Donations

If you find yourself setting up that home office and in the process make donations of that stuff that's taking up space, here are some summertime tips from the IRS.

 

Charitable Contributions

Did you make a cash contribution to your favorite charity? Have you recently spent a weekend cleaning stuff out of your garage or basement that you then donated to a local charity?

Charitable contributions can be tax deductible, but you must have the proper records to support your deduction.  Due to the Pension Protection Act of 2006 the rules on recordkeeping for charitable contributions became a little more strict beginning in January 2007.

 

To deduct a charitable cash donation, regardless of the amount, you must have a bank record or a written communication from the charity showing the name of the charity and the date and amount of the contribution. Acceptable bank records would include canceled checks or bank or credit union statements containing the name of the charity, the date and the amount of the contribution.

 

Under the previous rules, records such as personal bank registers, diaries or notes made around the time of the donation could often be used as evidence of cash donations. Personal records like this are no longer sufficient.

 

Here are some additional tips to help you deduct your charitable contributions on your 2008 federal tax return.

 

• Charitable contributions are deductible only if you itemize deductions using Form 1040.
• Contributions must be made to a qualified organization.
• Used clothing and household items such as furniture, linens and appliances must be in good used condition.
• Vehicle donations are subject to special rules.
• To deduct charitable contributions of items valued at $250 or more you must have a written acknowledgment from the qualified organization.
• To deduct charitable contributions of items valued at $500 or more you must complete a Form 8283, Noncash Charitable Contributions, and attached the form to your return.

More information is available on the IRS Web site at IRS.gov. A good resource is IRS Publication 526, Charitable Contributions, found on the web site or by calling 800-TAX-FORM (800-829-3676).

Remember that for the genuine IRS Web site be sure to use .gov.  Don't be confused by internet sites that end in .com, .net, .org or other designations instead of .gov. The address of the official IRS governmental Web site is www.irs.gov. 

--
Yukon Cornelius
CFO of www.GoldStacks.com

Disclaimer: To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding any penalties that may be imposed, or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.

Networking

Sometimes, it's not what you know but who you know.  So what if you don't know anyone.  Try a networking group.  These organizations can be things like your local chamber of commerce or rotary.  They can be more industry focused, like a construction association.  Personally, I belong to Business Network International (BNI).  You can find information and your local chapter at www.bni.com  It is a great way to get business and an even better way to know people.

 

--
Yukon Cornelius
CFO of www.GoldStacks.com

Disclaimer:  To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding any penalties that may be imposed, or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.

 

The Living Dead

I was ready to start working on my post for Friday's blog when I let my dog Bella outside.  The neighbors behind us were outside and they hollered over that there was a strange dog they found wandering around the neighborhood.  As I looked over to answer them here comes this medium sized brown Shar Pei mix over to see me.  What a friendly dog she was except she didn't seem to want to be friends with Bella.  So I put Bella inside and we sat on our back porch trying to find this dog's owner.  My neighbor drove around looking for someone that was driving around looking for the dog but with no luck.  The next thing I know it is midnight.  Our neighbors took the dog back to their house for the night and I went to bed.

I was thinking about the dog being scared and nervous because she couldn't find her way and it made me think about how most of us walk around like that poor dog in life, lost.  We never find one person let alone three or four that can help us find our way so we walk around like the living dead.  If you are thinking "what in the hell is he talking about", take a moment and think about your life.  Are you living your dream?  Is your job or career something you dreamt about?  I bet in most cases you do dream about your job or career… but they are called nightmares and directed by Wes Craven.   If you are living your dream then stop reading I'm not talking about you. But if you aren't then keep reading. 

Okay you say, I'm not living my dream but I'm not lost, I make it home everyday.  (If you are a guy like me then you are never lost and need directions.)  In high school and college we have counselors that are supposed to help us decide on a career path and guide us in the right direction.  Well I don't know about you but mine didn't help guide me very well.  There are a lot of people who will have different views of their school counselors and that's great, you are the lucky ones.  If you didn't have very good guidance about a career in school I bet you still don't. 

