Where To Find Help With Your Expensive Medicine

As the economy keeps sputtering, you need to find ways to keep your household costs down. Below is a great article on finding help on paying for prescriptions that are not covered by your health insurance.  As with everything, it helps to look for ways to shop the costs and finding strategies to save. This is one Tax deduction you don’t need.  Enjoy and let me know if I should be looking for more user friendly articles.

Help for prescriptions is available if you qualify. Prescription medication could be awfully pricey and maybe more so if you don’t have health care insurance. Help with prescriptions can make your recovery go a lot faster. For those patients with cancer, this is especially true.

Let’s say you have been receiving chemotherapy, however it causes an upset tummy, therefore you are given a anti-nausea medicines to go along with it. You will perhaps need an iron supplement too since the chemo will cause you to become anemic. This list could go on and on. What it amounts to is that a cancer patient can very easy be spending more for prescription medicine than their house payment! At this point you need to turn to a prescription program assistance.

What are you to do when you need help paying for your medicine?

The one thing you don’t want to do is stop taking your medicine. There are quite a lot of programs accessible which offer free and reduced cost patient assistance.

• Social Worker- Most hospitals boast a social worker that may help you acquire grants and other plans aimed at assisting you with your health care needs. This can be your initial stop in searching for assistance. Always enlighten your doctor if you cannot pay for medicine or treatment. He or she possibly will know of a package firsthand to support you, also.

• PPA- The Partnership for Prescription Assistance is a society intended at serving those that can’t find the money for their medications. They have produced a database of over 200  programs and over 5000 prescription medicine offered for reduced or no cost aid. They help in determining what you are entitled for and applying for the assistance. The assistance is free and accessible online.

• Drug Companies- A lot of patients wouldn’t think drug companies provide assistance, on the contrary many will. Johnson and Johnson provides a prescription medication plan for persons taking their prescription medicine and can’t manage to pay for them. Locate the maker of your drugs by asking your doctor of medicine or pharmacist and check the website for medicines assistance programs.

Get All The Essentials On 4 Common Printers For Your Office

You will find while running your business, having a printer is important component to your office. Below is an article on the pros and cons on some of the most popular printers out there.  By saving some costs here, you can better use your dollar to leverage your tax savings not only today but for the future. Enjoy and let me know if I should be looking for more user friendly articles.

Photo printer cartridges can be very expensive and knowing which printer to use will help. A lot of consumers ask us, ” Which is the best printer for me?” Inkjet printer ink cartridges come in various sizes and prices. The reply is, ” What do you need your laser printer to do?” The type of printer you buy will determine the type ofcartridge for printer that you will use. Do you need an all in one printer, a very minimal single function inkjet printer or a tiny photo printer?  What is your budget? Also, do not fail to remember that the purchase price isn’t the only cost you will have. There is the expense of the replacement photo printer cartridges. We have reviewed four printers across all categories to satisfy your interest. This starting point should assist you in your search. If you’re interested in individual categories or products, you should at least possess a base level of data with which to start.

Canon Pixma MX330- The Canon Pixma MX330 is not the top printer of high quality prints, nevertheless it is most likely the most multipurpose printer in the under 0 category. A 1.8 inch LCD screen, simple to use features, plus an auto-document feeder makes this printer an exceptional choice for individuals and families that are on a strict budget.

Brother HL 4070CDW-Printing text at 20 pages per minute, this Brother printer is fantastic for office use and it moreover has wireless networking capabilities. This is a printer that should deliver high quality output in a efficient case for under 0. The directions are simple enough to grasp. This is a very consumer friendly laser printer and the color indicators are pretty straightforward and easy to grasp making it one of the easiest laser printer models to use. Like nearly all Brother Printers, the setup for this model was also incredibly trouble-free.

Brother HL 2040-If you are on a tight budget and can not spend much, this particular version may meet your requirements. You may be able to acquire a laser printer for less than 0  that will work just fine for both office and domestic use. It works on both Windows and MAC as a result there is no need to agonize on the subject of set up or compatibility issues. This printer is especially lightweight and does not use up a lot of room. It has an interface that is pretty clear-cut and exceedingly user responsive.

Brother HL-5250DN- This Brother printer is network ready and promises high-quality graphic and text prints for your small firm or home use. There is a good characteristic called a duplexer that allows you to save paper and the simple to grasp setup directions make putting in place a snap. At 30 pages per minute output for text, the printer’s speed is respectable. There is merely one little catch and that is the paper tray. It can merely hold 300 pages which is rather small and barely suitable if you’re using it for family purpose or running a really small enterprise operation.

