| QUOTES from
the
Masters... |
| On Being the Best |
On Getting Started |
| "If
a man is called to be a streetsweeper, he should sweep streets even as
Michelangelo painted, or Beethoven composed music, or Shakespeare wrote
poetry. He should sweep streets so well that all the hosts of
heaven
and earth will pause and say, here lived a great streetsweeper who did
his job well." -– Martin
Luther King,
Jr.
"Desire
is the key to motivation, but it's the determination and commitment to
an unrelenting pursuit of your goal – a commitment to excellence
– that
will enable you to attain the success you seek." -– Mario
Andretti
"The
ultimate victory in competition is derived from the inner satisfaction
of knowing that you have done your best and that you have gotten the
most
out of what you had to give." -– Howard
Cosell
|
"Many
risks fail because they were not taken in time. Too many risks are
postponed
until unnecessarily elaborate preparations are made. This does not mean
that one should say, 'Damn the torpedoes, full speed ahead!' That is
foolish
and self-destructive...But don't sit back waiting for the perfect
moment.
It almost never comes." -- David
Viscott
"Don't
let what you cannot do interfere with what you can do." -- John
Wooden
"If
you wish to reach the highest, begin at the lowest." -- Publilius
Syrus
"Start
from wherever you are and with whatever you've got." -– Jim Rohn
|
|
Marriage Penalty
Relief
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 marriage penalty relief. If you would like additional
information
on this topic, please call my office.
Marriage
Penalty Relief - Standard Deduction Increase
The
standard deduction for married couples was increased to double the amount of
the standard deduction for single taxpayers - from $7,950 to $9,500 - but only through 2010. The 2010 Tax Relief Act, however, extended
the double standard deduction for married couples through 2012. In 2013, without future Congressional action,
the standard deduction reverts to a statutory dollar amount.
|
Joint
Filer Standard Deduction (as a % of single filer standard deduction
amount)
|
|
2011 - 2012
|
2013
and later
|
|
200%
|
Not
applicable
|
|
Planning
Notes:
| 1. |
In 2011, the standard deduction for married couples filing jointly is $11,600; $5,800 for single filers. |
| 2. |
The increase in the
standard
deduction for married couples may influence whether to itemize
deductions
or take the standard deduction. Since some states with a state
income
tax allow itemizing for state income tax purposes only when itemizing
for
federal income tax purposes, additional analysis may be required to
determine
whether itemization or the standard deduction will provide the best
overall
tax results in those states. |
| 3. |
The higher standard
deduction
may require more married couples to pay alternative minimum tax (AMT). |
Marriage
Penalty Relief - 15% Tax Bracket Increase
The
"width" of the 15% tax bracket for married couples was increased to
twice that for single taxpayers, but only through 2010. The 2010 Tax Relief Act, however, extended the 15% tax
bracket increase through 2012. Without
future Congressional action, the 15% tax bracket amounts will again
revert to statutory dollar amounts beginning in 2013.
|
Joint
Filer 15% Tax Bracket Size (as a % of single filer 15% tax bracket)
|
|
2011 - 2012
|
2013
and later
|
|
200%
|
Not
applicable
|
|
Planning
Notes:
| 1. |
In
2011, the 15% tax bracket for married couples filing jointly applies to
taxable income greater than $17,000 and equal to or less than $69,000,
as compared to $8,500 and $34,500 for single taxpayers. |
| 2. |
For married couples
who
continue to itemize deductions and, as a result, don't benefit from the
increase in the standard deduction, the 15% tax bracket expansion will
provide them with some marriage penalty tax relief. |
| 3. |
The expanded 15% tax
bracket
may require more married couples to pay alternative minimum tax (AMT). |
|
|
| MESSAGES
from
the Masters... |
THE
ANT PHILOSOPHY by Jim Rohn
Over
the years I've been teaching kids about a simple but powerful concept -
the ant philosophy. I think everybody should study ants.
They
have an amazing four-part philosophy, and here is the first part: ants
never quit. That's a good philosophy. If they're headed
somewhere
and you try to stop them, they'll look for another way. They'll
climb
over, they'll climb under, they'll climb around. They keep
looking
for another way. What a neat philosophy, to never quit looking
for
a way to get where you're supposed to go.
Second,
ants think winter all summer. That's an important
perspective.
You can't be so naive as to think summer will last forever. So
ants
are gathering in their winter food in the middle of summer.
An
ancient story says, "Don't build your house on the sand in the
summer."
Why do we need that advice? Because it is important to be
realistic.
In the summer, you've got to think storm. You've got to think
rocks
as you enjoy the sand and sun. Think ahead.
The
third part of the ant philosophy is that ants think summer all
winter.
That is so important. During the winter, ants remind themselves,
"This won't last long; we'll soon be out of here." And the first
warm day, the ants are out. If it turns cold again, they'll dive
back down, but then they come out the first warm day. They can't
wait to get out. And here's the last part of the ant
philosophy.
How much will an ant gather during the summer to prepare for the
winter?
All that he possibly can. What an incredible philosophy, the
"all-that-you-possibly-can"
philosophy.
Wow,
what a great seminar to attend - the ant seminar. Never give up,
look ahead, stay positive and do all you can.
To
Your Success,
Jim
Rohn
|
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|
