Jun 132015
 
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We are quickly approaching the middle of the 2015 tax year.  You should know how to pay far less taxes this year and every future year for that matter.

If you paid too much in taxes last year, you do not want to miss this web briefing!  I don’t recommend training unless it’s something I know you will get valuable information from that will improve your financial situation.

In this webinar, you will learn:

  • Research by Small Business Tax Strategies concluded “Small Businesses OVERPAY the IRS by an average of $11,638.”
  • WHY is nearly EVERY small business owner OVER-PAYING their TAXES???

Surprisingly, the answer is not complicated.

If you’re paying your taxes and there is a line (or several lines) on the tax forms asking for your deductions, but you don’t know about any deductions, you will OVERPAY your taxes.

That’s why nearly all small business owners are overpaying their taxes – they are completely unaware of some major tax deductions they can
easily qualify for.

There is no reason the IRS should be able to suck tons of extra cash out of you just because they have hidden important tax deduction information from you.

The truth is, small business owners get more tax deductions than any other category of taxpayer in America, bar none!

Isn’t it time you knew what they are?

TOMORROW, Sunday, June 14th, 2015, my friend Ron Mueller will reveal ALL of the SIX BIGGEST deductions, and he’ll tell you exactly how to qualify for all of them.

GET THE DETAILS TOMORROW, Sunday, 6/14/2015, DURING A FREE WEB BRIEFING

Learning and using just SIX specific tax deductions, that ONLY small and home based business owners can qualify for, can easily slash this year’s taxes by up to $3,000 to $5,000 or more.

He will conduct this live, FREE web briefing ONE FINAL TIME, tomorrow, Sunday, 6/14/2015.

6:00 pm Pacific time
7:00 pm Mountain time
8:00 pm Central time
9:00 pm Eastern time
To REGISTER for SUNDAY, Click HERE

After this web briefing, you will be able to immediately:

  • STOP OVERPAYING Your TAXES!
  • SLASH them to the MINIMUM required by LAW!
  • Keep More of YOUR Money in YOUR Pocket!

WARNING: If you have a small or home based business – even on a very part-time basis – and you are NOT using these SIX specific deductions, you are very likely OVERPAYING your TAXES by AT LEAST $3,000, and probably even more.

After the webinar, feel free to contact me with additional questions or for more information related to how to pay far less taxes this year.

Disclosure of Material Connection: Some of the links on this blog are “affiliate links.” This means if you click on the link and purchase the item, I might receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”

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Nov 092013
 
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 Social Security wage base rises to $117,000 for 2014

The amount of earnings subject to taxation for purposes of calculating social security tax is called the social security wage base.  This wage base changes each calendar year based on the national average wage index.   The payroll tax deduction is actually based on two components:  (1) Old-Age, Survivors, and Disability Insurance, or OASDI, and (2) Medicare Hospital Insurance, or simply Medicare.

Social secruity

Social security (Photo credit: SalFalko)

The OASDI rate is 6.2% and is set by statute.  This tax is paid by both the employee and the employer.  The maximum deduction from an employee’s wages for calendar year 2014 is $7,254.00.  This amount is calculated by multiplying the maximum wage base ($117,000 for 2014) by the OASDI rate of 6.2%, i.e., $117,000 x 6.2% = $7,254.00.

The Medicare rate is 1.45%.  Since 1994, this tax has had NO maximum amount of wages, or wage base.  It is calculated in the same manner as OASDI, but without regard to any limit on the amount of wages.  Therefore, an employee with taxable wages of $125,000, for example, would have a deduction of $1,812.50 ($125,000 x 1.45%).

The combined total payroll tax deduction for Social Security and Medicare would be $9,066.50 ($7,254.00 + $1,812.50)  This amount is paid by both the employee and the employer.  Therefore, the amount of Social Security and Medicare tax paid based on this scenario would be $18,133.00.

New for 2014 – The additional Medicare tax of 0.9% applies to wages exceeding $200,000 for single taxpayers and $250,000 for married taxpayers filing jointly.  This tax is paid only by the employee.  There is no employer portion for this tax, although employers must withhold the employee portion.

Social Security wage base rises to $117,000 for 2014.

For more information and tax tips or assistance with calculating payroll tax deductions, contact me using the form below.

