FAMILY & FRIENDS CONNECTION, INC. - FFC BLOG

May 22nd, 2011

Thu, 25 Oct 2012 12:53:17 GMT

Tax Tips You Can Bank On.

I was reading the paper today and was reminded of one of my favorite ‘philosophers’ Will Rogers, who once said, “Mixing politics and religion is like mixing manure and ice cream. It doesn’t do much to the manure, but it sure does ruin the ice cream.”

NOW, ON A LIGHTER NOTE…

A while back, I told you about a section of the new healthcare bill, I mean the “Access to Affordable  Health Care for All Americans Act” – or something like that) which required employers to begin reporting ON OUR W-2 FORMS, the value of
employer provided healthcare insurance.

Well-meaning people with access to both cyberspace and steroids went crazy with that one … all because the government (stupidly) chose the W-2 Form as the
method of “informing taxpayers” how much our employers paid for our health insurance.

     Time out: Did we even ASK for that data?
     Do we even CARE? I’m guessing No & No.

Okay, since it was to be reported on W-2s, a self-appointed cyberspace Early Alert
Team declared Code Red, and began blasting everyone in sight for “allowing
an important tax-deductible employee benefit to be declared taxable income.”

Okay, let’s sort out the truth from an urban legend in the making …

FIRST-
Months ago, the IRS suspended the reporting rule for 2011 W-2s (ones that
will be filed in early 2012). So no-sweat if you’ll be filing or receiving W-2s next
January.  It will not apply to anybody until January 2013.

SECOND-
In addition to that one year delay in the reporting requirement, for small and home-
based businesses – those filing fewer than 250 W-2s – need not report the health benefit value on W-2s until 2014 (for 2013 income).

HERE’S HOW I LOOK AT IT –
Even though this tax-related “decision” was made by the IRS and Congress, since it isn’t scheduled to take effect until 2014  – I don’t really think of it as a “decision,” but more as a “tentative plan.” Our country changes tax laws more often than I change underwear – sometimes every week.

So will we actually be reporting the value of employer provided health care on W-2s in 2014? Ask me again in late 2013.

     CAN WE FIT A SECOND BODY IN THAT COFFIN?

Now that we have buried that notion, let’s also bury the idea that small and home-
based businesses now have to provide 1099 forms to every business establishment where we spend $600 or more in a year.

YES that WAS actually a provision in the bill but Congress and the Obama Administration have agreed that it was a dumb idea, and they have officially killed it.

That’s it for this issue. Save a Bundle – and please pledge 10% of what you save, for making the world a better place.

Creating Tax-Smart Home-Business Owners,
Ron Ronald R. Mueller, MBA, Ph.D. – author of
“Home Business Tax Savings, Made Easy!”
available at www.HomeBusinessTaxSavings.com

THE TAX BASIC ESSENTIALS

Wed, 25 Jul 2012 13:17:11 GMT

THE TAX BASIC ESSENTIALS

GET THE BASIC ESSENTIALS TO SAVING THOUSANDS ON YOUR TAXES
- EVERYTHING IS INCLUDED.
THERE IS NOTHING ELSE TO BUY.

1. YOU’LL LEARN THE SPECIFICS

“Home Business Tax Savings, Made Easy!”
– the ONLY "plain English"guide to tax deductions
passed by Congress specifically for home-based businesses.
Learn what they are, and how to easily qualify for them.

2. I’LL “TALK YOU THROUGH IT”
Four recorded 1-hour tele-coaching sessions. Let the author himself “talk you through the book.”

3. YOUR QUESTIONS WILL BE ANSWERED
VIP access to Ron Mueller’s LIVE Q&A calls for 3 FULL MONTHS. Get
answers to an unlimited number of questions on home-business tax topics.

4. HOW ABOUT A THREE-MINUTE RECORDKEEPING SYSTEM?
“Test-drive” the world’s easiest system for maintaining bullet-proof records in 3-4 minutes a day!
Enjoy a two-week trial membership.
Information you will need in order to activate this trial account will be emailed to you within the next 24 hours.

Just FOUR HOURS from now, you can be
SLASHING Your TAXES by THOUSANDS!

PLUS, get these TWO IMPORTANT BONUSES!

1. FREE UPDATES AND TAX TIPS — at NO COST! — for LIFE!
Tax laws are constantly changing, but when they do, YOU will be the FIRST to know.
Urgent Alerts and Tax Tip emails will keep you up-to-date.

2. GET EVEN MORE TAX SAVINGS SECRETS
After this course you can continue learning
even more tax-savings secrets
Ron Mueller's "Tax Savings Secrets Club" provides you with FOUR new, additional tax-savings secrets every month for six months.
That’s 26 new tax-savings strategies that go beyond this course.
Is this right for you? We don’t know, so we’ll give you a 1-month free trial membership so you can find out for yourself.
No contracts. No obligations. Just try it for free.