Social Security Tid Bits

Here are some items I pulled off the social security web site. As you are gearing up for the new year, some items to check out for the new year.

Remember to tell your coworkers, family and friends about the free resources available to them on the Social Security website at www.socialsecurity.gov. Social Security’s online Retirement Estimator at www.socialsecurity.gov/estimator is a great financial planning tool that gives an immediate and personalized estimate of your Social Security retirement benefits at age 62, age 66, age 70 or any point in between.

When it’s time to retire, Social Security’s online Retirement Benefit Application makes it easy to apply for benefits. Apply for retirement benefits from your PC in as little as 15 minutes at www.socialsecurity.gov/planners/about.htm. There’s no need to drive to your local Social Security office or wait for an appointment. In most cases, after you click the “Sign Now” button and submit the application electronically, that’s it. There are no forms to sign, and usually no additional documents are required. Social Security will contact you directly if more information is needed.

If you are uncertain about when to retire, you can check out the online fact sheet, “When to Start Receiving Retirement Benefits” at www.socialsecurity.gov/pubs/10147.html.

If you have any further questions of if you like this post, please let me know.

2009 Year End Tax Tips- Medical Expenses

Medical Expenses

Typically, you may not qualify for medical deductions on your tax return.  Reason:   You’re entitled to a deduction only to the extent your unreimbursed medical and dental expenses for the year exceed 7.5% of your AGI.

Year-end strategy: If you are near the 7.5% mark—or already over it—schedule nonemergency medical and dental visits before year-end.  For instance, you might have an eye examination and end up ordering new glasses.  The additional expenses can help you qualify for a medical deduction in 2009 or increase your existing deduction.  You may be closer to qualifying for a medical expense deduction than you think.  If you’re like most employees, you must contribute an ever-escalating amount to the company health insurance and/or dental plan.  When you add in the other expenses, co-payments and deductibles, you might qualify for a deduction in 2009, especially if your family has incurred other sizeable expenses this year.

Tip:  Conversely, if you definitely will not exceed the 7.5% mark for 2009, you may as well postpone nonemergency expenses to 2010.  The basic idea is to bunch together medical and dental expenses in the year they will benefit you the most.

What Records Should I Keep?

RECORD AND DOCUMENT RETENTION

Perhaps, you were hoping to contribute in a mild way to the waste pollution by discarding old financial records.  Sorry, you may need to hang on even longer.  This can easily cause problems for mobile Americans.

Those who may be selling their homes soon, especially older couples, and moving to a retirement community will be trading spacious storage for what to them will seem like no room at all.  They are busily getting rid of clothes, books, tools, scrapbooks and all the other belongings that people tend to acquire over many years.

Along with old theater programs and bronzed baby shoes, they have folders of canceled checks, bank statements and income tax records going back perhaps as far as the 1940’s.

SHOULD WE KEEP EVERYTHING?

If you are one of those keeping every single bill, tax return, medical contract and even the 10 year old warranty for the toaster oven you sold at the garage sale last year – you are not alone.  And with the increasing prevalence of identity theft, proper destruction of records becomes critical, too.

The traditional answer has been that “virtually everything except tax records for the past three years may be discarded.”  Taxpayers are required to retain documentation supporting claims on tax returns only until the statute of limitations has passed, a period of three years.

However, the catch is that the three-year rule does not apply if the IRS claims your return has been false or fraudulent.  It also does not apply if a prior year’s return is in question, such as for the prior purchase of a “tax shelter.”

In addition, documents supporting a tax-loss carry forward, charitable carry forward, or depreciation schedule should be kept until they are no longer relevant.

NEW RETENTION RULES

Because of the rules on the retention of certain tax records, in years to come many taxpayers will have to save more papers for longer periods.  For example, anyone with passive losses that cannot be written off in the current year will have to retain the documentation until at least three years after the losses have been used.  Taxpayers with non-deductible IRAs will have to hold on to all records pertaining to those accounts as long as the IRAs are in force, including tax returns and/or IRS Forms 5498, 1099-R and W-2P.  This could be twenty to forty years.

To make matters worse, if all this record keeping requires you to rent a U-Haul or a storage facility, the cost is generally not deductible.

DOCUMENT RETENTION SCHEDULE

Unless you operate a business, the required record keeping can be relatively simple.  Because the burden of proof rests with the taxpayer, it is to your advantage to retain accurate and complete records, especially for deductions.  The IRS generally will disallow deductions that cannot be adequately substantiated.  This can often result in a 5% negligence penalty in addition to the tax and interest.

