7 Fabrications That Are Causing Millions to Overpay Their Taxes

By Karin Russell

Misrepresentations to Small Home-Based Businesses That Are Causing Millions to Overpay Their Taxes!

Untruth #1: Tax professionals are trained to know everything about taxes so I don't need to know about them.

Truth: Professional Accountants/CPA's and Tax Preparers are not consistently informed about ALL tax laws. These people know personal income tax laws and know how to apply them.

Your tax professional may have done everything possible to reduce your taxes. Most do not look for reductions but know how to prepare your return in their sleep. They know what numbers go on what form. They are doing a great job of preparing taxes.

A good tax preparer is not trained in tax reduction strategies. The only way you are assured to get the tax deductions you are entitled to, as a Home-Based Business Owner, is to become informed yourself.

Untruth #2: Home based business expenses can only be used if you "itemize" your return.

Truth: Whether you "itemize" or not has NO bearing on your Business. When you "itemize" your income tax you file Form A&B and take such things as medical, home mortgage interest etc. You will only "itemize" if the total of Form A is over the standard deduction (for 2008 taxes$5,450 single, $10,900 married).

Misconception #3: There is no advantage to filing business tax forms if you are not making a profit.

Truth: This is so not true! There are many tax advantages to filing a Home-Business tax return and especially so if you are not making a profit. If you also work a job, be it part-time or full time, in addition to your Home-Based business it is especially beneficial to you to file a business tax return. Expenses incurred in your business can be taken against your job income thus reducing your taxable dollar, which decreases your tax liability.

Misconception #4: Your Internet marketing business is just a hobby because you hold a full time job.

Truth: The rules clearly state you have a business if you meet 8 rules. Four of the most important rules to meet are:

1. The knowledge of the taxpayer or his/her advisers. If you are developing a home-based business and actively learning and applying business principals to your business...you qualify.

2. The time and effort you put into 'running your business'. The United States Federal Tax Court has ruled that 45 minutes a day, 4 to 5 days a week qualifies.

3. The way you carry on your business activity. If you conduct your business mostly on the telephone, over the Internet and in-home presentations you'll do fine. On the other hand if you do most of your business on the golf course, during lunch or at the bar you have a hobby not a business.

4. If your primary objective is to produce a profit you qualify as a business. On the other hand if your primary objective is to produce tax write offs the IRS will frown on that. You don't have to actually yield a profit in order to qualify. Just show that you have the intent to profit.

If you are doing this then there is no reason for your business to be considered a "hobby".

Untruth #5: If you don't make a profit within 5 years you won't be considered a business and can't file home business taxes.

Truth: The government would LIKE you to show a profit within 5 years but there is no penalty if you do not. Follow the 4 stipulations above and conduct your home business as a business and there is nothing to worry about. You are a business and some businesses do not make a profit for a number of years.

Myth #6: Learning how to reduce you taxes is hard and complicated.

Truth: Once you learn what deductions are allowed you will know what figures your Tax Preparer/Accountant needs and you can configure your accounting accordingly.

Misconception #7: Tax documentation and accounting are not for a home business is not for the average person.

Truth: Documentation for the government is very easy if you use a pocket calendar and keep your receipts. In just 5-10 minutes a day you can have records that will withstand any government scrutiny.

About the Author:

Karin Russell has owned a home business specializing in tax preparation for home based businesses for 36 years. Her blog:Home Business Owners-Reap the Rewardsgives more tax saving hints for home business owners. She highly recommends the book 'It's How Much You KEEP, That Counts! Not how much you Make'for all her business associates.

Cisco Certification " Training Considerations

By Dave Bern

No matter if you intend to do your Cisco Certification training at a brick and mortar computer training center or one that is online, there are certain things which need to be taken into consideration first. Remember it is not only your time but also your money you will be using to get the appropriate qualifications. So time needs to be taken over making the right decision for your training.

