Tuesday, March 9, 2010

"Tax Season"

This week, Money & Music wanted to get a jump start and make sure everyone tuned in & all our Go-Getters are on point, come this time of the year, TAX SEASON. We were able to bring in and have join Money Mike & Cool V, a Tax Specialist with 20 years experience.

John Lefko, Owner and President of John P. Lefko, Ltd.
*Income Tax Preparation and Accounting Services Company
*Opened business in 1991
*Graduate of Canisius College 1989
*Company handles all Accounting and Tax Preparation
*Specializes in Personal, Corporate, Partnerships, Estate, Payroll and General
Accounting needs.

Well if you've always been curious, but never really felt the urge to listen in, then we here at Money & Music can only hope you enjoy Making & Saving Money. If you do? Then tune in press play, rewind, & play again...saving the Thanks for after you FILE on Time, this year.


Important Dates
Corporate Tax Filings Due: March 15th
Personal Tax Filings Due: April 15th

Tax Season

This week's session Cool V & Money Mike were the students, learning from the Tax Professional, BIG THANKS again to John Lefko, who gave us some basics to work with, now that Tax Time is upon us. Money Mike went back to previous sessions and stressed the importance of having a "Paper Trail" on everything that pertains to your business or profession. However, John Lefko, stressed keeping a Paper Trail on all sales/expenses, because the way the Tax Laws change yearly, you never know what you may be missing and not taking advantage of. That's why when we've heard the term "Cash is King" we have to stress what that really means.

Unfortunately, there are misconceptions that by paying in Cash with No Invoice/Receipt/Paper Proof, there is no trail, so when Uncle Sam comes knocking there is NO PROOF. Sadly to say for those that have believed this, at least listen to the Show to learn more, or just know that your outlook should all Change Today, if you are trying to get ahead. If you can't prove your expenses/costs/sales, how do you expect to prove your credit worthy or your business is profitable, and etc... when it comes time to apply for a loan, mortgage, or just a credit line? Or what about when that infamous Uncle has your name calling ie...Nas, Method Man, Wesley Snipes, MC Hammer...list goes on...do we need to say more?

So now is the time to understand Paying Taxes is the Law, and that is why there are many Tax Deductions/Credits & Advantages set forth to help reduce your Tax Bill. There are also many Financial Strategies & Vehicles available to take advantage of and encouraged to reduce your Tax Bill, and increase your net worth, see the link below. So pay the extra few dollars and seek Professional Counsel, why do it yourself? Is Accounting your Profession? As our tax specialist pointed out, as the Tax Code changes yearly, it is that much more important to know your working with someone who adjusts accordingly, most importantly making sure you are taking advantage of what is available to you, your family, and your business.

The point we must stress after this week's Heavy Show, begin working with the Right Professionals, that you feel comfortable, confident, and most of all ones that are experienced in their particular field or is we like to say, "Specialize". We many times find out the hard way, like Money Mike's example, of Buying Cheap Paint vs. the Expensive Bucket, there is a good chance you will have to paint the wall twice even though you saved a Few dollars with the cheap bucket, and for us Go-Getters, Time is WHAT??? "CHA CHING"


So start to turn to professionals, one's that will be there with you through the good times & bad times, and know your situation well enough to help guide you through all situations and in the end helping you make the least amount of mistakes along the way to your successes. Building your team is very important, and having a guy like John Lefko or one similar, can be an invaluable resource to your successes. Why learn the hard way? Start to listen to Seasoned Veterans, ask questions, and never think you know more than the next guy/gal, you never know how much their experiences can teach you or at least save you...hint...hint.


So again, re-listen to this show & if you still have questions here's a link we know you can use this time of the year. Click Below...

Tax Credits & Deductions for 2009


& if that doesn't help
email: info@moneynmusic.com

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