For many years, the primary information returns (IRS forms reporting amounts distributed to taxpayers that by law must be completed by banks, companies, etc.) that needed to be retained were merely those for interest or dividend income (Form 1099), and wages or salaries (W-2 Forms).

With computers and advanced technology, it is easy for the IRS to crosscheck additional income sources; such as state and local tax refunds, social security benefits, IRA contributions and IRA and pension disbursements.  The IRS can easily match information on alimony payments and mortgage interest deductions.

In addition to information returns, certain personal records should be retained, such as canceled checks, bank statements and receipts.  These records are necessary to substantiate medical expenses, interest and taxes paid, charitable contributions and other deductible items.

It is also important to maintain investment information, such as stockbrokers’ advice and real estate records, showing purchase price, proceeds from sales and investment-related deductions.  If you own securities, it is important that you maintain a record of each security owned, including stock splits and stock dividends, to help determine your cost basis.  Certificate numbers, number of shares and sales prices should be maintained.

BUSINESS RECORDS

The IRS requires substantiation to support business deductions, especially automobile expenses.  In addition, documentation should be retained to support the business or investment write-off of a personal computer.  Other deductible business expenses should be substantiated as well.

Besides receipts, an appointment book – listing meeting places, dates and times, business contacts and business purpose of the expense – is useful.  For entertainment expenses exceeding $75, the IRS requires that receipts be retained – and notes, not just of the expense, but the business-related aspects of the activity.

STORAGE LOCATION

Once it has been determined which records to retain, they should be stored in the proper place.  An ordinary cabinet or desk drawer may be sufficient for the less important records, but all valuable or irreplaceable documents should be stored in a fireproof lockbox or safe, file cabinet or safe deposit box.

Records for insured items should be stored apart from the insured property to prevent the concurrent loss or destruction of both the records and the property.

TAX RECORDS

There is no specific time requirement for personal record retention set forth by law.

However, a good general rule to follow is that prior years’ tax returns, bank statements and canceled checks should be retained for at least six years.

Records supporting the accuracy of the income tax return should be kept for as long as they may be material in determining the tax liability.  This is generally three years (the number of years the IRS has to audit a return) after the return is filed or two years after the tax was paid, whichever occurs later.

However, a six-year period applies if there has been at least a 25% understatement of income.

Furthermore, if the IRS claims a taxpayer has submitted a fraudulent return or failed to file a return altogether, there is no limit on how many years the IRS has for assessment.

The following describes the type of document or record and the recommended period that each document should be held.

As a general “rule of thumb”, one should save a record if it may be used for legal or tax oriented purposes or if the cost or ownership of an item may be questioned in the future.

The basic guideline is the “statute of limitations” but the more conservative approach is “If in doubt – keep it!”

TWO YEARS

Bank Reconciliations

Duplicate Deposit Slips

Routine Correspondence

MINIMUM THREE YEARS RETENTION

Appliance Warranties (or until expired) New & Used Car Warranties Appliance Purchase Agreements

Insurance Policies (expired) Employee Applications Employee Records (after termination)

FIVE YEARS RETENTION

Sales Commission Report Employee Business Expenses

Medical Insurance Policies Hospital Bills

SEVEN YEARS RETENTION

Federal Tax Returns	Payroll & Social Security Tax Returns
State & Local Tax Returns	W-2 Forms
Items to Support Tax Returns	Mortgage Records
Vendor Contracts	Leases (expired)
Employee Contracts	Personal Bank Statements
Options records (expired)	Personal Canceled Checks*
Inventory Records	Property Damage Reports
Expense Analysis Records	Accident Records
Invoices and Cash Receipts	Accident Release Forms

*     Only as relating to taxes, purchases, special contracts, etc. should be filed with papers pertaining to the transaction

TEN YEARS RETENTION

Business Contracts Business Check Registers

Business Accounting Journals Worker’s Compensation Report

PERMANENT RETENTION

Deeds & Titles	Patent Records / Trade Marks
Divorce Papers	Corporate Labor Contracts
Mortgage Documents	Stock & Bond Certificates
Marital Agreements	Articles of Incorporation
Social Security Audits	Partnership or Corporate
Parents’ Wills	Tax Exemption Certificate
Military Service Records	Annual Financial Statements
Civil Service Records	Audit Report of Accountants
Corporate Tax Returns	Depreciation Schedules
Adoption Papers	Current Contracts & Leases
Corporate Pension Records	Property Records

The retention-holding period normally commences at the end of the fiscal year in which the paper was created.  For contracts, employment records, etc. the holding period commences after termination or disposal of the underlying asset.

