| QUOTES from
the
Masters... |
| On Goals |
On Financial Independence |
"Only
when your memories are more important to you than your goals are you
old."
-– Nido Qubein
"Goals
in writing are dreams with deadlines." -– Brian
Tracy
"We
all need lots of powerful long-range goals to help us past the
short-term
obstacles." -– Jim Rohn
"Big
goals get big results. No goals gets no results or somebody
else's
results." -– Mark
Victor Hansen
|
"I
remember saying to my mentor, 'If I had more money, I would have a
better
plan.' He quickly responded, 'I would suggest that if you had a
better
plan, you would have more money.' You see, it's not the amount
that
counts; it's the plan that counts." -- Jim
Rohn
"At
least 80% of millionaires are self-made. That is, they started
with
nothing but ambition and energy, the same way most of us start."
-– Brian
Tracy
"The
philosophy of the rich versus the poor is this: The rich invest their
money
and spend what is left; the poor spend their money and invest what's
left."
– Jim Rohn
|
|
Individual
Income Tax Reductions
|
As is typical of tax legislation over the past decade, a
number of Tax Acts offered tax relief to individuals, but did so through a
variety of complex provisions that included retroactive, temporary and
phased-in/phased-out effective dates.
While some of these provisions may not apply to you, other provisions
will and you may want to revise your planning to take full benefit of those
provisions.
Today's topic
is the temporary reduction in individual income taxes. If you would like
additional
information on this topic, please call my office.
Reduction
in Income Tax Rates
Reductions
in income tax rates in excess of 15% were scheduled to remain in effect through 2010, at which time they were
subject to "sunset" provisions, meaning that income tax rates would
revert to 15%, 28%, 31%, 36% and 39.6% after 2010. The 2010 Tax Relief Act, however, extended
the lower income tax rates through
December 31, 2012.
|
Tax
Years
|
Lowest
Bracket
|
2nd
Bracket
|
3rd
Bracket
|
4th
Bracket
|
5th
Bracket
|
Highest
Bracket
|
|
2011 -
2012
|
10%
|
15%
|
25%
|
28%
|
33%
|
35%
|
|
2013 and
later
|
No 10%
bracket
|
15%
|
28%
|
31%
|
36%
|
39.6%
|
|
Planning
Note:
|
Consider using tax
savings
to fund an IRA, 401(k) or other tax-favored plan. |
10%
Tax Bracket
The availability
of the 10% bracket was scheduled to expire at the end of 2010, after which the
lowest tax bracket would be 15%. Thanks
to the 2010 Tax Relief Act, however, the 10% tax bracket has been extended
through 2012. If "sunset"
provisions take effect at the end of 2012, the 10% bracket will disappear and
the lowest tax rate will be 15%.
|
10%
Tax Bracket Thresholds
|
| Filing
Status |
2011 - 2012
|
2011
and later
|
| Married,
Filing Jointly |
$14,000
($17,000 in 2011)
|
No 10%
bracket
|
| Single
Taxpayers |
$7,000
($8,500 in 2011)
|
No 10%
bracket
|
|
Planning
Note:
|
Regardless
of your personal income tax bracket, the continued availability of the 10% tax
bracket will benefit you since taxpayers also share in rate cuts in brackets
lower than their own. For married
couples earning in excess of $17,000 in 2011, this results in an $850 tax
savings. Single taxpayers receive $425
in tax savings from $8,500 taxed at 10% instead of 15%. Both figures will be adjusted for inflation
in 2012. |
|
|
| MESSAGES
from
the Masters... |
THE
SEVEN C's OF SUCCESS by Brian Tracy
After
having studied top achievers and peak performers over the past 25
years,
I've concluded that these unique men and women have, in most cases,
mastered
what I call the Seven C's of Success.
Clarity
- Eighty percent of success comes from being clear on who you
are,
what you believe in and what you want.
Competence
- You can't climb to the next rung on the ladder until you are
excellent
at what you do now.
Constraints
- Eighty percent of all obstacles to success come from within. Find out
what is constraining in you or your company and deal with it
Concentration
- The ability to focus on one thing single-mindedly and see it through
until it's done takes more character than anything else.
Creativity
- Flood your life with ideas from many sources. Creativity needs to be
exercised like a muscle, if you don't use it you'll lose it.
Courage
- Most in demand and least in supply, courage is the willingness to do
the things you know are right
Continuous
learning – Read, at the very least, one book a week on
business to
keep you miles ahead of the competition. And just as you eat and bathe,
organize your time so you spend 30 minutes a day exploring e-mail,
sending
messages, going through web sites, because like exercise, it's the only
way you can keep on top of technology. If you get away from it,
you'll
lose your edge.
|
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|
