Tax Deduction Expenses: Medical Tax Deductions

Medical Expenses Tax Deduction

 

Many people aren’t aware that they can deduct medical expenses on their income tax returns.  This could help reduce your tax bill.  So if you itemize your deductions on your federal tax return look at the possibilities of claiming your medical tax deductions.  Many people could also qualiy for medical tax deductions for home improvements.  This could include yourself, your spouse and any dependents.  Here are some easily overlooked medical tax deductions that you may qualify for:

· Premiums paid for long-term care insurance, medical and dental
· Medical insurance deductibles and co-payments
· Fees paid to doctors, dentists, chiropractors, and mental health physicians
· Payments to hospitals, long-term care facilities and services, nursing services and lab fees
· Cost of prescription drugs and insulin
· Price of prescription eyeglasses or contacts, hearing aids and false teeth
· Payments for acupuncture treatments
· Inpatient expenses at an alcohol or drug addiction treatment center
· Costs for smoking-cessation programs
· Participation in weight loss programs when they are related to a diagnosed disease, like hypertension or obesity
· Fees for laser eye surgery, crutches, wheelchairs, and guide dogs for the deaf or blind
· Transportation costs related to and necessary for qualified medical expenses

How to Claim Medical Deductions

 

You may only deduct medical costs if they are more than 7 1/2% of your adjusted gross income set by the Internal Revenue Service.  These are only the costs that were not reimbursed by your insurance company.  Make sure you obtain these records for proof of your out of pocket expenses.  You will need to file a 1040 form schedule A.  You can learm more about medical tax deductions on the IRS website online or ask your certified public accountant.

Federal Income Tax Medical Expense Deductions

 

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Marketing Tactics: Non-Profit Fundraising

If you’re just starting a Non-Profit Organization you may be searching for fundraising ideas.  Many non-profit organizations operate by raising money.  Knowing about non-profit fundraising can be confusing.  Some may seek advice from other non-profit organizations wanting to know about sources and their strategies and what tools may be needed.  Listed in this article you may learn about fundraising fundametals and how to be successful in your fundraising plan.

The Right Tools for NonProfit Fundraising!

 

• Fundraising goals – set a goal for the amount of money that you would like to raise and specify how it will be allocated, whether to cover overhead expenses, fund a new program, rent or build a new facility and so on.
• A written plan – this should state how much money is needed, where the money will come from and how to achieve it.  This can be revised at any time or even scraped and start over.  Not all written plans will work.
• Cost – you will need to estimate the cost of your fundraising plan.  This should include any advertising, staffing, postage, website creation or changes and so forth.  Be careful you do not exceed your fundraising proceeds.
• Designate a timeline – start with a year calendar and record your dates when you plan to have your fundraisers.  Remembering to record any mailing dates or purchasing giveaways ahead of your scheduled activities.
• Sources – where are you going to generate your income from?  Current sources or maybe an area you did not tap into yet, consider state or federal government grants, civic groups, churches or universities.  How about choosing fundraising products or can you raise money online?
• Evaluation – every non-profit fundraising plan needs to be evaluated throughout the year.  Are you reaching your goals, do adjustments need to be made in your next events and changed anything be changed to help achieve your goals.

 

Charity and Non Profit Fundraising Program 


Non-profit fundraising can be challenging, especially in the first year.  But once you have the experience you may want to adjust your goals higher, try different techniques and develop more complex strategies.

Nonprofit Fundraising and Advancement 

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Company Formations: LLC Operating Agreement

If you’re a registered LLC you’re probably wondering what an LLC Operating Agreement is and how to create one.  First, it is a document/contract between all members of your Limited Liability Company.  How to write an LLC Operating Agreement is started by naming the company and address.  Next is specifying the type of business that is going to be conducted.  Manufacturer, distributor, service, etc…  You must next specify all the names of the members and what their positions will be.  CEO, President, Vice President, Treasure and so on. 

LLC Operating Agreement


 

Creating an LLC Operating Agreement must also outline the contributions, and distribution of profits and losses.  You must also outline how addtional members would be added, let go and what would happen if a member would pass on or leave your company.  It is very important that when creating this agreement to specify as much as possible to avoid any situations or legal problems.

How to Create an Operating Agreement

You can do so many things to tailor your agreement to suit you and the other person(s) the way you want to conduct your business.  This is one of the better aspects of owning and operating a Limited Liability Company versus a corporation where laws are dictated on the operation of your company.  You can look online for a sample LLC Operating Agreement to have a better idea of how some LLCs set up their agreements.  If you feel that you need professional help, seek the advice of an experienced attorney that specializes in these agreements.

2 Clauses Every LLC Must Contain to Protect Your Assets 

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Trade Show Exhibits: Trade Show Displays

If you’re a manufacturer, service provider or distributor considering to exhibit at a trade show, there are a few things to know on how to create an effective trade show display.  You can’t expect to just purchase promotional items to giveaway or samples of your product, these are not enough to grab the attention of the attendees that walk by your display.  Displaying an atmosphere that is professional is a key factor for people to stop to see what you have to offer.