CLICK HERE TO LEARN MORE OR PURCHASE

RFID - Radio Frequency Identification

Thu, 21 Jun 2012 20:30:57 GMT

If you own a credit or debit card, you
should watch this video.

Beware of Rats & Rat Droppings

Wed, 23 May 2012 15:54:45 GMT

Beware of Rats & Rat Droppings

A stock clerk was sent to clean up a storeroom in Maui , Hawaii .
When he got back, he was complaining that the storeroom was really
filthy and that he had noticed dried mouse/rat droppings in some
areas.!

A couple of days later, he started to feel like he was coming down
with a stomach flu, complained of sore joints and headaches, and began
to vomit.

He went to bed and never really got up again. Within two
days he was severely ill and weak. His blood sugar count was down to
66, and his face and eyeballs were yellow. He was rushed to the
emergency at Pali-Momi, where he was diagnosed to be suffering from
massive organ failure. He died shortly before midnight.

No one would have made the connection between his job and his death,
had it not been for a doctor who specifically asked if he had been in
a warehouse or exposed to dried rat/mouse droppings at anytime. They
said there is a virus (much like the Hanta virus) that lives in dried
rat and mouse droppings.

Once dried, these droppings are like dust and can easily be breathed
in or ingested if a person does not wear protective gear or fails to
wash face and hands thoroughly.
An autopsy was performed on the clerk to verify the doctor's suspicions.. .  This is why it is extremely important to ALWAYS carefully rinse off
the tops of canned sodas or foods, and to wipe off pasta packaging,
cereal boxes, and so on.
Almost everything you buy in a supermarket was stored in a warehouse
at one time or another, and stores themselves often have rodents.

Most of us remember to wash vegetables and fruits but never think of
boxes and cans.

The ugly truth is, even the most modern, upper-class, super store has
rats and mice. And their warehouse most assuredly does!

Whenever you buy any canned soft drink, please make sure that you wash
the top with running water and soap or, if that is not available,
drink with a straw.

The investigation of soda cans by the Center for Disease Control in
Atlanta discovered that the tops of soda cans can be encrusted with
dried rat's urine, which is so toxic it can be lethal. Canned drinks
and other foodstuffs are stored in warehouses and containers that are
usually infested with rodents, and then they get transported to retail
outlets without being properly cleaned.


Top 12 Money & Tax Tips for 2012

Mon, 23 Jan 2012 16:37:25 GMT

Join Marnie and tax expert, Carol Topp, CPA for tips on how you can save the most on your taxes in 2012. Carol is the author of several books including, "Information in a Nutshell™: Business Tips and Taxes for Writers.

Listen to internet radio with Marnies Friends on Blog Talk Radio

FFC Online Fundraiser

Mon, 02 Jan 2012 08:00:00 GMT

Please Support FFC's Online Fundraiser

Summer Tax Tips

Wed, 17 Aug 2011 02:45:30 GMT

Summer is still plenty hot, but here are a few tips that could save you cool cash. Read on to find out how you can plan now to save on your taxes for 2011.

7 Tax Tips for Job Seekers
Many taxpayers spend time during the summer months updating their resume and attending career fairs. Here are 7 things to know about deducting costs related to your job search. Read More...

5 Tax Scams to Avoid this Summer
Hiding income offshore, identity theft and return preparer fraud topped the IRS's list of tax scams in 2011. Here are 5 year-round scams every taxpayer should know about. Read More...

Does the IRS Have Money Waiting For You?
If you earned income but weren't required to file or the IRS had the wrong mailing address for your refund, the IRS may have some money for you. Here's what you need to know about these 2 types of missing money and how to claim it. Read More...

10 Facts from the IRS about Amending Your Tax Return
If you discover an error after you file your tax return, you can correct it by amending your return. Here are 10 facts about amending your federal tax return. Read More...

10 Tax Tips for Individuals Selling Their Home
If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Here are 10 tips to keep in mind when selling your home. Read More...

VEHICLE-USE TAX DEDUCTIONS GET BIGGER ON JULY 1, 2011

Sat, 25 Jun 2011 11:24:28 GMT

VEHICLE-USE TAX DEDUCTIONS GET BIGGER ON JULY 1, 2011

In Spring of 2011, I predicted in this newsletter, the IRS would announce a mid-year increase in the Standard Mileage Rates.

We’re talking about tax deductions you can be eligible for when you use your own personal vehicle for business purposes.

NOW IT IS OFFICIAL!

Later this week you will read in the papers that the IRS will increase vehicle-use rates as of July 1.

