Tax Tips did you know this part two

Here’s a bit of both good news and bad news
that you should be aware of, <firstname>…

Did you know – STANDARD DEDUCTION
for taxes has now DOUBLED to $12,000
for singles; $24,000 married filing jointly?

That changed on Jan. 1, 2018 with
passage of the “2018 Tax Cuts Act.”

Did you know – PERSONAL EXEMPTIONS
are ELIMINATED, from now through 2015?

That ALSO changed on Jan. 1 with
passage of the “2018 Tax Cuts Act.”

Did you know – CORPORATE TAX RATES
have been SLASHED to a FLAT 21% (down
from a top rate of 35%)

THAT TOO changed on Jan. 1 with
passage of the “2018 Tax Cuts Act.”

What ELSE do you NOT KNOW about
the FOUR-DOZEN-PLUS tax-code changes
in the new “2018 Tax Cuts & Jobs Act?”

There were 53 TAX CODE CHANGES in
the 2018 Tax Act, and NEARLY ALL are
ALREADY in EFFECT.

Don’t let the name “Tax CUTS Act” fool you!
Some are tax increases. Do you know which
ones? Do you know how to limit their damage?

Ignorance about taxes is never a good idea!
You DO NOT want to be BLINDSIDED.

To get a FREE LIST of ALL 53 tax changes,
just Click HERE. (Normally $20, but free for ◄LISA: 3-page free download
the next three days.)

Ronald R. ‘Ron’ Mueller, MBA, Ph.D.
Helping THOUSANDS to SAVE a BUNDLE
by Creating Tax-Smart Home-Business Owners
Author, Speaker and Small-Business Tax- Educator

P.S.
To learn specifics about these 53 changes,
and how to CASH-IN on the GOOD ones
and LIMIT DAMAGE from NOT-SO-GOOD
ones, Click HERE. (Suggest you view now) ◄LISA: 3-page free download
See below…

NOTE: This Special Offer will end abruptly
and without notice as soon as the printer
calls to say the books are in the way –
which could happen at any time between
now and June 30.

Tax Tips – Did You Know This?

Here’s a bit of both good news and bad news 

that you should be aware of,

 

Did you know – if you are paying Interest on  

HOME EQUITY LOAN, it is NO LONGER  

Tax DEDUCTIBLE on your 2018 tax return?  

 

     That changed on Jan. 1, 2018 with  

     passagof the “2018 Tax Cuts Act.”  

      

Did you know – the CHILD TAX CREDIT  

has now DOUBLED, and that parent can  

now earn up to $400,000/year before  

eligibility begins to phase out?  

 

     That ALSO changed on Jan. 1 with  

     passagof the “2018 Tax Cuts Act.”  

 

Did you know –Business expenses that  

are NOT REIMBURSED to employees,    

are NO LONGER TAX-DEDUCTIBLE   

as itemized expenses on Schedule-A? 

 

     THAT TOO changed on Jan. 1 with  

     passagof the “2018 Tax Cuts Act.”  

 

 

What ELSE do you NOT KNOW about  

the FOURDOZENPLUS taxcode changes  

in the new “2018 Tax Cuts & Jobs Act?”  

 

There were 53 TAX CODE CHANGES in 

the 2018 Tax Act, and NEARLY ALL are  

ALREADY in EFFECT.   

 

Don’t let the name “Tax CUTS Act” fool you! 

Some are tax increases.  Do you know which  

ones? Do you know how to limit their damage? 

 

Ignorance about taxes is never a good idea! 

You DO NOT want to be BLINDSIDED. 

 

To get a FREE LIST of ALL 53 tax changes, 

just Click HERE. (Normally $20, but free for ◄LISA:  3-page free download  

the next three days.) 

 

Ronald R. ‘Ron’  Mueller, MBA, Ph.D. 

Helping THOUSANDS to SAVE a BUNDLE  

by Creating Tax-Smart Home-Business Owners 

Author, Speaker and Small-Business Tax- Educator 

 

 

P.S.  

