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If you are running your own business or are planning to, you should know all you can about the self-employment tax deduction, which can save you a lot of money i

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

f you do. A lot of these advantages in the tax reduction are available only if you are self-employed and not if you are employed by anyone. All you have to do is

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

Examples of combination products may in

your own personal Social Security number as your company's tax identification number and then make sure you file under a Schedule C or Schedule C-EZ and you are

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

all set to start benefiting from the deduction.

There is however a difference between Schedule C and Schedule C-EZ and the benefits they can provide you with i

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

n terms of taking advantage of the self-employment tax deduction. The EZ form should only be used by those who have a smaller amount of expenses and end the year

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

Combination pro

with a substantial profit. A few other things in terms of taking advantage of the reduction using the EZ form, is that you should be a business without any empl

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

oyees, one that has no reason to claim a home office deduction and are not going to report any depreciation. If you qualify with these you should use the EZ form

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

, otherwise you should use just the Schedule C in order to get the best you can out of the tax reduction. Basically with a Schedule C you can report a loss, othe

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

rwise you cannot.

Let's look at what you can claim using the self-employment tax deduction. First you claim equipment expenditure under what is called Section 1

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

79. Under this section you claim any equipment purchased that year. There can be a limit to the amount that tends to change a lot, so please look at the Internal

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

Revenue Service's publication number 946 to help you in finding out the exact limit.

You can also claim travel under the tax reduction. This includes mileage a

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

Following aspects would a

nd percentages of any meals and entertainment that are purchased. As long as you keep good records and your receipts you would do well claiming this. You must al

dd to the challenges in developing combination products:

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

so remember to keep this within the limits of business related expenses.

You may also include health insurance, social security taxes and self-managed retiremen

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

t benefits in your self-employment tax deduction. This means that you can include any premiums for yourself or family members as well as a certain amount of the

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

payment you make on social security tax in any claims you may make in qualifying for the deduction. The only problem is that you the social security claim is onl

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

y on the Form 1040 and not the Schedule C. As far as the self-managed retirement benefits as long as you open a Keogh or a Simplified Employee Pension and subtra

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

Professional from academic institutions, pharmaceutical industries, health care indust

ct any contribution you may make to these plans. This also can only be done on the Form 1040. But it is well worth the savings you can claim on a deduction.

One

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

last thing you can claim under the self-employment tax deduction is in regards to a home office. Whether you use the office for storage of files and book keepin

.

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

g or if you don't spend very much time there, you can still claim this as part of your self-employment tax reduction.

As you can see when it comes to claiming a

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

Companies that provide selfless information through particip

nd receiving the benefits of being self-employed it is well worth it. As long as you keep careful and exact records you can take full advantage of the reduction.

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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