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You may also want to check out HEB Health Insurance for no obligation health insurance quotes. | | On Belief | On Expectation | | "Themost important thing about a man is what he believes in the depth ofhisbeing. This is the thing that makes him what he is, the thingthatorganizes him and feeds him; the thing that keeps him going in the faceof untoward circumstances; the thing that gives him resistance anddrive."-- Hugh Stevenson Tigner "Hecan who thinks he can, and he can't who thinks he can't. This isan inexorable, indisputable law." -- Henry Ford "Ifyou think a certain thought long enough and hard enough, it becomes afixedbelief and you will find yourself behaving on the outside in a mannerconsistentwith it." -– Brian Tracy | "Otherswill underestimate us, for although we judge ourselves by what we feelcapable of doing, others judge us only by what we have already done."-– HenryWadsworth Longfellow "Ourlimitations and success will be based, most often, on your ownexpectationsfor ourselves. What the mind dwells upon, the body acts upon." -- DenisWaitley "Ifyou conduct yourself as though you expect to be successful and happy,youwill seldom be disappointed." -- BrianTracy "It'snot that people want too much, it's that they want too little." -– MarkVictor Hansen |
|  Increase in theChild Tax Credit
| The2003 Tax Act (Jobs and Growth Tax Relief Reconciliation Act of 2003 -JGTRRA)was signed into law by President Bush on May 28, 2003, followed morerecentlyby the Working Families Tax Relief Act of 2004 (WFTRA), which wassignedinto law on October 4, 2004. Asis typical of recent tax legislation, the 2003 and 2004 Tax Actsofferedtax relief to individuals, but did so through a variety of complexprovisionsthat includes retroactive, temporary and phased-in/phased-out effectivedates. While some of these provisions may not apply to you, otherprovisions will and you may want to revise your planning to take fullbenefitof those provisions. Today's topicis the increase in the child tax credit. If you would likeadditionalinformation on this topic, please call my office.
Accelerated Increasein the Child Tax Credit Theamount of the child tax credit was increased by JGTRRA from $600 to$1,000,accelerating the previous phase-in scheduled between 2005 and2010. The relief, however, was temporary, applyingonly in 2003 and 2004, until the passageofthe Working Families Tax Relief Act of 2004. WFTRAcontinues the child tax credit at $1,000 through 2010. In 2011, the child tax credit returns to the pre-EGTRRA level of $500.
| CalendarYear | CreditAmount per Child Under 17 | | 2003 - 2010 | $1,000 | | 2011 andlater | $500 | | In addition:
- The child tax credit is not indexed for inflation;
- The child tax credit phaseout begins at adjusted gross income levels of $110,000 married and $55,000 single;
- The child tax credit can be claimed against the alternative minimum tax; and
- The credit is refundable to the extent of 15% of the taxpayer's earned income in excess of $8,500 in 2008.
PlanningNote:
| Consider using taxsavingsfrom the child tax credit to fund an Education Savings Account or toparticipatein a State Tuition Program. |
| | | MESSAGESfromthe Masters... | LOOKINGUP by Zig Ziglar
Backin the days of sailing ships, a young sailor went to sea for the firsttime.The ship encountered a heavy storm in the North Atlantic. The youngsailorwas commanded to go aloft and trim the sails. As he started to climb,hemade a mistake and looked down. He started to lose his balance. At thatmoment, an older sailor underneath him shouted, "Look up, son, lookup!"The young sailor looked up and regained his balance.
Whenthings seem bad, look to see if you're not facing the wrong direction.When you're looking at the sun, you see no shadows. When the outlookisn'tgood, try the uplook -- it's always good!
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