THE FOUR AGREEMENTS

        BE IMPECCABLE WITH YOUR WORDS

a.    Speak with integrity.

b.    Say only what you mean.

c.     Avoid using the Word to speak against yourself or to gossip about others.

d.    Use the power of your Word in the direction of truth and love.

 

DON’T TAKE ANYTHING PERSONALLY

a.    Nothing others do is because of you.

b.    What others say and do is a projection of their own reality, their own dream.

c.     When you are immune to the opinions and actions of others, you won’t be the victim of needless suffering.

 

DON’T MAKE ASSUMPTIONS

a.    Find the courage to ask questions and to express what you really want.

b.    Communicate with others as clearly as you can to avoid misunderstandings, sadness and drama.

c.     With just this one agreement, you can completely transform your life.

 

ALWAYS DO YOUR BEST

a.    Your best is going to change from moment to moment; it will be different when you are healthy as opposed to sick.

b.    Under any circumstances, simply do your best, and you will avoid self-judgment, self-abuse and regret.

Best Tax Practices for Small Business

The Internal Revenue Service has sent letters to thousands of small business owners questioning whether they underpaid their taxes last year.

Titled "Notification of Possible Income Underreporting," the letters were mailed to small employers this summer requesting that they review and confirm that they accurately reported their income on their 2012 returns.

In response to this action by the IRS, American University professors Donald Williamson and David Kautter have created a list of “Tax Best Practices for Small Businesses,” a checklist designed to help small business entrepreneurs stay up-to-date on all tax related issues, and away from the scrutiny of the IRS.

Here are just a few of the 20 listed:

·       Keep good records about who is an “employee” and who is an “independent contractor.”

·       Invest in good accounting systems – those that track your records and regularly provide updates to new IRS rules.

·       Hire a tax accountant.

·        Keep good records on how much you paid for, and the date you placed in service, all business equipment, business vehicles, etc.

·       One of the biggest traps for small business taxpayers is estimated taxes – paying them on time, calculating them correctly and knowing the safe harbors that can protect you against underpayments. Miscalculating any of these steps can be a major headache, so speak with someone, a tax accountant or enrolled agent, who knows the rules.

·       Make sure that you and your tax accountant are familiar with the tax rules, including the favorable tax credits and deductions that are unique to your business.

·       Don’t become foolishly emboldened by thinking that the IRS will have to “prove” that you have done something that doesn’t comport with the tax law. The burden of proof is always on you, not the IRS.

·       If you can’t pay the taxes you owe to the IRS, or another tax agency, contact your accountant right away. This situation won’t get better by ignoring it.

·      When someone pays you in cash, it doesn’t mean that payment is nontaxable. The IRS has state-of-the-art statistical technology and models based on spending habits and bank accounts to build a case against alleged tax cheats.

This is great advice. Taxpayer’s should engage an enrolled agent to work throughout the year with business. An enrolled agent is licensed to work throughout the audit and appeals process.

Holly Gunnette, EA has been assisting taxpayer’s and small businesses for over 30 years. Contact HGi Financial Services at (951)681-2784.

FOR ALL YOU ARTIST AND WOULD BE ARTISTS

From Ira Glass . . .

“What nobody tells people who are beginners – and I really wish someone had told this to me . . . is that all of us who do creative work, we get into it because we have good taste. But there is this gap. For the first couple years you make stuff, and it’s just not that good. It’s trying to be good, it has potential, but it’s not. But your taste, the thing that got you into the game, is still killer. And your taste is why your work disappoints you. A lot of people never get past this phase. They quit. Most people I know who do interesting, creative work went through years of this. We know our work doesn’t have this special thing that we want it to have. We all go through this. And if you are just starting out or you are still in this phase, you gotta know it’s normal and the most important thing you can do is do a lot of work. Put yourself on a deadline so that every week you will finish one story. It is only by going through a volume of work that you will close that gap, and your work will be as good as your ambitions. And I took longer to figure out how to do this than anyone I’ve ever met. It’s gonna take a while. You’ve just gotta fight your way through.

New Health Insurance Marketplace Coverage Options and Your Health Coverage

Part A: General Information

When key parts of the health care law take effect in 2014, there will be a new way to buy health insurance: the Health Insurance Marketplace. To assist you as you evaluate options for you and your family, this notice provides some basic information about the new Marketplace and employment-based health coverage offered by your employer.

