Posted by: financialdiva on: February 25, 2010
The state of the world’s economy has led to many changes in the benefits that companies offer to their employees. One of these changes has been the addition of life insurance in replace of health benefits. There are many that believe this is a good thing, which in many cases it can be. But there is the matter of whether or not the life insurance coverage that your company provides for you is enough.
The main issue you need to look at is the fact that the average funeral is now over ten thousand dollars. That amount is for the bare minimum when it comes to the expenses that are incurred, and that most often does not include other issues like the head stone. So what you need to determine is whether or not the amount of coverage that you have through your company will cover that issue.
Then you should take into consideration that you could pass on suddenly and without warning. In that case you would want to leave more than just the cost of the funeral behind to make sure that the debt you leave behind can be taken care of without putting undo hardship on the family and ones that love you. Death is always a hardship on family and there is no reason to make it worse than what it has to be by leaving behind a lot of bills that they will have a hard time paying.
Most often you will find that the life insurance that your company will offer is the bare essentials in life insurance coverage. The average at this point is less than ten thousand dollars in coverage. However, most of the companies that provide life insurance as a benefit also make upgrades to the policy available. In this instance the company will more than likely pay a certain percentage of the premium and you will pay the difference.
Employee life insurance is most likely inadequate for your life insurance needs. There are times when the policies that are given out are full of clauses and such that may make it difficult for your family to collect should something happen. If the coverage is not what you need to fully protect your family then it is best to go out and find better and more comprehensive coverage. Check out all of the options available when looking for supplemental life insurance.
It is possible that you can find a life insurance policy that will coincide with the employee life insurance policy that you already have. Check with the issuing company to see if this is the case with your life insurance policy.
Posted by: financialdiva on: February 11, 2010
Tax Advantages
If a “penny saved is a penny earned”, then how much did you earn if you saved $5,000?
SPECIAL ALERT to Home-Based Business Owners
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Congress has passed laws giving THOUSANDS of DOLLARS in Tax REFUNDS and Tax DEDUCTIONS to average Americans who operate a legitimate home-based business – even a part time business – as long as they can prove they’re trying to make a profit.
These are NOT “loopholes,” or “tax dodges” or “tax avoidance schemes.”
They are legitimate tax breaks…
Authorized by Congress,
Published in the IRS Code, and/or
Approved by Federal Tax Court Rulings
Congress passed these tax laws to encourage home-based businesses because “Small business is the backbone of the American economy,” according to President George W. Bush.
The average American who runs even a part-time home-based business can now qualify for more tax advantages than any other category of taxpayer,” according to Ronald R. Mueller, author of the bestseller of It’s How Much You KEEP, That Counts! Not how much you make.
Why the big tax breaks for home-business owners?
Seventy of the job growth is coming from small businesses, and Congress is “betting” that some of us will hit on a winner, strike it rich, and, then, pay a LOT in taxes. Of course we wouldn’t mind paying a lot in taxes if we’re making a boatload of profits, right?
You can even qualify for these deductions retroactively! Most of the tax deductions and write-offs now available to taxpayers who run a small or home-based business also apply to the past three tax years. So, if you had a home-business in any of the past three years, you could file an Amended Tax Return (Form 1040X), and possibly get a Refund Check for THOUSANDS of DOLLARS – plus interest!
What Can You Write-Off?
Thousands of Dollars annually for:
Business-use of your Cars or Trucks
Thousands of Dollars annually for:
Portions of your Rent, Home-Maintenance & Repairs
Thousands of Dollars annually for:
Telephone, Gas, Electric, Water & other Utilities
Thousands of Dollars annually for:
Non-reimbursed Medical & Health Care Expenses
Thousands of Dollars annually for:
Hiring Your Own Kids to work in your business
Thousands of Dollars annually for:
Cell phones, Sidekicks™, Blackberry’s™ etc.
Thousands of Dollars annually for:
Business Travel that might have been Family
Thousands of Dollars annually for:
Vacations
Thousands of Dollars annually for:
Laundry, Dry Cleaning, Shoe Repair & Clothing
Thousands of Dollars annually for:
Gifts, Meals, Entertainment & Recreation
Thousands of Dollars annually for:
Marketing Tools, Supplies, Meetings & Conventions
Thousands of Dollars annually for:
Furniture, Furnishings, Computers & Equipment
Thousands of Dollars annually for:
LOTS & LOTS of OTHER business costs & expenses ALSO!
How hard is it to QUALIFY for these Tax Deductions?
It’s easy!!! Just meet these four simple tests:
1.
Have a legitimate business
such as consulting, network marketing, freelancing, child care, internet marketing, direct sales, etc.
2.
Prove you intend to make a profit.
You do not have to actually make a profit before qualifying to take these deductions, but you do have to show you intend to make a profit.
3.
Work your business on a “regular and consistent basis”.
At least 45-60 minutes a day, 4-5 days a week.
4.
Document your business Income, Expenses and Activity.
Brief, hand-written notes in a scheduling diary is usually enough.
That’s it! If you meet those four tests, you probably qualify for some big-time home-based business tax deductions, which could reduce your taxes by thousands of dollars every year for the rest of your working life!
Oh! It Gets Even BETTER!
When Congress approved these tax breaks, they told the IRS:
“Don’t make people wait until April 15th to get their money back.”
As soon as you add up all of your tax savings, you can visit your employer’s payroll office to fill out a short form that will begin putting an extra $300-$600 or more per month in your take-home pay! What would it be like to have $100 or so extra cash in your pocket every week, week after week? And that’s just from the tax savings! It doesn’t even include the money you’ll make in your home-based business.
You see, the average person who uses this information, saves somewhere around $4,000 – $7,000 a year in taxes – that’s per year, for the rest of their working life!
P.S. What if You DON’T HAVE a Home-Based Business?
Simply said, you lose out on all the tax breaks you’ve just read about. The cost to NOT have a home-based business is about $20 per workday — $100 per week – $5,000 per year – or more. And that’s every day, every week, and every year. That’s a lot of YOUR hard earned money that’s going to the Treasury Department, but could be going into your own pocket.
A home-based business offers the best tax savings strategy available to the average American, bar none.
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