Reed Smith cutting some support staff
Citing the continuing economic slowdown and an expected drop in demand for services in 2009, the Reed Smith law firm said Wednesday it would be laying off about 115 support staff across its U.S. offices.
MedQuist paying $6.6M to settle overbilling allegations
Medical transcription service provider MedQuist has paid the U.S. government $6.6 million to resolve allegations it overbilled government clients.
Lenfest part of $2M gift to Seaport Museum
Independence Seaport Museum in Philadelphia received a gift of $2 million, it said Wednesday.
Hoeganaes ending industrial work in South Jersey
Hoeganaes Corp., a manufacturer of ferrous powders, will close its last remaining industrial operations at its Cinnaminson, N.J., plant. Seven jobs will be lost.
Latest unemployment figure for area 5.7%
Unemployment in southeastern Pennsylvania and South Jersey for October was below the national rate of 6.5 percent but is climbing to levels not seen in several years, according to data released by the U.S. Bureau of Labor Statistics.
Tyco results to be at low end of estimates
Tyco Electronics Ltd. said Tuesday after the markets closed that its performance in its fiscal 2009 first quarter is tracking near the low end of the range of estimates it gave last month. (TEL)
Argosy in on purchase of Joliet Equipment
A Philadelphia-area private equity fund took part in the acquisition of motor maker Joliet Equipment Corp. for an undisclosed sum. (FITB)
Gannett cuts 200 N.J. jobs
Gannett Co. Inc. has cut 206 positions at six New Jersey newspapers, including some at its South Jersey paper the Courier-Post, the Courier-Post said Tuesday. (GCI)
Lockheed Martin wins big NASA contract
The National Aeronautics and Space Administration said Tuesday it has awarded Lockheed Martin Corp. a contract worth $1.09 billion, including options, to build two to four satellites for the National Oceanic and Atmospheric Administration. (LMT)
Cohen to chair Penn???s board of trustees
David L. Cohen, executive vice president of Comcast Corp. and chairman of the Greater Philadelphia Chamber of Commerce, has been nominated to become the next chairman of the University of Pennsylvania’s board of trustees.


always works in your favor.

Don’t be discouraged however because there are times when a deduction can be made. One situation may be when you need to remodel or improve your home for medical purposes. For example, if someone in your home becomes disabled and you need to make an addition for a new bathroom, a new stair case, a bigger bedroom, or an assortment of other reasons, you might be able to obtain a home improvement deduction.

Since these are basically a medical expense, the improvement falls under the medical expense deduction qualification. Here’s basically how it works (right now, but things change rapidly), if you pay out more than 7% of your income for medical related costs, you then are eligible to get a tax deduction for them. It certainly wouldn’t be hard to spend more than 7% of your income to qualify for these home improvement deductions. One thing to remember however is that although your medical needs may qualify you for tax deductions, don’t just assume that your home improvement deductions will also qualify

When you need to do remodeling or make enhancements to your home for business reasons, this is another time when you may qualify for deduction. For instance, when you need to put an addition on the house, add another bathroom, or any sort of thing that adds to the functionality of your business, you may then qualify for home improvement deduction as it relates to your business.

Any time you operate a business from your home, you can deduct business expenses, and so remodeling shouldn’t be any different. However, again, while home improvements for business purposes might qualify for deductions, you shouldn’t assume that they would while in the process of remodeling. Never assume, always verify, and you should be fine!

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Concentrating on latest developments in router accessories, Ray Walberg publishes most often for www.insidewoodworking.com . You might discover his work on router tables and router accessories on his site.

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