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Category Archives: Wealth Building

Powerful Retirement Plan For Small Business Owners

Solo K is A.O.K for Small Business Owners Seeking Lower Taxes and Retirement Contributions.

If you missed out on the millions of bucks sent to the big corps in Uncle Sam’s stimulus program, don’t fret, you still have some options (Although, they don’t involve big financial handouts).

The Solo (k) commonly referred to as Solo K is a retirement plan set up for small business owners. Small business owners drive this economy, (in spite of what the lobbyists in DC would have us believe). As a small business owner, your tax liabilities are the most threatening thing to your financial well being right after the economy. Learning how to reduce your tax liability should be a part of every small business owner’s wealth building strategy. Knowledge is power. Let me re-phrase that, knowledge is money! Continue reading →

Top 3 Tax Problems That Doctors Have

Admit it. You Don’t Have a Practice – You Have a Job

Many of my tax reduction clients are high-income professionals including doctors, lawyers and even accountants. These are people with unique financial and tax-reduction problems. Having a respectable income isn’t the problem for most of them.

The three primary problems doctors, lawyers, and other professionals have in common are as follows:

1. Working too many hours.

2. No time left for financial planning.

3. Paying too much in taxes and being too tired to enjoy what’s left of their income.

Breaking exhausting cycles like this is not simple. It’s not really difficult but it’s going to take a commitment. Here are a couple of things you can do to shift from having a job to having a business. If you have a true business model that’s working, you can take time off and the business will continue to create wealth for you and your family. If you have a job, you are obligated to be there and you don’t get paid when you are not.

Which do you have? Does your practice allow you to leave without a big dip in income? Does your practice grow without consuming more of your time? If you said “no” to either of those last two questions, you don’t have a business or a practice, you have a job.

There’s nothing wrong with having a job as long as you are aware of that. But a practice that keeps you in the “job” mode is difficult to grow without more of your time. And that takes you back to problem number one. Trying to grow your business, when it’s really a job, means you’ll work too many hours and never get a commensurate reward.

Tax Deductions for Small Business – With all that time spent on the practice, you might have some good revenue coming in but too many doctors, dentists, or lawyers have little time left to do their own financial planning. So, they give it to their spouse, their bookkeeper, or their accountant. And, it’s likely that none of these people are specifically trained in tax-lowering strategies.

So, the money comes in, everyone does the best they can with it and the money goes out. Unfortunately the amount of money going out to Uncle Sam is usually much more than it should be in these situations.

So, my recommendation for anyone facing the endless cycle of work more, spend more, work more is this. Find someone who can help you design a strategy to break this cycle. There are two types of professionals that may be able to help you.

We are not on this planet to figure it all out on our own.

It’s okay to ask for a little help.

GET HELP – First, get a business/marketing consultant to help you find the leverage points in your business. Where is there more profit, less effort, and continuity in your business? Where are the opportunities for exponential growth in your business? Who EXACTLY are your best customers and how can you give them better service in return for greater profits? To turn your job into a business you want to know what your clients are looking for and then give it to them.

Take time this week to work ON your business not IN your business.

Second, get a tax-planning specialist on your team. That person will show you how to utilize legal entities that will protect your hard-earned money and make it work much harder for you. Notice, I said, your MONEY will be working harder, not YOU! Tax planning is beyond checking off the list of business deductions and putting numbers in the right columns. Any accounting person can do that for you.

A true tax specialist will have the ability to help you create a wealth-building plan that will solve the miserable cycle of working too many hours, no financial planning, paying too much in taxes, and being exhausted!

Finally, if you do nothing at all with what you just read, at least do this. Take time this week to work ON your business not IN your business.

That higher perspective will change everything.

 

Have a prosperous day!

Gabby Huguenin

Why mindset is critical for building wealth

YOU WON’T ATTRACT SUCCESS WITHOUT THIS!

