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Self-Employed? Uncle Sam Can Help You Pay For Long-Term Care Insurance

By: ebusinessmom Category: Business Tips


Are you self employed and thinking that you can’t afford to pay for long term care insurance?  Well think again. You can actually have Uncle Sam help you pay for long term care insurance.  Following is an article by Ashlea Ebeling, Forbes Staff, which explains how you can do so.

self employed

Can a tax deduction help you afford long-term care insurance? If you’re buying it as an individual, maybe. If you’re self-employed and buying it through your business, absolutely. “It’s kind of a hidden secret,” says Lisa McAree, an insurance broker in Braintree, Mass.

“Accountants will say you ought to contribute to a 401(k) retirement plan, or buy an SUV [to snag a tax break] but they don’t often bring up the fact that you can buy long-term care insurance through your business and get a tax deduction,” she adds.

McAree just signed up Kathleen Hagan, a single boomer who is a medical technology consultant in Watertown, Mass., with a long-term care policy fromPrudential. The premium runs $3,204 a year, and it’s 100% deductible as a business expense on her federal income tax return. Basically, that’s like getting a 30% discount (or more, depending on your tax bracket). Plus, the benefits, if you eventually need them, are tax-free. Massachusetts doesn’t offer a tax break but many states do. Manulife’s John Hancock has a list of state incentives in its Long-Term Insurance 2011 Federal and State Tax Guide.

The federal tax break didn’t drive Hagan’s decision to buy. She had it on her to-do list. But the tax savings enabled her to get a policy with better coverage, she says. “It’s like saving for retirement and getting a will,” Hagan says. “It’s one of those things you need to do. I was a Girl Scout!”

Not everyone can get a tax break for long-term care premiums. If you’re buying a policy as an individual (not through your business), long-term care premiums are deductible as medical expense deductions, and those are only allowed to the extent they exceed 7.5% of your adjusted gross income.

There’s a second hurdle: an age-related premium limit on how much is potentially deductible (you deduct the lesser of the actual premium paid or the age-related premium). In 2011, if you’re 41 to 50, it’s $640 a year; if you’re 51 to 60 it’s $1,270; if you’re 61-70 it’s $3,390; and if you’re 71 and older, it’s $4,240.

Here’s the deal for self-employed folks with business income that passes through onto their personal returns. They don’t face the 7.5% AGI limit. Instead, they can deduct 100% of the premiums paid for themselves (and spouse) as a business expense, just like health insurance. These folks are still subject to the age-related premium limits, but that doesn’t necessarily limit your deduction—it didn’t in Hagan’s case.

Hagan’s long-term care purchase topped off a health and wellness makeover she started a few years ago. She tap dances, rows and cross-country skis. Her hope is that if she ever needs to borrow on her policy that she can have healthcare and assisted living services in her first floor condo in a charming old Victorian house. “I hope it’s the biggest waste of money I ever spent,” she says.


I hope you enjoyed the above article, and hope it was very beneficial to you.  We all know that being self employed can be tough sometimes.  Anything to make things a little simpler certainly helps.  To read the original article click here.



Self employed

Self employed

Self employed


Fastest Way To Become A Millionaire – And Why You’re NOT An Online Millionaire Yet

By: ebusinessmom Category: Business Tips


Fastest way to become a millionaire?  Well, there are many avenues one can take in order to become a millionaire, but it’s not an overnight process.  No matter what avenue you take, the same principle applies.  The fastest way to become a millionaire is by at least doubling your Return On Investment (ROI).  Let’s say for instance you have $50, you can use that $50 to become a millionaire.  As simple as this may seem, you can take fastest way to become a millionairethat $50 and buy or invest in something at a low point and sell it for at least twice times the amount you started with…making sure you cover your expenses also.

However, before I get into the meat of this post, “Fastest Way To Become A Millionaire,” I want to share the following video with you. It speaks of having a millionaire mindset
. In order to earn millions and keep it, a millionaire mindset is required.

Now let’s recap…continue with what we were talking about previously…fastest way to become a millionaire
You can start with $50 and buy or invest in something at a low point and sell it for at least twice times the amount you started with.

After the dust settles, you should have at least $100 after investing that $50. Then take that $100 and then rinse and repeat. The same process applies for larger sums of money. People are still doing it today with real estate…foreclosure. The key is buying low and then selling high…making sure you double, tripple, etc., your initial investment. See an example below of how this works:

$50 – your initial investment
$100- Your first ROI
$400 – third
$800- fourth
$6400- seventh
$12800 -eighth
$51200- tenth
$204800- twelveth
$409600 -thirteenth
$819200 -fourteenth
$1,638,400-fifteenth (15 transactions and you’re now a millionaire…Yay!!!)

