Free tax help

Tax assistance is available at the agencies below from now to April 15.

United Way of Martin County, 50 Kindred Street, Stuart
Monday through Thursday
6 to 8 p.m. By appointment.
For information, call (772) 283-4800

United Way of Indian River County, 1836 14th Ave., Vero Beach
For information, call (772) 567-8900, ext. 20

St. Lucie County
Tax assistance through St. Lucie County and AARP
Feb. 2 to April 15.
For information, call 211 for times, or call (772) 462-1777.

Havert L. Fenn Center, 2000 Virginia Ave., Fort Pierce
Monday, 9 a.m. to 1 p.m.
Wednesday, 9 a.m. to 1 p.m.
Friday, 9 a.m. to 1 p.m.

Fort Pierce Library, 124 N Indian River Drive, Fort Pierce
Tuesday to Friday, 9 a.m. to noon, Sunday 1-4 p.m.
Lakewood Park Library, 7605 Santa Barbara Drive, Fort Pierce
Monday, 4:30 p.m. to 7 p.m., Thursday, 1-4 p.m., Saturday, 9 a.m. to 1 p.m.

Miracle Prayer Temple, 3215 Avenue Q, Fort Pierce
Saturday, 9 a.m. to 2 p.m.

Port St. Lucie Community Center, 2195 SE Airoso Blvd., Port St. Lucie
Monday, 9 a.m. to 1 p.m.
Tuesday, 9 a.m. to 1 p.m.
Wednesday, 9 a.m. to 1 p.m.

Save Our Children, 1611 Avenue D, Fort Pierce
Saturday, 11 a.m. to 1 p.m.

Philadelphia Church of the Narazene, 1207 Texas Court, Fort Pierce
Evenings, Saturdays, Creole and Spanish volunteers available

AARP
www.aarp.org/taxaide

Blake Library, 2401 SE Monterey Road, Stuart
Monday, 10 a.m. to 4 p.m.
Tuesday, 10 a.m. to 4 p.m., 5-7 p.m.
Wednesday, 10 a.m. to 4 p.m.
Thursday, 10 a.m. to 4 p.m.
Friday, 10 a.m. to 4 p.m.
Saturday, 10 a.m. to noon

Hoke Library, 1150 Jack Williams Way, Jensen Beach
Tuesday, 10 a.m. to 2 p.m.
Thursday, 10 a.m. to 2 p.m.
Friday, 10 a.m. to 2 p.m.

Seacoast National Bank, 4392 NE Ocean Blvd., Jensen Beach
Tuesday, 9 a.m. to 1 p.m.
Thursday, 9 a.m. to 1 p.m.

Morningside Library, 2410 SE Morningside Blvd., Port St. Lucie
Tuesday, 9 a.m. to noon
Thursday, 9 a.m. to noon
Friday, 9 a.m. to noon

Knights of Columbus, 451 SW Ravenswood Lane, Port St. Lucie
Monday, 9 .m. to noon
Wednesday, 9 a.m. to noon

Lakewood Park Branch Library, 7605 Santa Barbara Drive, Fort Pierce
Monday, 5-8 p.m.
Saturday, 9 a.m. to 1 p.m.

Saint Lucie County Main Library, 101 Melody Lane, Fort Pierce
No times listed

Salvation Army, 2655 5th Street SW, Vero Beach
Monday, 9 a.m. to noon
Friday, 9 a.m. to noon
Saturday, 9:30 a.m. to noon

Westminster Presbyterian Church, 2555 58th Avenue, Vero Beach
Monday, 9 a.m. to 3:30 p.m.
Tuesday, 9 Am. to 3:30 p.m.
Wednesday, 9 a.m. to 3:30 p.m.
Thursday, 9 a.m. to 3:30 p.m.

North IRC Library, 1001 Sebastian Blvd., Sebastian
Tuesday, 9 a.m. to noon
Every other Tuesday, 5-8 p.m.

