Wealth Building DNA

Create The Life You Desire

Category Archives: Business Tax Deductions

7 Different Ways To Look At Setting Goals

Let’s get right to it.

Forget those New Year Resolutions! Let’s focus on goals and revising those goals every day, not once a year.

And… one more thing, let’s go from Goal Setting to GOLD Setting! We’re talking about our financial health here. Wealth building doesn’t happen by itself. Creating financial freedom requires thought AND action.

I’m all about cutting taxes and reducing your tax liability but before we get to that, you have to know where you’re going!

Here are a few different ways to look at your goals than you might have heard from other goal setting experts!

1.       Embrace the Man/Woman in the Mirror! – Literally, check the face in the mirror. Do you like what you see? Not just your looks but your smile? It’s tough to reach your financial goals if you don’t like the person in the mirror. If the person looking back at you isn’t everything you thought she/he should be, this is the perfect time to get a picture going of who she can be!

2.       Enthuse it or Lose it! – If your enthusiasm has faltered and your goals are not that exciting to you, then change them or turn up the heat. A little passion goes a long ways. Look back on those successful times in your life and make a list of the “Success factors” that were taking place when you were enthusiastic about what you were doing and achieving. Which of those factors can you apply to today’s situation? How can you re-ignite the passion that has helped you overcome obstacles and achieve goals in the past? Turn up the heat!

3.       Tune up Your Internal Combustion Engine! – All success starts from within. I believe it’s so important to have a coach, a mentor, an inspirational person to push and nurture you but more importantly you’ve got to allow yourself the quiet time once in a while to go within and take note of where you and your heart are at. Quite time is refueling time. Schedule it.

4.       Go Extra Miles With Extra Smiles! – Give that little extra. Push just a little more. Add another 10% and you’ll be amazed at how your goals can turn to gold much faster. While competitors quit at 100% you can pass them at 110%. Add a few smiles to your effort and you’re goals become a lot more fun.

5.       Walk Then Run! – Go after your goals in bite sized chunks. You don’t have to do it all today. But… consider this: Read one book a week and you’ve read more books than most Americans do in a decade. Learn one new skill each week and you are miles ahead of everyone else. Break down your goals into little steps that are easily achievable and be consistent with it.

6.       Acknowledge the Pain! – Marines believe that no pain means no gain. Maybe. If there is pain, listen to it. If there is no pain and life is totally satisfying then your motivation to change might be small. You don’t have to have pain to create gain but getting out of your comfort zone may be a helpful way for you to start making the changes you need to get closer to the goal, I mean gold!

7.       Axe the Tax! – Simply put, don’t pay too much in taxes when you don’t have to!

Call me if you want to lower your taxes in 2011! Learn more about our coaching plans and let us help you achieve your GOLD!

208-263-7202

Thanks!
Gabby

12 Tax Deductions For Small Business Owners

More Money Saving, Tax Saving Ideas for Small Business Owners!

The list continues! Check with your tax advisor in your unique situations but ALL of the following should be reviewed by you and/or your wealth team! Here are a few more write offs:

1.    Fees we Hate! Service for processing credit cards is deductible!

2.    Pens and Paper – Office Supplies! Those little things add up.

3.    Bad Debts. As opposed to good debts? The only good in any debt might be its deductibility. If that debt was included in previous income, it may be deductible.

4.    Professional Fees – Even if you felt like you got amateur advice, professional fees are usually deductible. Lawyers, accountants, and other consulting fees are write offs.

5.    Office Equipment – Computers, iPads, cameras, fax machines, as long as it’s part of doing your biz, deductible it iz! You may be able to take it this year or depreciate it.

6.    Furniture – Just like office equipment. Write it off.

7.    Repairs and Maintenance – Keeping that office in tip-top-shape costs money! Deduct it and get some of it back.

8.    Interestingly Enough, Interest is Still Deductible! Mortgage, finance charges, payment plan interest, and other interest may reduce that taxable income! Now, do you despise your credit card company a little less for that 22% interest rate?

9.    Insurance For Sure – Premiums you pay for liability, credit, workers’ comp, malpractice and others is deductible.

10.  Software Anywhere – Whether you got it from the box or downloaded it, generally, software is deductible. Future software apps are evolving to online service products that you don’t need to download and those fees are likely deductible as well.

