Browsing articles tagged with " improvement"

Discover How Hiring Your Child Pays For College and Saves You Taxes….

Feb 23, 2012   //   by Kevin Jimeno   //   Blog  //  No Comments

A parent who owns a family business can hire his or her child to work for the business and shift income from the parent over to the child at a lower tax rate.  If the child makes deductible IRA contributions with wages earned, the parent and child can convert contributions to a college savings plan into a current tax deduction.  Future withdrawals from the IRA used for college avoid the 10% early withdrawal penalty and are generally subject to the child’s lower tax rate. Tax on the IRA withdrawals may also be offset by an education tax credit or deduction. 

Example #1:  John owns a lawn care service and employs his 16 year old daughter Mary to help.  She operates lawn mowing equipment and other legitimate services as an employee.  During her summer vacation in 2011, she earned $10,800 helping her dad in his business. Assume John is in a combined 30% federal and state income tax bracket.  The $10,800 in wages reduces his income tax liability by $3,240 and his self employment tax by $1,327, for a tax savings of $4,567.  Mary’s wages are not subject  to FICA of FUTA.  If Mary contributes $5,000 to an IRA, she pays zero income tax. 

      Mary’s wages………………………………………….……..$  10,800

      IRA contribution……………………………………………..$ ( 5,000)

      Standard deduction………………………………………….$ (5,800)

      Taxable income………………………………………………$       0 

Do you see the beauty of it,.  John saves $4,567 in taxes and  Mary already has a savings of $5,000 to pay for college education.

3 Simple Answers to go from Good to Great

Feb 14, 2012   //   by Kevin Jimeno   //   Blog  //  No Comments

I will keep this post short and sweet because these 3 simple business questions speak for themselves.

 

1. What are you the best at? (It should almost feel like you were born to do it)

2. What drives your economic engine, your profit, your cash flow? (“WOW, I get paid to do this?)

3. What are you passionate about? (You must love doing it)

 

Each of these are in it’s own circle and intertwine with each other.

You can not have 1 out of 3 or even 2 out of 3 and expect to be great.

Post your answer’s in our comment section, I would love to hear your point of view…

If you need help defining these then you need to take action right away and join us
in our master mind workshops —> http://entrepreneurmastermind.eventbrite.com

Aim for a 1% Improvement Every Single Day

Jan 6, 2012   //   by Kevin Jimeno   //   Blog  //  No Comments

I read this post about improving yourself a couple times in 2011

Funny part is I wrote it down because it connected with me since it reminds me of
something I always tell our clients, “Baby steps count too.”

The first day of the 2012 year I found it while I was organizing my files and thought it would be
the perfect post to start off the year right!

“Well, the power of this is that if you do this every single day,
then you will completely transform yourself and your
life in less than 1 year.

In fact, you will be 3,700 times better by the end
of this year.  This is also why Einstein used to say
that “the power of compounding is one of the most powerful
forces in the world.”

If I could do that, perhaps I could fly.  🙂  The key idea that
I am trying to communicate is this:

Aim to be better today than you were yesterday!”

If that doesn’t get you going, you might have to check your pulse.

Share this if your inspired…

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