1. Advertise on a car

 However, putting the name of your business on your car doesn't allow you to deduct all of your vehicle expenses. It might not even allow you to deduct all of the paint you used, although you'd have a good argument to do so.

What can you deduct for your car? Either ..."return Msn.Navigation.OpenNew(this)">business, charitable and medical miles or the percentage of total expenses used for business, based on total miles. So, if you drove the car 10,000 miles and had 6,000 business miles, 60% of your total expenses would be allowable.

Life insurance premiums are not deductible as medical or investment expenses.

 Because the proceeds of a policy come to the beneficiary tax-free, there's no deduction for any premiums paid.

3. Brokers' commissions

They're not deductible as an investment expense either.

 If you're the buyer, the commission is added to your cost. If you're the seller, it reduces the amount received. The amount reported as sales proceeds to you and the IRS is normally net of commissions.

4. Tax and insurance reserves

When you buy a house, your lender may require you to set up a reserve at the closing for property taxes and homeowners insurance.

 The theory is you're advancing money to the lender bank or mortgage company so that when the actual bills come in, there are dollars for the lender to pay them. What you're really doing is giving your lender some interest-free cash so it can make even more money.

 The homeowners insurance is not deductible unless the property is used for business or is a rental.

5. Homeowners association fees

Forget homeowners association fees for maintaining common areas. Any fees specifically identified as your portion of taxes and/or interest would be allowable.

 If you get a bill without a breakdown, none of the fees is deductible.

6. Credit card interest

Personal interest, such as credit card interest, is not deductible.

There is an exception: If you use your credit card for business, pay interest on business purchases and can document what those purchases are, then that interest is allowable.

Otherwise, sorry -- no deduction.

7. Moving expenses

Expenses for house hunting and temporary living expenses used to be allowed.  

This changed in 1993, however. Now you can deduct only the cost of:

• Moving your goods and personal effects.

 The cost of your travel to the new home, including lodging.

 But you can't deduct the cost of the meals in traveling. And if your employer puts you up in temporary housing before you move into your home, that's income to you.

8. Losses inside an IRA

We all got slammed in the recent stock market collapse and our retirement investments took a beating.

 But because you deferred the tax on those dollars, losses inside a 401k, individual retirement account, qualified pension and the like are never deductible. You just have less income to report because fewer dollars come out of the account upon distribution.

I'm truly sorry about this. If you ask your representatives in Congress, they're sorry, too. They probably have the same problem.

9. Sewer, trash and garbage collection fees

I see lots of people claiming these expenses as taxes, and I have to scratch them off the list.

 If your real-estate tax bill includes these costs as part of the tax, then they're allowable. But if you're billed separately for such fees, there's no deduction.

10. Slavery reparations

As shameful as the institution was, be careful on this one. It's a scam. There are no reparations, tax-free or otherwise. And you can't write off any fees paid either. 

Here it is, the picture in question...

Famed photograher Annie Leibovitz took this picture of Tiger before the car accident and numerous affair allegations.  The picture will now grace the February cover which comes out tomorrow.  What do you think??

Some of the comments so far, "...looks like a thug." "Tiger looks like a cheater."

Send me your thoughts GregandMelissa@KS95.com

xo

Melissa

Diet Advice That's Making You Fat

1. Fill Up on Whole Grains

Why it might backfire: Just because a food has whole grains doesn’t mean you can eat endless amounts of it— especially if you’re loading up on products that say they’re “made with whole grain” but aren’t necessarily healthy, like cookies and sugary cereal. Good sources of whole grains should list one of them (like whole-wheat flour, whole rye, brown rice or whole oats) as the first or second ingredient.

Bottom line: Read labels carefully, watch portions and remember a calorie is still a calorie.

2. Stick with Home-Cooked Meals

Why it might backfire: Home-cooked doesn’t always equal healthy. Researchers at Cornell University found that the average calorie count of recipes appearing in all editions of The Joy of Cooking jumped 63 percent since the book was first commercially published in 1936.

Bottom line: Pay attention to nutrition info on recipes, alter your favorites as needed to keep fat and calories in check, and always remember to measure out high-cal ingredients like oil and cheese. Love to eat out? Just remember the basics (grilled, sauce on the side, etc.).

3. Fill Your Plate (and Pantry) with Many Different Foods

Why it might backfire: Too much variety might actually cause you to eat more. Blame it on a phenomenon called sensory-specific satiety. “When flavors are limited, we tend to eat less,” explains Hollie Raynor, PhD, RD. In a study led by Dr. Raynor, dieters who were limited to one type of snack ate fewer calories from snacks than those who had several to pick from.

Bottom line: Go for an array of fruits, vegetables and other low-cal foods that you’re trying to eat more of. But when it comes to fattening stuff (like cheese), sameness rules.

