You are currently browsing the monthly archive for April 2009.
1. Sixteen factoids to help keep your business running in an economic downturn (thanks to @biancaterito for this yummy link) – GoSee
2. In my attempts to grow my firm, I’m heeding Seth Godin’s advice (it actually smacked me in the face) – GoSee
3. How to “Demo Twitter” for the non-believers, by Guy Kawasaki – GoSee
Thanks, Jason M. Blumer
Tags: Bianca Terito, Demo Twitter, GoSee, Guy Kawasaki, Keep Your Business Running in a Downturn, Seth Godin's Advice
Our firm has some innovative ways to enhance and help professional and medical practices learn more about their business. We can help them know more about the financial and operational aspects of their practices in ways they’ve not known before. And it’s an approach that other firms simply can’t compete with. And we’re passionate about teaching our clients these truths.
But this service doesn’t have a “package” yet. It has a process that works, but not the outside clothing to identify what that service is to our clients. We currently perform this service for some clients, but there are still so many more that don’t know what we can do, and what they can have in their practices.
I’m working with my business coach on developing this new service in our firm because I need a face to this “product”. It’s hard to sell something you are passionate about, but which no one else can see the benefit in. I believe I can enhance what we are selling with the right “product packaging”.
So I’m not really in search of a service… I’m in search of the “packaging” to go with the innovative way our firm performs these services.
Do you offer services that are innovative, and highly valuable to your clients? Do you have the proper packaging to be able to sell them to the public? Tell me how you do it in the comments. I need help, dang it.
Tags: New Service, Packaging Your Service, Putting a Face on Your Service
BACKGROUND: The recent “Making Work Pay” tax credit will eventually be a credit that you see on your 2009 tax return (to be prepared in early 2010). It will be based on 6.2% of your EARNED income with a limit up to $800 for married folks.
To get that money now, the guhvment has changed the withholding tables to recalculate what you are receiving in your regular paycheck (it may work out to about $13 or $15 per week). The ultimate credit will reconcile what you were supposed to get with what you did get due to the withholding changes.
WARNING TO THE RETIRED: However, for those who receive monthly pension/retirement payouts, beware because your withholding has changed too… but you won’t be eligible for the credit come tax time.
Basically, the money you are getting now in your paycheck is based on the fact that you will receive a credit when your 2009 taxes are prepared (that’s more background). But the credit will be based only on “earned” income, so retirement income will not generate this income tax credit when you prepare your taxes early 2010. Those solely living off of retirement income may need to readjust their withholding to have the same amounts taken out during 2009 as they always have. Bottom line: retirees are getting the credit through their withholding, but they are NOT eligible for the credit if in fact they only have retirement income. Fill this form out to increase your withholding on your pension/annuity retirement income.
This is confusing, so feel free to post some questions in the comments and I’ll try to clarify. And tell your lovely Grandma to check out this post too…
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that (i) any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code; (ii) any such tax advice is written in connection with the promotion or marketing of the matters addressed; and (iii) if you are not the original addressee of this communication, you should seek advice based on your particular circumstances from an independent advisor.
Tags: "Making Work Pay" Tax Credit, Tax Credit for Retirees, Tuesday Tax Time
“Every child is entitled to a public eduction, but public education is not entitled to every child.”
Texas Governor, Rick Perry
Tags: Monday Morning Message, Public Education, Rick Perry, Texas Governor
1. This is my kind of company, (1) founded on Biblical principles (I learned that from Dave Ramsey), (2) investing in their employees, and (3) they are “not participating in this stupid recession” – GoSee
2. Been to the TED site recently? You can see some free videos from today’s greatest global thinkers and strategists (like Tim Ferriss, Hans Rosling, Seth Godin, and Benjamin Dunlap, the President of Wofford College) - GoSee
3. Opt out of advertising cookies being placed on your computer as you browse the internet – GoSee
Thanks, Jason M. Blumer
Tags: Hobby Lobby, Innovative Companies, Online Cookie Opt-Out, TED Conferences, Tim Ferriss
I thought the end of tax season would slow us down, but we’re still pumping trying to finish up the extensions and payroll quarterly tax returns for clients. Hang in there – we’ll get to you!
This week’s tax post is focused on what you can expect for higher income tax payers (probably in 2011). Obama is going to let the economy recover before sticking it to the higher income taxpayers in the US. Here are some things coming down the pipeline:
1. The upper income tax brackets are currently 33% and 35% for the highest income tax payers. In 2011, they will probably be increased to 36% and 39.6% for those making over $250k per year. The lower brackets would likely be unaffected.
2. Capital gains will likely go up as well. The maximum capital gains rate is set at 15% currently, and will be raised to 20% for those in the higher income tax brackets.
3. Obama is also going to start targeting the itemized deductions for higher income taxpayers. He will probably try to lower what can be deducted for the higher income tax payers (those in the 28% tax bracket, or higher). This will lower what the higher income tax payers can deduct in all itemized deductions, including charitable donations, mortgage interest, and property taxes. This may not go over too well even in Congress.
4. But it’s not all bad – though the estate tax exemption is going back to only $1 Million dollars in 2010, Max Baucus, a Senator from Montana, is writing legislation to push this exemption up to $5 Million in 2010. With estate tax rates going to 55% in 2010, this is going to be significant changes for estates. It’s either up for vote now or has already passed.
Thanks, Jason M. Blumer, CPA
Tags: Change in Tax Brackets, Estate Tax Changes, Tuesday Tax Time
“I predict future happiness for Americans if they can prevent government from wasting the labors of the people under the pretense of taking care of them.”
Thomas Jefferson
Tags: Government = Wasting Labors, Monday Morning Message, Thomas Jefferson
Today is the last day of tax season, and I’m not blogging this week.
After today, our offices will be closed on Thursday and Friday of this week for some well-deserved relaxation.
See ya soon!
Thanks, Jason M. Blumer
Tags: Last Day of Tax Season
“[Twitter] is just a “river of noise” coming at you in reverse-chronological goodness 140 characters at a time.”
Robert Scoble
Tags: Robert Scoble, Twitter
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