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| The Secret Savings and Retirement Weapon You're Not Using: IRC Section 7702 |
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When you hear the term “life insurance” you
probably scoff and say, “I know all about life insurance . . .” but you
probably don’t know all about life insurance.
For example, did you know the IRS tax code explicitly and deliberately
allows you to contribute money to a cash value life insurance policy that will
grow free of taxation and that you can withdraw free of taxation? Internal Revenue Code Section 7702 is a
powerful tax loop hole that is probably not a part of your investment portfolio
for three reasons: 1) You think you know
all about life insurance. (You know more
now than you did!) 2) No one you know is
using it. The social proof you seek from
your peers makes you a follower sometimes to your own detriment. 3) You think the stock market and your
401(k)/IRA are the only way to save. Did
you know the U.S. government is eyeing your 401(k)/IRA to help pay down our $16
trillion deficit? Want to know more?
Read these articles:
http://www.examiner.com/article/401k-plans-and-ira-eyed-to-alleviate-fiscal-cliff
http://macrowealthpreservation.blogspot.com/2012/08/progressives-have-their-eye-on-your-401k.html
http://online.wsj.com/article/SB10001424052702304331204577354024207255032.html
IRC Section 7702 can be your weapon to not only
grow and withdraw your retirement savings tax free, but you can use it to
protect your retirement and savings. Add
it to your investment arsenal by calling me for a free consultation. It’s your money . . . until you give it away.
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| Did you know? |
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Dr. Thomas Stanley, author of The Millionaire Next Door,
and probably the foremost expert on the study of the affluent, suggests the
following formula to determine what your net worth should be at any age:
Net Worth = 10% X Age X Income
If you’re not there, I can show you how to get there. Call me for a free consultation.
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| Joint Ventures |
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Ray Hodges Financial Group is proud to announce that it is in the process of entering into two joint venture agreements (JV). One of the JV opportunities is with Abstract Management Group (AMG) www.abstractmg.com a business consulting firm that provides financial management, strategic planning, and marketing services for small businesses. If you need a firm that specializes in assisting small businesses, AMG is your goto firm.
The second JV opportunity is with Women Called Moses (WCM), a non-profit organization created to provide a secure shelter for battered women and their children www.womencalledmoses.org. Make your charitable contributions count by giving to this worthy and necessary organization.
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| Business Shout Out! |
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The following businesses are now members of my Business
Advisory Council. All members have
proven to be reputable, fair, and committed to delighting their customers. Please join me in congratulating them!
Chef Carlos on the Square, AWESOME restaurant in Lancaster,
TX, 972-218-8000
10 Minute Oil Change, HONEST car repair in Duncanville,
TX, 972-572-7800
Buddy’s Sporting Goods, goto place for uniforms, sports
equipment, etc, in Duncanville, TX, 972-780-8149
Dry Clean USA, the dry cleaners that keeps me so fresh and so
clean, clean, Cedar Hill, TX, 972-291-9917
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What's coming? |
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Next issue, I plan to highlight individuals and businesses that can help you secure financing for the American dream - your own home. Stay tuned!
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| What Business Tax Deductions are You Leaving on the Table? |
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While reading Money – What Financial “Experts” Will
Never Tell You Chapters 14 – 17, I was struck by the number of tax
deductions that are available to small business owners. As I read, I began to wonder if most business
owners were aware of all of the tax advantages of owning a small business. In addition, I also wondered whether more
people would consider launching a small business if they knew the tax
advantages available to them compared to W2 employees.
Before I summarize some of the tax deductions that are
cited in the book, it goes without saying that you should consult with an
accountant/CPA that is well versed in providing tax services and advice to
small businesses.
Did you know as a small business owner in most cases, the
IRS will allow business tax deductions for the following activities?
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Home office
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Business meals
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Gift certificates for entertainment
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Business club dues and lunches
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Food and refreshments during sales seminar at
home
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Entertainment
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Home entertainment
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Season tickets
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Mileage
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Travel
If you go to my site at www.rayhodges.biz
under “Downloads” the authors were kind enough to send me a file that you can
download that provides an exhaustive list of business tax deductions. Download it and compare the tax deductions
you have been claiming. It’s your money
. . . until you give it away.
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| Did I mention . . . |
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If you own commercial property, and you're upside down on the mortgage, a member of my Business Advisory Council can help you refinance and
have equity in your property again.
If you own a residential property that appraises for over $420,000, and you're upside down on your mortgage, you too could refinance and have equity in your property again. Call or email me to find out how.
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| Updates |
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· Looking for a featured speaker for your group,
association, organization, small business, etc? I regularly present "the
10 Principles of Money Mastery" to organizations just like yours. Call or
email to make me your featured speaker!
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