Free Teleseminar - How to Minimize Your Taxes and Maximize Your Profits
October 21, 2007
Give me 60 minutes and I’ll show you how to minimize your taxes and maximize your profits - for Free!
Attention coaches, eBay sellers, affiliate marketers, and other online business owners…
-
As an online business
owner, do you know what your
tax responsibilities are? - Did you know that as an
online business owner, you can save money on your taxes by deducting
expenses? Do you know which type of items qualify for these
deductions? - Do you want to learn
how to pay fewer taxes and keep more of your profits?
Announcing the Free teleseminar, ‘How to Minimize Your Taxes and Maximize Your Profits’!
Join me on Friday October 26th at 12:00 CST to learn:
- The tax advantages of having an online business
- The most common tax deductions for online business owners
- How to qualify for the home office deduction
- How hiring your family can save on taxes,
- and much more!
Click here for more information and to sign up today!
Money Makeover: Saving for College and Retirement
October 21, 2007
I had the pleasure of working on a Money Makeover for the Kansas City Star recently. Here’s the article that appeared in the KC Star this morning…
Money Makeover: Couple frets over saving at the same time for their retirement, kids’ college expenses
by Gene Meyer
The Kansas City Star
Steven and Angie Cortez look into the future and see a financial dilemma they want to resolve now.
The
couple, who both are educators and not yet 40, theoretically will be
eligible to retire when Steven turns 53 and achieves the combination of
age and years in service to qualify for Kansas Public Employees Retirement System teachers’ benefits.
That
doesn’t seem realistic, the Olathe residents say, because their
children, twins Kennedy and Carson, who turn 6 Monday, will still be in
college when the milestone arrives.
They don’t mind postponing retirement for a few years. But they are
concerned about how best to prepare now to hit two humungous savings
targets — college and retirement — so potentially close together.
“We’ve
been told that we should max out our Roth IRA savings before we
contribute anything to college funds, but I’m not sure that’s the best
way to go,” Steven Cortez said.
Neither target is an easy one.
Some rough, back-of-the-envelope calculations based on College Board projections
show that the $50,000 it costs to send a student to a public college
for four years now may more than double by the time Kennedy and Carson
are freshmen. For a private school, the already higher costs will
almost double too.
But a financial planner who analyzed the
Cortezes’ situation more thoroughly calculates Steven and Angie also
need to accumulate $1.97 million in the next two decades to supplement
his KPERS and their other projected retirement benefits so he can
retire at 60 and live as comfortably as they do now.
“Retirement
savings should be your higher priority,” said Kristine McKinley, the
certified financial planner from Lee’s Summit who examined the Cortez’s
circumstances.
Saving for retirement often is more urgent than
saving for college, McKinley said. First, as is the case with the
Cortezes, retirement requires more money than college. Second, families
have resources such as loans, grants or scholarships to turn to if
savings come up short. Retirees have far fewer alternate choices.
But there’s good news too, McKinley told the couple.
Saving
more aggressively and more efficiently now for retirement should also
provide a potential cushion to help with the college funding if that’s
needed.
The keys are Roth IRAs that the Cortezes opened to
provide tax-free income when they retire. In a jam, Roth savers also
can withdraw money they’ve contributed — but not the investment profits
earned — before retirement without incurring penalties, she said.
Pulling money out also will trim the account’s potential growth,
however, so it shouldn’t be done lightly.
QuickBooks Basics - Free Teleclass at Teleclass.com
October 19, 2007
I know many of you use QuickBooks to keep track of your income and expenses for your business.
I just saw a free teleclass at www.teleclass.com on QuickBooks
Basics. I’m a little rusty on QuickBooks myself, so I’m signing up.
Here are the details if anyone is interested in joining me…
101410. QuickBooks Basics: Bookkeeping Essentials
(Other)
Section: 1
One Tuesday, October 30, 2007, from 3-4pm Eastern/NY. Tuition: Free
Led by
Gabrielle Fontaine
, PB
Gabrielle Fontaine, PB is a freelance Professional Bookkeeper and
Advanced Certified QuickBooks ProAdvisor. She specializes assisting
Internet savvy entrepreneurs get control of their financial records and
maximize profits. Gabrielle also publishes the business-boosting
monthly online newsletter, Smart Money Choices. For more information,
visit http://www.bookkeepingdirect.com
gabrielle@bookkeepingdirect.com
http://www.bookkeepingdirect.com
Class Description:
Here are just a few topics you will learn in this class:
What a Chart of Accounts is and why it is the backbone of your business records
How QuickBooks makes it easy to track the money flowing into and out of your Chart of Accounts
A rundown of all the basic bookkeeping terms and what they mean to you
Cash and Accrual basis - why knowing the difference can have a dramatic affect on your tax bill and your business planning
How to use two key financial reports to measure the present health of your company and build future profitability
Putting it all together to understand the behind-the-scenes "adjustments" your accountant makes to your financial records.
Preclass Instructions:
When calling into the audio portion of this class, you will need to enter
Bridge ID: 145412
Gabrielle’s Teaching Style:
This class is in webinar format, using web-based visual and telephone audio. It is lecture style, with Q & A if time allows.
