I just saw this video and had to share this with you….

Powerful Stuff….

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Tony Robbins… conditioning your mind… You gotta watch it!

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08/12/2010

We live in interesting times…. remember the fear in late 2008 when the country just witnessed two of the worst month in the history of the stock market while Countrywide Financial, Bear Stearns, IndyMac Bank, Fannie Mae, Freedie Mac, Merrill Lynch, Lehman Brothers, AIG, and Washington Mutual all went under.

Almost 2 years later…. and gazillion dollars in bail out (yes, I make words up)…. the question of… Has our sickly economy gotten better or worsen is being debated… we will see the biggest transfer of wealth in man kind. Ok… enough of me babbling on…

Here are the brand new tax law changes already scheduled to take effect Jan 1, 2011… The crap sucks monkey balls… but it’s better learn about it now than to wait till it’s too late. Now go throw an egg at your representative you elected. NM… save the egg, make an omelet.

Enjoy, or grimace…

Partial Tax Law Update for Real Estate Professionals

In just six months, the largest tax hikes in the history of America will take effect.

They will hit families and small businesses in three great waves on January 1, 2011:

First Wave:

Expiration of 2001 and 2003 Tax Relief

In 2001 and 2003, the GOP Congress enacted several tax cuts for investors, small business owners, and families.

These tax cuts are all scheduled to expire on January 1, 2011:

Personal income tax rates will rise.

The lowest rate will rise from 10 to 15 percent.

All the rates in between will also rise.

The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed).

Itemized deductions and personal exemptions will be phased out, which has the same mathematical effect as higher marginal tax rates.

The full list of marginal rate hikes is below:

- The 10% bracket rises to an expanded 15%

- The 25% bracket rises to 28%

- The 28% bracket rises to 31%

- The 33% bracket rises to 36%

- The 35% bracket rises to 39.6%

Higher taxes on marriage and family.

The child tax credit will be cut in half from $1000 to $500 per child.

The standard deduction will no longer be doubled for married couples relative to the single level.

The dependent care and adoption tax credits will be cut.

The return of the Death Tax. This year, there is no death tax.

For those dying on or after January 1 2011, there is a 55 percent  top death tax rate.

Higher tax rates on RETIREES, Savers and Investors.

The capital gains tax on investment income will rise from 15 percent this year to 20 percent in 2011.

The dividends tax will rise from 15 percent this year to 39.6 percent in 2011.

These rates will rise another 3.8 percent in 2013.

Second Wave:

Obamacare

There are over twenty new or higher taxes in Obamacare.

Several will first go into effect on January 1, 2011.

They include:

The Medicine Cabinet Tax

Thanks to Obamacare, Americans will no longer be able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin).

The Special Needs Kids Tax

This provision of Obamacare imposes a cap on flexible spending accounts (FSAs) of $2500 (Currently, there is no federal government limit).  There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children. There are thousands of families with special needs children in the United States and many of them use FSAs to pay for special needs education.  Under tax rules, FSA dollars cannot be used to pay for this type of special needs education.

The HSA Withdrawal Tax Hike.

This provision of Obamacare increases the additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent.

Third Wave:

The Alternative Minimum Tax and Employer Tax Hikes

When Americans prepare to file their tax returns in January of 2011, theyll be in for a nasty surprise many AMT tax relief provisions will have expired.

The major items include:

The AMT will now apply to over 28 million families, up from 4 million last year.

These families will have to pay taxes at the higher level.  The AMT was created in 1969 to ensnare a handful of taxpayers.

Small business expensing will be slashed and 50% expensing will disappear.  Small businesses can normally expense (rather than slowly-deduct, or depreciate?) equipment purchases up to $250,000.

This will be cut all the way down to $25,000. Larger businesses can expense half of their purchases of equipment.  In January of 2011, all of it will have to be ?depreciated.?

Taxes will be raised on all types of businesses.

There are literally scores of tax hikes on business that will take place.  The biggest is the loss of the ?research and experimentation tax credit,? but there are many, many others.  Combining high marginal tax rates with the loss of this tax relief will cost jobs.