Finding a person or a group of people to help mentor you in life is very important.  Maybe it is a senior manager in your firm that you respect and admire or a very successful friend but it is important to find someone that can help you find your way.  Another avenue that you can use is a personal coach.  A down side to having a personal coach is they cost money but I have talked to a lot of people who say it was money well spent.  That's a personal decision you have to make yourself.  Just being involved with like minded people can help you find your true calling and passion.  If you have a mentor or coach then you can sit down and talk on a regular basis about what steps you need to take to reach your dreams and goals.

I hope that you are not lost in your career or job and that you have a mentor but if you are lost and realize there is something else you would rather do just remember that it is never to late for you to go after your dreams.  Find someone that can mentor you and start walking among the living.  If you have no clue where to start looking for a mentor just shoot me an email and I will be glad to help you anyway I can.

Wishing you the Best,
Golden Hound

Free Advertising?

Sure, you can get a FREE ad on our site!  I launched a new program the other day designed to encourage participation in our "1,000 Ways to Make $1,000" database.  Anyone who submits 10 original ideas to the database gets a free ad.

 

Now, we're not exactly the most visited destination on the Internet just yet, but it's also pretty cool to have a free ad, even if it is just a small square that appears on almost every one of our pages.  Besides that, getting involved now in GoldStacks is an opportunity to take a leadership position here -- become known as an authority in the area of money-making idea generation.  You could tell people, "Hey, go to GoldStacks and read any of the ideas I've contributed if you're interested in making some extra cash."

 

Certain people and/or groups of people could really take the ball and run with it on our site. For example, young entrepreneurs and/or business students (e.g., college business majors or high school FBLA members), or older financial professionals could really contribute and take a leadership position. So, if that describes you, visit GoldStacks.com and think about contributing ideas to our database. They'll then become free to the world (and you'll get the satisfaction of knowing that others could be profiting from the ideas you've shared).

 

-Ragnar

 GoldStacks.com

Waiting for your stimulus check??

For all of you waiting for your stimulus payment to help your business get off the ground. . .

 

                  The Treasury Department sent out 10.025 million stimulus payments, totaling $7.775 billion, during the week of June 30. This brings the number of payments to 104.875 million, totaling $86.079 billion through July 3. For single filers, the minimum stimulus payment is generally $300 and the maximum payment is $600. For joint filers, the minimum stimulus payment is generally $600 and the maximum payment is $1,200. An additional $300 payment is made for each qualifying child.

Unfortunately, you may be one of the unlucky few who do not qualify.  To find out, go to www.irs.gov and click on the "Rebate - it's not too late" link.

 

--
Yukon Cornelius
CFO of www.GoldStacks.com

Disclaimer: To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding any penalties that may be imposed, or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.

Say Thanks

Yesterday, sunburnt and on the way back from Erie, we stopped at the first rest stop.  A guy pulls in, music blaring, leaves his car on and runs in to reload.  He looked like the military type, but only because of his haircut.  We saw him again at the next rest stop (which was out of order).  At the third rest stop, I realized from the insignia emblazened on his rear window why he had the balls to leave his car running.  He was a United States Marine. 

 

Seeing him at three rest stops in a row, I figured someone was trying to tell me something.  I went over and thanked him for his service, introduced him to my girls and made small talk.  I told them that he was the reason we could go to Erie and ride bikes on the 4th of July.  He was on his way back to base in S. Carolina.  He'd been visiting family for the weekend in Buffalo.  I felt bad that I didn't have anything to give him, but he seemed like the type who would have refused it anyway. 

 

Thanks again Bosco

--
Yukon Cornelius
CFO of www.GoldStacks.com

Disclaimer: To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding any penalties that may be imposed, or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.

Pick Me up for Tough Days

When you are having tough days keep this poem by Ann Davies handy.

Learning isn't easy…frustration tends to set in quickly.  You hurt.  You feel defeated.  You want to give up- to quit.  You want to walk away and pretend it doesn't matter.  But you won't because you're not a loser- you're a fighter…

We all have to lose sometimes before we can win.  We have to cry sometimes before we can smile.  We have to hurt before we can be strong.  But if you keep on working and believing, you'll have victory in the end.

