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Don’t miss these fourteen tax deductions for your small business.

It’s simple: The more tax deductions your business can legitimately take, the lower its taxable profit will be. Also, in addition to putting more money into your pocket at the end of the year, the tax code provisions that govern deductions can also yield a personal benefit: a nice car to drive at a small cost, or a combination business trip and vacation. It all depends on paying careful attention to IRS rules on just what is — and isn’t — deductible.

When you’re totaling up your business’s expenses at the end of the year, don’t overlook these 14 common business deductions.

1. Auto Expenses

If you use your car for business, or your business owns its own vehicle, you can deduct some of the costs of keeping it on the road. Mastering the rules of car expense deductions can be tricky, but well worth your while.

There are two methods of claiming expenses:

• Actual expense method. You keep track of and deduct all of your actual business-related expenses.
• Standard mileage rate method. You deduct a certain amount (the standard mileage rate) for each mile driven, plus all business-related tolls and parking fees. In 2010, the standard mileage rate is 50 cents per business mile driven, a decrease from the 55 cents per mile rate in effect for 2009.

As a rule, if you use a newer car primarily for business, the actual expense method provides a larger deduction at tax time. If you use the actual expense method, you can also deduct depreciation on the vehicle. To qualify for the standard mileage rate, you must use it the first year you use a car for your business activity. Moreover, you can’t use the standard mileage rate if you have claimed accelerated depreciation deductions in prior years, or have taken a Section 179 deduction for the vehicle. (For more on Section 179, see “New Equipment,” below.)

If your auto is used for both business and pleasure, only the business portion produces a tax deduction. That means you must keep track of how often you use the vehicle for business and add it all up at the end of the year. Certainly, if you own just one car or truck, no IRS auditor will let you get away with claiming that 100% of its use is related to your business.

2. Expenses of Going Into Business

Once you’re running a business, expenses such as advertising, utilities, office supplies, and repairs can be deducted as current business expenses — but not before you open your doors for business. The costs of getting a business started are capital expenses, $5,000 of which you may deduct the first year you’re in business; any remainder must be deducted in equal amounts over the next 15 years.

** If you expect your business to make a profit immediately, you may be able to work around this rule by delaying paying some bills until after you’re in business, or by doing a small amount of business just to officially start. However, if, like many businesses, you will suffer losses during the first few years of operation, you might be better off taking the deduction over five years, so you’ll have some profits to offset.

3. Education Expenses

You can deduct education expenses if they are related to your current business, trade, or occupation. The expense must be to maintain or improve skills required in your present employment, or be required by your employer or as a legal requirement of your job. The cost of education that qualifies you for a new job isn’t deductible.

4. Legal and Professional Fees

Fees that you pay to lawyers, tax professionals, or consultants generally can be deducted in the year incurred. However, if the work clearly relates to future years, they must be deducted over the life of the benefit you get from the lawyer or other professional.

Business books, including those that help you do without legal and tax professionals, are fully deductible as a cost of doing business.

5. Bad Debts

If someone stiffs your business, the bad debt may or may not be deductible — it depends on the kind of product your business sells.

• Goods. If your business sells goods, you can deduct the cost of goods that you sell but aren’t paid for.
• Services. If, however, your business provides services, no deduction is allowed for time you devoted to a client or customer who doesn’t pay.

6. Business Entertaining

If you pick up the tab for entertaining present or prospective customers, you may deduct 50% of the cost if it is either:

• directly related to the business and business is discussed at the event — for example, a catered meeting at your office; or
• associated with the business, and the entertainment takes place immediately before or after a business discussion.

**Make notes. On the receipt or bill, always make a note of the specific business purpose — for example, “Lunch with Joyce Slater of Ace Manufacturing Co. to discuss widget contract.”

7. Travel

When you travel for business, you can deduct many expenses, including the cost of plane fare, costs of operating your car, taxis, lodging, meals, shipping business materials, cleaning clothes, telephone calls, faxes, and tips.