11. License to Kill – Well, James Bond you’re not but most licenses can be written off. Licenses, fees, regulatory gouges, I mean fees are usually deductible.

12. Taxes – Whoa. That’s weird. Pay taxes. Use them as a tax deduction? It’s a strange taxable world we live in but yes, taxes are a business expense and if you incur them running your business, Uncle Sam says, write ‘em off!

Obviously, we have a little fun talking about taxes but the most fun you can have with your taxes is when you go from paying double digit taxes to single digits. That’s what I do. I want you to pay taxes – but only the ones you are obligated to and most of you are paying taxes that you are NOT obligated to pay!

Why pay for something when you don’t have to? Dang good question! We should tax, I mean, talk. ( I really did type that mistake – oooh, it must be tax season!)

Have a prosperous and deductible day!

Gabby Huguenin

Wealth Coach

Tax Fighter

All Around Fun Gal

P.S. Call me if you want to lower your taxes in 2011!

208-263-7202

Apocalypse 2012 Postponed Due to Extended Tax Breaks

Extended Tax Breaks Providing Tax-Cutting Opportunities!

According to MY calendar, not the Mayan’s, the only apocalypse you’re going to experience is the collapse of your cash flow and the raiding of your pocketbook if you don’t take advantage of your legitimate tax breaks! Remember, I always say…

“Plan like you’re going to live forever but live like this is your last day!”

Now, here are a few more tax tips to discuss with your tax reducing professional. And, if you don’t have a tax-reducing-professional, we should talk!

1.       Deep under Sec. 101 of the now famous, 2010 Tax Relief Act, the tax rate schedules for individuals remain at 10%, 15%, 25%, 28%, 33%, and 35% for a glorious two more years. All the way through 2012. Furthermore, the size of the 15% tax bracket for joint filers and their qualified surviving spouses remains at 200% of the 15% tax bracket for individual filers through the tax year of 2012.

2.       The standard deduction for you married taxpayers, filing jointly, and of course qualified surviving spouses, remains at 200% of the 15% tax bracket for all individual filers through 2012.

3.       There is no 3%/80% limitation on your itemized deductions for both 2011 and 2012.

4.       Parents rejoice! The $1k child tax credit has been extended and allowed to be used against regular income tax for two years, through 2012. But wait, there’s more! The formula for determining refundable child credit, with the earned income threshold of $3k (but not adjusted for inflation) is also extended for two more years, through, yup, you guessed it, 2012!

5.       Go back to school! Why? Because numerous education incentives have been extended two years. Nice incentive to graduate early?

6.       Uncle Sam generously boosted AMT exemption amounts for 2010 and 2011.

7.       Here’s a pile of nonrefundable personal credits. For example:

a. Dependent care credit
b. Credit for disabled and elderly
c. Child credit
d. Interest credit on certain home mortgages
e. Hope Scholarship and Lifetime Learning credits
f.  Non-business energy property credits
g. Residential energy efficient property credits
h. Plug-in electric vehicle credits
i. Alternative motor vehicle credits
j. And there’s more!

I don’t want to take all the credit but you should! Take your credits where you can get them! If you don’t have a money-saving, tax-cutting plan in place, you need to get with our Axe the Tax Program! It’s very simple.

We show you how to cut your taxes, legally, ethically, safely, and quickly to put more glide in your stride, more pride in your ride and more fun in your mun! Okay, that last bit was slightly over the top but my point is – Don’t pay taxes that Uncle Sam says you don’t have to!

Most American’s (especially, busy professionals with great cash flow) pay way too much in taxes because of three reasons.

1.      They don’t know how to reduce their taxes.

2.      They don’t have a plan to reduce their taxes

3.      They don’t have someone they trust to guide them to reduce their taxes.

None of those reasons is acceptable unless you like throwing away $10,000, $50,000, $500,000 in unnecessary taxes!

Remember, the above info is generalized and just for educational purposes. Everyone has a unique situation so talk to your tax planning professional before you do anything.

But REMEMBER! We put the AX in tAX. Please drop me a note if there is anything I can do to help you stash more cash! More tax saving tips from an earlier post.

