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It's that time again, the April 15 tax deadline is looming large. If youre like most people, you havent gathered all of your tax records, let alone filled your return.

Before you dig in and get started, take this opportuni

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

ty to first review a list of a few tax deductions to which you may be entitled if you itemize deductions but most people overlook. Many of these deductions are subject to various limitations, so consider getting professiona

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

l help from your tax advisor and accountant to determine which deductions you qualify for and which items apply to your specific circumstances. Remember, there are hundreds of deductions throughout the tax laws; many of the

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

m can be quite obscure but also quite lucrative. Here are seven commonly missed deductions to keep top of mind:

Points on Refinancing: With interest rates so low in 2003, there was a great deal of refinancing act

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

ivity. Any points you pay to refinance your home can be deducted ratably over the life of the new loan. Furthermore, all unamortized points on old refinancing are deducted in the year of the new refinancing.

Health Ins

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

urance Premiums: Any health insurance premiums you pay, including some long-term care premiums based on your age, are potentially deductible. Medical expenses have to reach 7.5% of your adjusted gross income before they giv

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

e you any tax benefit. Self-employed people can deduct 100% of health insurance premiums paid for themselves, their spouses and their dependents.

Non-Cash Charitable Contributions: If you have used your charge card for

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

contributions to charity, remember that the deduction is allowed in the year that you made the charge, not when you actually pay the bill. Also, you may write off certain out-of-pocket expenses related to charitable activit

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

ies. Appraisal fees paid to value property donated to charities may be taken as a miscellaneous deduction subject to the 2% floor on miscellaneous deductions.

Higher-Education Expenses: If your adjusted gross income wa

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

snt more than $65,000 ($130,000 for married, filing jointly) in 2003, you can get an above-the-line deduction for as much as $3,000 for any higher-education tuition and fee expense you paid. For 2004, the deduction can be a

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

s much as $4,000. For those at higher adjusted gross incomes limits ($80,000 single, $160,000 married filing jointly) the deduction is limited to $2,000 for 2004. This deduction must be coordinated with other education cred

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

its and savings vehicles.

Work-Related Expenses: You can write off many work-related and work-search expenses, such as education that maintains or improves your skills, certain business tools, dues to labor unions, cel

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

l phone depreciation, certain expenses to search for job in your present occupation, including employment agency fees, resum preparation, and travel expenses (local and out of town) and cleaning and laundry bills when on a

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

business trip. Work-related expenses are subject to the 2% floor on miscellaneous deductions. Furthermore, if you buy a new SUV for business use that weighs more 6,000 pounds, and file Schedule C or other business tax retur

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

you may be allowed to write off the full amount (up to $102,000 in 2004) in one year as a business expense subject to limitations.

Clean-Fuel Deduction: If you are not in the market for a large SUV for business, you s

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

till can get a deduction for your personal car, another above-the-line deduction of up to $2,000 for 2003 ($1,500 for 2004) of the cost of buying a clean-fuel vehicle or a car that uses a significant source of energy other

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

than gasoline. That includes hybrid cars, such as the Toyota Prius, the Honda Insight and the Honda Civic Hybrid. You get the deduction in the year you start using the car, and you must be the original owner.

Investmen

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

t and Tax Expenses: In addition to forgetting to deduct tax-preparation fees and the portion of your legal, accounting or financial planner fees that relate to tax planning, many people miss deducting investment expenses. T

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

hose include certain fees paid to your financial advisor and/or broker and certain IRA fees you may pay directly. It also may include mileage for meetings and long-distance phone calls to your advisor or broker. Dont forget

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

to include deductions for the cost of your investment publications or subscriptions, safe deposit boxes used for investment-related documents, these deductions are subject to the 2% floor on miscellaneous deductions.

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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Even if finances are a consideration and a brochure must be made at a low cost, the results can still be good. A cheaply made brochure need not look cheap.

Choosing the ideal location for your home office isn't always as easy as some people may think. As a matter of fact it can be one of the toughest decisions to make in the early stages of your business.

To make money on eBay requires that every seller continually analyze their sales and develop plans for increasing overall sales. There may have been much initial effort to understand the market niche and the right products to sell within the niche. As time passes, however, the day to day demands of the business often draw attention away from maintaining that same close market scrutiny. Yet, both missed sales opportunities and decreasing markets could become very clear with a little examination.

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