What about combining business and pleasure? It’s okay, as long as business is the primary purpose of the trip. However, if you take your family along, you can deduct only your own expenses.

8. New Equipment

Some small businesses can write off the full cost of some assets in the year they buy them, rather than capitalizing them — deducting their cost over a number of years. (See Current vs. Capital Expenses for information on expenses that must be capitalized.)

Section 179 of the Internal Revenue Code allows you to deduct up to $250,000 of the cost of new equipment or other assets in 2009 (scheduled to go down to $133,000 in 2010). This is subject to a phase-out if you place more than $800,000 of equipment in service in 2009 ($510,000 in 2010). Some assets don’t qualify for this Section 179 deduction, including real estate, inventory bought for resale, and property bought from a close relative.

There is also a first-year bonus depreciation deduction in effect for 2009 (and 2008). This special deduction allows taxpayers to depreciate 50% of the adjusted basis of qualified property during the first year the property is placed in service. This deduction can be taken in addition to the Section 179 deduction and offers tremendous tax savings on property purchased in 2009 and 2008.

9. Interest

If you use credit to finance business purchases, the interest and carrying charges are fully tax-deductible. The same is true if you take out a personal loan and use the proceeds for your business. Be sure to keep good records demonstrating that the money was used for your business.

10. Moving Expenses

If you move because of your business or job, you may be able to deduct certain moving costs that would otherwise be non-deductible personal living expenses. To qualify, you must have moved in connection with your business (or job, if you’re an employee of your own corporation or someone else’s business). The new workplace must be at least 50 miles farther from your old home than your old workplace was. (Technically, moving expenses aren’t business expenses; there’s a special place to list them on your Form 1040 tax return.)

11. Software

As a general rule, software bought for business use must be depreciated over a 36-month period, but there are some important exceptions:

• Computer software placed in service from January 1, 2003 to December 31, 2010 is eligible for a Section 179 deduction, which means that 100% of the cost of software can be deducted in the year purchased. Starting in 2011, you will no longer be able to use Section 179 to deduct off-the-shelf software.
• When software comes with a computer, and its cost is not separately stated, it’s treated as part of the hardware and is depreciated over five years. However, under Section 179, you can write off a whole computer system (including bundled software) in the first year if the total cost is less than a certain amount ($250,000 in 2009; scheduled to go down to $133,000 in 2010). See IRS Publication 946, How to Depreciate Property.

12. Charitable Contributions

If your business is a partnership, a limited liability company, or an S corporation (a corporation that has chosen to be taxed like a partnership), your business can make a charitable contribution and pass the deduction through to you, to claim on your individual tax return. If you own a regular (C) corporation, the corporation can deduct the charitable contributions.

**If you’ve got some old computers or office furniture, giving it to a school or nonprofit organization can yield goodwill plus a tax benefit. However, if the equipment has been fully depreciated (written off), you can’t claim a deduction.

13. Taxes

Taxes incurred in operating your business are generally deductible. How and when they are deducted depends on the type of tax:

• Sales tax on items you buy for your business’s day-to-day operations is deductible as part of the cost of the items; it’s not deducted separately. However, tax on a big business asset, such as a car, must be added to the car’s cost basis; it isn’t deductible entirely in the year the car was bought.
• Excise and fuel taxes are separately deductible expenses.
• If your business pays employment taxes, the employer’s share is deductible as a business expense. Self-employment tax is paid by individuals, not their businesses, and so isn’t a business expense.
• Federal income tax paid on business income is never deductible. State income tax can be deducted on your federal return as an itemized deduction, not as a business expense.
• Real estate tax on property used for business is deductible, along with any special local assessments for repairs or maintenance. If the assessment is for an improvement — for example, to build a sidewalk — it isn’t immediately deductible; instead, it is deducted over a period of years.