4. Eliminate Alcohol

Why it might backfire: Research shows that moderate drinkers (one to two glasses a day) tend to be leaner than heavy drinkers and nondrinkers. One possible reason is that people who have small amounts of alcohol regularly are able to indulge in all things (including fattening foods) in moderation. Another study, from the Journal of the National Cancer Institute, suggests that regularly having a little alcohol increases the production of leptin, a hormone that curbs appetite.

Bottom line: If you can limit yourself to a glass a day of a low calorie option (like light beer or wine), go ahead and raise a toast to a slimmer you. But if you can’t stop after one or two rounds or go for high-cal drinks (an apple martini, for example, has about 235 calories), then you’re better off abstaining.

5. Say No to Seconds

Why it might backfire: You may feel an urge to make that one serving count and end up with a heaping plate of more calories than you’d get from two small plates.

Bottom line: If you can have a portion that’s ample but not excessive and not go back for more, keep doing what you’re doing. But if you always crave a return trip to the kitchen no matter what you dish up—or pile your plate high to avoid taking seconds—scrap this rule. Instead start with a small portion and wait 20 minutes (that’s how long it takes your stomach to tell your brain that you’re full). If you’re still hungry, take a little more.

6. Take Time to Enjoy Your Meal

Why it might backfire: Research shows that we eat many more calories at long, lingering dinners with friends. You’re apt to order more and choose heavier dishes if that’s what everyone else is doing. Plus, when you catch up over a two-hour dinner, you may eat the entire time or order dessert just to have a reason to stay and talk.

Bottom line: Don’t rush, but don’t lose sight of what you’re eating. If you can’t resist food that’s in front of you, ask the waiter to pack up half your entrée. And if you’re full after the main course but not ready to head home, suggest that everyone take a walk around the block instead of ordering dessert.

7. Wake Up 30 Minutes Early to Work Out

Why it might backfire: If you’re not getting enough sleep to begin with, waking up earlier can take a toll on your waistline. A University of Chicago study found that people who regularly slept 5 1/2 hours per night ate about 200 more calories each day in snacks than those who got 8 1/2 hours per night. More time awake may simply equal more time to eat. Other studies have suggested that lack of sleep disrupts hormones that regulate appetite.

Bottom line: Sleep experts say you should get at least 7 hours of sleep per night to stay at a healthy weight. So if you’re going to wake up 30 minutes earlier, turn in 30 minutes earlier, too. Not possible? Forget the a.m. workout and instead sneak in three 10-minute bouts of activity during the day

8. Avoid Liquid Calories

Why it might backfire: Not all beverages are created equal. While soda, for example, is empty calories, some drinks provide nutrients and might help you eat less later. One preliminary study found that dieters who drank at least one 8-oz glass of low-sodium vegetable juice each day lost 4 pounds in 3 months (those who skipped the juice only lost 1 pound). According to Carl L. Keen, PhD, professor of nutrition at University of California, Davis and one of the study authors, the volume and nutrient density of juice may help curb your appetite.

Bottom line: Most of your drinks should be calorie-free, but if you’re always super-hungry, try drinking 8 oz low-sodium vegetable juice or a fruit smoothie (keep it to about 100 calories) once a day to see if it makes a difference.

9. Keep Sweets Out of the House

Why it might backfire: If you feel deprived, you’re more likely to order the jumbo-size double-fudge sundae the next time you’re at the ice cream shop. Having some tempting treats on hand also teaches you to build willpower, according to research published in the Journal of Consumer Research. “It allows you to develop a strategy for resisting them or controlling how much you consume,” explains lead author Kelly Geyskens, PhD.

Bottom line: If you can’t have a little ice cream (or another personal trigger food) without overdoing it, ban it from the house. Buy treats that you can enjoy in small quantities and feel satisfied, like individually wrapped dark chocolate squares.

xo

Melissa

It seems every magazine article I came across during Christmas break was about women finding their voice and the power to say, "No".  I loved the article I read about Kelly Ripa finally being able to say no and how empowering it has been for her and her family.  After personally having a CRAZY busy December I have taken on 'No' as my New Year's resolution. 

My personal goal is two parts:

1.  Say No Without Giving An Explanation

2.  Say No Without Feeling Guilty

Here is some great advice I received this morning from our texts (75617):

"Melissa try my 24 hour rule.  Whenever you're asked to do something, work or fun, say let me check my calendar and wait 24 hours before making a decision."

"Make up code names for your work-out so that it's on the calendar and no one can question it."

"Melissa I went to therapy to help me with saying no.  I learned that people will eventually get over their disappointment."

"Melissa keep in mind that you are not saying No for yourself, you're saying No for Aleks and your husband.  You are putting them ahead of the activity."

"Melissa, tell them..."if I say yes to you, then I have to say no to my family!"  It worked for me for most of 2009." - Kathy

THANK YOU!  Please keep the suggestions coming.  You can email me at GregandMelissa@KS95.com

xo

Melissa

What a great idea!!  If you have a gift card you don't want,  

you can sell it for cash. 

Love this idea!

Gift Card Rescue - Click Here!

xo

Melissa