Applying the New Tax Law to Your Taxes
By Thomas Wheelwright

With the end of the year just around the corner, the new law may provide you with additional tax saving opportunities.

In this report, I'll share the 2 most popular tax breaks in the new law and how they apply to your taxes.

Tax Break #1: First-time Home Buyer Credit Background information The first-time homebuyer credit is one of the most popular tax incentives in recent years. When originally enacted, the credit was limited to $7,500 ($3,750 for a married taxpayer filing separately) and it acted like a loan, requiring taxpayers to repay it over 15 years. Since its original enactment, the repayment requirement has been removed (in most cases) and the credit limit raised to $8,000 ($4,000 for a married taxpayer filing separately).

Extension of the credit The credit was set to expire November 30, 2009. The new law passed last week extends the credit to April 30, 2010.

Expansion of the credit The new law expands who is eligible for the credit in 2 different ways.

#1: No longer limited to first-time home buyers The credit was limited to first-time homebuyers. While the full $8,000 credit is still limited to first-time homebuyers. some long-time residents of the same principal residence may be eligible for a reduced credit of $6,500.

Generally, you must have owned and used the same residence as your principal residence for any five consecutive year period during the eight year period ending on the date of the purchase of a subsequent principal residence.

This is a great opportunity for homeowners looking to upsize, downsize or relocate. If you fall into this category, be sure to review the specific rules and deadlines with your CPA.

#2: Income limits raised The new law raises the income phase-outs for the credit. Previously, the credit phased out for single individuals with modified adjusted gross income (MAGI) between $75,000 and $95,000 and for married couples filing joint returns with MAGI between $150,000 and $175,000. Under the new law, phase out starts for single individuals with MAGI at $125,000 and for married couples filing joint returns with MAGI at $225,000.

Credit for 2010 can be claimed in 2009 If you are using the credit and make your purchase in 2010, then this next item will be of great interest to you. Eligible taxpayers can elect to treat the purchase as having occurred in 2009 for purposes of claiming the credit on your 2009 tax return. Without this special rule, you'd have to wait until 2011 to receive your credit when your 2010 tax return is filed.

Special rules Of course, there are many details involved when actually taking the credit, including special rules for repayment, new documentation requirements, a purchase price cap of $800,000, and more. I've covered the basics here. If you need additional information, please contact my office.

Tax Break #2: Net Operating Loss Carryback Background information A taxpayer can use a net operating loss (NOL) to obtain a refund for taxes paid in prior years. This is a great opportunity for businesses going through tough times to boost their cash flow with previously paid taxes.

Under normal circumstances, the carryback period is two years. Under the 2009 Recovery Act passed earlier this year, small businesses (average gross receipts of $15 million or less) could elect to carryback 2008 net operating losses (NOLs) for three, four or five years rather than the standard two years.

Extension of the NOL rules The expanded carryback period was originally only for 2008 NOLs. The new law extends the expanded carryback period to 2009 NOLs.

If a taxpayer elected under the 2009 Recovery Act to carryback 2008 NOLs, then that taxpayer may make the election for an additional year. Otherwise, taxpayers can take the new expanded election for NOLs incurred in either 2008 or 2009 but not for both years.

Expansion of the NOL rules The new law expands who is eligible for the expanded carryback period by making all businesses eligible and not just small businesses.

The election under the new law must be made by the due date (including extensions) for the tax return filed for the taxpayer's last taxable year beginning in 2009. Keep in mind that the election is irrevocable. Fiscal year taxpayers can make the election for tax years beginning or ending in 2008 or 2009.

Additional Resources As you may have gathered from this overview of the new tax law, there is a considerable degree of complexity involved both in taking full advantage of the tax benefits and in avoiding pitfalls.

Copyright (c) 2009 Tom Wheelwright

The first-time homebuyer credit is one of the most popular tax incentives in recent years. When originally enacted, the credit was limited to $7,500 ($3,750 for a married taxpayer filing separately) and it acted like a loan, requiring taxpayers to repay it over 15 years.

http://www.provisionwealth.com/

 

Almost everyone who contacts my office about helping them with their book publishing needs, believe they have the next million-copy seller. Because do not make a habit of stepping on anyone's dreams, I always listen politely before asking the question: "How do you propose to sell 1,000,000 copies?"

Usually, I get the same answer: "Everybody in the world will want this book ... " Most people cannot fathom, what it takes to sell 100,000 copies, 10,000 copies or 1,000 copies for that matter, let alone 1,000,000 copies.

According to the Author's Guild, a successful fiction book sells 5,000 copies and a successful nonfiction book sells 7,500 copies. Major publishing companies will take a book on if they believe it can sell at least 50,000 copies.

However, the statistics for self-publishers prove dismal. The largest author services companies report:

An average of 100 copies sold per title.

14.3% of authors sell more than 200 copies.