To learn specifics about these 53 changes, 

and how to CASH-IN on the GOOD ones  

and LIMIT DAMAGE from NOT-SO-GOOD 

ones, Click HERE. (Suggest you view now)◄LISA:  3-page free download 

See below…  

 

NOTE: This Special Offer will end abruptly 

and without notice as soon as the printer 

calls to say the books are in the way –  

which could happen at any time between  

now and June 30.  

Tax Day 2019: Why you should start prepping now

As many Americans wrapped up filing for the fiscal year 2017 tax season this week, experts say it’s not too early to start thinking about next year.

While President Donald Trump signed tax cuts into law in December, most of the changes will affect next year’s returns. That means everything from changes to deductions to credits will all need to be accounted for when taxpayers file a year from now.

Here are some of the main items taxpayers can start thinking about to get ahead of the game.

Standard deduction

The new law doubles the standard deduction to $12,000 for individuals and $24,000 for married couples filing jointly. That means a lot more Americans will be taking the standard deduction instead of itemizing.

“Before the change, it was about two-thirds, like 70%, of people taking the standard deduction,” Speiss says. “That’s inching closer to 95% of people taking the standard deduction [now] … Overall it helps make tax preparation easier … less things that [filers] need to stress in the first place.”

People who will still be itemizing shouldn’t be overly concerned, Speiss adds, because the only thing that has really been curtailed is state and local tax (SALT) deductibility.

State and local tax deduction changes

Under the new law, state and local tax deductions will be capped at $10,000 – a major point of controversy for residents in high-tax states such as New York and California.

But some residents who are losing out on this deduction may not be hurt as severely as they might think. That’s because high-income filers subject to the alternative minimum tax, or AMT, haven’t been able to benefit from SALT deductions.

“They’re really not getting the deduction anyway,” Speiss says. Still, the SALT changes will accelerate some individuals’ decisions to move to lower-tax states, Eric Bronnenkant, head of tax at Betterment, told FOX Business.

The change, Speiss says, could cause individuals with multiple residences to shift where they spend most of their time in order to change where they claim primary residence. He warns that auditors in such states as New York can be aggressive, monitoring everything from cell phone tower logs to toll receipts.

Retirement planning and contribution

Retirement plan contribution limits were largely unaffected by changes enacted under the Tax Cuts and Jobs Act. The contribution limit for 401(k) accounts was raised by $500 to $18,500, from $18,000.

One change that Bronnenkant says his clients have been less enthusiastic about is the characterization of IRA contributions. Individuals who are contributing to an IRA have the option of converting the funds into a Roth IRA. Under previous law, they had the ability to undo that decision by a deadline in order to avoid taxes, a move known as recharacterization. The new law, however, prohibits individuals from such changes in Roth IRA conversions beginning in 2018.

“Electing a conversion [is] an irreversible event … so you want to be more certain about your decision now,” Bronnenkant says.

Qualified business income

Speiss notes that investors should take advantage of the retirement plan’s contribution limits and also keep in mind that business owners can benefit from a new deduction. The qualified business income deduction can be claimed by some self-employed individuals and is limited to the lesser of 20% of qualified business income or 50% of the total wages paid by the business.

WHO WANTS TO BE A BILLIONAIRE? The IRS is holding onto $1-BILLION that  belongs to estimated 1-million taxpayers.

Is this for YOU, howard?

 

WHO WANTS TO BE A BILLIONAIRE?
The IRS is holding onto $1-BILLION that 
belongs to estimated 1-million taxpayers.

    ARE YOU ONE OF THEM? 
   IF SO, TIME IS RUNNING OUT!

The money is owed to people who have 
not filed their 2014 tax returns to claim 
their refunds. BTW, there’s no penalty for 
filing tax returns late (even 3 years late!) 
if a refund is owed to you.

By law, any refunds NOT claimed within
3 YEARS of the original filing deadline, 
becomes permanent property of the 
Department of Treasury.

The DEADLINE for filing 2014 returns 
to receive refunds belonging to you, is
THIS TUESDAY, APR. 17, 2017

IS MORE TAX REFORM COMING?

Here’s a shocker: both Democrats and
Republicans agree on something:
There’s a need to modernize the IRS and
to make it more “taxpayer-friendly.” It’s
clear to most everyone that the IRS has
forgotten its last name: SERVICE.