Trade Show Displays 

There are several different types of trade show displays to consider:

• Pop up displays are portable, easy to transport and only takes a few minutes to set up.
• Banner stands are normally for a small exhibit but can be added in the larger trade show displays.  All that is needed is a banner stand for displaying the custom imprinted banner.
• Table top displays are available in a variety of designs.  There are small pop ups and three panel that work great for the tables.
• Backlit displays are eye catchers to attendees and can help draw the customer into your booth.
• Modular displays contain several different components like counters, computer stations and banner walls that may be placed anyone you like.
• Portable displays are easily assembled and relatively easy to ship without alot of expensive.
• Custom trade show displays are for the larger corporations with a larger advertising budget.   Many larger companies choose this route if they plan on attending trade shows frequently.  These are designed to resemble a showroom with larger graphics and style.

Trade Show Display

There are many tips for trade show displays, you just need to determine which display fits your budget and are necessary to attract the potential customer into your booth.

Trade Show Displays & Exhibits

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Business Tax Deductions: Car Tax Deduction

IRS Tax Deduction .info Car Donation Tax Deduction Charity Religion Business

If you’re an entrepreneur you should know about hidden expenses when operating your business like maintaining equipment including cars or trucks that generates your income.  Maintenance costs can have an effect on your profit margin.  You should know that the IRS does allow certain businesses and the self-employed to take a car tax deduction if the vehicle is used for business purposes.

New Car Sales Tax Deduction 2010, 2011

If you use your vehicle for personal and business you must seperate the expenses between the two.  Personal expenses cannot be deducted but business can.  The expenses that are allowable are gas, oil, repairs, insurance, depreciation, taxes and licenses.   You may only take depreciation on your vehicle if used for more than 50% in the operation of your business which is an expense allowance over the estimated life of the vehicle.

There are two ways you may take a car tax deduction.  A business mileage rate which is 50 cents a mile since July 2010 or an actual method.  The business mileage method is taking the business miles driven in the calendar year and multiplying by the mileage rate.  If you elect to use this method you may not deduct maintenance or depreciation.  If using the actual method these would be the actual costs you accumulated within the year along with depreciation.

How to Use Car Lease Payments as a Tax

So if you’re searching for additional deductions for your business don’t forget take a look at a car tax deduction to help you reduce your tax liability.  The IRS consistantly changes their tax codes for business vehicles, make sure you have the updated information for the year you are filing.  If unsure if you qualify for any vehicle deductions seek professional help with a certified public accountant.

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Tax Deduction Expenses : Property Tax Deduction

Did you take the property tax deduction that was allowed in 2009?  The deduction is carried over in 2010.  Don’t itemize your deductions, don’t worry you may still be eligible for the property tax deduction.  Many homeowners have taken advantage of this additional deduction. 

 

 Property Tax Deductions 

Owning your own home has alot of tax benefits, itemizing expenses like interest you paid on your mortgage.  Since the Housing Assistance Tax Act in 2008 you can take a tax deduction for a portion of the property tax that was paid, even if you just take a standard deduction.  The additional deduction you can claim is the lower of these options:  real estate property taxes paid within the year to your state and local governments or filing single, $500, filing jointly, $1,000.

Real Estate Tax Deduction

Can all homeowners take the property tax deduction?  Most of the people who have paid off their mortgage or close to paying off their mortgage and homeowners that did not have enough mortgage interest to deduct in 2009.  You may still qualify for the property tax deduction if you purchased your home in 2009 and qualified for the home buyer tax credit.

Business Property

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Marketing Tactics: Non-Profit Marketing Plan

Marketing Your Non-Profit Organization            

Many non-profit organizations don’t consider any type of a marketing concept.  Whether you’re a company or non-profit it is extremely important to market your service or product.  Starting with a non-profit marketing plan could make a huge difference in your bottom-line.  You need to make people aware of your organization and what you are trying to accomplish.

 

Non-Profit Marketing Tips: A Marketing Plan

 




Start by defining your target market by doing research of organizations similiar to yours.  With your non-profit marketing plan determine what you would like in the outcome.  Design brochures and marketing materials that will outline benefits, donation circumstances, services and the values that your organization represent.

The 1-Page Marketing Plan for Nonprofits

 




Consider setting up an accounts for social media marketing strategies.  There are alot of free online social media outlets like Twitter and Facebook.  You can reach thousands even millions of online users that have a passion about the cause of your non-profit.  Include a website in your non-profit marketing plan.  Make sure it is professional and updated with your information, events you may be holding, how to make a donation, benfits of your organization and post monthly newsletters.

Will Marre and Non Profit Marketing Trends

 




Non-Profits should have a database of prospective and current clients.  These can be used for mailings, phone calls, invitations and the list goes on.  Forming alliances with other organizations, chamber of commerce, government agencies, local businesses and even the media can have their advantagesNon-profit marketing plans can be very effective if they are utilized to the fullest.