14. Advertising and Promotion

The cost of ordinary advertising of your goods or services — business cards, yellow page ads, and so on — is deductible as a current expense. Promotional costs that create business goodwill — for example, sponsoring a peewee football team — are also deductible as long as there is a clear connection between the sponsorship and your business. For example, naming the team the “Southwest Auto Parts Blues” or listing the business name in the program is evidence of the promotion effort.

(source: www.nolo.com)

oXYGen Financial, Inc. co-CEO Ted Jenkin  is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022

Phone 1.800.355.9318 or 770.777.0427

Request a FREE consultation

oXYGen Financial, Inc. co-CEO Ted Jenkin  is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC.  ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. Linked sites are strictly provided as a courtesy. Investacorp, Inc., and its affiliates, do not guarantee, approve nor endorse the information or products available at these sites nor do links indicate any association with or endorsement of the linked sites by Investacorp, Inc. and its affiliates.

Physician Shortage Now and Ahead

by Eric Gadlage

Physician Shortage Gives Rise to Preferred Access Solutions

According to the AAMC, the United States is expected to face a shortage of 124,000-159,000 physicians by 2025. This does not include another 25% projected shortfall should policies such as universal healthcare coverage pass through congress. The growth of the U.S. population age group 65+ through 2025 is a staggering 4 or 5 times the growth of the number of physicians during the same time period. According to the AAMC the number of physicians selecting family medicine careers has dropped 27% between 2002 and 2007. General surgeons also dropped nearly 26% since 1981. Physicians will become increasingly overloaded due to this shortage along with lower insurance reimbursement rates; patients will see longer and longer wait times for appointments and office visits. Emergency room average wait times are on the rise as well mainly due to an increased number of ER visits. Average ER wait times have been estimated between 1-4 hours.

Many Americans who have lost their jobs or do not have health insurance are now using the ER as their means of primary care. Although the American Recovery and Reinvestment Act (ARRA) reduces the COBRA premium in some cases. After losing her job with a pharmaceutical company, a pharmaceutical representative saw her health insurance premiums decrease from $241.77 as an employee to $84.62, a substantial decrease. There are restrictions on who qualifies and the length of time they are valid, so consult with your human resources manager or individual health care insurance representative for more details. An immediate solution which has seen a major rise since 2005 is concierge medicine. Physicians charge an annual fee for preferred access. This creates more revenue to meet operational costs for the physician and a decrease in the number of patients they need to see on a daily basis. Patients opting in to the preferred access solution pay the annual fee and receive same or next business day appointments and expedited office visits. Patients who opt out, depending on the type of concierge practice will either have the option to stay with the doctor (hybrid medical concierge) or will have to leave their doctor (traditional medical concierge model). A substantial number of physician practices will be integrating either of these medical concierge models as a solution.

There has already been a rise from 500 concierge (some type of fee for service outside of insurance) type practices in 2005 to 5000 currently according to the Society for Innovative Medical Practice Design.

Eric Gadlage
Chief Operating Officer
Team Doctors Preferred Access, LLC
www.theteamdoctors.com

oXYGen Financial, Inc. co-CEO Ted Jenkin  is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022

Phone 1.800.355.9318 or 770.777.0427

Request a FREE consultation

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC.  ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. Linked sites are strictly provided as a courtesy. Investacorp, Inc., and its affiliates, do not guarantee, approve nor endorse the information or products available at these sites nor do links indicate any association with or endorsement of the linked sites by Investacorp, Inc. and its affiliates.

40 Year Old Business Virgin – Business Radio

Come join Ted Jenkin and Kile Lewis;
CEOs of oXYGen Financial

This and EVERY Friday at 12pm as they interview local Atlanta Area CEOs to learn the do’s and don’ts of starting up, running, and growing a new business in today’s economy.
Visit the 40 Year Old Business Virgin Radio Show Online

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Visit the 40 Year Old Business Virgin Radio Show Online

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC. ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. Linked sites are strictly provided as a courtesy. Investacorp, Inc., and its affiliates, do not guarantee, approve nor endorse the information or products available at these sites nor do links indicate any association with or endorsement of the linked sites by Investacorp, Inc. and its affiliates.

