Wednesday October 27, 2021

A Few Do’s and Don’ts of Personal and Business Insurance Tax

Filing your personal and business tax returns is often complicated if you work from home or if you’re not sure about the different credits that you’re able to take and the benefits that you may have to claim. However, this guide includes a few things that you should do when filing for your personal and business insurance tax returns and it also includes some things that you should overlook when filing your returns.

Health Insurance and Medical Expenses:

First, if you work at home or if you are with an employer, you should always think ahead and plan your medical procedures and expenses for the coming year. If you do this efficiently, you will be able to take the maximum deduction when it comes time to file your personal or business tax return.

Second, you’ll want to find out if you in fact do qualify to deduct all or part of your medical expenses. Depending on your income, you may be limited to the medical expenses deduction. In addition, you will always want to deduct your health insurance and long-term care insurance premiums on your federal tax return. There may even be miscellaneous insurance deductions that you can use on your federal tax return so you’ll want to find that out.

Unemployment and Worker’s Compensation:
Don’t report worker’s compensation insurance benefits as part of your income. Receiving worker’s compensation benefits is almost always non-taxable, which means that it does not have to be reported as part of your income on your personal or business tax return. Many people err on the side of caution and include it, but you’ll end up only increasing your income and paying more taxes.

Unemployment insurance benefits are a different matter. You do want to report this figure on your tax return. In many cases if you do receive unemployment benefits for any reason other than worker’s compensation, but then don’t report it on your return, you will get audited.

Automobile Insurance:
Automobile insurance is another area in which you can get a break on your federal tax return if you run a business and work from home. Including auto insurance as a deduction on your federal tax return is something you should take advantage of.

Casualty and Theft Losses:
Don’t report the insurance reimbursements from casualty claims or theft losses. Many times these are unnecessary and won’t net you the biggest advantage on your tax return.

Moving Expenses:
If you work at home and you have job-related moving or storage expenses, this is something that you’ll be able to report on your federal tax return. This is a little known deduction that few people know about but can save you from paying more income tax than you already are.

In addition, check previous federal tax returns for any insurance deductions that you may have taken in the past. Chances are that if you have taken advantage of them in the past then you are still eligible for those deductions. All in all, the insurance benefits and other expenses listed here are important when preparing your personal or business income tax return and you should use your tax knowledge to the fullest extent when filing.

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The Manageable Job Search

You are out there, day and night, looking for the perfect job. You find though that you are starting to become disorganized and you believe that it is just part of the process, after all, you are working so hard to find the employment of your dreams. The thing is though, without proper organization skills while you are looking for work, things will begin to slowly unravel.

If you do not take it slow and one step at a time, you will find that you will quickly become overwhelmed and land yourself in a situation that you cannot get out off easily. If you become overwhelmed then you might find that your job search will become more difficult and less productive as time rolls on. This is not something that you want to be stuck facing any time soon so you have to take action now before it is too late. You want work and you want it now.

Get organized. Create a spreadsheet. Do something other than just hoping for an employment offer. You want to make sure that you are keeping track of your interview timings. This will help you to determine just when it is time to contact a company to give a follow up, “thank you”. If you are just applying to one or two companies, such focus and organization is probably not needed. If you are hitting the pavement hard, you will soon find that everything begins to run together and you do not want to miss out on the follow-up with a potential employer.

Such situations usually come about when people are expanding their search into other types of careers, just hoping that they will get a bite and will soon have one of the many jobs that they have applied for. It is a scary situation, but one that would be scarier if you are not organized.

Imagine that you have sent in two hundred resumes and spoke to seventy-five people regarding careers. Out of the seventy-five contacts, you manage to get in twenty interviews. If you suddenly get a call from someone regarding a position, are you really going to remember what that position was about? How are you going to remember whether it was one of the ones you interviewed for, one that you simply spoke to someone on the phone about, or one that you simply sent in a resume? You will not and this can give off very bad early warning signs to the potential employer.

If the employer feels as though you are all over the place and are unable to stay organized in your job search, how is he or she supposed to believe that you would be a practical employee and keep your work responsibilities in order, especially when it is on someone else’s dime?

You also want to make sure that you are networking. The more you get your name around, the better chance you are at getting the career offer that you have been waiting for. Also, your networking skills could pay off when you are able to name drop, in a professional manner of course.

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