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Are you living paycheck to paycheck? Do you have assets that produce other assets?
Counting down the hours until payday?
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Schedule C Tax Tips: Are You Letting These 4 Myths Stop You From Taking The Home Office Deduction?
Are you afraid to take advantage of the home office deduction? Perhaps you are the victim of one or more of these common tax myths. Unfortunately, many self-employed folks shy away from taking the home office deductions for at least one of the following four reasons. 1. Fear of an IRS audit. There's been a rumor going around for years that the home office deduction increases the likelihood of an audit. I would love to know who started that rumor so I could give him a piece of my mind. For now, I'll just be thankful that you are reading this article so I can tell you: don't believe it! There is no basis for it. Treat the home office deduction like any other legitimate business expense: if you are entitled to take, by all means, take it. 2. Frustration over the record keeping requirements. Obviously, there are some numbers that must be compiled to take the home office deduction. For homeowners, they include the following: mortgage interest, real estate taxes, homeowner's insurance, utilities (gas, electricity, water, trash removal, etc.) and repairs. The first two are usually reported to you on your lender's annual Form 1098 statement. The utilities are easy to calculate by simply adding together your twelve monthly bills for each service provider; if you don't have those bills, the amounts are just a phone call away to your friendly utility company. And home repairs are easily found by looking through your checkbook register and/or monthly credit card statements. For renters, there's usually fewer numbers to crunch: the rent amount is the main figure, and I'm sure you know that without even looking it up. You also need any renter's insurance or utilities you paid. 3.The belief that it's not worth it. When you consider that there is likely hundreds or even thousands of dollars in tax savings at stake, don't you think this is time well spent? If it takes you an hour to put this information together, and you save $500, where else can you make that much money in that amount of time? Sure, I know how much some people despise paperwork and number crunching. Maybe you prefer not to touch a calculator with a 10-foot pole. If that's the case, hire an accountant to do your return and the extra tax savings from this deduction alone will likely more than cover the tax preparation fee. 4. A misunderstanding of the tax benefits. Have you ever heard a person say that he's not taking the home office deduction because he's already deducting mortgage interest and property taxes on Schedule A? Well, the next time you see your friend, dazzle him with this tax strategy wisdom: If you take the home office deduction, you not only reduce your income tax, but you are also reducing your self-employment (SE) tax. This is because the home office deduction reduces your Schedule C profit. For every $1,000 of home office expense, you are losing about $150 in SE tax savings.
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What Disabled People Need to Know About Texas Health Insurance

In the state of Texas, there are a small percentage of residents that are physically or mentally challenged. Because of that, they have a hard time getting health insurance. Plus, there are additional issues that they face with getting health insurance in Texas. Some of the issues include costly insurance premiums, numerous policy cancellations, and numerous claims that don't get paid and refusing to have their policies renewed. People that are disabled and face mental or physical challenges have rights just like those that are not in these situations. According to the insurance law in the state of Texas, disabled people have the right to take action against any entity that they feel is discriminating against them. There are governmental agencies on the state and federal levels that can assist them in getting and keeping the health insurance coverage that they need. It's important that disabled people get health insurance in Texas just like everyone else. In the state of Texas, a disability is considered to be some type of handicap, whether it's full blown or not. It's in regard to their limitations to be able to function normally. The disabled includes a person's ability to walk, talk, see, hear, understand mentally and other conditions that are deemed as limiting one's ability to do things normally and fully. If a disabled person needs health insurance in Texas, the insurance company takes certain things into consideration prior to whether or not they will issue a health insurance policy. Within a health insurance policy, insurance companies weigh in different factors. Some of those factors are: age, medical history and current bill of health. If the insurance company feels they are a high risk, then they will issue a costlier policy. If they decide not to do that, then they will just reject the application and not cover them at all. They would feel that the disabled applicant is too much of a risk for them to insure. This scenario can play out when you're trying to get health insurance in Texas. There are some disabilities that will not prevent you from getting health insurance in Texas. For instance, if there's an issue with a person's vision and it is determined not to be a hazard, then there shouldn't be a problem with them getting health insurance. As long as it's safe for them, then they should be given full consideration and possible acceptance to have a health insurance policy. In regard to health insurance in Texas, it is against state law to deny, limit or blatantly refuse to renew a health insurance policy due to the person's limited abilities. The exception to this is if the insurance company feels that the risk of underwriting the person may cause them to lose money. The disabled can also ask the company why you were turned down for an insurance policy. One place that disabled people can turn to for assistance is the Americans with Disabilities Act (ADA). This law was put in place to protect the disabled from being discriminated against in regard to any services that are available to them. Through their resources, the disabled may be able to get the ammunition they need to get health insurance in Texas.


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