THE BEST WAY TO REFORM IS…?

Discussions are at a very early stage, but
ideas being tossed around include giving
the taxpayer access to their own IRS case
files before their appeal hearing, and even
changing the title of the head of the IRS
from Commissioner to Administrator.

Those “softballs” are not Tax Reform.
It’s easy for both parties to “agree” on a
concept that’s publicly popular, like
overhauling the IRS. The fighting will
begin when attention shifts to the question
HOW are we going to DO that?

Don’t hold your breath expecting anything
definitive anytime soon. Especially not
before the midterm elections next Nov.

IF YOU’RE DOING YOUR TAXES 
THIS WEEKEND, REMEMBER…

The #1 cause of lost deductions in audits
is lack of proper records.

As I said in a Tax Tips a few days ago, if you
have lost, missing or incomplete records for
ANY of your deductions, your choices are to:
(a) Claim the deduction, but knowing if you
are audited, you will lose the deduction
AND be slapped with interest and penalties.
(b) Not claim the deduction, and lose the tax-
savings value it could have meant
(c) Claim your rightful deductions, and
     RECONSTRUCT your missing records.

IRS has authorized several ways for you to 
“reconstruct” incomplete or missing records.

It is true that in order to claim ANY business
deductions, you must have records to back-
up each deduction. But it is also true that 
some of the records can be reconstructed
if you did not keep, or later lost, your records.

The RECONSTRUCTING RECORDS Guide
is an immediate-download; get it NOW at
https://www.homebusinesstaxsavings.com/newrr.html

COMING UP NEXT WEEK…

The “2018 Tax Cuts Act” is fill of opportunities
to pay a lot LESS taxes this year than you
did in 2017.

I’ll take you through several of them in a
series of Tax Tips I’ll put out AFTER the
Tuesday tax filing deadline.

That’s it for today’s Tax Tips You Can Bank On.
If you got value from it, tell others. Subscriptions
are still FREE at www.TaxTipsYouCanBankOn.com

   Ronald R. ‘Ron’ Mueller, MBA, Ph.D.
Helping THOUSANDS to SAVE a BUNDLE 
by Creating Tax-Smart Home-Business Owners
      Author, Speaker and Tax Educator
       HomeBusinessTaxSavings.com 

P.S.
Did you know that “Home Business Tax-
Savings, Made Easy” has a NEW TITLE?
New name is “WINDFALL Tax-Savings 
APPROVED for Small Business Owners”

New newest version (just weeks old) includes
all small-biz tax changes in the new 2018
“Tax Cuts & Jobs Act” – there were a LOT!
Check it out NOW at
https://www.homebusinesstaxsavings.com/book18.html

The IRS has issued a warning to taxpayers  who are tempted to falsely inflate deductions  or expenses or tax credits on tax returns.

Head’s up howard,

The IRS has issued a warning to taxpayers 
who are tempted to falsely inflate deductions
or expenses or tax credits on tax returns.

Common areas targeted include charitable
contributions, padding business expenses
or including credits that they are not entitled
to receive – like the Earned Income Tax Credit
or Child Tax Credit, in hopes of getting a larger
refund or paying less than what is owed.
The IRS reminds taxpayers to be careful when
claiming these deductions or credits. Even if a
tax pro preparers your tax return, YOU and you
ALONE are as responsible as if you had filled
out the forms yourself.

AUDITS AND PENALTIES
ARE TRIGGERED BY…

Submitting an accurate tax return is your best
way to avoid triggering an audit. Be aware,
SIGNIFICANT PENALTIES for taxpayers
who file incorrect returns include:

• 20% penalty on disallowed amount for
filing erroneous refunds or tax credits.

• PLUS $5,000 if the IRS determines a
taxpayer has filed a “frivolous tax return.”
A frivolous tax return is one that does
not include enough information to figure
the correct tax or that contains information
clearly showing that the tax reported is
substantially incorrect.

• PLUS an additional penalty of 75 percent
of the amount owed, if the underpayment
on the tax return resulted from tax fraud.

BOTTOM LINE:

Cheatin’ ain’t worth the risk!