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Disclosure of Material Connection: Some of the links on this blog are “affiliate links.” This means if you click on the link and purchase the item, I might receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”

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Nov 042013
 
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How To Overcome The Obstacles To Retirement

Retirement Unfortunately, the vast majority of people will not have enough money to overcome the obstacles to retirement and they must continue working well into their 70’s. The reasons it is SO hard to save for retirement are the 4 obstacles that are in the way.

inflationThe first obstacle to retirement is inflation. Inflation is the silent income killer. Every one of us can think of multiple examples of inflation, but probably the easiest one to relate to is the price of gasoline. Most of us remember paying less than a dollar a gallon, now it’s $3 or $4 or more, depending on where you live on when you are reading this. But inflation doesn’t just eat into our current income and keep us from saving enough. It also screws up your planning because the cost of living doubles every 10-15 years. Let’s say you think you need $3,000 a month when you retire. Well, because the cost of living will double a couple of times or more, you may really need $6,000 a month when you’re ready to retire and $10,000 or more a month if you retire at 65 and live to be over 80.

The second obstacle to retirement is taxes. Now don’t get me wrong. I’m not a tax evasion kind of guy. I’m just saying that taxes in all their forms eat up over 30% of most people’s income, especially if they have a regular W-2 type of job.

 

Credit Card Picture

The third obstacle to retirement is debt. Because taxes reduce the take-home pay of most Americans, they have to go out and borrow what was taken away by Uncle Sam. Let me give you an example. If you make $50,000 a year, you will lose about $18,000 in various taxes and fees, leaving you with $32,000. But, in your mind you feel you have a $50,000 lifestyle, so you borrow the $18,000 on credit cards, car loans, etc., to get back to $50K. But, now, you have to pay back the debt and that reduces your ability to save for retirement.

The fourth obstacle to retirement is less than ideal cash flow decisions. Because inflation, taxes, and debt reduce your cash flow, now you are in a position of making bad decisions. Maybe you pay some bills late and incur late fees and higher interest rates. Maybe you start getting hit with overdraft fees. And what about ATM’s? If you use an ATM that isn’t branded to your bank, you pay a fee to the hosting bank AND your bank. You could be paying up to $6 or more to access that $20. Not too smart.

Cash Flow

So, briefly, what are the 3 things you can do to beat these obstacles to retirement? The first thing you can do is get your money back from the government which was paid primarily in taxes. The IRS website actually says that 114 Million people overpay their taxes during the year and require a refund when they file their taxes. Also, the IRS says that’s a bad plan. You can adjust your withholding by law and get your money put back into your paycheck during the year. Most people can get an extra $40 per week, or $160 a month. Then, you will want to pay down your debts and as each debt disappears, your cash flow continues to increase.

The second strategy is to legally, morally, and ethically reduce your taxes even further by starting some kind of home based business. By having a home based business, you get more tax deductions than you do as an employee. And, paying less taxes while earning a side income increases your cash flow, helps you get out of debt faster, and gives you much more to save for retirement.

The third strategy is to start shifting your income into good investments. You need to get your money working for money instead of you only trading labor for money. Money doesn’t get tired, it doesn’t call in sick, and investment income is usually taxed less than your wages or even your business income.

Overcoming the obstacles to retirement is possible simply by using smart strategies like income shifting. For more details on income shifting, you can find my 3 FREE videos at www.SimpleSteps2Wealth.com.

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Disclosure of Material Connection: Some of the links on this blog are “affiliate links.” This means if you click on the link and purchase the item, I might receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”

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Sep 192013
 
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Scam, as defined by Merriam-Webster dictionary, is a fraudulent or deceptive act or operation.  For example, someone calls claiming you have defaulted on a loan and will be arrested unless you immediately wire as much as $2,000 to them.  Recent economic events, including layoffs, have resulted in many individuals falling behind on loans and other types of debt.  Scammers use these situations to take advantage of those who have been a victim of these unfortunate circumstances.  There has been an increase in the number of telephone scams, as well as, email scams.

Other situations which generally involve a scam include, but are not limited to, the following:

  • Someone you do not know asks you to send money and keep it a secret.
  • A family you may know claims to be traveling and asks you to send money so they can get back home.  Generally, the communication will say they were a victim of theft.
  • An online seller or buyer insists you wire money to them or a third party.

If you’ve been subject to any of these situations, here are some tips to handle them:

  1. Ask the caller to provide official documentation verifying the debt.  If they don’t already have your address, they probably aren’t the lender they claim to be.  You have every right under the Fair Debt Collection Practices Act to ask the caller (whether legitimate or scam) not to contact you via telephone.  Insist that they contact you by mail.
  2. Do NOT provide or confirm any personally identifiable information.  That includes bank account, credit card, mailing address information.  Typically a scammer will already have a few bits of your personal information and only need a bit more to do significant damage to your finances, credit report, etc.
  3. You should report any suspicious call or mail to the Federal Trade Commission by calling (877) 382-4357 or visiting their website at www.ftc.gov.