By Ann Davies

Happy Fourth of July!

I want to wish everyone a Happy Fourth of July!  I hope everyone takes the time today to reflect on what today means and give thanks to all those who sacrificed in the fight for the Independence of this Great Country. Remember what Nathan Hale said "I regret that I have but one life to lose for my country." By the way, he was hanged by the British as a spy.  All of the founding fathers suffered great hardships during the Revolutionary War.  Read Rush Limbaugh's The Americans who Risked Everything, (click on the link below to read it.)

http://www.rushlimbaugh.com/home/daily/site_070308/content/the_americans_who_risked_everything___rush_h__limbaugh__jr_.guest.html.guest.html

That letter will give you an idea of what it meant to the signers of the Declaration of Independence for us to become free of British rule.

That spirit has carried on since that day and we have had men and women make the ultimate sacrifice to keep our Country free and we still have our brave men and women fighting to keep us safe and free at this very moment.  Make sure that you honor our military heroes past and present.  If you see one of our service men or women over this holiday weekend make sure that you thank them for everything they do.  Without our militaries sacrifices over the years we would not enjoy all that we have in our lives.

I would like to end me post today with a prayer for Independence Day from the book "Prayers for our Country"

"Today is the birthday of my country, God.  I give thanks and praise for its noble beginnings, its unwavering founders, and the bravery of all who have fought to sustain it.  May the red, white, and blue banner of the free continue to wave high above our land.  I ask you, Lord, to keep it free from hatred and protect it from harm.  Amen."

Have a Great Day!

 

Golden Hound

A Note for Old Dogs

Well, I've talked with numerous people from all around the country about GoldStacks.  Some of them have been friendly strangers, others close friends for many years. "What do you think of the site?" I asked them all.

 

Here's what I've discovered: As for the idea and the content, it's good. Some have even said "awesome!" That's the good news.  Others have offered constructive criticism, mainly pertaining to the design. When you hear it from one person, that's an opinion. When you hear it from a few, it starts to be something you have to take seriously.

 

Now, there's nothing "wrong" per se with GoldStacks.com. It's a perfectly functional site, with a lot of great ideas and interaction. It's mainly the look that's giving us the perception of a non Web-2.0-type site. To distill a number of comments from people into a single opinion: Our site kind of smacks of late-1990s web aesthetics.  Well, that makes a lot of sense to me, as I use to be a professional web master in the late 1990s. We generally didn't use things like Cascading Style Sheets (CSS), and there was no ASP.NET.

 

So, we need to start making some changes around here vis-a-vis our "packaging." I've made this my personal priority going forward -- to start embracing some of the newer methods -- things like getting rid of HTML tables in favor of CSS web layouts. It represents a vast improvement, once you think about it from a web development standpoint, anyway. And, hey, it's always good for the ol' resume. As a bonus, I can learn this on company time because my day job's web site is my responsibility and it also should be updated.

 

So, look out for some of these changes here on GoldStacks, too. With hope, we'll soon start looking more cutting edge than we do now.  If you want to draw a lesson from this, which we may as well do since this is supposed to be a motivational blog, you could do worse than to take home the message that it's never too late to teach an old dog some new tricks. (Uh, not that I'm an old dog.)

 

Take a look, btw, at the "Late Bloomer" page on Wikipedia if you're feeling like an old dog who's past his or her prime. You'll find some of these gems:

Danny Aiello did not begin acting until he was 40.

Rodney Dangerfield was an actor/comedian who didn't really start until he was 42.

Grandma Moses didn't start painting unitl her 70s (because of arthritis).

Colonel Sanders didn't franchise until his 60s.

Swedish marksman Oscar Swahn won two Olympic gold medals -- at ages 60 and 72!

Raymond Chandler published his first short story at 45.

Harriet Doerr published her first novel at age 74.

Famous artist and ex-slave Bill Traylor didn't start drawing until age 83!

So, it's never too late to learn, or to achieve!

Have the vision

"Some men see things as they are and say, 'Why?'  I dream things that never were and say, 'Why not?"