3.4% of authors sell more than 500 copies.

Why then, do we see so many people writing books and seeking to be on the New York Times' bestseller list? Simply put, because you never know where your book will wind up.

According to the New York Times' (Edward Watts, March 15, 2006) "Joel Osteen, a television evangelist, has signed a book deal with Free Press, an imprint of Simon & Schuster, that publishing insiders say is potentially one of the richest for a nonfiction book and could bring the author more than $10 million."

While his book Your Best Life Now is good, the marketing machine behind it really caused him to sell three to four million copies.

As senior pastor of the "nation's largest church" with a media ministry that reaches 200 million households, Osteen could write the Gospel of Humpty Dumpty and sell thousands of copies easily.

The point being, he used his circle of influence, brilliantly, I might add.

You must do the same. I know you probably don't possess the same scope, but the principles remain the same.

1. Who do you know?

2. Who knows you?

3. How can you reach them?

You should start "selling" your book while in the process writing it.

I don't believe in "stealth" writing, where you hide away from the world and never let anyone know about your project until it is completed. Of course, you want to be selective, but if it takes you two years to write your manuscript, plus another six months, nine months or more for production, that is time that would be well spent in marketing your book.

Start by making a complete contact list of your relatives, friends, associates, business relationships, memberships, etc. Call, write or email them and let them know about your book and the expected completion date. Ask them to help you spread the word.

They may also know of networking or speaking opportunities whereby you can pitch your book - before it is published. The idea is to leverage your contacts as much as you can.

Prompt them for a commitment to buy multiple books at a discount or with a special incentive once the book is published. That way there is a possibility that you will already have hundreds or thousands or customers waiting for your release.

Once it is out, follow the rule of five as outlined by John Kremer, author of 1001 Ways To Market Your Book. Kremer states, "All you have to do is follow this one rule: Do five promotions a day. That's it. Do five promotions each and every day (with a day off every once in a while for good behavior). Make a phone call. Write a letter to an important editor. Send out a catalog to a key sales contact. Handwrite a little note on the news release you send to targeted media. Make a follow-up phone call. Do at least five promotions a day, and within a year you'll have made over 1,500 prime contacts. I guarantee you that if you make five legitimate contacts each and every day for a year, you'll make sales. But you have to be consistent. That's the inside secret. Now that you know it, do something about it."

About the Author:

Marvin D. Cloud provides a self-publishing alternative at mybestseller.com. For a free writers' workbook and online marketing tips, go to http://www.mybestseller.com/

 

Five Top Tips For Successful Audio Conferencing
By Peter Bennett


Conference calls have revolutionized the way businesses communicate, saving time and money. Many companies now hold regular daily, weekly or monthly calls between 3 or more participants. However, for participants that are new to audio conferences, there can be a tendency to not properly follow protocol, which ultimately makes calls less effective. Here are five simple tips so that you can contribute in a positive manner and enjoy your participation in a audio conference call:

1) Be early on the call, not Late! - Like any normal meeting being punctual is very important. If you are not on time you may miss important information about the agenda for the call and protocol. You may also be left until last to speak or even worse left off altogether. This can become extremely annoying if you have important information to pass on. Logging into the conference 5-10 minutes before is good practice.

2) Call from a quiet place - If you are participating in an audio conference call then you should ideally select a quiet room or place to call from. If you are calling in from your home then you will have children and pets in the background or appliances making distracting noise. In the office there are different distractions such as phones ringing and people chatting. You may be able to mute these from the call, but once you start talking they will be causing you much distress whilst you are thinking of what you are saying.

3) Try to avoid calling in from a mobile phone - Using a mobile phone to conduct an audio conferencing call is a bad idea. Mobile phones cause call interference as they use a different format for transferring data. This may irritate other participants, as the line will appear crackly or fuzzy for all listening in. If a mobile phone is all you have, use the mute function if you are not speaking as this will lessen the distraction on the side of the participants.

4) Don't put the call on hold - Putting the conference call on hold distracts the participants especially when the phone has hold beeps or music. Many users will be left bemused and it is hard to catch up when you are not focused. If for any reason you need to leave and you are not sure at what time you can join the audio conference call, it is better to hang up and call again if you are ready.

5) Raise your hand to speak - Avoid butting in whilst others are talking or it is not your turn. There will usually be a method to attract the attention of the chair person or organizer. Most audio conferences have a 'raise hand' option, which seems to work best. This informs the chair person you wish to speak and they will usually invite you in once and chance is available. If you ignore this option and simply talk over people, you will very quickly alienate others and could be asked to leave.

Follow these simple steps and you will have much more productive and enjoyable conference calls. If you don't then you will soon encounter delays, interference and general annoyance of all participants involved

 

 

R B Lawrence expert Ezine author owns and operates http://www.internetphone-reviews.com/