IRS
Get tax forms: Most post offices, libraries and IRS offices have tax publications, forms and instructions available.
Call:
1-800-TAX-FORM (1-800-829-3676) to request forms
1-800-829-1040 for questions with an IRS customer service representative
1-800-829-4477 to hear pre-recorded messages covering various tax topics or to check on the status of a refund
1-800-TAX-FORM (1-800-829-3676) to order Braille materials at no charge

IRS Taxpayer Assistance Centers
Port St. Lucie
7410 S. U.S. 1, Port St. Lucie. Open Monday-Friday – 8:30 a.m.-4:30 p.m.
For information, call (772) 340-5606
Melbourne
8249 Devereux Dr. Melbourne. Open Monday-Friday – 8:30 a.m.-4:30 p.m.
For information, call (321) 253-7700
West Palm Beach
1700 Palm Beach Lakes Blvd., West Palm Beach. Open Monday-Friday – 8:30 a.m.-4:30 p.m.
For information, call (561) 616-2002

Seven Tax Saving Secrets

The following is a series of seven underutilized tax saving strategies.  We call them the Seven Tax Saving Secrets.  Study them carefully to ensure that you get the maximum tax-saving benefits from your business and entity structure.

#1 TAX SAVING SECRET

Find items that provide benefits for you, without tax, and still are deductible for the corporation.

This will minimize your overall taxes!  The following information will walk you through typical expenses that a business may have.  Many of these can be provided to you, as an employee of the corporation, without tax to you and yet still provide a deduction for the company.

#2 TAX SAVING SECRET

Look for ways to make your normal expenses deductible.

What do you usually spend your money on?  Do you invest a lot on computers and programs like I do?  Or do you like to entertain?  Maybe you like to travel?  First, identify where your income goes now, and then find a way to make it deductible for your business.  For example, the computers and software are an easy-to-prove deduction for most businesses these days.  When you travel, find a business purpose for the travel.  If you entertain, invite prospective clients, employees, or vendors you deal with – then write it off!

#3 TAX SAVING SECRET

Use the fiscal year-end option that is special for corporations.

You can easily defer taxes for over 11 months – perfectly legally.  We will discuss how this to accomplish the unique benefit of corporations in section 7.  For now, realize that you can choose any year-end you wish for the corporation and that the standard default of December 31 is generally the worst possible choice.

#4 TAX SAVING SECRET

Establish a good accounting system to make sure you get all of the deductions that should be coming to you and that they are properly documented.

Section 7 will walk you through setting up a documentation system that will audit-proof your records.

#5 TAX SAVING SECRET

Document!

Make sure you can keep all your corporate advantages by having good corporate records.  Section 7 will also help you set up a system for keeping proper corporate records and alert you to potential pitfalls for failing to keep them.  The system that I outlined is easy to use and should serve you well.

#6 TAX SAVING SECRET

Make use of the lowest tax rate at both the individual and corporate levels.

As part of your annual “business physical”, you will look at the projected income for both you and your corporations.  The information we give you will help you maximize the lowest rates for both taxpaying units – you (as an individual) and your corporation.

#7 TAX SAVING SECRET

Become familiar with the character of income – portfolio, passive, and ordinary.

Learn the ways to change the character of income to your benefit.  The characterization of income is an advanced topic that many CPAs do not even fully comprehend.  Yes, it is important for a truly comprehensive tax planning strategy to take into account your individual circumstances and take advantage of the corporation to change the character of income that you receive.  This can free up otherwise lost deductions or accelerate “suspended” or “limited” losses.

About Jeff Earlywine

I have been coaching and training people for over twenty years. I have coached multi-millionaires in areas such as business and personal finance, business operations, personal growth, time management and goal setting.

In today’s business world you either do things right or you get eliminated. Examples can be found in some of our nation’s largest and oldest institutions. Don’t be one of these statistics.

Visit www.helpmybusinesstoday.com if you really want to grow your business. Sign up for a FREE e-course to aide in taking your business to a new level today.

A Roadmap to Success – part I

A Roadmap to Success – part I

First, some thoughtful quotes…

One’s philosophy is not best expressed in words; it is expressed in the choices one makes. In the long run, we shape our lives and we shape ourselves. The process never ends until we die. And, the choices we make are ultimately our own responsibility.

- Eleanor Roosevelt

Failure: A few errors in judgment repeated every day.

Success: A few simple disciplines practiced every day.

- E. James Rohn

“If you want something you’ve never had…

You must do something you’ve never done.”