Tax Benefits for Education and Teaching Reduced.

The deduction for tuition and fees will not be available.

Tax credits for education will be limited.

Teachers will no longer be able to deduct classroom expenses.

Education Savings Accounts will be cut.

Employer-provided educational assistance is curtailed.

The student loan interest deduction will be disallowed for hundreds of thousands of families.

Charitable Contributions from IRAs are no longer allowed.

Under current law, a retired person with an IRA can contribute up to $100,000 per year directly to a charity from their IRA.  This contribution also counts toward an annual required minimum distribution.  This ability will no longer be there.

PDF Version  Read more: http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171#%23ixzz0sY8waPq1

Now your insurance is INCOME on your W2’s……

One of the surprises we’ll find come next year, is what follows - - a little “surprise” that 99% of us had no idea was included in the “new and improved” healthcare legislation

Starting in 2011, (next year folks), your W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are given by the company.

You will now be required to pay taxes on a large sum of money that you have never seen.

Take your tax form you just finished and see what $15,000 or $20,000 additional gross does to your Tax debt.  That’s what you’ll pay next year.  For many, it also puts you into a new higher bracket so it’s even worse.

This is how the government is going to buy insurance for the 15% that don’t have insurance and it’s only part of the tax increases.

Mike Grinnan CPA  with McCauley Nicolas and Co. has reviewed the above information at my request, and said all of this is TRUE.

I also asked him If I can disseminate this information to real estate professionals, his answer is YES.

PLEASE NOTE:  This is NOT a complete Tax Update. This is an email I received from Nick Capra in Arizona asking me if these things are true. My attorney reviewed and said it is true.

There are many other changes and updates in addition to these.

Special thanks to my good friend Nick Capra in Vegas who sent me this information with a note saying he’s not sure if it is true.. I sent it to my CPA immediately. Now you got it.. thanks to Nick Capra!

Mike Butler

News@MikeButler.com

Special Thanks to Mike butler!

Jeff Coga

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07/27/2010
Quick Rant…

I rarely watch TV… why? because you have bull shit shows that add no value to your life. Today I did turn on the tube to watch the 1st episode of Breakthrough with Tony Robbins on CNBC. He’s been one of my earliest “mentors” who I learned from… I remember being 18 picking up the audio tap “Unleash the Giant”. Just that tape alone changed and gave me a paradigm shift. Since then…. I’ve always been a huge fan of self development and it lead me to study guys like Brian Tracy, Jim Rohn (Tony’s mentor), Les Brown, Tom Hopkins, etc etc…

Anyways… I’ll keep it short… the episode was powerful. I think the American people need this… but my brain wanted to know what others are saying. So I began to google… and look what I found…

http://letters.salon.com/ent/tv/heather_havrilesky/2010/07/28/tony_robbins_needs_a_breakthrough/view/?show=all

Check out the link above and see the type of feed back folks are giving.

What Tony teaches is age old, time tested, methods on how to improve the quality of your life. Yet so many people are skeptical… saying things like “This stuff doesn’t work”, “He’s just a snake oil sales men”, etc etc… and it clearly shows that every one has an opinion for everything. What are your thoughts?

I’ll be attending the 4 day event this coming weekend and it should be amazing!

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07/20/2010

Back in April I was interviewed by one of the Top Internet Marketer, Trainer, and Real Estate King Pin… Tim Mai with epreneurs.com and DoDeals.com.

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06/16/2010

MAKE IT HAPPEN! Recession is in your head.

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05/11/2010

Good morning guys today it’s May 11th, 2010, this is your Jeff Coga with your whenever randomness….

Let’s get to it…

You know just yesterday Fannie Mae and Freddie Mac had some guys (ok, some are chicks) who are supposed to look out for our interest… debated about financial reform on the Senate floor. Now I want each and every one of you to consider that little fact.

Think about this… we are in a time since the greatest economic global slowdown since the Great Depression. The U.S. housing market is at the center of the storm. The GSEs (the fake a$s quasi government), being Fannie Mae and Freddie Mac are by far the greatest influences and impacting agencies to the U.S. housing market and there’s talk of NO regulation or better said a lack of talk of no regulation.