                                                                                          - Robert Kennedy

 

Some people want to start a business and see high prices and difficulty breaking into their chosen market.  They see what is going on in the world right now and make decisions based on it.  Others study their history, recognize a familiar situation from the past and know what the results will be.  The important thing is to have the vision to see beyond what is right in front of you.

 

              SIGHT is what you see with your eyes.

             VISION is what you see with your mind.

                                                         -  Rich Dad

                                               

 
--
Yukon Cornelius
CFO of www.GoldStacks.com

Disclaimer: To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding any penalties that may be imposed, or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.

It's out there

I was reading Robert Kiyosaki's Retire Young, Retire Rich.  I came to the realization that it is out there.  Whatever it is you are striving for, if you work hard enough, or better yet, smart enough, you can attain your dreams.  Then, when you've perfected the system, you can write books like Mr. Kiyosaki and add another stream of income to your empire.

 

Sometimes, when you are faced with decisions and you are unsure if you are choosing the right path, you just need to take the advice of a rather popular sneaker company and "Just do it".

--
Yukon Cornelius
CFO of www.GoldStacks.com

Disclaimer: To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding any penalties that may be imposed, or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.

People can Change

"I've never met a person, I don't care what his condition, in whom I could not see possibilities.  I don't care how much a man may consider himself a failure, I believe in him, for he can change the thing that is wrong in his life anytime he is prepared and ready to do it.  Whenever he develops the desire, he can take away from his life the thing that is defeating it.  The capacity for reformation and change lies within." – Preston Bradley

I believe that quote to be 100% true.  I don't care where you come from, what kind of life you have had; if you want to make a positive change in your life and become successful you can do it.  I believe that if one person has accomplished something then anybody can do it.  All it takes is for you to believe that it can be done and go do it.  There are so many examples of individuals that had terrible childhoods but inside they had a desire to succeed.  That desire leads them to make the necessary changes in their lives to become the person they dreamed of becoming.

Sound advice from a Millionaire Mentor

"Leaders create the vision, set the example, and empower others to help make it happen."

That quote is from Greg S. Reid's book The Millionaire Mentor.  I think that is great advice for all entrepreneurs.  I think there is a tendency to take on more than we need to do when it is our business.  It's our baby so no one can do the things we can do.  At least that is what our thoughts are.  Now I know when we first start out it is probably a one man operation but as our businesses grow and we add employees we still do the bulk of the work.

If we follow the quote and convey the vision for our business, work hard and delegate important task to the employees, they will begin to gain a sense of ownership.  If you can do that with the first employee you hire and then the next and the next you will be creating a culture and mindset just like yours.  Your business will grow and prosper when that happens.

So take the advice of a Millionaire Mentor and watch your business grow.

Best of Luck,

Golden Hound

Moving day

There is nothing quite like moving day. . . or the day after moving day.  Even though it's just your same junk in a different place, you can feel the potential for better days.  You get the same feeling when you buy an new piece of equipment.  Say it's that spiffy printer or new laptop.  You can now "write it off as a business expense".  Though this is true in most cases, did you go a little overboard and spend money that you really didn't have?  I know that's the American way and all, but why dig yourself in a hole before you even get started.

 

There are many places where you can buy "experienced" office equipment on the relatively cheap. 

 

Take advantage of any discounts you can get (AAA, memberships in professional societies).  Don't be afraid to ask!!

 

Sometimes if you tell them you are a new business owner, they have specials specifically for you.

 

--
Yukon Cornelius
CFO of www.GoldStacks.com

Disclaimer: To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding any penalties that may be imposed, or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.

Blessing or curse

Ever have one of those days where nothing goes according to plan.  You have to wait for everything from everyone.  You make phone calls and get voicemail. 

 

Thats the nice thing about working for yourself.  It's all up to you.  Granted, that could be a blessing or a curse.

 

Goldstacks can help you choose a job on the side and give you valuable information so you don't waste time trying to smooth things out on your own.

 

Go to the site and check it out.

 

--
Yukon Cornelius
CFO of www.GoldStacks.com

Disclaimer: To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding any penalties that may be imposed, or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.