You can’t go from rags to riches on the same path you’ve been following! We can talk about money, wealth, riches, and security until we turn blue in the face. You can take notes until your carpal tunnel gets the best of you.  None of it matters UNLESS you make a shift in your thinking.

Without a Mindset for Success – Zig Ziggler, famous sales trainer and motivational speaker calls it, Stinkin’ Thinkin’. To achieve greater success you need more financial education tools, a clear understanding of goal setting, a wealth building strategy, and a little tune up from the neck up.

What the most successful (and wealthiest individuals in the world) understand that most others do not, is that the secret of their success is not in there education, the database, or their endless energy (although these are all very important). Their success comes from the way they view their world. It comes from their mindset.

Your thinking process, your perspective, your psychology = Your  Mindset

The way you think about wealth, your attitude to achieve it, is what we call The Millionaire Mindset. If you are already a millionaire then we could call it your Multi-Millionaire Mindset! It’s one of the most compelling laws of the universe and quantum physics is digging up more and more proof every day that our minds are all we need to succeed. Of course I want to help you reduce your taxes, build profitable businesses, and create long-term wealth strategies. But I can’t.

I can’t do anything to help you unless you are willing to take control of that gray matter between your ears. It’s all up to you. Not some of it, not most of it, but ALL of it!

It’s hard for many to believe but we do control our own thoughts. Nobody else controls them no matter what they do. Unless of course, we give our minds permission to believe another person’s words. When a teacher says you are no good at math, a coach says you are too small or a spouse says you are too this or that, the choice is yours whether to believe them or not.

If you’re ready to take greater control of your life and are ready to start building a Mindset for Success, then print the following graphic out and post it on your refrigerator and anywhere else you can to keep this message front of mind.

It takes practice but you can make conscious decisions about what to do with your thoughts. Notice the word CONSCIOUS! Those who don’t reflect on their own thinking are often easily lead through life and find it difficult to choose their own path. Building financial freedom takes effort. Building financial freedom takes practice. And most important of all, building financial freedom takes a Mindset for Success. I write a lot about this in my upcoming book because it is truly the foundation for everything related to wealth.

You can learn more about building a Mindset for Success in any of our coaching programs. The more you learn, the more you earn! Don’t let no Stinkin’ Thinkin’ get in the way of your dreams!

Have a prosperous day!

Gabby

Building Wealth Is About Building Plans

Wealth Building is Wealth PLANNING!

Your children will learn a lot about money when they finish college and get into the real work world. But I believe that as a parent, your job is to start when they are young, teaching them about money, business and the principles of wealth.

The earlier you start the better. That leads me to a major point I want to make about the “P” word. PLANNING!

It’s not enough to get your kids through school with straight A’s. That’s nice but although their grades are important, most schools are not teaching anything about financial or business planning. We are continually amazed in our wealth coaching programs how little information adults have, let alone their offspring, about the importance and power of PLANNING.

In fact, for the rest of this post, I’m going to put the word PLANNNING in all caps in hopes that you’ll notice how passionate I am about this!

“It doesn’t matter if you’re a wealthy doctor, dentist, or lawyer…”

It doesn’t matter if you’re a wealthy doctor, dentist, or lawyer, your income has little to do with your long-term wealth. Unfortunately, I’ve run into a lot of broke doctors, dentists and lawyers who had plenty of income but way too much outgo. Their lack of PLANNING created an endless cycle of working harder and creating more stress versus working smarter and finding more peace.

Your wealth is a result of your PLANNING not your income. Here are a few things to teach your children about PLANNING (some of this might work for parents as well).

1.       LIVE like this is your last day on earth but PLAN like you’re going to live forever. In other words, enjoy this moment, let go of worry and be present to the joys of life all around you. And of course, that’s much easier to do when you’re PLANNING process gets those little worries out of your head and onto paper.

It’s easier to relax about money when you’ve automated your savings, you pay yourself first, your investing takes place automatically, the important things are insured and you have a clear understanding of where your money is going. This is part of the “First things first” philosophy that allows us to enjoy the day because our minds aren’t cluttered with unfinished business.

