Preparing For Your Success

Written by Lorraine Pirihi


Preparing For Your Success Hi

When isrepparttar best time to prepare for your success in life?

What's that you say? " I have to actually have to prepare for it? Doesn't success just happen?"

No. It doesn't. If you want to improve your life you have to takerepparttar 106110 action.

An article by Jim Rohn who is a well-known motivational speaker said:

"Here'srepparttar 106111 great challenge of life. You can have more than you've got because you can become more than you are.

I have found that income seldom will exceed your own personal development. Once in a while income takes a lucky jump, but unless you grow out to where it is, it will go back to where you are.

Somebody once said if you take allrepparttar 106112 money inrepparttar 106113 world and divided it among everyone equally, it would soon be back inrepparttar 106114 same pockets.

However, you can have more because you can become more. Unless you change how you are, you will always have what you've got.

In order to have more, you have to become more."

Are You Prepared To Take A Risk? Doing things you haven't done before can be risky, however if you don't take any risks you will live a very unfulfilling life.

My Friend Mike Mike has worked 12 years for a large corporation. Very secure, lots of perks and he received a reasonable income. He had a job for life.

The only drawback, after a few years - it was boring. He was miserable. He was wasting his life away. The organisation was big enough that he could transfer to different positions withinrepparttar 106115 company - which he did do so. However,repparttar 106116 culture ofrepparttar 106117 company wasrepparttar 106118 same wherever he transferred to. The environment wasn't stimulating and Mike found he was not stretching himself. He was existing and not living. He was too comfortable.

Mike was a reader of self-help books and also attended numerous personal development courses, so he knew he could enhance his life dramatically if he would just make a decision and take action.

Five *Superb* Tax Shelters For The Long-Term

Written by Roger Staubus CPA


Five *Superb* Tax Shelters For The Long-Term

Consider these 5 Tax Shelters to SLASH your income taxes overrepparttar long term.

1. Your Castle=Sweet Tax Goodies

Homeowner taxpayers who are married can exclude up to a $500,000 gain onrepparttar 106109 sale of a principal residence, and $250,000 for single taxpayers. For married taxpayers, there is an ownership test and a use test. The individual taxpayer must have owned and occupiedrepparttar 106110 property as his or her principal residence for at least two years out ofrepparttar 106111 five years beforerepparttar 106112 sale. For married taxpayers, both spouses must meetrepparttar 106113 use test, but only one spouse needs to meetrepparttar 106114 ownership test. If only one spouse meetsrepparttar 106115 use test, he or she may still userepparttar 106116 $250,000 exclusion.

This is a FANTASTIC tax-free benefit. For example, an individual who is a do-it-yourself type taxpayer and is willing to get their hands dirty, could make a sizable amount of tax-free income by fixing up and reselling run-down homes, which are structurally sound. Also, certain people, such as carpenters, small contractors, and others could build new homes providing a lot of labor forrepparttar 106117 property, and then sellrepparttar 106118 property for sizable tax-free gains, and could do this repeatedly over and over again.

2. Rental Real Estate Tax Shelters

When a taxpayer is willing to sufferrepparttar 106119 demands of being a landlord, he or she can enjoy tax deductions now with tax-favored capital gains whenrepparttar 106120 property is sold.

An individual can deduct interest, taxes, out-of-pocket expenses and most fixing up costs. Depreciation onrepparttar 106121 properties can be deducted up torepparttar 106122 amount of rental net income, plus $25,000 a year. So a taxpayer can have a rental loss of $25,000 (which is mostly depreciation, a non-cash outlay) to offset against other taxable income of $25,000 each year.

Ifrepparttar 106123 taxpayer is inrepparttar 106124 28% marginal tax bracket, a $25,000 loss against other income would mean $7,000 of tax-savings every year, which isn't too bad, and capital gain tax rates whenrepparttar 106125 property is sold. Losses are not desirable (except when they consist of depreciation)unless they can be converted into capital gains inrepparttar 106126 future.

3. The Ultimate Tax Shelter: Your Own Business

Having your own business isrepparttar 106127 number # 1 way to reduce your tax bill, and can be used to convert your personal expenses into allowable deductions.

Some ofrepparttar 106128 personal expenditures that can be converted would be an automobile, health insurance costs, medical expenses, and vacation travel. You can hire your children (see # 4 below), and take home-office expenses and make pension contributions as well.

Establishing a "profit motive” isrepparttar 106129 key, and to be in business, you merely have to declare it. There are two tests for whether a “profit motive” exists. One is objective, and one is subjective.

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