Someone asked me the other day, “Ted, is it morbid to ask you whether I should buy life insurance on my children?”   It was an interesting question, and one we often get from parents.   The American Council of Life Insurers says that only about 15% of the people under the age of 18 have life insurance.  An average policy for people under 18 is around $5,000 with the primary purpose to cover funeral expenses and burial costs.  There are varying schools of thought on this subject in the financial community, and here are some considerations to think about around this subject.

Remember that you as the parent are the real wage earner and the person that needs to be insured the most.   It is not recommended to buy life insurance on your children until you are adequately insured.   Since children for the large part don’t earn wages, any additional cost will be an extraneous expense to your budget.

On the pro side of this argument, it can be very legitimate to purchase a small policy to cover funeral expenses, burial costs, and other expenses at the death of a child.   If you work for an employer with a quality group benefits plan, you may be able to purchase a unit (generally $10,000) through work for a cheap price.    If you have a current policy such as a whole life or universal life insurance policy, you may be able to add a children’s rider for a few bucks to accomplish the same goal of having money in case of a premature death.    Some parents have started a permanent policy where they save from $25 to $100 a month that builds up some cash value generally with a face amount of $25,000 to $50,000 in death benefit.  This can be seen as an alternative savings plan for your kids, and in addition may allow your child to have a permanent policy without having to prove evidence of insurability down the road.

On the con side, nobody wants to think about the death of their child or even remotely consider what may happen financially.   If you think statistically about the probabilities of a child passing away, the percentages are so small that it may not be a quality financial decision at all.   Even if the premiums are very cheap, every dollar you don’t spend on insurance could be put towards a college savings plan.

There is never a wrong or right to this decision.   Looking at life insurance as a whole can be a tricky part of building your financial plan.  Remember that most term insurance policies will be the same price for a child under 18 no matter what their age (i.e. 9, 11, or 15), and some companies like Genworth will offer a 30 year term policy on a child under 18.   If you have more questions, e-mail me by clicking here

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®

Co-CEO and Founder oXYGen Financial, Inc.

Request a FREE consultation: www.oxygenfinancial.net

Related Articles – Do you need disability insurance?, Top 5 Insurance Policies To Avoid, Update Your Beneficiary Designations, Be wary of “hypotheticals” in insurance policies! , Long Term Care Insurance . . How Does It Work?

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022

Phone 1.800.355.9318 or 770.777.0427

oXYGen Financial, Inc. co-CEO Ted Jenkin  is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC.  ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. Linked sites are strictly provided as a courtesy. Investacorp, Inc., and its affiliates, do not guarantee, approve nor endorse the information or products available at these sites nor do links indicate any association with or endorsement of the linked sites by Investacorp, Inc. and its affiliates.

There are many types of insurance programs to manage these days. Yet, one of the programs most misunderstood by employees of companies and small business owners is the need for disability insurance. Since there are so many nuances of disability insurance, here are some key questions to ask yourself regarding your personal situation.

1. What percentage of my income will you replace if I become disabled? At most employer programs it will be between 50% and 66%.

2. Will you cover commissions or bonuses on top of a base salary? In most cases, your employer will only cover your base salary. If you have a large bonus program or work commissions, you need to really review the fine print of your group policy.

3. What about 401(k) or other retirement contributions? Generally, this is not covered. The big question then is how will you continue to fund your retirement goals?
4. Can the payout go up as my income goes up in the future?
5. Can it go up as the cost of living increases?
6. Is there a maximum payout that you’ll make (in dollars) per year, no matter what I earn?
7. Is the payout taxable? If your employer pays for the coverage, then it will be taxable income to you. If you pay for the premium, then it will be tax free to you when you receive benefits.