ON TOP OF ALL OF THAT…

Taxpayers may be subject to criminal 
prosecution and be brought to trial for
actions such as (a) willful failure to file
a return or supply information or pay
any tax due; (b) false statements; (c)
preparing and filing a fraudulent
return and (d) identity theft.

● Prepare and e-file federal taxes free
with IRS Free File (see www.irs.gov)

● Taxpayers with income of $66,000 or
less can file using free brand-name tax
software.

● Those who earned more than $66K, can
use Free File Fillable Forms, the electronic
version of IRS paper forms (www.irs.gov).

● If you are a SMALL-BUSINESS owner
I strongly recommend you use a CPA, EA,
or tax attorney tax who is a seasoned expert
in small-business tax law. Click Here

IMPORTANT CAUTION: YOU are legally
responsible for what is on your tax return,
even if it is prepared by someone else.

RECOMMENDATION: As soon as your
tax preparer sends you your forms to sign,
schedule a phone consultation to review
everything on your tax returns BEFORE
you sign it.

FINAL REMINDER: Your tax professional’s
job is NOT to save you as much taxes as
possible. It is to file an accurate tax return
based on information YOU provide them.

Ronald R. Ron Mueller, MBA, Ph.D.
Helping THOUSANDS to SAVE a BUNDLE 
by Creating Tax-Smart Home-Business Owners
Speaker, Educator and Author
www.HomeBusinessTaxSavings.com

P.S.
The law requires you to have adequate
records to document every tax deduction
you claim. If yOu have any lost, missing
or incomplete tax deduction records,
Click HERE  for help.

What do you think, howard, are business  meals still 50% deductible under the “2018  Tax Cuts & Jobs Act?”

What do you think, howard, are business
meals still 50% deductible under the “2018
Tax Cuts & Jobs Act?”

“Expert opinions” about this are all over the
board, ranging from “absolutely not” to
“absolutely,” plus everything in between.

Which “Expert” is CORRECT? 
The Act states “all Business Entertainment
deductions are SUSPENDED,” but the big
question is: “Was that the actual INTENT
of Congress, or was it careless wording?”

For now, you cannot safely rely on any
“expert” because we are just expressing
our opinions. The only fact is the wording
in the Tax Act is unclear.

When and How will we Know for CERTAIN?
There are two possibilities:
 (a) Congress will pass a bill called a
“technical correction,” which will
clarify what the intent of Congress
was and is. Or…
 (b) After conferring with Congressional
tax-writers, the IRS will publish a
definitive written “clarification” to
spell out what Congress intended,
and how they (IRS) will enforce it.

What do we do for now?
My advice is to treat every expense as if it
IS (or WILL be) deductible. That may result in
keeping records that, in the end, you would
not be able to use; BUT it ALSO MEANS if
the deduction IS approved, you will be ready
with all required documentation in hand.

As soon as a “Technical Correction” is
passed by Congress or an “Official
Clarification” is issued by the IRS, you
will immediately be alerted in “Tax Tips
You Can Bank On.”

Ronald R. Ron  Mueller, MBA, Ph.D.
Helping THOUSANDS to SAVE a BUNDLE
by Creating Tax-Smart Home-Business Owners
       Author, Speaker and Educator
HomeBusinessTaxSavings.com

P.S. – To learn more about what is in the
massive “2018 Tax Cuts & Jobs Act,”
Click HERE.

Rotator Genie – Just Released! Have your OWN Rotator Advertising System.

Just released … Rotator Genie

Worldprofit’s Rotator Genie allows you to….

OWN your very own – URL Rotator System !

A POWERFUL system to…

Make Money – Get Traffic – Be The Boss

It’s So Easy!

Here’s how it works…

You as the OWNER of the URL Rotator System can enter UNLIMITED URLS into the rotation.
There’s ALSO a MONEY-MAKING component to this system!

With Rotator Genie you can set the system to allow your customers to enter their URLS into the Rotator.

YES!  YOU can sell URL spots in the Rotator – and as the OWNER of the system – keep 100% of your sales!

See how exciting this is!

You can edit / change your own URLS anytime – and give your customers access to do the same.

