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Tax Preparation Help: 5 Tax Deduction Myths

Last Updated: 2011/10/06

There are a wealth of tax deduction myths, rumors and plain old wives tales during every tax season. Many opt not to get professional tax preparation help and file their own taxes based on misinformation, only to regret it later when the IRS comes calling. It is sobering of find out they filed using mythical deductions and write offs. Here are 5 big ones to look out for:

#1 – My Medical Expenses Are Tax Deductible.

If they exceed 7.5% of your adjusted gross income (AGI)Medical expenses may be tax deductible. However there is a catch, which is that you can ONLY deduct the amount of out of pocket expenses that are greater than the 7.5% threshold. A lot of medical expenses will be necessary to make this work.

Be advised: If medical expenses are reimbursable, they are not deductible even if you did not get reimbursed.

#2 – I must use money from my home sale to buy another residence.

In the old days that was partially true but in 1997, home-sale tax law changed. If the home you sold was your principal residence for at least 2 out of the last 5 years, then you can exclude from tax up to $250,000 in gain (and $500,000 on a joint tax return). Consult a tax professional.

#3 – My mortgage interest will reduce my tax bill

Usually this one is true but not in all cases. To claim a tax deduction for your home loan’s interest, you must itemize and come up with a total that exceeds your standard amount. Those at the end of a mortgage loan term are paying more principal than interest thus don’t get much, if any break in taxes because the interest paid is so little.

#4 – I Have to File a Joint Return Now that I’m Married

This is false. You always have the option of filing “Married Filing Separately.” Just be cognizant that this choice will normally result in you paying more in taxes. But this can be to you and your spouses advantage.

An example, if one spouse has considerable medical or miscellaneous deductions, those items might never be used (with a combined income) as a deduction if they do not meet the 7.5% and 2% minimum requirements respectively. Review your individual cases and see if filing separately might allow you to then take advantage of those tax deductions. Ask a tax preparation professional. Incidentally, you can change your filing status annually.

#5 – My Diet Program Is Tax Deductible

If certain requirements are met a weight loss program may qualify as a tax deductible medical expense.

1) Your physician must have prescribed it! 2) It is intended to treat a particular disease. Obesity IS considered a disease, so it might count if you are legitimately obese. If you’re not obese but need to lose weight to lower your blood pressure, that might make the program a tax deductible expense. Word of caution: the overall cost still has to meet the 7.5% requirement as indicated above.

Seeking qualified tax preparation help is a wise decision when it involves filing your taxes and the eligible tax deductions you will qualify for. Tax return preparers, CPA’s or Tax Attorneys are available online or off to advise you on tax deductions. Use their tax preparation help to seperate fact from fiction.

Read more: Tax Preparation Help: 5 Tax Deduction Myths

Why Your Panic Attacks are Dangerous

Last Updated: 2011/09/14

Have you ever wondered why a panic attack often feels quite so horrifying? Well now we have the answer, because Australian and American scientists have proved what we’ve all long suspected: that high levels of stress can make us very sick indeed!

The new field of neuro-psycho-physio-immunology (what a mouthful!), is providing massive amounts of evidence which shows that our thoughts, feelings and behaviours all impact on our immune system and our general health.

What diseases are stress related?

It’s widely accepted that stress related diseases include sick euthyroid syndrome, rheumatoid arthritis, multiple sclerosis, Crohn’s disease, type 1 diabetes, lupus, and even some cancers.

What you can do about it

Obviously the best thing we can do is to be aware of how important it is to have a healthy lifestyle with the right amount of work and play, social contact, nutrition and sleep, etc. But for some people things have gone too far and they suffer from a range of problems like depression, chronic pain, anxiety, panic attacks, post traumatic stress disorder, phobias, and obsessive compulsive disorder.

The problem for these people is that conventional treatments have not been very successful, with very low outcomes and often only temporary relief.

Good News

A new treatment method has recently been launched after over a decade of research with over 50,000 in-patients and out-patients throughout Latin America and Australia. This new method is called BMSA and works by actually knocking out conditioned responses associated with problem states like anxiety.

A Brief Example of BMSA

You can try it out for yourself very easily, as long as you promise you’ll pick something very minor to experiment on! BMSA should not be used with serious disorders except by qualified health professionals!

Simply think of something that would qualify as a “mild anger”. This might be the thought of someone who recently upset you, for example. How strong is your “mild anger” over this person and what they did? Use a scale of 10 to set a figure (10 out of 10 would be the maximum and would tell you this is too big for this experiment! 0 out of 10 would mean that you had no particular anger at all. Pick something that is 5 or less on the scale.)

Now as you think about this person and what they did, see if you can rub your tummy and pat your head at the same time (try very hard and definitely don’t let yourself be distracted!), and alternate this with imagining the scenario at the same time that you imagine your mouth is full of chocolate cake, or that you’re laying on a sandy beach, or that you’re rocking a baby in your arms (try all sorts of things, as long as you’re able to keep the thoughts of the person and what they did in your head!)

Keep this up for perhaps 5 minutes, and then quietly bring back the thought of the person and what they did. Is your “mild anger” still the same, or now, try as you may, do you find that it’s decreased or even disappeared altogether?

In a few days’ time, try think of this person and what they did once more. Was the effect permanent, or merely temporary? What could happen if you could eliminate all your emotional distress in this way?

Read more: Why Your Panic Attacks are Dangerous

4 Step Guide To Ultimate Blog Success

Last Updated: 2011/09/14

It is a common misconception that you must have a website in order to truly make money on the internet. Don’t worry, it’s not your fault – the “gurus” have tricked you into thinking that a website is required to make money, all while they laugh to the bank when you purchase web hosting and a domain through their affiliate links. It’s time to seperate yourself from the crowd and realize that you’re being deceived.

If you want to establish yourself online, blogging is the way to do it. And, it’s absolutely free. You can make $20, $50 or $100 every single day using a simple, free blog that takes less than half an hour to set up. But how do you make your money? It’s a simple formula:

1.) Create your free blog and start posting about a topic you love. Baseball? Weight lifting? Hypnosis? Gardening? Virtually anything will do.

2.) Go to Clickbank.com and click “marketplace”. Find a product related to your topic (they have a very large variety of products for any audience) and create a free affiliate account with them.

3.) Add your affilate links to your blog and promote the product you chose. Talk about it’s qualities, review it, how much it’s helped you, and so on. People eat up stories.

4.) Get traffic to your blog by posting articles to article directories with a link back to your blog.

That’s it – that’s all you do to make money online. I can personally guarantee you that if you post to your blog everyday for the next 60 days and write one article to submit to a few article directories per week, you’ll be making a bare minimum $20 per day with hardly effort. $20 per day for 10 to 15 minutes of work is a great trade-off, wouldn’t you say?

The best part about this process is that you can repeat it, over and over. Imagine if you had 10 blogs and made the bare minimum of $20 per day with each blog. That means you’d be getting more than $200 per day, for about 2 1/2 hours of work. Compare that to a job – 8+ hours a day, for a measly couple thousand bucks every couple of weeks. It’s bull.

It’s time for you to make a decision. Are you going to sit around and continue to ponder how to make money online, or are you finally going to bite the bullet and going to get started? The choice is yours…

Read more: 4 Step Guide To Ultimate Blog Success

Banner 1

Yet another very useful module you can change. This is great for small updates.

Banner 2!

You can add little things such as special offers or soon to be coming products/article to the website.