8. If I can’t return to the job I had before, can I continue to draw payments forever? Until I’m 65? Or some shorter period of time?
9. If there’s a time limit for coverage related to my old job, can I still collect if I can’t work at all, in any job?
10. Will you guarantee that I can renew the policy each year, at the same price? What about at a higher price? If so, is that only until a certain age? It is truly important to have a program that is guaranteed renewable and non cancellable.

11. If I’m paying the premium on time, are there any circumstances under which you can cancel my policy?
12. What if I’m unemployed and can’t pay the premium for a short period of time?
13. Is there a waiting period after you start working for a company that provides disability insurance (or after you buy a policy on your own) before you can make a claim? The big question here is that you need to have an adequate cash reserve if your company program does not have a good short term disability program.

14. Is there a waiting period after you become disabled before you can start collecting on a claim?
15. Can I pay a smaller premium in exchange for a longer waiting period?
16. I work at home, so what can I do to convince you that my workspace is not hazardous?
17. I work for myself. How much do you need to know about the details of my job and what I do all day in order to underwrite my policy at a decent rate (or at all)?
18. What injuries or illnesses does my policy exclude? If I’ve already been treated for depression or back pain or cancer will you not cover those maladies at all in the future?
19. Does my policy cover some illnesses – mental illness says – for a more limited period of time than other conditions?
20. Is it possible to erase some of these exclusions a few years after my policy goes into effect if I don’t come down with those afflictions during that period?
21. Will you make me apply for federal Social Security disability benefits before paying a cent of my claim (and then offset anything you pay with whatever I collect from Social Security)?
22. If I change jobs, can I keep the policy as long as I continue paying the premium?Source Of Questions (New York Times: February 5th, 2010)

Most people view a disability with thought in mind of being able to not work at all. With new disabilities such as depression and carpel tunnel syndrome, you really need to review whether your policy covers your own occupation or any occupation as this can be paramount on how much you may be able to collect. If you have never reviewed this, now may be an important time to do this so you can make sure that your financial house is adequately protected. Request a FREE consultation

Related Articles – Top 5 Insurance Policies To Avoid , Be wary of “hypotheticals” in insurance policies! , Health Insurance- Where are we headed? , Long Term Care Insurance . . How Does It Work? , My Beautiful Car and Its Insurance , Health Insurance by Arthur Benz

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022

Phone 1.800.355.9318 or 770.777.0427

Request a FREE consultation

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®

Co-CEO and Founder oXYGen Financial, Inc.

oXYGen Financial, Inc. co-CEO Ted Jenkin  is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC.  ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. Linked sites are strictly provided as a courtesy. Investacorp, Inc., and its affiliates, do not guarantee, approve nor endorse the information or products available at these sites nor do links indicate any association with or endorsement of the linked sites by Investacorp, Inc. and its affiliates.

There is a big free agency year coming up in the NBA for the summer of 2010. While I don’t often comment on sports, I thought I would give you my most 10 overrated players currently in the NBA.

10.) Steve Nash- While there is always ooh’s and aah’s about his wizardry passing the basketball and his free throw shooting, Nash still doesn’t realize that defense wins titles. He will be sure fire Hall of Famer with Charles Barkley, both with no rings.

9.) Gilbert Arenas- Who knows if he will even return to the NBA with the recent gun antics, but even if he does who really cares? Agent Zero had a few good years of chucking the basketball as a scorer, but really hasn’t done much more including getting past the first round of the playoffs. I’d take Antwan Jamison or Caron Butler over him any day to start a team. Nice investment Washington!

8.) Ray Allen- Here is another guy who has scored on bad teams for years until he joined the Celtics, but really has had below average numbers on everything but scoring and free throw shooting. He doesn’t pass or rebound well let alone defend. No title for this guy without Garnett and Pierce. Is there still a team in Seattle?

7.) Vince Carter- They call it Vinsanity on the court. I call it not being able to figure out how to win a championship. Vince is over the hill, and needs to learn a post up mid range game like Michael and Kobe have done in their careers. Shooting 30% from 3 point land won’t get it done. Orlando was better off with Turkgolo in the lineup.