URLs can be set to expire as you specify.  You get complete control as the OWNER of the Rotator.

Your URL Rotator System includes click tracking for you – AND for your customers.

This system includes two kinds of advertising: The Gallery Option or the Rotator Option.

It gets even better!

We include a URL Gallery page on YOUR domain which randomly displays the active URLS.
You can promote the URL of your Gallery to generate traffic for both you and your customers.

You also get a standard rotator page. Send traffic directly to this one URL, for random displays of ALL the URLs actively rotating in your system.
All clicks are tracked for accountability and analysis.

PLUS, in minutes, you can easily install any of these powerful features. No tech skills required.

– Google Analytics for SEO indexing advantages
– Live Chat option
– Click Tracking for your included URL Gallery page.
– Custom title and/or header image
– Customized footer area for more advertising display
Rotator Genie is an OPTIONAL service available at an annual cost, and available EXCLUSIVELY ONLY to Worldprofit Silver and Platinum VIP Members.

Only Worldprofit Silver and Platinum VIP Memberships can promote this product to earn sales commission. 
We have includes a Sales Page you can use for your promotion purposes, you can find it under the PROMOTE TAB.

We have recorded a Video that offers a TOUR of Rotator Genie and also a HELP Video for Members who purchase this system.

–> Access: In your Member area on the LEFT MENU select Rotator Genie.

From satisfied Rotator Genie owner, Lee Shaw…

“This Rotator Genie is Da Bomb.  I already got 3 new associates with just a little advertising.  I added an ad for each of my three dealers and one of them just called that they got a new associate and wondered where it came from.  Great work George and Sandi.”

Worldprofit’s Affiliate Link Blaster – massive exposure for your affiliate link(s).

Worldprofit’s Affiliate Link Blaster.

This service allows you a clever way to get massive exposure for your affiliate link(s).
How much exposure? You are going to blown away by how much and by how we do it.

Worldprofit has created this unique advertising platform which harnesses the power of our own Top Traffic sites to deliver quality traffic to you at a low cost.

Every Affiliate Marketer can benefit from this massive exposure for your ads.

The Members, subscribers at our high Traffic Sites, have agreed to receive email offers, so this is a captive audience eye-balling your ads.

This system was tested by Worldprofit for our own purposes and after many many weeks of development, we have released the Affiliate Link Blaster to our members.

Get MORE EXPOSURE. Get MORE TRAFFIC. Get MORE SALES! 

How does it work?

1. Enter a title for your ad and your affiliate link or website URL into our system. Your Ad will appear prominently as the TOP Featured Ad when our mailings are posted to the 18 Traffic sites.

2. Once approved your ad will be email blasted continuously to our network of member-based sites (currently 18 sites) for one full year.
We approve ads FAST so your ad can be seen, and you can start getting clicks, and sign ups.

3. You can change your ad anytime. You can also do what some of our Top Sellers do – purchase additional  AFFILIATE LINK BLASTER accounts to get MORE traffic to all of your affiliate links.

Yes, it is possible to book more then one Affiliate Blaster account, you get 1 AD and URL per account.
It’s a good idea to get more then one account as we may not be able to keep the price as low as it is now.
As this is a new system we have to monitor and analyze user input and data to ensure quality of service provision.

With your Affiliate Link Blaster account comes detailed data tracking of your traffic including source, views and clicks, and email blast dates.
Confirmation emails are sent to when your ad is blasted out to our 18 Traffic Membership sites. You can opt out of these notifications at any time, as your may end up with a lot of notices!  You also get an optional weekly summary traffic report.  Data is also accessible for your review within your Member area.

Remember! Your ad will be e-blasted in rotation for a FULL YEAR to our subscribers in a TOP FEATURED Ad position for prominence.

If your affiliate program changes, no worries, just change your ad and keep enjoying the traffic all year long.

The Affiliate Link Blaster is an optional service at an affordable price for our valued Members.

You can’t beat this mass verifiable exposure and price –  for ONE YEAR of advertising!

Order the Affiliate Link Blaster and use for your own promotion purposes and / or you can promote it to earn commission on every sales referral.
You can find a landing page for promotion in the AD EXAMPLES section of your member area.