- Author Unknown

We all desire to be successful. The problem is, “What is success?” That is the question that has been on man’s mind since the beginning of time. The answer, however, can be different for each and every person. But, there are some components to success and being successful that I want to point out in this article.

Mandatory COMPONENTS of Success:

1.      Discipline.  Controlling the mind and body to do the things we want to do. It is possible to have total self control. Think only those thoughts that are in our best interest.  We need self control with our mouth, as well.

2.      Focus.  The convergence of any point of concentration.  Condense our attention down to those things that are important.  Eliminate extraneous aspects from our day.

3.      Action.  We must get in motion, physical movement.  There are things that we have to do.  Do them!  Activity.

4.      Routine.  Regular course of action adhered to by habit or force.  The j.o.b. is a good example of a habit adhered to usually by “force”; in other words, we need to have the job to pay the bills.

“Do not confuse Activity with Accomplishment.” Various

Goal Setting Six-Pack

Setting goals are very important, rich in benefits. By setting goals you chart the course to develop the life you want to live.

The benefit of setting goals

• They enable you to know, do, be, and have more.
• They enable you to be more organized and effective.
• They enable you to have greater confidence and self-worth.
• They enable you to have more purpose and direction in life.
• They enable you to make better decisions.
• They enable you to do more for yourself and others.

Some simple principles will help us accomplish our goals, principles called the “Goal 6-pack.”

1)      Goals should be written down. This will help you clarify and remember what you hope to accomplish. Develop a written Plan of Action. “Where you are, where you want to go, how you are going to get there, and how you will know it when you arrive.”

2)      Goals must be personal to you. In order for you to accomplish your goals you must be in control and have the power to accomplish what you have set out to achieve. Answer the question, “Why do you want to reach the goal in the first place?”

3)      Goals must be specific. If the goals you set are not specific in nature then you will never know when you have accomplished them. For instance, a goal to lose weight is a good idea but must be specific in order for your bathroom scales to say, “You made it!”

4)      Like being specific, goals must be measurable. If your goals cannot be measured then you will never know when they are accomplished. A measurable weight loss goal would be to lose twenty pounds.

5)      Going hand-in-hand with the previous two in our Goal 6-pack, goals must be time-sensitive. Your weight loss goal must have a time frame connected to it. An appropriate goal here would be to weigh a certain weight by a specific event or date.

6)      Goals must be achievable. It would be impossible to set a goal to weigh twenty pounds less than you presently do by this weekend.

Match your goals to your dreams, move into Action, and then

Party and celebrate your successes along the way.

http://www.helpmybusinesstoday.com is a website design to help you grow your business and to help you to reach your potential. http://www.findingfinancialfreeom.com is a program to: Partnering With You To Find Financial Freedom, Equipping You To Stay Financially Free

Check them out today and receive free information.

Being Financially Free – What is Holding You Back?

For many people, growing your net worth and becoming financially free is a desperate sought after desire. However, something seems to get in the way. It is almost as if when things begin going really good, something bad happens. In other word, you take one step forward, but slide back two. For instance, you are beginning to save on a regular basis and then the car breaks down draining all that savings. Sound familiar?

Below are few reasons why many people get held back financially.

Not PLANNING for the storms to come

We also know it will rain again some someday, both in the natural and in our financial life too. Even in ancient Bible writing we see this – the story of Joseph. The story goes something like this. Joseph was in prison, but was requested to attend a meeting with the ruler of the land. The ruler asked him to interpret a dream – a very odd request. Joseph told the ruler that for next several years things would be great, but after that famine would hit the land hard. He must have been convincing, because the ruler took him out of prison, made him second in command, and followed Joseph’s plan – a plan to save all they could for the next seven years.

In our lives we need to follow this same advice. You do this be having a plan to live by when things are good, preparing for when things take a turn for the worse. To do this you develop:

1) A savings plan

2) A spending plan

3) A sharing plan – allowing you to give more when you have it

You also must live within your means (not your neighbor’s).

Not PREPARING to take advantage of every opportunity

Being able to take advantage of sale prices can help the family’s budget tremendously. When should you take advantage of the ½ price sale? Great question – when you have the extra money, and would need to buy the item anyway. When shouldn’t you by that sale item? Another great question. When you don’t have the extra money, and it is a true “want” not a need for you and/or your family.