6.) Elton Brand- Wasn’t he the guy who was supposed to bring the big double double to Philadelphia to make them a contender again? Instead it has been 14.5 points and slightly over 6 rebounds a game. Enjoy the summer Philadelphia.

5.) Lamar Odom- Some people say he is the best 6th man in the league. I say here’s guy who shoots less then 30% from the 3 point line and under 70% from the free throw line. Every once in a while he posts a huge rebound game, but he isn’t near as good an all around player as the hype. Sorry Mr. Kardashian.

4.) Manu Ginobili- Respectfully, a few years ago Ginobili was truly one of the games top players. However, people keep talking about the Spurs and them making a run to take the Lakers. Guess again. Ginobili isn’t even shooting 40% from the floor, and is showing signs of his age.

3.) Brandon Jennings- One 55 point game doesn’t make you a superstar. With a shooting percentage of less than 38%, that won’t cut it to be a premier player in the league. The game doesn’t match the hype, and the NBA teams have finally started to figure out how to shut this kid down.

2.) Tracy McGrady- I can never figure out why people like this guy so much. Who cares if he is Vince Carter’s cousin? They both belong on this list. He never got it done in Orlando, and even if he and Yao return together they won’t get it done in Houston. McGrady has flashes of brilliance, but has never put together an all around season.

The number one winner in my book is Greg Oden. What is there to say but disappointment and more disappointment? Kevin Durant probably sure looks good to Portland right now. Maybe Oden has a future in the adult film industry, but it won’t be as an NBA center.

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You can also visit a great Top 10 List Community Website

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®

Co-CEO and Founder oXYGen Financial, Inc.

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022

Phone 1.800.355.9318 or 770.777.0427

Request a FREE consultation: www.oxygenfinancial.net

oXYGen Financial, Inc. co-CEO Ted Jenkin  is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC.  ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. Linked sites are strictly provided as a courtesy. Investacorp, Inc., and its affiliates, do not guarantee, approve nor endorse the information or products available at these sites nor do links indicate any association with or endorsement of the linked sites by Investacorp, Inc. and its affiliates.

There isn’t a day that passes by now where I don’t see a continued commercial for raising money to save Haiti. I feel awful for the people of Haiti over this terrible tragedy, but I keep coming back to the major issues we have going on in our own country.

Americans donated $150 million in the first four days after the Haiti earthquake, according to the Chronicle of Philanthropy. Donations to Hurricane Katrina efforts in 2005 only totaled $108 million in the first four days after the disaster, the chronicle said. Who knows exactly how much money we have donated between the U.S. Government and American citizens, but doesn’t anybody find it strange that we raise more for other countries than our own?

We don’t know the exact numbers, but one study had the unemployment rate last year in Detroit at 28.9% (Source: The World Newser August 28th, 2009). At those levels of unemployment, you ultimately have a tidal wave of foreclosures, crime, and poverty. I haven’t heard of George Clooney doing a telethon to help support the relief efforts in Detroit. At 20%+ unemployment, that is about as big of an economic earthquake as we have seen in many years. Where will the relief effort come for cities in the United States like Cleveland, Detroit, and Buffalo?

We need to start getting serious about our country being a business. If you worked for a Fortune 100 company, you have probably noticed cutbacks on bonuses, fringe benefits, and charitable contributions from the company. That is because they realize to grow their business you need to be able to grow profits. I’m not sure we have realized that yet. Maybe will just keep printing money. If we do, we might as well text HELP!, and give some to Detroit.

Related Articles – Top 5 Ways to Help Someone Who Is Unemployed , Unemployment Extension: F.A.Q.’s , What happens when the Unemployment Check runs out?

oXYGen Financial, Inc. co-CEO Ted Jenkin  is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®

Co-CEO and Founder oXYGen Financial, Inc.

