Tax Deduction For Working At Home

If you work from home either as an employee or self-employed, you can qualify for a home office tax deduction.Here are some of the guidelines.Exclusive work placeYou must use part of your home regularly and exclusively as: * A principal place of business * A place where you meet your patients, clients or customers regularly * A place that is a separate structure from your home that is used for businessUse as storage, rental, etc.If using the property for storage, rental or daycare services, you should use the property regularly, but not exclusively.Other guidelinesThe amount you deduct is measured by how much of your home you use for business. Your deductions will be limited if your gross income from your business is less than the total business expenses.In the case of daycare services...

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Become Better Teachers

A recent report on comparative educational systems suggests that for the United States to improve the quality of its public schools, it needs to raise the status of teachers. This means recruiting candidates that are more qualified and paying them more. It also means them extensive training.Education in the United States is lagging behind other well-developed countries. Based on an international achievement test (Pisa) headed by Andreas Schleicher, American teenagers only scored 15th in reading, 19th in science and 27th in math. These poor student performances have drawn attention to the inferior quality of teachers. Schleicher believes the country should address this now.Other countries such as Korea, Singapore and Finland, which scored among the highest in the test, credit their students’...

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HAMP: Mortgage Payments Easier

The Home Affordable Modification Program (HAMP) is a $75 billion program under the Making Home Affordable Program. It lowers your monthly mortgage payment to 31% of your verified monthly gross (pre-tax) income to make your payments more affordable. The typical HAMP modification results in a 40% drop in a monthly mortgage payment. 18% of HAMP homeowners reduce their payments by $1,000 or more.How do I qualify?If you meet all of the following requirements, then you might qualify: * • You are the primary resident of the home. * • You got your mortgage on or before January 1, 2009. * • You have a mortgage payment that is more than 31% of your monthly gross (pre-tax) income. * • You owe up to $729,750 on your home. * • You have do have a financial need and are in danger of falling...

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Deduct Some Of Your Office Work Expenses

If you’ve incurred expenses in the course of your work for your company, you can deduct some of them from your tax return.Here are some qualified employee business expenses that you can factor into your tax return: * Travel costs or use of car for business (with consideration if away from home) * Entertainment and food expenses * Home expenses or use of your home for business purposes * Work-related education expenses * Supplies and tools used for work * Miscellaneous qualified expensesBe sure to keep records of all your expenses that you will use for deductions. If in doubt, do check with the IRS.gov website, or call 800-829-3676.Employer’s plansHowever, if your employer has a reimbursement system, then you cannot include the payments in your gross income. That also means...

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Health Plans For Those With Pre-Existing Conditions

If you have a pre-existing medical condition, then chances are you’ve had trouble in the past with trying to get a health policy – let alone one suitable to your needs. However, under new health laws, you shouldn’t have any trouble finding one addresses your pre-existing condition.The federal government has put $5 billion into this program, and you can get about $320 to $570 on average. However, state PCIP programs can give up to $890, like in Connecticut.Pre-existing Condition Insurance Plans (PCIPs)27 states have their own version of a pre-existing condition insurance plan. The others push HHS plans in their own areas. These plans generally have lower premiums.Federal PCIPs have three options: standard coverage; extended, where the deductibles are lower, but you’ll get higher premiums; and...

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