healthhotspot

 A great way to deduct your medical expenses through your business has been around since 1954, but hasn't garnered much publicity until about the last ten years or so. A Medical Expense Reimbursement Plan (MERP), also known as a Health Reimbursement Account (HRA) can save a self-employed person several thousands of tax dollars each year, but if it's not documented properly can result in reclassification of the deducted expenses as wages (subject to 15.3% FICA taxes as well as income taxes), penalties, and interest. In most cases, the average taxpayer cannot take advantage of the legal deduction for qualified medical expenses. First, you have to be able to "itemize" your deductions on Schedule A of your 1040. This means that for 2008, things like your state income taxes, property taxes on your house, value-based taxes on vehicles, and mortgage interest, and some other items, need to total up to more than $5450 if you're single or $10,900 if you're married. Once...

 As a small business owner, do you wonder how to deduct medical expenses on your tax return? This article will help you sort out this issue. Medical expenses are deductible on Schedule A, but most don't get to take advantage of that. You must itemize your personal deductions, and many taxpayers don't have enough itemized deductions to make it worthwhile to even file Schedule A. Furthermore, medical expenses are deductible on Schedule A only to the extent they exceed 7.5% of your adjusted gross income. For most folks, Schedule A doesn't really help them. What's a small business owner to do? Here are three more viable options. 1. Medical Reimbursement Plan. A medical reimbursement plan can be setup by your business for your employees. The employee submits documentation to the employer of his/her out-of-pocket medical expenses, and the employer then reimburses the employee. The end result is a deductible expense for the business and a tax-free reimbursement for the employe...

 The Life Insurance Industry is in full bloom. With wide marketing from Private Players, LIC and Government insistence, people from all classes are realizing the importance of taking Life Insurance Cover. Short term, long term, pension and child insurance plans are on boom. People are investing in these plans initiated either by self awareness or by the glam of insurance advertisements. After the flight of pension plans (sale of pension plans have boomed up dramatically in the past years), the next big thing, most insurance companies are targeting is Child Insurance Plan. Even Life Insurance Corporation of India, which majority targeted on Money Back and Term Plans, is now moving towards child plans  lic children's money back plan . Child Insurance Plans began from the Child age 0, so it's easy for most of the parents to plan the future of their "to-be-born" child. Child Plans - cut only for children are meant to cover the education, higher education and marriage need...