Instead of thinking about the fastest way to become a millionaire, change the way you think. Focus on doubling your money instead.

Following is an article written by Willie Crawford…Why You’re not an online millionaire yet.”

I told him that I was going to post it on my blog. He’s fastest way to become a millionairesuch a great guy…very down to earth. If you truly want to become a millionaire and not looking for a get rich quick scheme, Willie is one to follow. He is one of the world’s leading internet marketing and joint venture experts. Business owners seeking to make exponentially more sales of their products and services turn to him for guidance. It’s a long article, but I am advising you to take the time to read his article. Great read!

Why You’re NOT An Online Millionaire Yet
by Willie Crawford on Friday, October 21, 2011
Copyright 2011 by Willie Crawford

You came online a while ago, and one of the first things that you couldn’t help but notice was all of the people offering to teach you how to make money. You needed some extra money, and the lifestyle that was being described certainly sounded attractive. Yet, you were wisely skeptical.

If you were trained in economics, as I was, you understood the Law of Equilibrium and the fact that anytime things are out of balance, they naturally correct themselves. What that told us is that if some people really WERE making so much money, so easily, then others would take notice, quit there jobs and start doing the same thing, and this would continue… until there were so many doing the very profitable thing that “wages” were driven down, and then it would be no more profitable than doing anything else. The fact that everyone you knew wasn’t quitting their jobs to rush to the internet… provided a clue 🙂

Yet, you also understood that there were obviously some people doing VERY well with selling goods and services online. If you actually got up from your desk, and traveled to a seminar or two, you even met people who were actually, literally, earning millions online. At the same time, if you hung around the seminar crowds long enough, you’d discover that the vast majority were still struggling.

That naturally makes you wonder, “What’s the difference?”

You realized that if you could just identify that difference, you too should be able to capitalize on that insight… and be on your way! There is often one very simple difference between those who made their millions from scratch, and those who
started at zero… YEARS AGO… and are still there.

That difference is often even acknowledged by everyone, so it’s not so much a secret, as is the fact that most only “pay lip service to it.” That simple, millionaire-making secret is intense focus.

Napoleon Hill defined it in Think And Grow Rich as “singleness of purpose,” so people have understood it for a very long time. I submit to you that… most people who have studied online marketing for more than six months, already know all that they need to know to quiet literally become millionaires by using that knowledge.

All that they really need to do is focus. The problem is that they learn a method or a system that could very easily give them the life of their dreams…

They start working on implementing this system after carefully evaluating it… making sure that it passes the commonsense test. THEN, right in the middle of putting all of the pieces in place, and putting the plan in motion, they notice something else that someone is doing.

So, they stop and research this new thing. It makes sense too, so they wonder if this new thing makes more sense! After a little investigation they “conclude” that it does, so they switch to this new way of making their millions. The problem is, that with many people, this constant changing of paths happens over and over and over… for YEARS!

Even worse, some people try to do two, three or even more of these methods at once. That generally makes about as much sense as a new college grad taking three jobs say as 1) an emergency room technician, 2) a computer programmer, and 3) an aircraft mechanic.

Yes, all of those jobs can pay well, but it’s impossible to become really proficient at any of them while trying to
focus on all three. Looking at the internet marketing world today, I do actually know people making an absolute killing:

– Writing and publishing content on Amazon Kindle
– Build sites designed to sell Amazon physical products
– Building Facebook applications for local businesses
– Building applications for smart devices, and selling
those primarily to local businesses
– Creating and selling their own information products
– Sell affiliate products via email marketing and/or
– and doing a dozen other things.

The fact is that ANY of these paths, and many others, can actually easily make you six or seven-figures. The fact is that if you don’t choose ONE, and stick with it, you’re very unlikely to have any real success with any of them. IF you’ve been in business online for any length of time and are not doing well, assuming that you:

1) Have a product that lots of people want
2) Offer that product to people who want it
3) Offer that product to people who can afford it and
are willing to pay for it…

Then your problem is very likely to be simply a lack of focus. Look at what you are doing and see if that is not the problem. If that IS the problem, simply pick one, implement it all the way through to where it’s generating a nice income, scale it, and then you can thank me one day for pointing out the obvious to you 🙂

“So let it be written, so let it be done!”

Willie Crawford is one of the world’s leading internet
marketing and joint venture experts. Business owners
seeking to make exponentially more sales of their products
and services turn to him for guidance, particularly on how
to leverage internet technology. Get more of Willie’s proven
tips in his free email newsletter. Subscribe now by filling
in the form at http://WillieCrawford.com



Fastest Way To Become A Millionaire

Fastest Way To Become A Millionaire

Fastest Way To Become A Millionaire


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