Keep More – Leave More

Gabby Huguenin

208-263-7202

HURRY! The Tax Man Goes Retro! Tax Savings for 2011 Only!

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.

Have a prosperous day!

Gabby Huguenin
Wealth Coach
208-263-7202

The Four I’s for Your Eyes Only!

Many traditional wealth building strategies are just out of date and if you don’t have new information you are not only missing great financial opportunity you are risking what you already have.

There are four powerful financial tools that you must understand in order to win at building lifelong wealth. These tax savings, money making, security building tools are critical to your wealth training. I call them “The Four I’s.”

“The Four I’s”

  • Interest
  • Insurance
  • Inflation
  • Income Tax

An undeniable wealth principle is this. Either you have The Four I’s working for you or you have The Four I’s working against you. There is no other way. Most Americans fall victim to The Four I’s.  If you want total financial freedom, you’ll read with me each day as we go through the blessings and messings of each of The Four I’s. This would be a good time to join our RSS feed.

I grew up in around wealth and in that process have come to really understand and appreciate the power of financial knowledge and mentorship. The financial education tools we have in our school systems fall short of teaching us wealth principles that we can take to the bank. So, thank you for being here and taking charge of your financial life! I would be honored to mentor you through my blog, a one-on-one coaching program or any of our wealth building courses or products.

Here’s a FREE gift for you. We’ve never done this before but we are about to have our first ever three-day workshop offered at absolutely no charge. We will not allow anyone in without reservations and seats are already filling up so make your reservation FAST! This is the same high quality, powerful workshop we’ve offered before but this time it’s free.

The Infinite Wealth System workshop will help you in:

  • Planning your retirement
  • Saving tax money
  • Creating a wealth building strategy
  • Getting out of debt fast
  • Learning how to become your own bank
  • Building financial freedom

It is taught by myself, my business partner George Antone and some of the best financial minds in the industry. You cannot lose. There is no pressure, no charge at all, just get there and absorb the wealth building info. Start saving tax money for someone besides Uncle Sam! Let this FREE workshop be your wealth building guide.

I guarantee you this is a powerful financial class. You will walk out of there with a ton of wealth building ideas you never heard before. Enjoy a wealth seminar California style!

Call 888-888-3612 to reserve your seat.

Thanks for reading and have prosperous day!

Gabby

Wealth Building Tips with Jim Britt on our Connector Call

Here are a few more wealth building tips from my Connector Coaching call with Jim Britt!


“How may I help you?”

Jim agreed with me that to build wealth in today’s economy, it’s a good idea to have a job to keep some form of revenue coming in while you look for ways to start your own business or leverage your money in tax advantaged ways.  Here are a few more highlights I’ve paraphrased from that Connector Coaching call interview with the very wealthy and very kind Jim Britt!

  • When starting your business, don’t start desperate. Desperate people push investors away
  • If the business plan says something about catching up on the pickup payments nobody will (nor should they) invest
  • Opportunity stays far away from desperation
  • Start your business to focus on giving others value not on all the money you are going to make. See things from the eyes of your customers. You’ll sleep better and you’ll ultimately make more money. If you focus on value, the money comes to you
  • Network marketing is a way to start a business with little or no overhead. For around $500 there are tons of great businesses you can start. Choose a solid company with good people and a product that is leading the market. Something that is hot and cutting edge is best. Look for a category creator.
  • Jim made hundreds of thousands from numerous network marketing companies and still gets residual checks many years later without much effort
  • Most powerful thing you can do in business… build a network. Keep track of people, offer to help people. Be a resource to people and genuinely try to help others. That’s how you build a network of resources, allies, and friends. Your network is not just for raising money. Always be asking… “How may I help you?”
  • Be responsible. Take responsibility for your life. The good, the bad, the ugly. Then do something about it. Don’t dwell on the past, just learn from it and move forward.

Finally, I asked Jim what he believed was the reason for Jim Britt’s success. He said it was this… “I always try to be the best I can be, notice I did not say to be the BEST but to be the best I can be. Not better than others, just better than I was the last time.”

Have a prosperous day.