DESTRUCTION

Now that you have separated the wheat from the chaff, it is probably wise to invest in a paper shredder.  Any documents that show your personal information should not be discarded until you are sure the information cannot be used against your interests by someone else.  Paper shredders are now relatively inexpensive and start from as little as $25.  Pay more if you value speed and quiet operation.

If you further questions or comments to this, please leave me a comment.

2010 Mileage rates are released by IRS

The internal Revenue Service has released the standard mileage rates for deducting automobile  expenses in 2010. For business use, the rate will be 50 cents per mile, down from 55 cents in 2009. For medical or moving purposes, the rate will be 16.5 cents per mile, down from 24 cents per mile in 2009.   Please comment as to how this could impact you for your 2010 taxes.

Questions to ask your Tax Preparer

These are the questions that a small business owner should be asking before hiring an accountant or better yet, who is this person and why should you trust them to do your tax return.

1. Do they offer Double, No-Risk, Money-Back Guarantee?

#1: Guaranteed Accuracy Or You Don’t Pay!

#2: Guaranteed Satisfaction Or You Don’t Pay!

2. What is this person’s education? He doesn’t have to be a CPA but this does give you a better level of comfort.

3. Do they do taxes all year round or just “do taxes” in the Spring?

Are they available to help you monitor your business activity year-round by preparing “Business Progress Reports” (monthly or quarterly).  Why wait until tax time to know how your business is doing?  To build a successful business, you must keep track of your “bottom line” throughout the year.  The “Business Progress Reports” should be tailored specifically to your situation and will help you know exactly what is going on at any point during the year.  The accountant should run the numbers so you can run your business!

4. Do they don’t just “do taxes” – how about doing some” financial planning”?

If they are a certified financial planner^® and or licensed investment advisor, the accountant could use some financial planning expertise to help business owners implement tax saving ideas that will help with their long term financial goals. They would have the unique ability to look at the total financial picture for you and use their investment expertise to help business owners implement tax-saving small business retirement plans.  There are many tax-deductible plans to choose from—401(k),403(b), SIMPLE, SEP—they could be there to help you decide which plan is best for you.   They could help you and your employees make intelligent investment decisions both from a financial edge as well as from a tax saving view.   You and your staff will save taxes today and “build a nest egg” for tomorrow.

5. Do they don’t just “do taxes” – what about “doing” software consulting?

Can the accountant help small business owners decide what bookkeeping software program is best for their business.  There are literally dozens of accounting software packages to choose from.  Which one is right for you?  And once you find the “right program”, how do you use it to maximize record-keeping efficiency?  Does the accountant provide on-sight accounting software training so you can learn how to use your accounting software right “the first time”, without having to rely on some 800 number for technical support.

6. How many tax returns do they do a year?

How many tax returns do they prepare each year? – I prepare over 350.  That’s a lot of tax returns! The accountant should be able to do all kinds of tax returns, some of which you may have never even heard of:  Personal, Business, Estates, Trusts, and Payroll Taxes. What does that mean for you?  It means that they have the experience to handle any tax situation no matter how simple or complex.  It means that you can count on them to prepare your tax return without any worry – the accountant should have the attitude, “I know what I’m doing and I’m going to “take care of you and your tax return” as if it were my own.

7. Are they a small business owner as well?

Like you, if they are a small corporation, the accountant has to file the same corporate income tax returns as you, and  have to pay them self as an employee of the corporation and file the same payroll tax returns as you.  This somewhat assures you that the accountant knows how to handle your tax situation because theirs is very similar.

8. Whose side is the accountant on?

What is their position with taxes? They should say that they have to pay taxes like everyone else.  The accountant should abhor the amount of taxes that has to be paid, and should realize that most people feel the same way — we pay way too much in taxes!  The accountant’s dissatisfaction with our tax system should motivates them to treat every tax return as if it were their own –  determined that every client pay the lowest tax allowable by law.

Obviously, you may not find the perfect candidate who can answer these questions to your satisfaction but these are questions that you should be asking. I think you will find them thought provoking and will stir up some interesting answers.  I can be reached at 847-243-3600, by visiting my web site, SaveMoreTaxes.com. or by emailing me at Howard@SaveMoreTaxes.com.

Welcome to my blog