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Brought
to you by:
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| McCormick Klessig & Associates
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About Our Firm:
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McCormick-Klessig & Assoc., Ltd. provides individuals, families, small and medium sized businesses with complete coverage of personal and business risks in all product lines: Commercial Personal Life Accidental and Health ( including group products).
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| QUOTES from
the
Masters... |
| On Belief |
On Expectation |
| "The
most important thing about a man is what he believes in the depth of
his
being. This is the thing that makes him what he is, the thing
that
organizes him and feeds him; the thing that keeps him going in the face
of untoward circumstances; the thing that gives him resistance and
drive."
-- Hugh Stevenson Tigner
"He
can who thinks he can, and he can't who thinks he can't. This is
an inexorable, indisputable law." -- Henry Ford
"If
you think a certain thought long enough and hard enough, it becomes a
fixed
belief and you will find yourself behaving on the outside in a manner
consistent
with it." -– Brian Tracy
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"Others
will underestimate us, for although we judge ourselves by what we feel
capable of doing, others judge us only by what we have already done."
-– Henry
Wadsworth Longfellow
"Our
limitations and success will be based, most often, on your own
expectations
for ourselves. What the mind dwells upon, the body acts upon." --
Denis
Waitley
"If
you conduct yourself as though you expect to be successful and happy,
you
will seldom be disappointed." -- Brian
Tracy
"It's
not that people want too much, it's that they want too little." -–
Mark
Victor Hansen
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Increase in the
Child Tax Credit
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The
2003 Tax Act (Jobs and Growth Tax Relief Reconciliation Act of 2003 -
JGTRRA)
was signed into law by President Bush on May 28, 2003, followed more
recently
by the Working Families Tax Relief Act of 2004 (WFTRA), which was
signed
into law on October 4, 2004.
As
is typical of recent tax legislation, the 2003 and 2004 Tax Acts
offered
tax relief to individuals, but did so through a variety of complex
provisions
that includes retroactive, temporary and phased-in/phased-out effective
dates. While some of these provisions may not apply to you, other
provisions will and you may want to revise your planning to take full
benefit
of those provisions.
Today's topic
is the increase in the child tax credit. If you would like
additional
information on this topic, please call my office.
Accelerated Increase
in the Child Tax Credit
The
amount of the child tax credit was increased by JGTRRA from $600 to
$1,000,
accelerating the previous phase-in scheduled between 2005 and
2010.
The relief, however, was temporary, applying
only in 2003 and 2004, until the passage
of
the Working Families Tax Relief Act of 2004. WFTRA
continues the child tax credit at $1,000 through 2010.
In 2011, the child tax credit returns to the pre-EGTRRA level of $500.
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Calendar
Year
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Credit
Amount per Child Under 17
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2003 - 2010
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$1,000
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2011 and
later
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$500
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The
child tax credit is not
indexed for inflation.
Planning
Note:
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Consider using tax
savings
from the child tax credit to fund an Education Savings Account or to
participate
in a State Tuition Program. |
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| MESSAGES
from
the Masters... |
LOOKING
UP by Zig Ziglar
Back
in the days of sailing ships, a young sailor went to sea for the first
time.
The ship encountered a heavy storm in the North Atlantic. The young
sailor
was commanded to go aloft and trim the sails. As he started to climb,
he
made a mistake and looked down. He started to lose his balance. At that
moment, an older sailor underneath him shouted, "Look up, son, look
up!"
The young sailor looked up and regained his balance.
When
things 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 outlook
isn't
good, try the uplook -- it's always good!
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We
don't want to add to your e-mail clutter! If you do not enjoy
my
newsletter, just reply to this e-mail and ask to be removed or call my
office. Thanks!
The purpose
of this newsletter
is to provide information of general interest to our clients, potential
clients and other professionals. The information provided is
general
in nature and should not be considered complete information on any
product
or concept described. For more complete information, please
contact
my office at the phone number above.
Quest Capital Stratagies
25231 Paseo de Alicia, Suite 110
Laguana Hills, CA 92653-4615
(800) 527-9989
Member FINRA and SIPC FINRA (formerly NASD) is located at www.finra.org.
SIPC is located at www.sipc.org.
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