Gabby Huguenin
Legacy Wealth Building, LLC

208-263-7202 office directly

Why It’s Time to Retire the 401(k) or at Least Insure it

Stephen Gandel, writer for Time Magazine recently did an article on “Why It’s Time to Retire the 401(k).”

Here’s part of what Stephen said…

“The ugly truth, though, is that the 401(k) is a lousy idea, a financial flop, a rotten repository for our retirement reserves. In the past two years, that has become all too clear. From the end of 2007 to the end of March 2009, the average 401(k) balance fell 31%… In what must seem like a cruel joke to many, the accounts proved the most dangerous for those closest to retirement.”

Yup, he’s got some good points here but does he have a solution? The fact is, nearly half of all Americans have a 401(k). Some financial experts say most Americans don’t contribute as much as they could, thereby leaving free money (from the matching amount employers contribute) on the table. Although that may be true, in this economy I’m guessing some people who put their money somewhere besides a 401(k) are probably grateful they DIDN’T contribute to the max!

Planning for Retirement with 401(k)s
The sad thing about this retirement tool is that most people do not know how to use it properly. The average 401(k) is about $35,000 right now. Not exactly retirement utopia. And the irony is that every time we take our meds, get that surgery, and add a few more years to our lives we make our original retirement strategy a little weaker. The funds might run out before we do.

The 401(k) Solution
In his article, Gandel suggested something that my business partner, George Antone and I have been saying for a long time. He suggested insured accounts might offer part of the solution. George and I have been teaching for years that the proper combination of investments and the right type of life insurance instruments can create tax advantaged environments and make guaranteed returns a lot easier.

The ERISA Industry Committee (ERIC) is a group that represents our nation’s largest employers. In Gandel’s article he states that they have proposed to the government, a system of exchanges that allows individuals the ability to buy a guaranteed retirement account on their own. And… I believe this type of retirement plan flexibility will require the use of insurance instruments to be effective.

When American’s stop counting on their employer or Uncle Sam to plan their future, they will finally see the benefits of long-term financial planning. There is a place for 401(k)s but that place is inside a solid, well thought out, wealth building strategy.

If you’re tired of depending on anyone else to plan your retirement, join us at our next Infinite Wealth System workshop and take charge of your financial future!
Here’s Stephen Gandal’s Time article.

Learn more about our Connector Coaching calls and start taking all your legal tax deductions and planning a retirement strategy that will last as long as you do.

Have a prosperous day.

Gabby Huguenin
Wealth Coach

208-263-7202

P.S. If you are planning for retirement, looking at saving tax money, or just trying to create a new plan for total financial freedom, call me! There is no charge for your initial consultation. Watch this video to learn how to grow your money in a tax advantaged environment:

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.

Dear Sir,

Thank you for your mail, and apologies for replying you a bit late.

However, as asked we do social book marking and social media work, we call it at Clearpath Technology as Reputation Management. We do different activities under it, as listed below with the commercials;

Reputation Management

Features

Google

Google + Yahoo + Bing

Google

Google + Yahoo + Bing

Phrases protected & monitored

1

1

3

3

Search positions protected & monitored

1 to 10

1 to 10

1 to 10

1 to 10

Article submissions

Yes

Yes

Yes

Yes

Press release submissions

Yes

Yes

Yes

Yes

Social media bookmarking

Yes

Yes

Yes

Yes

Social media profiles

Yes

Yes

Yes

Yes

Business profile linking

Yes

Yes

Yes

Yes

Blog setup

Yes

Yes

Yes

Yes

Link building to friendly URLs

Yes

Yes

Yes

Yes

Blog RSS directory submission

Yes

Yes

Yes

Yes

Blog RSS distribution

Yes

Yes

Yes

Yes

Additional unlisted link building strategies

Yes

Yes

Yes

Yes

Monthly Price

$ 84

$ 166

$ 256

$ 333

I surely hope, this suffice your query of Social Media networking. Also I hope we would be able to get along and do some business together in the time to come.

I will be looking forward to hear from you soon.

Kind Regards,

Ravi Rai

Sr. Manager – Business Development

Clearpath Technology

Mob: +91-9560277722

Direct: +91-11-45018725

E-Mail: ravi@clearpathtechnology.com

Web: www.clearpathtechnology.com