For a lot of people being wealthy is about accumulating stuff and not real wealth. We see advertisement every day that show us the good life we can have for $99.99 per month. You might calculate what you can afford in monthly payments and the reality is that you end up paying far for more instead.

Before you buy the item, ask yourself “What is the potential value of the item?” Then you can determine if is worth to go into debt to attain it. I believe that the people who fail financially can’t see them self becoming financially free.

I know tough, I just go to the point…

To avoid falling into the money trap you need to know what you really want out of life and get used to what that life look, sounds, and feels like.

See yourself, having that life you really want.

My wife tells me I’m different, because I go to seminars and listen to motivational speakers.

I might not be like must people, while I have a set short and long term goals. My short term goal’s change once I achieve them and I need to find the inspiration and motivation, and sometimes positive people are the key.

You see, I deal with a lot of people every day with lack of vision in their lives. They never listen positive messages or seek help to achieve their goals.

It’s not a dream, you can achieve it….

Sit down today and think what it is that you trully want out of life.

Have a positive mindset…

Send your plan into active and really believe you can achieve your end goal. Remember your biggest obstacle is you.

To get the list with the 50 deductions you are overlooking, fill the form below.

I stated that if my company DataViking.com hire Diego (my son) for a photo use by DataViking.com on marketing or any other commercial business related use and he got paid let’s say $5,000 he would not have to file taxes.

I was called all kinds of names, and I got bit frustrated.

In one end I have one guy that is completely negative. Hi struggles in with cash and won’t do anything else to get ahead. Next to him is the new guy. So sure of his future, he denies my help to cut his learning time on website development to read a book and wait a year to get his online cash flow going. I don’t know why I would teach him about websites, I only being creating them for the last 11 years. In the other hand, make sense (NOT) to start making money in 1 year instead of now. But that’s its just me.

About the rest of the guys, well I will leave it to your imagination.

Diego would have to file taxes if any of the following apply.

• If unearned income was more than $950.
• If earned income was more than $5,700.
• If gross income was more than the larger of $950, or earned income (up to $5,400) plus $300.

I guess Diego earn good money last year for being only 3, and will earn a bit more in 2010.

From Table 1-2.2009 Filing Requirements for Dependents on the IRS website
http://www.irs.gov/publications/p17/ch01.html#en_US_publink1000170392

In general, a business can deduct up to $25 annually for business gifts that are given directly or indirectly to any single person.  Now this $25 limit doesn’t include incidental costs, such as engraving, embroidery, or some sort of embellishment on the gift that doesn’t significantly increase the value of the gift.  It also doesn’t include packaging, insuring, or mailing of the gift, again, as long as they don’t add substantially to the value of that gift.  Gift-wrapping, for example, is typically considered to be an incidental cost.  If, however, you put the gift into a basket, box, or other such container that is substantial compared to the value of the gift, the item may not be considered incidental and the amount of the gift in excess of $25 would not be deductible.

Now don’t think you can outfox the IRS if you give a $25 gift and your spouse gives a $25 gift to the same person or business and have both be deductible.  In this situation, the IRS treats you and your spouse as a single taxpayer and there is a $25 TOTAL deduction limit for gifts to a single recipient.  This is the case, REGARDLESS of whether or not you and your spouse own separate businesses, are employed by completely different employers, or even if you each have a separate and independent connection with the recipient.

But the IRS also makes some exceptions for gifts that are not subject to the $25 gift limit.  One exception is if that gift costs $4 or less.  A second is if the gift has your or your business’ name or logo permanently imprinted on the gift.  In addition, if the gift is one of many identical items that are widely distributed such as pens, coffee mugs, calendars, etc., it is an exception to the $25 maximum gift rule.

Finally, if your gift is a sign, display, or other promotional material that will be used and/or displayed on the business premises of the recipient, then it also is an exception to the $25 gift rule.

When it comes to gifting rules, one of the questions I get asked most frequently is whether or not giving a client or customer tickets to an entertainment or sporting event is considered a gift, and subject to the $25 deduction limits, or an entertainment expense, and subject to the 50% deductibility rule for entertainment expenses.  Well, here comes my lawyer answer, it depends.  In general, any item that might be considered EITHER a gift or an entertainment expense will be considered by the IRS to be a gift and subject to the $25 limitation

Now there is an option.  If your business gives a gift to a client of tickets to an event and no one from your business attends the event, you have the option of choosing whether you want to classify it as a gift or entertainment expense.  This choice should really be a mathematical one.  Do the math and decide whether or not you get the better deduction by taking a flat $25 gift deduction, or if the 50% of the total cost would be a better deal for you.

Remember, that if you or someone from your business attends the event, this is a moot point and it MUST be treated as an entertainment expense and is subject to the 50% deductibility rule.

Giving gifts at this, or any other time of year is a fun and rewarding experience for the gift givers and the recipients.  If you can deduct all or part of that gift as well… then it just makes for an even happier holidays come tax time!  Who doesn’t like to give a gift that gives right back to you?  This is just one of the MANY, MANY ways that you can learn to keep more of your hard-earned money where it belongs, in your POCKET!

For an illustrated version please visit http://www.usdebtclock.org/

What do you think?

Payment History Tips

• Pay your bills on time.
  Delinquent payments and collections can have a major negative impact on your FICO score.
• If you have missed payments, get current and stay current.
  The longer you pay your bills on time, the better your credit score.
• Be aware that paying off a collection account will not remove it from your credit report.
  It will stay on your report for seven years.
• If you are having trouble making ends meet, contact your creditors or see a legitimate credit counselor.
  This won’t improve your credit score immediately, but if you can begin to manage your credit and pay on time, your score will get better over time.

Amounts Owed Tips

• Keep balances low on credit cards and other “revolving credit”.
  High outstanding debt can affect a credit score.
• Pay off debt rather than moving it around.
  The most effective way to improve your credit score in this area is by paying down your revolving credit. In fact, owing the same amount but having fewer open accounts may lower your score.
• Don’t close unused credit cards as a short-term strategy to raise your score.
• Don’t open a number of new credit cards that you don’t need, just to increase your available credit.
  This approach could backfire and actually lower your credit score.

Length of Credit History Tips

• If you have been managing credit for a short time, don’t open a lot of new accounts too rapidly.
  New accounts will lower your average account age, which will have a larger effect on your score if you don’t have a lot of other credit information. Also, rapid account buildup can look risky if you are a new credit user.

New Credit Tips

• Do your rate shopping for a given loan within a focused period of time.
  Scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur.
• Re-establish your credit history if you have had problems.
  Opening new accounts responsibly and paying them off on time will raise your credit score in the long term.
• Note that it’s OK to request and check your own credit report.
  This won’t affect your score, as long as you order your credit report directly from the credit reporting agency or through an organization authorized to provide credit reports to consumers.

Types of Credit Use Tips

• Apply for and open new credit accounts only as needed.
  Don’t open accounts just to have a better credit mix – it probably won’t raise your credit score.
• Have credit cards – but manage them responsibly.
  In general, having credit cards and installment loans (and paying timely payments) will raise your credit score. Someone with no credit cards, for example, tends to be higher risk than someone who has managed credit cards responsibly.
• Note that closing an account doesn’t make it go away.
  A closed account will still show up on your credit report, and may be considered by the score.