Request a FREE consultation: www.oxygenfinancial.net

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC.  ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. Linked sites are strictly provided as a courtesy. Investacorp, Inc., and its affiliates, do not guarantee, approve nor endorse the information or products available at these sites nor do links indicate any association with or endorsement of the linked sites by Investacorp, Inc. and its affiliates.

Can you still set up a retirement plan for 2009 if you are a small business owner?

If you own a small business or are just an independent contractor, there may still be time to set up a retirement plan for 2009 before you file your taxes.

The main type of retirement plan that can still be set up is called a Simplified Employee Pension Plan. A SEP is a simplified employee pension plan. A SEP plan provides employers with a simplified method to make contributions toward their employees’ retirement and, if self-employed, their own retirement. Contributions are made directly to an Individual Retirement Account or Annuity (IRA) set up for each employee (a SEP-IRA). See Publication 560 for detailed SEP information for employers and employees.

A SEP is established by adopting a SEP agreement and having eligible employees establish SEP-IRAs. There are three basic steps in setting up a SEP, all of which must be satisfied. (source: www.irs.gov)

• A formal written agreement must be executed. This written agreement may be satisfied by adopting an Internal Revenue Service (IRS) model SEP using Form 5305-SEP, Simplified Employee Pension – Individual Retirement Accounts Contribution Agreement. A prototype SEP that was approved by the IRS may also be used. Approved prototype SEPs are offered by banks, insurance companies, and other qualified financial institutions. Finally, an individually designed SEP may be adopted.
• Each eligible employee must be given certain information about the SEP. If the SEP was established using the Form 5305-SEP, the information must include a copy of the Form 5305-SEP, its instructions, and the other information listed in the Form 5305-SEP instructions. If a prototype SEP or individually designed SEP was used, similar information must be provided.
• A SEP-IRA must be set up for each eligible employee. SEP-IRAs can be set up with banks, insurance companies, or other qualified financial institutions. The SEP-IRA is owned and controlled by the employee and the employer sends the SEP contributions to the financial institution where the SEP-IRA is maintained.

How much can you normally put away to these types of plans?

Annual contributions an employer makes to an employee’s SEP-IRA cannot exceed the lesser of:

1. 25% of compensation, or
2. $49,000 for 2009 and 2010 (subject to annual cost-of-living adjustments for later years).

The limits in the preceding sentence apply in the aggregate to contributions an employer makes for its employees to all defined contribution plans, which includes SEPs. Only up to $245,000 in 2009 and 2010 (subject to annual cost-of-living adjustments for later years) of an employee’s compensation may be considered. Contributions must be made in cash. Property cannot be contributed. (source: www.irs.gov)

Due to the rules of SEP plans called the 3 of 5 rule, you may be able to legally discriminate against employees who are part time or have not worked for the business for a specific period of time.

There may be other options for you if you own a business or are self employed, but the SEP could be a low-cost administrative plan to set up if you are still looking to save money for 2009.

For more information, please visit oXYGen Financial.

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Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®
Co-CEO and Founder oXYGen Financial, Inc.

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC. ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. Linked sites are strictly provided as a courtesy. Investacorp, Inc., and its affiliates, do not guarantee, approve nor endorse the information or products available at these sites nor do links indicate any association with or endorsement of the linked sites by Investacorp, Inc. and its affiliates.

Doesn’t it seem like there is always an insurance decision to make? Whether it is from a new purchase you make, a decision at work, or someone calling you to buy something over the phone, insurance decisions are being made every other month in our financial plans. It is often confusing to figure out which insurance programs make sense, and which is just a waste of money. While hindsight is 20/20, here are five insurance policies you want to avoid in the future.

1. Mortgage Insurance- When you buy a new home, you will typically get a mailer to buy an insurance policy that will completely pay off the mortgage upon your death. If you are reasonably healthy, buying a level term insurance policy through any of the major insurance companies will often be much cheaper than buying this type of insurance.

