Monday, March 31, 2014

Things That Will Make You Money - Number 3 - Energy



It has been said successful people do things others won't do.  What are those things?  One of them is bringing energy.  If you bring energy through a smile and excitement then people will want to be around you and do business with you.

Did you ever see the TV show cheers?  Each episode contained a demonstration of energy.  The theme song correctly related:
Sometimes you want to go
Where everybody knows your name,
And they're always glad you came
The point was demonstrated when Norm entered the bar and the customers yelled in unison "Norm"!  Yay, you feel good when people remember your name but especially when they do so with energy.

When I walk into a store and the person actually looks at me and says "welcome" or better yet "welcome back" with some energy it makes me feel good and I want to be there.   Today, when the barista remembers your name the coffee shop is making money.

You can use this to to put money in your pocket.  Show some excitement when you are with others and make them feel good.  Combine bringing your energy to meetings with persistence and consistency and you have the recipe for big time success.  Develop familiarity and make people feel good and good things will happen to you and put money in your pocket.

The CPA Superhero wants you to succeed. If you want the CPA Superhero to help you feel free to contact me using my information below. New potential clients can have a free half hour initial consultation.  Tax planning for your retirement involves a consultation fee.


Jeff Haywood, CPA
The CPA Superhero
972-439-1955
jeff.jhtaxes@gmail.com

Follow the CPA Superhero on Twitter too at:
twitter.com/jeffhaywoodCPA


These posts contain general information that does not fit every situation, they are not all inclusive, and as always for your tax situation everything "depends on facts and circumstances."  In addition, the world and IRS requirements are always subject to change.  So call me to talk about your specific facts and circumstances and what you want to accomplish.

Wednesday, March 26, 2014

Things That Will Make You Money - Number 2 - Consistency



It has been said successful people do things others won't do.  What are those things? Consistency along with persistence will make you money.  Together these two will create familiarity.  Whether it be blog posts or attending networking functions or making appearances, consistency will create familiarity.

Now while familiarity can be cultivated on the first meeting success more often comes after several meetings.  So at a networking function, for example, on your first visit you are a stranger and people may be hesitant to trust you.  But as you see the same people over time they begin to see that you have something going for you.  They may not know what it is but it must be important enough for you to come back again and again.  Eventually the consistency creates more and more familiarity and people get more comfortable with you and more likely to do business with you or refer you to others.

So consistency really works when you put yourself before the same people over and over again. Think about your own habits.  Don't you prefer to go to stores or people you are familiar with. People will setup a newsstand and stay there forever knowing that the familiarity breeds success. Combine that with persistence and you have a dynamic recipe for success.

"Location, location, location", yes location is important but familiarity through consistently being in the same place or in front of the same people will result in money in your pocket.  What you want to avoid is the pursuit of getting rich quick and when it does not happen then changing to another location or networking meeting.  Success is cultivated over time with consistency. Rather than going to different networking functions each week go to the same function consistently and develop the familiarity that leads to trust which leads to business success.

The great thing about consistency is that you don't have to be flamboyant or really creative but the consistency over time itself will create familiarity.  If you are also really creative or really interesting that is a great combination but just being consistent will often beat creative and flamboyant over time.

The CPA Superhero wants you to succeed. If you want the CPA Superhero to help you feel free to contact me using my information below. New potential clients can have a free half hour initial consultation.  Tax planning for your retirement involves a consultation fee.


Jeff Haywood, CPA
The CPA Superhero
972-439-1955
jeff.jhtaxes@gmail.com

Follow the CPA Superhero on Twitter too at:
twitter.com/jeffhaywoodCPA


These posts contain general information that does not fit every situation, they are not all inclusive, and as always for your tax situation everything "depends on facts and circumstances."  In addition, the world and IRS requirements are always subject to change.  So call me to talk about your specific facts and circumstances and what you want to accomplish.

Monday, March 24, 2014

Things That Will Make You Money - Number 1 - Persistency



It has been said successful people do things others won't do.  What are those things?  One of them is persistence.  I have noticed that "the swift do not always win the race" but the persistent usually do.  The persistent often out perform the more talented.  Why?  Because they get that it is a numbers game and the talented frequently can be out worked.  So you don't have to be the best but be the most persistent.

Specifically, people with very little skill succeed and outperform people with skills because they talk to more people (or they write more blog posts).  In fact the really successful are like machines in that they talk to every potential customer.  They even do many things wrong but they succeed because they work at it and they "go for it" all the time.

If you are in business or starting a business, a better mousetrap or better and less costly food is not going to make you rich.  Persistently talking to people who can use a mousetrap or who eat will result in money in your pocket.

The CPA Superhero wants you to succeed. If you want the CPA Superhero to help you feel free to contact me using my information below. New potential clients can have a free half hour initial consultation.  Tax planning for your retirement involves a consultation fee.