Below we provide a number of pointers that one must keep in mind when trying to decide whether doing a Cisco certification course is right for you or not. Plus keeping these in mind can help you to save some money on the cost of the training as well.

Tip 1 - When it comes to deciding to whether to do your training online or in a traditional classroom setting you need to look at the way you enjoy studying. Certainly for those who are happy to work at a pace that is comfortable for them and on their own then doing their training online is ideal. However, if you are someone who needs constant support then the classroom setting is the far better option.

Tip 2 " It is important that you check the school out thoroughly before you enroll on the course. If you intend to use a traditional brick and mortar school then arrange a visit to it to check out all of its facilities. You also need to make sure that the school has been approved by the State to carry out this training and look for those with the appropriate accreditations as well.

Tip 3 " You should always make sure that you check out the tutors credentials. Ask about how long they have been providing this kind of training. Plus if you can go for those tutors who have actually had experience of working with the equipment that they are training you to use. Any good computer training school should be willing to provide this information to you.

Tip 4 - Before you enroll on any course to do your Cisco certification make sure that the school provides you with a complete breakdown of their training costs. If you are looking to use one where the price quoted is all inclusive then make sure that they don't surprise you with any additional costs towards the end of your training which could result in you being unable to complete it. Also never enroll on the first course you come across but spend time comparing what each one has to offer.

Tip 5 - Another thing you need to be aware of before signing up to any Cisco certification course is what rate of their students actually pass their exams along with those that actually complete the training (as these can differ quite a bit). If they do have students who have problems either passing their exams or with the actual training itself what support does the school offer them.

If you keep the above in mind you will find it much easier to determine which is the best school for you to do your Cisco certification training at. Remember it is better to take your time and compare each one carefully before you invest your hard earned cash.

About the Author:

I hope you enjoyed this article on cisco certification training. If you would like to read more great information then please visit http://www.ciscocertificationez.com.

Be aware of the key 2009 Cardiology Billing changes

By Carl Mays II

If your are not aware and prepared for the 2009 cardiology billing and coding changes you may be leaving a lot of money uncollected.

Not since the mid 90's has cardiology seen such significant coding and billing changes as have been put in place in 2009.

Across the board the average Medicare fee increased just 1.1 percent. Cardiology in general fared worse than average, experiencing an average decrease of 2% due primarily to decreases in payments for in-office imaging.

Cardiologist that have a higher than average use of imaging services will see decreases in their Medicare fees far in excess of 2%, while other cardiologists may be able to achieve an increase in Medicare fees.

Here are examples of some of the upcoming changes:

- All of the codes previously used to submit charges for implanted device follow-up have been deleted and replaced with new codes. Not only have the old codes been replaced, but they have been replaced with a more updated code set that provides codes for checks of devices with leads in 3 chambers, codes specific to a remote (internet) device check, codes for following ICM devices, codes for periprocedural checks, etc.

- 30 and 90 day global periods are now in place for follow-up for some devices. Also, the new codes are specific to either an interrogation evaluation or a programming evaluation. The codes are no longer dependent on whether reprogramming occurred.

- 2009 also brings codes specific to a wearable cardiac telemetry device such as a Cardionet type service. This is the end to billing with the unlisted procedure code; but there is a catch here too. These codes also have global days.

- The echo services are also seeing new codes. When you do an echo with a Doppler and color flow you'll have a new code to submit that bundles these services into one code. The same is true for a new stress echo code that bundles the stress test code and stress echo into one code.

These changes are far greater than the normally "tweaking" that occurs at the beginning of each year. If you cardiology billing department is not fully aware of the changes and how to respond to these changes it could have a significant negative impact on your practice. Be sure to invest in the proper training, coding resources and billing system upgrades to be prepared for 2009 cardiology billing.

Copyright 2009 by Carl Mays II

About the Author:

Insure you are prepared for these sweeping Cardiology Billing changes by visiting the Cardiology Billing Partners website (www.cardiologybilling.com). Stay informed of the most recent cardiology billing and coding news by visiting the Cardiology Billing Blog.