PAYING too much of… the list could go on and on, but here a few.

1) Interest – We all know that debt is too easy to get. Credit cards often charge over 20% interest, and the “Buying now, and paying later philosophy” is common in our culture

2) Taxes – The average family pays 25-50% of what they bring home in taxes. Something that can help you reduce this is to start a small home-based business. Go to: www.helpmybusinesstoday.com for free help.

3) Depreciation – especially on automobiles. Example… You buy a nice, new care for $25,000, you drive it for 2-3 years and decide to trade it in on another nice, new car. You really negotiate with the car salesman to get the best price possible – and you feel so good about it, then you mention your trade in. The salesman happily agrees to have your car looked at. He comes back to tell you that they will give you $12,000 for your car [he would word this that they will take another $12k off the sales price of your new car]. You invested $25,000 2-3 years ago, and now your investment is worth $12,000

http://www.helpmybusinesstoday.com is a website design to help you grow your business and to help you to reach your potential. http://www.findingfinancialfreedom.com is a program to: Partnering With You To Find Financial Freedom, Equipping You To Stay Financially Free

Check them out today and receive free information.

Your Summer Travel Can Be A Business Trip – part II

Meals and Entertainment

This deduction is defined as: Dining or a time of enjoyment while at the same time conducting business. Generally speaking – 50% is deductible. Only expenses where there is a business motive or prospecting.

Expenses for entertaining clients, customers or employees may be deducted if they are both ordinary and necessary and meet one of the following tests:

• Directly-related test: The main purpose of the entertainment activity is to conduct business, business was actually conducted during the activity and the taxpayer had more than a general expectation of getting income or some other specific business benefit at some future time.

• Associated test: The entertainment was associated with the normal function of the taxpayer’s trade or business and occurred directly before or after a substantial business discussion.

One of the most important aspects to writing off travel is to document. I suggest to my students that they document in a journal four times a day; morning, noon, afternoon, and evening. Now, this does not mean you write a book, but noting what you did (even if it was personal), who you met with, and any expenses incurred.

How to be audit proof

Some very simple tips are:

1. Keep receipts if over $75 – I suggest you keep them all – and you are required to keep receipts for lodging expenses.

2. Write “Who, What, When, Where, and How Much on the back of the receipts

• Who/What – Business Relationship
• When – Time
• Where – Place
• How Much – Amount of the bill

Note: Per Diems – The IRS allows self-employed taxpayers to use their per diem rates for meals and incidental expenses without having to keep receipts. But remember: if the IRS is giving you this option it is probably in their favor.

3. Make sure the trip is really for business. It is essential that your primary purpose of the trip be for business. Thus, you must have clear business intent before you leave for the trip. You should plan ahead and document your intent by sending letters to confirm your appointments or keep copies of emails. A rule of thumb is to spend more than ½ of your time attending to business and business related activities.

The main thing – document, document, document – “at or near the time” that the expenses are incurred.

Have a great business trip!!

More information can be found at www.helpmybusinesstoday.com

Your Summer Travel Can Be A Business Trip – part 1

Your Summer Travel Can Be A Business Trip
By Coach Jeff Earlywine

Recently I participated in a wedding of a very good friend of mine. I knew I wanted to write off the travel expenses, the lodging, and the meals, but how??? For me it turned out to be relatively easy. Not only am I a certified Pathfinder Coach, but I am also an event planner (with my wife) and a personal financial counselor. Therefore, before the trip I contacted the hotel where the wedding was to be held and set up a meeting with the event coordinator. This meeting was for a tour of the facility and information about booking an event there. I also had several meetings with the wedding party; which I could offer counsel on financial issues.

Sound odd? Feel there is no way you could legitimately write off a short trip like this? Don’t dismiss it so soon. It is very possible. And here is how…

Travel

Taxpayers who travel away from home on business may deduct related expenses, including the cost of reaching their destination, the cost of lodging and meals and other ordinary and necessary expenses.

Taxpayers are considered “traveling away from home” if their duties require them to be away from home substantially longer than an ordinary day’s work and they need to sleep or rest to meet the demands of their work. The actual cost of meals and incidental expenses may be deducted or the taxpayer may use a standard meal allowance and reduced recordkeeping requirements.

