assets. She worked in the family business from a young age. Gabby started her first business at age 17 upon graduation from high school she went straight into business. She has built several revenue streams in her 20’s and became an accredited investor at age 28. This was all with the help of a great team and a supportive family and spouse.
She is the founder of Legacy Wealth Building, LLC formerly known as Wealth Classes Coaching, LLC which built upon her ability to save students money, time, and protect their assets while pursuing and securing their revenue streams.
Gabby is currently revamping the mastermind process of her coaching to feed into a world know, strong, growing community
Gabby is constantly uncomfortable – growing and stretching and doing what she calls the guinea pig approach, she will try it first and then let her success or failure be a guidepost for others to follow or avoid!
Gabby’s life mission is to remain healthy enough and time rich enough to continue to assist as many businesses and individuals as possible into the Legacy they wish to lead, live, and leave for their families, charities, and family to come!
Timothy McGilberry
Timothy McGilberry graduated cum laude from Lincoln University in Pennsylvania with a B.S. in accounting. He is a certified public accountant (CPA) with a verifiable record of success. He has twenty-seven years with highly developed interpersonal, time management, and communication skills. He is dedicated and hands-on leader, with motivational management and team building skills.
Tim has expertise in finance, auditing, accounting, marketing and sales, increasing client base and financial assets. Areas of expertise include tax preparation for individuals, sole proprietors, small businesses, corporations and non-profits. Management expertise includes general accounting, budgeting, payroll, treasury and other functions.
Tim’s ability has helped organizations secure compliance, improve organizational communication, and achieve corporate goals.
Tim has been recognized in Strathmore’s Who’s Who, Notable American Men, Who’s Who in Government and Outstanding Young Men of America. Furthermore, he is a Dale Carnegie graduate.
Tim has been married to Rhonda for 23 years and has four kids; Timothy, Titus, Thomas and Tobias. He also enjoys singing, coaching basketball, and mentoring young people.
For over four years, Tim has been coaching high end clients and changing student’s lives.
Tim is the CFO of Legacy Wealth Building, LLC and a share holder in the other companies they relate to.
For a strategy session contact us at 208-263-7202.