HmmHMMM…. Really, ask yourselves, how is that even possible?

Just yesterday, Fannie Mae asked for an additional $8.4 billion to stay afloat and Freddie Mac also has recently asked for $10.6 billion, I mean that’s $19 billion on the running tab of $145 billion.
The numbers are so big, but you kind of become numb to those things. Oh yea… we did have like $700 billion back in

hmmmmm…. Jeff Coga says is BS

Ok, think about this, Fannie bought 62,000 foreclosed homes in the first quarter of 2010. Last year’s total acquisitions were 145,000 homes, so at their current rate, they’ll acquire 250,000 homes. That’s over 100,000 more homes than the previous year.

Follow me on this guys….. So the government is fronting Fannie Mae and Freddie Mac money to buy all the non-performing loans. I mean last year, and very quietly, the Treasury stated they’ll do whatever it takes to keep these guys afloat. That’s your basic open checkbook. Now they’re taking advantage of the Treasury’s generosity by buying all these bad loans, so my thinking is the government is going to continue using the GSEs to buy foreclosures and once biz isn’t so good, they’ll disband them completely.

The reason financial reform may lack oversight of Fannie Mae and Freddie is simple. Because they won’t even exist anymore going forward!!!! (Just MHO) And if you don’t believe me, you simply need to look at some of the most recent statements made from our most influential Congress people.

Okay, so yesterday we told you that CoreLogic is suing Zillow over copyright infringements on their AVM model, remember that? Right, yes. Brian: Right, listen to this, Zillow just came out and said that homes with negative equity rose in the first quarter of 2010. Core Logic just came out and said that homes with negative equity fell in the first quarter of 2010.

Well, things either got better or they got worse depending on who you believe, but I imagine things just got better for Zillow because there’s no way they’re going to lose a lawsuit over an AVM model to Core Logic if they’re reaching completely opposite conclusions. This lawsuit is dead in the water, guys

Core Logic - Negative equity Declines
Zillow Negative equity grows

Hmmmmm…..

What’s not in question, though, is the number of foreclosures. They’re up and they’re up big according to Realty Trac, Bank Repo’s rose 35% in the first quarter to a record 257,944 units. You know, those aren’t units if they think about it, 257,944 homes, those are displaced families over a 3 month period.

Truly amazing, but it’s also a quarter million available properties to sell, right. I mean, listen, someone’s gonna live in all those homes. The market’s already washed away a ton of your competition and this is a real big opportunity to liquidate properties and get us on a road to recovery, man.

Just truly amazing….

“When a bridge collapses… they never look at the last truck on the bridge but the engineer who built it…”

JC

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04/16/2010

Truth comes at a price. Either your on the receiving end or the losing end… PERIOD!

Bloomberg is reporting Goldman Sachs has been charged with fraud in regard to CDO structuring today.

So finally the ROOT CAUSE of Collateral Debt Obligation is fraud?!!?!? WOOOW finally…

http://www.bloomberg.com/apps/news?pid=20601087&sid=agT1H2ffyJCA

OTHER NEWS:

This REALLY BOGGLES MY MIND…

California in its F’EN infinite wisdom put to the side $200 million in tax credits for home buyers… hmmmmm.  This is a very very generous credit since existing home owners can use the $10,000 credit on a new home and new buyers can use it on either an existing home purchase or a new property…. WAIT we have more…

And for a limited time ONLY… you will be able to combine the California tax credit with the expiring $8,000 federal credit (if you close escrow between May 1st and June 30^th) for a stunning $18,000 reduction in taxes!!!

God bless America…  But once again…. just look at the facts…  most typical families will not use every penny of this credit… why? they are broke…  and all honesty it is really a boost to a segment of our population that is doing better in this economic crisis… YES the folks who are buying houses… OH and  just MAYBE we want to look at the 15 million unemployed first…. I’m just saying.

Oh yes… and Can’t forget… California will now have $200 million less to plug the $20 BILLION deficit…

Interesting Vidoes

Sprott speaks out in this excellent interview.

If you have a sense of humor look at the advertisement. What an unlikely match they make.

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