Days of the week make a big difference – you can treat weekend days as business days by having business meetings planned on either side. For instance:

If Monday is a federal holiday and you have meetings scheduled for Friday and Tuesday then the three days in between are considered business days. They would be deemed business days and all your on-the-road and transportation expenses are deductible.

Note: An IRS private letter ruling allows for Saturday and Sunday to be considered business days if the costs of staying over are less than the airfare to travel after Saturday.

Transportation vs. On-the-road expenses –

• Transportation expenses are those costs that you incur in getting to and from your destination.

• On-the-road expenses include all costs necessary to sustain life while on the road.

Take the family car and save even more. Traveling with non-business family members allows you the same benefit of traveling in the car all by yourself. Whether the car is full or not you still get to deduct the same amount of mileage – $.505/mile this year.

Lodging

A basic definition is, “sleeping away from home.”

Only actual costs for lodging may be claimed as an expense and receipts must be kept for documentation. Expenses must be reasonable and appropriate; deductions for extravagant expenses are not allowable.

Some odd rules you need to know about…

• Strange bed rule – Even if you could make it home, but have traveled say 200 miles from your residence you can get a hotel room for the night and have the business pay for it. If you are going to a convention and the convention is just across town, you still can deduct your lodging expenses for the hotel.

• Pay your family to let you stay with them – your business can take a tax deduction if you stay with family members – but you must pay them something. There is a two week per year allowance.

More information can be found at www.helpmybusinesstoday.com

Successful Businesses Begin With The Basics

Identify Your Target Market

In today’s business economy it has never been more important to identify your target market. Why? Very few, dare I say, “Never”, has there been a business that targeted everyone and was successful doing so. Therefore, who is your target market?

Below are a few questions for you to answer.

• Who are all the different groups of people who use the kind of services your provide?
• Which of these groups do you most relate to or feel the most interest or excitement about working with?
• Which group(s) do you know people in or already have clients/customers in?
• Which group(s) do you have the most knowledge about, or on the flip-side, would you find fascinating to learn more about?
• What are you most passionate about as it relates to your work?
• What natural talents and strengths do you bring to your work?
• What aspects of your field do you know the most about?

Need help fleshing out these questions? For over two decades I have helped hundreds of professionals and business owners do just that. Feel free to visit my website (www.helpmybusinesstoday.com) or email me at jeff@helpmybusinesstoday.com.

Construct the life and business you want by…

-          Beginning at the end. Your purpose is the foundation of your life. A continual reminder of your destiny will give guidance to your everyday steps.

-          Changing your beliefs. Never affirm self-limitations. God has created you to do far more than you believe you can do.

-          Raising your standards. And continue to raise them throughout your life.

-          Striving for excellence. Don’t make excuses. Period! If it can be done better, be the one to do it. And if it wasn’t excellence the first time, do it again.

-          Developing your discipline. Nothing so defines you as what you do on a regular basis. Create habits that move you closer to your goals. Break all other habits.

-          Making smart choices. Choices can change your life. Don’t underestimate them.

-          Learning your lessons. None of us are perfect. You will hammer some misplaced nails from time to time. Admit your mistakes then move forward as a wiser builder.

-          Persevering with patience. An elegant estate takes a lifetime to build. Live one day at a time and learn to enjoy the excitement and beauty of the process.

-          Refining your edges. Always look for ways to increase the value of your life. Remain open and teachable.

-          Honoring your mate. Adding value to others’ lives begins at home.

-          Coveting your relationships. Seek out and hold on to the friends that add value to your life and help in the building process.

-          Obtaining accountability. You cannot build the life of your dreams alone. Take others you trust and respect with you. Remain humble and willing to grow.

-          Concentrating on character. Do what you say you will do. Always follow through. And when you don’t or can’t, admit your mistake promptly.

-          Listening to God. I believe that the One who created us knows us far better than we know ourselves. His wisdom and insight into our lives is far greater than our own. Seek His counsel like a great treasure.

-          Spending time on you. Your purpose will not change, but as you mature, your values will. Spend time alone at least twice a year to remain in touch with your values.

Assistance can be found at…

www.helpmybusinesstoday.com

www.findingfinancialfreedom.com