Posts tagged as:

Taxes

Want to See What a Trillion Dollars Looks Like?

March 20, 2009

With all the talk of bailouts, sometimes we lose sight of how much one trillion dollars is.  Personally, I don’t know anybody who has seen a trillion, so it’s difficult to grasp how big it really is.

We found this resource.  Click on the link to see exactly how much a trillion dollars is.

http://www.pagetutor.com/trillion/index.html

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Delaying California Tax Refunds

February 15, 2009

Podcast: Download (23.0MB)

Two things that have been bothering me: Delaying California tax refunds and the economic stimulus package.

How to take advantage of the new $15,000 tax credit from the government. What do you do when your house goes down in value.

Is Congress doing funny math? Do not overpay the government with your taxes. Fill out the W4 form correctly.

Free Customized Asset Optimization Report: Free consultation and analysis with the Missed Fortune Firm. 888-987-5665. Get a free 60 page customized report and experience clarity and new direction.

New FREE Missed Fortune E-book: Baby Boomer Blunders. THE PROBLEM? The average Baby Boomer has less than $50,000 accumulated for retirement (which means many have less than that), primarily due to bad habits and having money invested in the wrong places where economic downturns can diminish their nest egg. Download at www.babyboomerblunders.com

DOUG LIVE. Doug will be speaking on March 2nd from 6:30 to 9:30 in San Diego, CA. To register for this free event call us at 888-987-5665 or register on-line at www.missedfortune.com/events

Other Events:

Tuesday, March 10, 2009, 6:30 PM – 9:30 PM (Click here to register) SLC, UT
Saturday, April 4, 2009, 12:00 PM – 3:00 PM (Click here to register) Woodland Hills, CA

Missed Fortune 101 MP3 Book Download. Download the Missed Fortune 101 unabridged audio MP3 for only .99 Cents! www.missedfortune101.com

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Will I be in a lower tax bracket when I retire?

February 5, 2009

This is a common Baby Boomer Blunder.  There’s a nasty surprise awaiting those who think this way.

If you are expecting a pension, and you add Social Security and a piece of a qualified plan such as an IRA or 401(k) to it, your taxable income as a retiree probably will be as high as it was before you retired.

But you will have fewer tax deductions to offset that income, because you will no longer be putting money into those tax-deferred IRAs or 401(k)s.

In addition, you may no longer have dependents at home, for whom you were entitled to a tax deduction. If you insisted on paying off your mortgage, you no longer can deduct its interest payments either.

Add it all up. If your income stays the same, or even if it drops from $75,000 to $60,000, you don’t have the $15,000 in deductions that you used to get.

So you remain in the same tax bracket you were in before retiring — but because you must pay the extra tax, you wind up with fewer dollars to spend.

If you think this sounds wrong, go ask your retired mom, dad or friend whether their taxes dropped once they left their jobs.

A business acquaintance did this, and his mother, a former teacher, replied, “Son, I am paying taxes up the wazoo.  I pay more in taxes now than I ever did, and my income is less.”

Doug Andrew

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Happy New Year! Top 5 Financial Tips for 2009!

January 1, 2009

Happy 2009! Let’s steer this big financial ship around! Here are 5 financial tips for this New Year…

#5: GET OUT OF DEBT: There are many ways to rid yourself of the shackles of debt.  Always go after your high interest debts first. Go after bad debts first such as credit cards, store cards and high interest auto loans. Attack low interest debts last such as student loans or low interest auto loans. Beware of what you thought might be “bad debts” such as your home. We view homes as assets not liabilities find out why in Missed Fortune 101.

#4: BEWARE OF THE DAMAGE TAXES CAN DO: True your retirement accounts can look good after time but just remember that 50% of that account is not yours, it’s Uncle Sam’s. So retirement is still years away! Why not do the sensible thing and look for a retirement vehicle with little or no tax liability?

#3: IS YOUR INVESTMENT EARNING A RATE OF RETURN?: How many of your accounts are worth what they were this time last year? A new client to our firm came to us after losing more than 70% of his previous retirement account. Why did he contact us? Because none of our clients have lost a dime in their current retirement accounts

#2: HOW SAFE IS YOUR INVESTMENT?: With banks closing their doors or well known financial guru’s being exposed as conmen you need to ask yourself “How safe is my money?” Why not put your money where is will be safe today and when you need it years later?

#1: CAN YOU ACCESS YOUR MONEY IF YOU NEED IT?: Today access to liquid cash is now more important than ever! Many headlines in the news today of people losing their homes or business closing for good can be pointed at one major issue they have all ignored; LIQUIDITY! Can you access your money in your retirement accounts in case of an emergency or to prevent you from losing your home?

So let’s leave the bad financial memories of 2008 behind us! Make 2009 a year of fiscal responsibility and fiscal success!

Happy New Year!

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