The NEW rates will be 55.5¢ per mile for Business use, 23.5¢ per mile for Moving or Medical use, and 14¢ (unchanged) for charitable use.

The first half of 2011, ‘OLD’ rates were 51.0¢ per mile for business use, 19.0¢ per mile for moving or medical use, and 14¢ for charitable use.

CAUTION: THE NEW RATES ARE NOT ‘RETROACTIVE’

All business use during the first half of 2011 will be deductible at the “old”rates.

Separately, all business-use miles after June 30, will be deductible at the “new” rates.

Determining the value of your deduction at year-end, will, in most cases, require you to make two separate computations.

BUT WHAT IF YOU’RE USING THE ‘90-DAY VEHICLE-LOG’ OPTION?

In Chapter 8 of “Home Business Tax Savings, Made Easy!” I describe a recordkeeping option the IRS offers under some circumstances, which only
requires you to keep records for 90 consecutive days.

             You can get the book at
    www.HomeBusinessTaxSavings.com

The IRS says that after you compute the monthly average of Business Miles
(based on your 90-days of records), they will then allow you to multiply that
number times 12 months, to computeyour tax deduction for the full year.

Then multiply that number of business miles, times Standard Mileage Rate, and you have the value of your 2011 tax deduction for business use of your personal vehicles.

  BUT HOW DO YOU COMPUTE THAT NUMBER, WHEN THE RATE CHANGED IN MID-YEAR?

For purpose of doing the math, it is helpful to us that the change takes place at exactly the mid-point of the year. The “old rates” will apply to 50% of the year, and “new rates” apply to the other 50% of the year.

If you QUALIFY FOR and are USING the 90-day option…

The value of your 2011vehicle-use tax deduction would be based on the average of “old” & “new” rates.

Old rate, plus new rate, divided by 2, equals “Average Rate.”

For BUSINESS use, that average is 53.25 cents-per-mile.

For MOVING or MEDICAL use, that average is 21.25 cents-per-month.

Those are the numbers to use at year-end, if you are using the 90-Day option.

              NOTE: NOT EVERYONE QUALIFIESTO USE THE 90-DAY OPTION

If you are not positive whether you qualify, be sure to review Chapter 8 of “Home Business Tax Savings, Made Easy!” The book is available at
www.HomeBusinessTaxSavings.com

UPDATED VEHICLE-USE LOG READY FOR FREE DOWNLOAD

A revised Vehicle-Use Log, reflecting both sets of 2011 rates, is available for you to download for FREE by visiting
www.HomeBusinessTaxSavings.com.

Hover your curser over the “Resource Center” navigation link, and select the very top item from the dropdown menu. It’s labeled “Free & Low-Cost Info.”

       That’s a wrap – another issue of “Tax Tips You Can Bank On.”

Creating Tax-Smart Home-Business Owners for more than a decade,                                             RonRonald R. Mueller, MBA, Ph.D., Author & Speaker          www.HomeBusinessTaxSavings.com

HAVE YOU PLANNED YOUR SUMMER VACATION YET?

Wed, 22 Jun 2011 07:00:00 GMT

HAVE YOU PLANNED YOUR SUMMER VACATION YET?

You do plan to write it off, don’t you?

That is possible only if you know the tax rules and plan the trip correctly
in advance.

That means before you leave home. It’s too late after you’re on your way.

I have gotten emails from people who return from a family vacation to tell me
they met a stranger while on vacation and ended up signing them up in their
business, “so now the whole trip is a tax write-off.”

They are not too happy when I have to tell them it doesn’t work that way.

Do yourself a big favor while your trip is still in the planning stages – review
Chapter 9 of “Home Business Tax Savings, Made Easy!” (available at www.HomeBusinessTaxSavings.com).

In that chapter I guide you step-by-step through the process of setting up a
tax-deductible trip, even if the majority of your time will be spent on fun.

It’s baaaaaack! THE 4-SEGMENT, LIVE ‘BASIC ESSENTIALS COURSE’ IS ABOUT TO RETURN!

“Basic Essentials” is a 4-part “crash course” in home-business tax savings. Until a year ago, the course was a 4-segment series of LIVE tele-conferences I taught personally.

Many of you said you wanted to get the information faster, or wanted to learn the
information on your own schedule, not the tele-conference schedule.

SO I CHANGED IT IN 2010

In May 2010 “Basic Essentials” became a “packaged” self-paced home study course ( www.homebusinesstaxsavings.com/Basic_Essentials.html)

Creating Tax-Smart Home-Business Owners for more than a decade,
RonRonald R. Mueller, MBA, Ph.D., Author & Speaker
www.HomeBusinessTaxSavings.com

Hey, Do You Think This is Karma???

