Will Trump Sign the Newly Passed Tax Bill before Christmas as Promised?

Will this still be an early Christmas Gift for the Taxpayers?

new years at white house

Trump may wait until January to sign the tax bill into law.   The reason this may happen is because once this tax bill goes into law it will add to the deficit and when that happens it will trigger a 2010 law known as “PAYGO,” or “pay-as-you-go.”   Once this happens the budget law will require spending cuts to Medicare and other programs.  The reductions would cut spending on Medicare by $25 billion in 2018, according to the Congressional Budget Office.

If Trump signs the tax bill into law in January it would likely defer those spending cuts until 2019,  giving Congress almost a year to come up with a solution.

So what will the Taxpayers get out of the tax saving plan.  Well, let’s see!

In 2018, taxpayers earning less than $25,000 would receive an average tax cut of $60, the nonpartisan Tax Policy Center found.  Those earning between $49,000 and $86,000 would get an average cut of about $900; those earning between $308,000 and $733,000 would receive an average cut of $13,500; and those earning more than $733,000 would receive an average cut of $51,000.

And in 2025 these tax cuts will expire for individuals but the corporations tax cuts will remain permanent.

Happy Holidays Everyone!!!!

 

What Do You Do? I Sell Time…

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the-two-most-powerful-warriors-are-patience-and-time-quote-patience-quotes-for-you-580x580I Had an “Aha!” Moment.

As always I was watching an “Informational” video, and on this particular day it was a Gary Vaynerchuck video where he was at a college speaking on entrepreneurship.  Now if you don’t know who Gary is you may want to Google him he’s very unintentionally motivational.  Anyway, he had stated that you cannot teach someone how to be an entrepreneur, which I agree 100%.  You either are, or you’re not.  I would like to consider myself an entrepreneur because the thought of only working for someone else drives me insane.  As he was speaking he said something very interesting which was…”The #1 Asset to everybody in the world is TIME.” I had an “AHA” moment, because after he said that he went on to saying, “if you can figure out how to sell it and buy it back that’s a big coo.”  Now if you don’t know already I have a business where I do Bookkeeping, Taxes, Payroll, Business Formation, IRS resolutions and some additional “business related” stuff.  The one thing that I’ve always dreaded about going to conferences and networking events are the people who walk over to me and ask  “What do you do?”  Thinking to myself, should I tell them EVERYTHING that I do or just mention some or one thing that I do.  So I end up just telling them, “I do taxes and bookkeeping.” And their response is usually “Oh, ok that’s great.”

Now, with Gary V saying what he said about time, reminded me of a TED talk that I watched a while back featuring Simon Sinek who spoke on somewhat the same lines.  His thing was people don’t buy What you do they buy Why you do it. This was the one thing I have always struggled with because I didn’t want to sound like everybody else…At first, I had always thought my WHY to WHAT I DO was to make people’s lives a little less complicated, but at that “AHA” moment I tapped into the #1 Asset that everybody in the world was wanting according to Millionaire Gary V and that was TIME.  I sell TIME.  For example, if you run a business and the majority of your TIME is consumed by doing the bookkeeping, the payroll and the monthly, quarterly and  year-end reports or even worse dealing with those annoying letters coming  from the state and federal agencies because of some discrepancy that was made.  Just think about it, aren’t  you losing time?  Now, wouldn’t it be nice if you could get back that time so you could focus on growing your business or your artistry which will in turn result in increasing your revenue.  As they say, TIME IS MONEY.   So, with all that said, doesn’t  it make sense how providing my professional services can ultimately give a business back its TIME?

Now when I get the opportunity to go to a conference, or a networking event, and I am asked the question, “What do you do?” Guess what my response will be…you got it…I SELL TIME! And instead of them saying the usual “Oh, okay that’s great,” and then walking away. They will be more curious and interested in what I do. Because who doesn’t want their TIME back, even if you have to pay for it.

So, What Do You Do?