Click here to register for this class.
EBay Urges Internet Access Tax Ban
October 7, 2007
WASHINGTON (AP) — An eBay executive warned Wednesday that fewer small businesses would sell products through the Web auctioneer, and elsewhere online, without a permanent ban on Internet access taxes.
Congress first imposed a moratorium on taxing Internet access — which bars state and local governments from taxing the connection to basic Internet content — in 1998. Since then, it has been twice extended, but is set to expire Nov. 1.
Congress is considering legislation that would extend the moratorium for several years or ban it permanently.
While Brian Bieron, eBay Inc.’s senior director of federal government relations, did not directly say the company would suffer without the ban, he said the effect would be far reaching.
“More importantly, fewer consumers will use the Internet,” he said in testimony prepared for a House hearing. “And, for the small businesses using the Internet, that means fewer sales and less opportunity to compete with the mega retailers.”
He estimated more than 720,000 small businesses use the San Jose, Calif.-based company as a primary or secondary marketing channel, calling it a “lifeline” against larger retailers.
Through eBay, he said about 15 percent of sales of U.S. small businesses are exported to other countries and small businesses can also find products from all around the world on the Web site.
Bieron was one of five witnesses to testify before the House Small Business Committee, which
is considering the potential impact on small businesses if the moratorium isn’t renewed.
Rep. Nydia Velazquez, D-N.Y., who chairs the committee, said in her opening statement that if Internet
access is taxed then small businesses could see a 15 to 30 percent increase in their Internet bills.
My First Live Seminar!
October 6, 2007
I’m excited to announce that I will be speaking at my first live seminar!
Tim Knox - entrepreneur, author, speaker, and eBay guru - has asked me to speak at his "Ultimate Small Business Bootcamp 2007" in November.
This two-day event is for entrepreneurs
who are serious about starting their own business or kicking their current
business into high gear.
I will be talking about tax strategies to minimize your taxes and to maximize your profits.
Miller, Mike Enos, Kristine McKinley, Paul Finley, Scott Paton, and Chuck
Bowen.
DETAIL:
- How to choose the right business for
you - Podcasting for fun and profits (I’m looking
forward to this session!) - How to use eBay to drive traffic to your
business - How to minimize your taxes and maximize
your profits - How to write your way to the
bank - How to build a profitable coaching
business - How to build a killer business
website - Combining sales and marketing for maximum
results - And more!
and an attendee at this event. I can’t wait to get into the podcasting session
and the writing your way to the bank session. These are just a few of the
topics I need to take my business to the next level!
you’ll learn at The Ultimate Small Business Bootcamp 2007. If you’re ready to start, build, or grow your business, then
click here!
Reporting Online Auction Income - New IRS Fact Sheet
October 3, 2007
Being the tax geek that I am, I subscribe to the IRS Small Business Tax Newsletter.
Today’s newsletter included a fact sheet on reporting online auction income.
Here’s the full text of the fact sheet:
Reporting Auction Income and the Tax Gap |
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Get Your EIN Online - Free
October 3, 2007
Just a quick note to let you know that you can now apply for your Employer Identification Number (EIN) online.
This is a free tool on the IRS website. Please, don’t be fooled by companies who try to charge you to get an EIN. Applying for an EIN has always been free, and now it’s even easier since you can do it online.
Click here to apply for your EIN online at the IRS website.
Final Tax Deadline Approaching Quickly
October 1, 2007
Attention US taxpayers! If you haven’t filed your 2006 income tax return yet, you’re almost out of time.
The final deadline is approaching quickly. Assuming that you filed an extension, you have until October 15th to file your tax return with being considered late. If you didn’t file an extension, well that’s another story…
A couple of thoughts about the upcoming deadline:
1. If you filed an extension because you owed money, you’re out of luck. The extension only extends the time to FILE your tax return. It does not extend the time to PAY your taxes. So, if you expect to owe a balance due, expect to pay interest and penalties.
2. What should you do if you expect to owe a balance due, and you don’t think you’ll be able to pay?
a. First, go ahead and file your tax return. The IRS will be more willing to work with you if you file a timely tax return.
b. Ask for a payment extension. The IRS used to allow a 60-day payment extension (can’t find any info online about this, but I bet they still do offer it). If you think you’ll have the money pretty quickly, then call and see if they still offer this option. It doesn’t waive any interest or penalties, but it keeps the IRS off your back for a couple of months while you find the money to pay up.
c. Pay by credit card. I don’t really recommend this option, but if you’ve got a low interest credit card, it may be less expensive than paying interest or penalties to the IRS. There is a convenience fee to pay your taxes by credit card.
d. Apply for an installment agreement. If you absolutely can’t pay your taxes, you should request an installment plan with the IRS. Again, you may not be able to get out of any interest or penalties, but it will at least allow you to pay your debt in smaller, more manageable payment amounts.
Lastly, be kind to your tax preparer! Please, please, please help us keep our sanity by NOT waiting til the last minute to file your tax return!
For more information on filing late or paying late, click here.
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