Thu, 26 May 2011 05:25:11 GMT

Hey, Do You Think This is Karma???

WHO WOULD “BUG”  IRS FIELD OFFICES?

Several IRS field offices have reported that they are infested with bedbugs.

True story!

When a field office reports a bedbug problem, IRS policy now states the
agency is to send an extermination specialist with a dog to hunt down
and destroy the pests.

Are you thinking what I’m thinking? The IRS treats bedbugs the same way
they treat taxpayers.

DON’T FORGET TOMORROW’S TELE-CONFERENCE

Did you get a tax refund of $3500 or more when you filed your 2010 tax return? If so, would you have preferred to have gotten 1/12th of that amount every month throughout the year, instead of waiting until April to get it back?

If this applies to you, be sure to join me on the phone tomorrow, Thurs., May 26th at 6pm Pacific, 9pm Eastern. In a brief,
right-to-the-point 20-30 min teleconference I’ll take you step-by-step through the
process collecting your refund in advance, instead of having to wait until fi ling your tax return next year.

Date:         Thursday, May 26, 2011
Time:          6pm PDT, 7pm MDT, 8pm CDT, 9pm EDT
Call-in #:    619-684-9024
PIN Code: 868 3900 #
Cost:          No charge

     SURPRISE!   AUDITS ARE ON THE UPSWING

Last year 1.11% of tax returns were audited, up from 1.06 the prior year.
That’s the highest rate in 15 years.

Five hundredths of a percent doesn’t sound like much, but when you multiply
that number by 140-million tax returns filed, the resulting number is 700,000
new, additional audits last year.

That trend is likely to extend into this year as well.

IMPORTANT TO KNOW:

More and more audits are being conducted by mail. The IRS sends
you a letter stating, “we are reviewing your tax return for 20(xx), and we
have a few questions about your deductions for (fill-in-the-category).”

They’re called “Correspondence Audits.” A revenue agent can usually process
four mail order audits in the same amount of time it takes for just one face-to-face audit.

That approach would let the IRS do four times more audits, without any increase in personnel.

IS THERE ANY GOOD NEWS HERE?
Once the letter identifies the category or categories they are looking into, it then tells you to mail documentation to them, proving you qualify for each deduction.

If you have good records, a mail order audit is much easier to go through than
the torture of an in-person inquisition.

BUT if you do NOT have good records, this new trend could be a new nightmare.

HERE’S HOW YOU CAN PROTECT YOURSELF
The best self-defense, of course, is easier to say than to do:  keep good records.

You already know that, so why don’t you do it? Life is full of things we know we
should do, but don’t do.

Why? We tend to put off taking action until either the cost or threat gets too
great, or the solution gets much easier.

Well, the threat of YOU being audited has definitely gotten greater, but happily
the solution just got much easier also!

Record keeping no longer has to be time-consuming, boring or tedious. In fact, it doesn’t even need to be called a “chore.”

I use Certified Tax Advantage, myself. CTA lets me record all IRS-required
data in about the same amount of time   I spend brushing my teeth – about 3 min twice a day.

The software actually prompts me to keep IRS-compliant records.

For example…

To document an Entertainment expense, the IRS wants answers to five questions. When I use CTA to record tax deductible expenses for Entertainment, the software displays those five questions right there
on my computer screen -- all I have to do is answer each question, and click Save.

Instantly I have the exact records I may need for proving (two or three years from now) that I fully-qualified for that deduction.

It literally gives me audit-proof records.

DO YOU WANT TO TEST-DRIVE IT?
  I’ve made 2 arrangements for you.

First - You can try the full-blown program (not just some slimmed down version) of the CTA software FOR FREE.  You can enroll and begin your test-drive right now at www.mycertifiedtax.com/mueller

Second- If you like it as much as I do, you’ll want to keep using it, right? If you initiate your enrollment via that link above, when the trial period ends and you decide, you will automatically get a 40%-discount off your membership dues – and that reduced membership rate is guaranteed FOR LIFE!

ONE FINAL THOUGHT ABOUT KEEPING AUDIT-PROOF RECORDS

Once you see for yourself how easy it is to do the record keeping, you might want to hire your minor child or grandchild do input the data for you. The money you pay them can be tax-deductible to you (as ‘wages’), and the money they earn from you can be tax-free income to the child!   (Refer to Chapter 6 of “Home Business Tax Savings Made Easy!”)

That’s a wrap – another issue of “Tax Tips You Can Bank On.” ™

Creating Tax-Smart Home-Business Owners  for more than a decade,
RonRonald R. Mueller, MBA, Ph.D., Author & Speaker          www.HomeBusinessTaxSavings.com