1. Wedding Insurance- Isn’t there a big problem if you are buying insurance in the event your wedding doesn’t happen? While the premiums on these policies may only range from $200 to $500, you need to really review what exactly the policy covers. Spend the money on doing something fun for your guests at the wedding. The risk trade off just isn’t good enough on this one.

1. Credit Life Insurance- This type of insurance will typically pay off your credit card at death. The premium will seem minuscule, usually costing less than $1 per month. However, if you are reasonably healthy, getting appropriate term or permanent life insurance coverage will be a better buy in the long run.

1. Air Travel Life Insurance- You need a certain amount of life insurance . . . not more life insurance if you die in a plane. If you want to go to Vegas to have some fun and bet, go ahead and book a room. You probably don’t want to be betting on your own death with a double down on the next Delta flight? Air Travel is still the safest form of travel, and the least likely place for you to collect on this type of insurance.

1. Private Mortgage Insurance- How do you avoid this? Make sure you put 20% down on a house. I know that is a novel idea, but maybe you just aren’t ready to buy the type and size of house you are shopping for unless you can make the down payment. This insurance can be very costly for a new home owner.

These are five favorites of mine not withstanding how much I hate any type of warranty for electronics items bought from stores. Make sure you read the fine print of any type of insurance policy you buy, and don’t get ripped off!

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11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022

Phone 1.800.355.9318 or 770.777.0427

oXYGen Financial, Inc. co-CEO Ted Jenkin  is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®
Co-CEO and Founder oXYGen Financial, Inc.

Request a FREE consultation: www.oxygenfinancial.net

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC.  ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. Linked sites are strictly provided as a courtesy. Investacorp, Inc., and its affiliates, do not guarantee, approve nor endorse the information or products available at these sites nor do links indicate any association with or endorsement of the linked sites by Investacorp, Inc. and its affiliates.

All of us know that the United States is in a massive federal deficit. Most pundits on television are letting us know that taxes in some way, shape, or form will have to up. That seems reasonable. Any business that is losing money will eventually have to cut expenses, and figure out how to generate more revenue. We couldn’t cut expenses near enough to solve our problem, so the certainty of some form of increased taxation is an inevitability we will face in the future in my opinion.

The one thing that I don’t hear much talk about is that increasing taxes isn’t the only way to generate additional revenue, but you could certainly choose to reduce overall tax deductions that we take today as another source for increasing additional revenue.

According to a recent study done by the Joint Committee On Taxation (source: Fiscal Year 2010 Budget: Analytical Perspectives. OMB./Table 19-3), here are the top 5 potential sources of tax revenue:

• Employer Provided Healthcare $924 Billion
• Mortgage Interest Deduction $646 Billion
• 401(k) Plans $343 Billion
• Charitable Contributions $273 Billion
• State & Local Taxes $268 Billion

If you think about the deficit we are in as a country, the revenue must ultimately come from somewhere to pay the bills. If you think this may be far fetched for any of these to be reduced or eliminated, remember that history has a way of repeating itself. This is why it is more important than ever to really do some financial planning, and build out a truly comprehensive tax management strategy.

We can never be sure what direction fiscal policy will ultimately go in the near future. We do know as a general rule of thumb that borrowing too much money when you don’t have it can be a catastrophic financial decision. Just look at the recent real estate problems, and ask yourself what might be coming next?

Looking for other articles? 2010 Mileage Rates! , The Top 10 Most Overlooked Tax Deductions , Tax Changes For 2010 , Do You Pay Your Taxes By Credit Card?

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

oXYGen Financial, Inc. co-CEO Ted Jenkin  is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®
Co-CEO and Founder oXYGen Financial, Inc.

Request a FREE consultation: www.oxygenfinancial.net

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC.  ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. Linked sites are strictly provided as a courtesy. Investacorp, Inc., and its affiliates, do not guarantee, approve nor endorse the information or products available at these sites nor do links indicate any association with or endorsement of the linked sites by Investacorp, Inc. and its affiliates.