 

What is the Health Insurance Marketplace?

The Marketplace is designed to help you find health insurance that meets your needs and fits your budget. The marketplace offers “one-stop shopping” to find and compare private health insurance options. You may also be eligible for a new kind of tax credit that lowers your monthly premium right away. Open enrollment for health insurance coverage through the marketplace begins in October 2013 for coverage starting as early as January 1, 2014.

 

Can I Save Money on my Health Insurance Premiums in the Marketplace?

You may qualify to save money and lower your monthly premium, but only if your employer does not offer coverage, or offers coverage that does not meet certain standards. The saving on your premium that you are eligible for depends on your household income.

 

Does Employer Health Coverage Affect Eligibility for Premium Savings through the Marketplace?

Yes. If you have an offer of health coverage from your employer that meets certain standards, you will not be eligible for a tax credit through the Marketplace and you may wish to enroll in your employer’s health plan. However, you may be eligible for a tax credit that lowers your monthly premium, or a reduction in certain cost-sharing if your employer does not offer coverage that meets certain standards. If the cost of a plan from your employer that would cover you (and not any other members of your family) is more than 9.5% of your household income for the year, or if the coverage your employer provides does not meet the “minimum value” standard set by the Affordable Care Act, you may be eligible for a tax credit.

 

Note: If you purchase a health plan through the Marketplace instead of accepting health coverage offered by your employer, then you may lose employer contribution (if any) to the employer-offered coverage. Also, this employer contribution -as well as your employee contribution to employer-offered coverage- is often excluded from income for Federal and State income tax purposes. Your payments for coverage through the Marketplace are made on an after-tax basis.

 

How Can I Get More Information?

For more information about your coverage offered by your employer, please check your summary plan description.

 

The Marketplace can help you evaluate your coverage options, including your eligibility for coverage through the Marketplace and ist cost. Please visit HealthCare.gov for more information, including an online application for health insurance coverage and contact information for a Health Insurance Marketplace in your area.

Vanilla Strawberry Hydrangea

For all the Gardeners out there ….. I saw a picture of these beautiful plants and had to share.

These gorgeous plants start out as red branches with lime green leaves and the buds will slowly bloom into white stunning flowers we have all seen. 

But as the summer heat progresses, these flowers begin to show a soft pink hue.

 

 

 

 

As the real summer heat comes. The bloom color becomes more of a deep pink.

 

 

 

And will finish the season with an outstanding show of color with pink blooms until the cooler weather arrives.

 

 

 

 

 

 

 

 

 

 

 

 

 

These shrubs grow in full sun, and will reach 6 to 7 feet high and spread 4 to 5 feet wide…which will be perfect for either a beautiful privacy hedge or a great addition to shade other areas of your garden. They can be cut back to the height you choose without any problem and all you need to do is wait for warmer weather to return.

HGi will be bringing back the pink .... keep checking in to see how!

 

 

IRS Simplifies Late S Corp Elections

The revenue procedure 2013-30 provides the exclusive simplified methods for taxpayers to request relief for late S corporation elections, Electing Small Business Trust elections, Qualified Subchapter S Trust elections, Qualified Subchapter S Subsidiary elections and late corporate classification elections that the taxpayer intended to take effect on the same date that the taxpayer intended that an S corporation election for the entity should take effect. The revenue procedure provides relief if the taxpayer satisfies certain requirements.

For more information contact HGi Financial Services at (951)681-2784.

August and September Financial Tips

Retirement planning doesn’t end when you retire. If you start out spending your savings too fast, you may be in trouble later. Your financial professional can review your expenses and figure out how much money (or the percentage of your assets) to withdraw each year. Setting up a tax-smart withdrawal plan that keeps your money growing tax deferred as long as possible can help your savings last. All else being equal, tax-deferred investments grow more quickly than taxable ones because you don’t lose part of your returns to taxes each year. The specifics or your withdrawal plan will depend on your personal situation.

* * * *

The job of teaching your children good money management skills falls primarily on your shoulders. To help, here are a few ways to encourage your children to be financially savvy.

• Give your children an allowance for household chores to teach them that work done well equals good pay.
• Have your children keep a list of things they want. As birthdays or holidays approach, ask them to rank their top five choices. They’ll learn to think about purchases before making them.
• Explain to your kids how opening savings accounts will not only keep their money safe but also help it grow.
• Help them set time frames for meeting their goals.