2.       Teach the positive and negative power of interest. We love earning interest and we hate paying it. Watch your child’s horror when you teach her that that brand new $30,000 car will really cost her $40,000 if she finances it. Watch her amazement when you show her the power of compounding interest. Show her how quickly she will double her money by teaching her the simple formula of the rule of 72. Divide 72 by the interest rate being earned on the investment to determine the number of years the investment will need to grow in order to double in value.

For example, if she’s making eight percent on her mutual fund you set up for her, then the $2000 she makes over the summer working at McDonald’s turns into $4000 in nine years. Now that might seem like an eternity to a teenager but putting this on paper in front of your children now is a powerful motivator for teaching them the power of PLANNING!

3.       Model the concept of Delayed Gratification. Teaching your children how a “cooling off period” before making a major purchase is in itself, a money maker! Teaching your child how to be aware of their purchasing process will save them from a lot of financial stress in the future.

Teach them to practice wealth building skills such as  – Research, Negotiation, and Saying No. Teach your children that the marketing campaigns bombarding them every minute of every day are based on hard core research. Big business has studied all the ways to play on the emotions of fear, greed and vanity to get us to buy things we don’t really need.

4.       Start PLANNING today! Keep it simple. Sit with your kids and write down three things they want to have, do or know in the coming year. That’s a plan! Now, tie in the financial components and you’ve got a good start on some highly beneficial long-term PLANNING!

I’m not saying that any of this is easy to teach or to practice but at the same time, they’re not really that hard! It doesn’t really matter if you have kids or not, these principles are powerful PLANNING principles that any of us can start using today!

And by the way, when you’re ready to start developing a solid long-term wealth plan for YOUR life, give me a call.

Have a prosperous day!

Gabby Huguenin

Don’t Be Dumb… S.M.A.R.T. Goals Build Wealth!

I spend a lot of time helping very wealthy people keep more of their hard earned money and…

even though I spend endless hours talking about reducing tax liability, creating asset protection strategies, and finding ways to reduce taxes from double digits down to single digits, none of that really matters unless my client has clear goals. The one thing that separates successful people from everyone else is that the wealthy ones are clear about what they want. So, here’s a little tool you can use to begin your legacy wealth building journey.

S.M.A.R.T Goals.

Setting goals is a powerful way to bring your dreams into the real world. Without a vision of where you want to be, how will you know when you get there? In my new Legacy Wealth Building workbook, I give you 60-plus pages of ways to visualize your dream and get there. One of the most important aspects of achieving your dreams is committing them to paper (sign up for the book now, it’s FREE).

But sometimes sitting down and writing out a goal can be difficult. To make it a little easier and more likely to come true, use this simple formula that’s been around for a long time. It’s called a S.M.A.R.T. Goal.

It’s a simple acronym that helps you remember all of the elements needed to create realistic and meaningful goals. Print this little graphic out and sit down with your family and/or business partners and discuss your goals within the context of a proven formula. It’s not any more complicated than that!

Have a prosperous day!

Gabby

The Importance Of Building A Foundation

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!

Have a prosperous day!

Gabby

How Much Creativity is Allowed in Tax Planning?

Creative Tax Planning –

How is it Possible and How Will it Help me?

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.

Need help?

Call me at 208-263-7202.
Gabby

A Lawyer Who Represents Himself Has a Fool For a Client

We love lawyers. We hate lawyers.

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!

Have a prosperous day!

Gabby

208-263-7202

7 Ways To Fire Yourself in 2011

Seven Things You DON’T Have to Do to  Grow Your Business in 2011!

Fire yourself? Yes! Put it on the calendar and fire your lazy, no good, self by the end of 2011! Now that you’re shocked, here are the details.