For more details of how you benefit, we encourage you to watch this HELP VIDEO

HELP VIDEO: http://www.worldprofittube.com/video.cfm?videoID=783

8 Things Kids Need To Know About Money

My grandfather’s financial insights mainly consisted of letting me know that professional athletes get paid way too much. Regardless of how you feel about that particular topic, sharing financial knowledge with your kids is a great way to help set them up for success later in life. You can help them develop practical money skills and a better understanding of personal finance by teaching them these 8 things below.

Offset

Teaching kids about money at an early age will help prepare them for their own financial future.

Money Talks

What in the world is money? And why do we have it? Don’t worry. These questions don’t warrant existential responses. Kids just need to know what’s going on when you hand someone $20. Knowing that money pays for goods and services and that its value is backed by the government is a great start. While you don’t need to explain the entire barter concept, let them know it’s an exchange, like trading two dimes for a juice box.

Lots of Ways to Pay

Your kids might notice that you used a check to pay the mortgage, a debit card for the utilities, bills and a handful of coins for a bottle of shampoo, and a credit card for a new mower. That simple lesson about what money is just turned into a cyclone of moving parts. So, you might want to walk them through the different forms of money. Let your kids take a look at each one and share why you decided to use one over the other in those particular situations.

All in a Day’s Work

Do your kids ever ask, “Where do you go all day while I’m at school?” Most people go to work to make money. And they make different amounts for different responsibilities. Giving your kid an allowance is a great parallel. If you decide to do so, tie the two together. Explain that you give them an allowance once a week for doing certain chores or having good behavior. Maybe some of those things are worth more than others. Similarly, you receive a paycheck each pay period because you performed your duties.

Don’t Spend It All in One Place

Every day, we determine need vs. want, worth vs. value and budgeting vs. indulging. It’s important to distinguish the difference between each for your kids. They may want a new bike, but do they really need it? Or do they want it more than a new outfit? Do they need it more than a new outfit? You can drive home the importance of purchase decisions to your kids without making it feel like it’s the end of the world if they misfire. Everyone has probably made at least one bad purchase decision in their lives, but you can overcome it.

Where Credit Is Due

What does it mean to pay with credit? When explaining this to young children, real examples help. For instance, if your child wants a piece of candy while you’re checking out at the grocery store, you can offer to buy it for them as long as they pay you back from their allowance. You can also point out whenever you’re using credit, whether buying new furniture or filling up at the pump.

Piggy Bank Bits

Our financial goals determine how much we save and why. Are you setting money aside for a new boat? Or, shoring up your emergency fund for unexpected car maintenance? Use examples from your life to illustrate the importance of saving money. You can help your kid create their own savings plan as well with a fun app for your phone or tablet. Maybe they’d like to save for a new train set, or perhaps they’ll have to mitigate replacing their sibling’s broken dollhouse.

And when it comes to setting financial goals, a fun, easy way is having them divide an allowance into three jars for saving, spending and sharing. Have them decide what they want to accomplish with each of these jars and the jars as a whole. They may want to have enough money in their spending jar to purchase a piece of candy every week, while also saving enough to purchase a new toy in a couple of months. Maybe they’ll put enough money in their sharing jar to help you pay for college one day. One can hope, right?

Giving Back

People give back in different ways, whether it’s donating money to the local animal shelter or letting a family member borrow money for a medical expense. Helping your kids see the implications that come with doing so will help them understand how to give money away responsibly without being scammed or causing undue burden on themselves. Have them create a list of things they’re passionate about and put a dollar amount next to each. This will help them prioritize what’s important to them. The higher the ranking, the more likely they’re going to feel good about giving to the cause.

Budget Building

This is where earning, spending, saving and sharing all come together. Sticking to a budget and learning the costs of things will help kids better understand money management. There are fun budgeting gamesfor students online, including ones available for phones and tablets, to show kids good budgeting techniques and explain other financial practices. You can also let your child know how your family budgets and spends money on different things, such as planning for the week’s meals or purchasing soccer gear.

Money plays a big part in all of our lives, and it’s important to start teaching young children about finances early so they can make smart decisions and secure a better financial future.