Lately, I’ve heard of many individuals falling victim to various scams and losing large sums of money.  Please do not become a victim of these scammers.  Scammers will attempt to scare you with any tactic to get you to respond to them in the desired manner.  Just do NOT do it.

If you are promised money for doing nothing, it’s likely a scam.  Remember, if it sounds too good to be true, it probably is.

Disclosure of Material Connection: Some of the links on this blog are “affiliate links.” This means if you click on the link and purchase the item, I might receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”

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Aug 222013
 
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NASDAQ scrambles to overcome tech glitch that halted trading – New York Business Journal.

Disclosure of Material Connection: Some of the links on this blog are “affiliate links.” This means if you click on the link and purchase the item, I might receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”

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Aug 152013
 
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Did you know that the average student loan debt balance is $24,803?  Student loan debt is taking a heavy toll on borrowers, according to an American Institute of CPAs survey, which found that 75% of respondents or their children had made personal or financial sacrifices because of monthly student loan payments.  Sacrifices included putting off saving for retirement (41%); delaying car purchases (40%); postponing a home purchase (29%); and even waiting on marriage (15%).

Among the most troubling findings were that only 39% fully understood the burden that student loan debt would place on their future and 60% had at least some regrets about their decisions on financing their education.  That’s why it’s always critical to understand the full potential impact of all your financial choices.  Let’s face it, college is expensive.  Good schools cost even more.  Some people have found a way to pay for their kid’s college education with no loans.

Most people, once they hear about the solution, get excited and want more information but, honestly, some of them don’t.  You probably know the type; they’d rather watch TV, surf the internet and complain instead of helping their child come out of college debt free.  Would it be OK if I got you some more information?

Request additional information on how to pay college education expenses without the student loan debt by clicking on the Contact Me tab and entering your request in the comments section.  Your information is safe and secure and is never sold or transferred to third parties.

Disclosure of Material Connection: Some of the links on this blog are “affiliate links.” This means if you click on the link and purchase the item, I might receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”

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Jun 112013
 
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Americans Flopped This Personal Finance Quiz. Can You Do Better? – Businessweek

Disclosure of Material Connection: Some of the links on this blog are “affiliate links.” This means if you click on the link and purchase the item, I might receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”

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Sep 222011
 
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Creating a household budget can be a scary thought for most people. A lot of people look at a household budget as something that will restrict them from doing things. In reality, a budget is actually a tool that you will use to help guide you financially so you are able to buy and do the things that are important to you in your life. One of the best personal finance tips you can employ today would be to create a household budget. Take a look at the following benefits to creating a household budget.

1. Take control of your money- First and foremost, having a household budget lets you finally take control of your money once and for all. When you see how much money you have going in and how much money you have going out, you will be able to make better financial decisions. Instead of stressing over how you will bring more money in, what if you could cut back on your expenses? Having a budget let’s you see what you are spending your money on so you are able to make better choices.

2. Create a financial plan- No one wants to work forever. A budget will let you start to create a financial plan so you can make sure to reach your future financial goals. We work an average of 35-40 years of our life, so why not make our money work for us, instead of spending it all on things we end up tossing away later?

3. Stress less – When you know where your money is going each month, you will stress less over money (or the lack of it). Once you get a firm understanding of your financial situation and start to make some changes, you will stress less over money each month. Your situation still may not be perfect, but you can get yourself on the road to personal finance recovery quickly by following a monthly budget.

4. Live within your means- One of my favorite quotes is “A budget tells us what we can afford, but doesn’t stop us from buying it”. And that’s just the thing about budgets, if we don’t follow them, they don’t work! Once you see what you can afford each month, you will begin to live within your means to make your budget work.  This isn’t always a negative thing either. Sometimes cutting things out can make life much simpler and less hectic which in turn can make you happier!

5. Find out what’s important- When you see what you have coming in and going out each month, you may start to notice that some things just aren’t important anymore. Is it worth having to stress about where the money will come from when you decide what your stressing over isn’t worth it? It’s doubtful. Once you start to understand your spending you will realize that some things just aren’t that important.
Understand that creating a household budget may take time. But once you get started, you will start to see the ways your financial situation improves. There are many reasons to create a household budget. If you haven’t done so, what are you waiting for? Get started today!

Disclosure of Material Connection: Some of the links on this blog are “affiliate links.” This means if you click on the link and purchase the item, I might receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”

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