1. Don’t keep your job! Make it a goal to fire yourself by the end of the year. Work ON your business at least one day a week. You have to work IN your business for now but to grow you must work ON it. Think long-term, strategic, and high level. Get out of the day to day activities more and more. If you are in a production position right now, set a goal to be in a strategic position by the end of the year!

2. Don’t do the TWO STEP. If you take more than two steps from your desk/workstation to do a repeatable activity, you may not have efficient systems in place. If you are reinventing functions on your computer, in your communications, through your marketing, then you have not automated what can be automated. If you can get it down to one step, you’re getting closer to a business that you can leave once in a while! If you can’t leave, you don’t have a business, you have a job!

3. Don’t be a moaner and a loner! If you’re complaining about having to do everything yourself, you haven’t formed the proper team. Whether they’re on staff or outsourced, the only way to grow our biz is leverage! Don’t try do it all yourself. It won’t work. Period.

4. Don’t become a control freak. I’m not talking micromanaging here; I’m talking systems, procedures, best practices, checks and balances. For example is your bookkeeper that you’ve known and loved for years writing checks and reconciling the checkbook? If so, you’re playing with fire. Do you find yourself in a big hassle every time you replace an admin member? Is it because you didn’t have the discipline to set up the desk manual and all the controls that go with that position in a nice little three ring binder? Control is a good thing. Just don’t freak out over it.

5. Don’t forget to water and fertilize. Are you nurturing the controls, systems, vendors AND team members in a way that they are ready for greater growth? Are you training, preparing, and exciting your team for the future? Do they know how to do their jobs and think for themselves or are they more compliant than self-reliant? Your future depends on their ability to think. For themselves.

6. Don’t try to become a marketing maven. Do you depend on outside people to manage your marketing functions? Nothing wrong with that but you need to know enough about the rapidly changing marketing tactics to ask intelligent questions. Do you know how to Tweet? I’m just asking! It’s not necessarily something you should do but you should know what it means! Don’t try to be the expert at everything, be the strategist with the 30,000 foot view and your business stands a better chance of growing in 2011.

7. Don’t try to find Balance. There’s no such thing for the entrepreneur yet you can come from a place of calm more often than you think. Start your next meeting by asking your team to close their eyes and take three deep breathes. Start your next project at your computer with a moment of pause… slow down… breathe… enjoy the ride. Cooler heads prevail. It may never be a perfectly balanced life in your position but you can slow it down for a minute now and then to make sure you’re taking care of yourself so that when you are working on your business you are focused, clear headed and making your best decisions.

Go ahead, take ten minutes right now and walk around the block. You’ve got a lot of things we DON’T want you to do this year. You better get ready!

And, by the way, call me if you want to lower your taxes in 2011!

Have a prosperous day!
Gabby

Wealth Coach

208-263-7202

Die Now, Save Money! Estate and Gift Tax Law Changes for 2011 and 2012

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!

Have a prosperous day!

Gabby Huguenin

Wealth Coach

208-263-7202

Your Triple Bottom Line

Our company, Legacy Wealth Building, LLC is not just about showing you how to make money and reduce your tax liability. That’s not that hard. What is sometimes very hard is keeping it. Keeping it away from lawsuits, taxes, and economic threats. What is even more difficult is keeping it beyond your time on this planet. But with a little planning and discipline, anyone can learn to hold onto more of their wealth and make sure it becomes a legacy for a future generation.

But the picture gets a little bigger than that. Not only do we want you to succeed in passing your success to your heirs, we want you to pass it on in a way that helps the rest of the planet. If you haven’t heard of the phrase, Triple Bottom Line, I would encourage you to watch this brief video by this amazing speaker and author named Will Marre.

He talks about how it IS possible to take care of the THREE P’s that make up the Triple Bottom Line. People, Planet, and Profit. When you watch him speak you begin to realize that we all as individuals need to do a better job of long-term planning for our own lives but long-term planning for our children, our grandchildren, and the rest of the souls on this planet!  Check out this video and when you are ready for a little of your own long-term planning, give me a call!

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