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Company Formations: Business Plan Outline

Have you ever considered starting your own business, start with a business plan and outline how to start and where you want to go with it.  This should be your first step to success.  Even companies seeking to change direction may be looking for an investor or additional credit to achieve this will need a business plan outline

Outlining a business plan gives you details of your goals and how achieve them.  You want to outline where your starting point is or if it is an existing business where it is currently.  Where do you want the business to be, what time frame and how to get there.  This is extremely important for any investor or creditor to make a decision whether or not to make the investment.  Your business plan outline will assist you in managing your business.  You want to outline financial projections, sales forecast and budget.  Normally books are closed monthly where you would be able to compare your budget and be able to make any changes when needed.

How To Write A Business Plan




List general information on the business. You should include if this is a startup, expanding or acquiring an existing business; legal form of organization: is it a proprietorship, partnership, corporation, or a limited liability company; the type of business or service and the product or service to be provided; a description of the current operations and, if appropriate, discuss future plans.

Outline how future sales will be reached.  What type of marketing strategy you will use an why.  Which type of market is suitable for your product or service.  List as much information as necessary including description of your customers, special markets like seasons and demographics, pricing your product or serivce and how much and who is your competition.

Business Plan Pro Advanced Training – Financial Forecasting




Your business plan outline must also explain the production of your product or how your service is acquired by customers.  List your location and type of building, inventories and delivery.  Outline any personnel currently employeed or tend to hire and how they will be trained.

Finally, completing your business plan outline is how much will this cost?  Do you have the funds for start-up or must you acquire it.  If so, define how the funding will be used, how long will it take to re-pay, how much at a given time.

There is alot to consider when starting or expanding a business.  Having a business plan outline can help guide you.

How to Write an Executive Summary for a Business Plan



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Trade Show Exhibits: Trade Show Truss

Trade Show Display Truss Exhibits and Displays

 




Several businesses partake in a variety of marketing like attending trade shows and exhibitions to present their service or product to potential customers.  While displaying at one of these functions does not guarantee additional customers or increase a business if your booth or display is done poorly.  Making a first impression in a few moments as customers walk by will decide whether or not they stop or just keep walking.  Preparing a trade show truss that is attractive and well organized will likely grab the attention of customers to see what your company has to offer.

Consider having your trade show truss custom made, there are several companies that can do this.  You can have your truss branded with your company colors, logo and even your products or services that you offer.  Depending on where you set up your trade show truss there may be specific requirements or dimensions that you need.  You can have your truss constructed to any capacity that will enhance your presentation.

When purchasing a trade show truss there are things to consider, like shape, display and function. If you want to have your products displayed, whether on shelves or hang them from a fixture, you then must make sure that the truss is fitted and included with accessories.

Truss Displays For Trade Shows That Are Truly Portable!



 

You want your trade show truss to be portable and easy to assemble and take down.  You’ll need this if you have to assemble the truss daily and move to a different location.  A truss should not take that much time to put up or take down.  Safety is another thing to take into consideration.  Once assembled the truss must be a safe structure that is not hazardous to the people walking by or the trade show area.

Orbital Truss Set Up



 

Overall, your trade show truss should present your companies image in the best way possible.  The first impression is a lasting one.

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Business Tax Deductions: Federal Tax Deductions

Many people don’t realize taking federal tax deductions like a standard deduction can save time and money.  Legally you can take a standard deduction that is more than your receipts total.  Taxpayers spend so much time searching for and organizing their receipts for legitimate federal tax deductions like donations or medical expenses that sometimes it may be a waste of time because those itemized deductions don’t show on their tax returns.  They can qualify for a larger refund by claiming a standard deduction.  Your professional accountant can advise the new tax laws to know before you file your tax return.

How to Calculate Federal Income Tax to Pay to the IRS



How to Calculate Federal Income Tax to Pay to the IRS

How much you can take for a standard deduction depends on your filing status.  For a single filer the amount is $5,700, married couple filing jointly $11,400, head of household which could be a single parent with children can claim $8,350.  Over the age of 65 the amounts are different.  The IRS added extraordinary tax deductions in 2009 for the taxpayers that used the standard deduction may include federal tax deductions for real estates taxes that were paid, $500 single, $1,000 married.  They also included a sales tax deduction on a new vehicle as long as it was purchased after 2/16/2009 but before 12/31/09.

Online Federal Tax Tips



Online Federal Tax Tips

Looking to deduct medical expenses, not so easy.  You may only use this deduction if they exceed 7.5% of your income.  Also, some people pay toward their health insurance through their employers checks, these are not deductible since it is deducted out of untaxed money.  There is a list of allowable medical deductions which is long but good record keeping is a must.  Some may include expenses such as co-pays, glasses, dental work, nursing home care costs and even mileage getting to and from medical appointments.

State Legislators Can Take Special Federal Tax Deduction




Mortgage interest may be used in federal tax deductions but will reduce as you pay down your mortgage.  Even when people refinance for a lower interest rate, the mortgage deduction will also go down.  Closing costs are not federal tax deductions for a personal residence but points are if you pay on new mortgages in full the first year you pay them.  If you pay to refinance a mortgage these must be deducted over the life of the loan.

When filing your tax returns you can review the 2010 Federal Income Tax Brackets (IRS Tax Rates).  When in doubt always seek professional tax help.

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