Jeff Haywood, CPA
The CPA Superhero
972-439-1955
jeff.jhtaxes@gmail.com

Follow the CPA Superhero on Twitter too at:
twitter.com/jeffhaywoodCPA


These posts contain general information that does not fit every situation, they are not all inclusive, and as always for your tax situation everything "depends on facts and circumstances."  In addition, the world and IRS requirements are always subject to change.  So call me to talk about your specific facts and circumstances and what you want to accomplish.

Monday, March 3, 2014

Avoid the Paying Penalty: 9 Exemptions From the Affordable Care Act "Requirement To Obtain Minimum Essential Coverage"


What are the statutory exemptions from the requirement to obtain minimum essential coverage?

Here is the list from the IRS:
  1. Religious conscience. You are a member of a religious sect that is recognized as conscientiously opposed to accepting any insurance benefits. The Social Security Administration administers the process for recognizing these sects according to the criteria in the law.
  2. Health care sharing ministry. You are a member of a recognized health care sharing ministry.
  3. Indian tribes. You are (1) a member of a federally recognized Indian tribe or (2) an individual eligible for services through an Indian care provider.
  4. Income below the income tax return filing requirement. Your income is below the minimum threshold for filing a tax return. The requirement to file a federal tax return depends on your filing status, age and types and amounts of income. To find out if you are required to file a federal tax return, use the IRS Interactive Tax Assistant (ITA).
  5. Short coverage gap. You went without coverage for less than three consecutive months during the year. For more information, see question 22.
  6. Hardship. You have suffered a hardship that makes you unable to obtain coverage, as defined in final regulations issued by the Department of Health and Human Services. See question 21 for more information on claiming hardship exemptions..
  7. Affordability. You can’t afford coverage because the minimum amount you must pay for the premiums is more than eight percent of your household income.
  8. Incarceration. You are in a jail, prison, or similar penal institution or correctional facility after the disposition of charges against you.
  9. Not lawfully present. You are not a U.S. citizen, a U.S. national or an alien lawfully present in the U.S.

What if I do not even live in the United States?

Here is the answer from the IRS:

Are US citizens living abroad subject to the individual shared responsibility provision?Yes. However, U.S. citizens who are not physically present in the United States for at least 330 full days within a 12-month period are treated as having minimum essential coverage for that 12-month period. In addition, U.S. citizens who are bona fide residents of a foreign country (or countries) for an entire taxable year are treated as having minimum essential coverage for that year. In general, these are individuals who qualify for a foreign earned income exclusion under section 911 of the Internal Revenue Code. Individuals may qualify for this rule even if they cannot use the exclusion for all of their foreign earned income because, for example, they are employees of the United States. Individuals that qualify for this rule need take no further action to comply with the individual shared responsibility provision during the months when they qualify. See Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad, for further information on the foreign earned income exclusion.

U.S. citizens who meet neither the physical presence nor residency requirements will need to maintain minimum essential coverage, qualify for an exemption or make a shared responsibility payment for each month of the year. For this purpose, minimum essential coverage includes a group health plan provided by an overseas employer. One exemption that may be particularly relevant to U.S. citizens living abroad for a small part of a year is the exemption for a short coverage gap. This exemption provides that no shared responsibility payment will be due for a once-per-year gap in coverage that lasts less than three months.  

What will I have to do to show I had coverage or qualify for an exemption?  That is a good question and there is no good answer at this time.  Below is the information from the IRS website.

Will I have to do something on my federal income tax return to show that I had coverage or an exemption?The individual shared responsibility provision goes into effect in 2014. You will not have to account for coverage or exemptions or to make any payments until you file your 2014 federal income tax return in 2015. Information will be made available later about how the income tax return will take account of coverage and exemptions. Insurers will be required to provide everyone that they cover each year with information that will help them demonstrate they had coverage beginning with the 2015 tax year.
I hope you found this information useful.  Stay tuned for updates as various aspects of the Affordable Care Act are clarified.  For more questions and answers from the IRS about the Individual Shared Responsibility Provision click here.

This is not technically an income tax issue but it is implemented partially through the IRS and your federal income tax return.  While questions about health care coverage or insurance are not in my field of expertise and will cause my head to explode, I would be happy to address what affect your choices will have on your federal income tax return to the best of my ability at this time.  

If you want the CPA Superhero to help you feel free to contact me using my information below. You can have a free half hour initial consultation for your current income tax situation.  Tax planning for your retirement involves a consultation fee.


Jeff Haywood, CPA
The CPA Superhero
972-439-1955
jeff.jhtaxes@gmail.com

Follow the CPA Superhero on Twitter too at:
twitter.com/jeffhaywoodCPA


My posts contain general information that does not fit every situation, they are not all inclusive, and as always for your tax situation everything "depends on facts and circumstances."  In addition, the information/IRS requirements are always subject to change.  So call me to talk about your specific facts and circumstances and what you want to accomplish.