Halloween Safety Tips from NFS

Halloween Safety Tips to Have a safe and fun Halloween!

KNOW THE RULES

1. Instruct your older children to TAKE FRIENDS when “Trick or Treating.”

2. Make sure a TRUSTED ADULT, an older child, or you accompany your younger children when “Trick or Treating.” A trusted adult is a person parents/guardians have come to rely on and with whom they and their children feel comfortable. Discuss with your child who will accompany him or her and make sure you are both comfortable with the choice.

3. Accompany, or make sure a trusted adult accompanies, your younger children to the door of every home they approach. Become familiar with each home your child visits and the people who are providing Halloween treats to your children.

4. Teach your children to only enter homes with your prior permission and only approach homes that are well-lit both inside and outside.

5. Teach your children to NEVER approach a vehicle unless they are accompanied by you, even if it appears no one is inside the vehicle.

6. Make sure your children wear reflective clothing and carry a flashlight or glow stick when traveling during the evening hours.

7. Make sure your children are able to see and breathe properly and easily when using facial masks.
All costumes and masks should be clearly marked as flame resistant.

8. Teach your children to always stay in well-lit areas, never take shortcuts, and never go into isolated areas.

9. Teach your children to stay alert for any suspicious incidents and report anything unusual to you and/or law enforcement. Teach your children if anyone tries to grab them to draw attention to themselves and loudly yell “This person is trying to take me,” or “This person is not my father/mother.” Instruct your children to make every effort to escape by walking, running, or pulling away; yelling; kicking; attracting attention; and/or otherwise resisting. Consider organizing or attending parties at home, in schools, or in community centers as a good alternative to “Trick or Treating.”

Have a Safe & Fun Halloween!!

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NFS Celebrates 5 Year Anniversary in Wrentham

Although our roots date back to 1976, NFS – Northeast Financial Strategies Inc. re-located offices to Wrentham on October 28th, 2010 – 5 Years Ago today! For the 15 years prior, our offices were located in Norwood and we couldn’t have made a better decision to move to Wrentham. We are pleased to call Wampum Corner our home and THANK the entire Wrentham and KP community for supporting our business in everything we do. We THANK you for voting us “Best Place To Do Taxes in Wrentham & Foxboro” as well as voting us honorable mentions for “Best Insurance Agency in Wrentham” numerous times. If there is anything we can do for you, please do not hesitate to contact our office.

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Hold On to Your Tax Returns

You should always keep a copy of your tax return for your records. You may need copies of your filed tax returns for many reasons. For example, they can help you prepare future tax returns. You’ll also need them if you have to amend a prior year tax return. You often need them when you apply for a loan to buy a home or to start a business. You may need them if you apply for student financial aid.

If you can’t find your copies, the IRS can provide a transcript of the tax information you need or a copy of your tax return. Here’s more information, including how to get your federal tax return information from the IRS:

  • Transcripts are free and you can get them for the current year and the past three years. In most cases, a transcript includes the tax information you need.
  • A tax return transcript shows most line items from the tax return that you filed. It also includes items from any accompanying forms and schedules that you filed. It doesn’t reflect any changes you or the IRS may have made after you filed your original return.
  • A tax account transcript includes your marital status, the type of return you filed, your adjusted gross income and taxable income. It does include any changes that you or the IRS made to your tax return after you filed it.
  • You can order your free transcripts online, by phone, by mail or fax at this time.
  • The IRS has temporarily stopped the online functionality of the Get Transcript application process on the IRS.gov website that delivered your transcript immediately. The IRS is making modifications and further strengthening security for the online service. While you can still use the Get Transcript tool to order your transcript, the IRS will send it to you via mail to the last address we have on file for you.
  • To order your transcript online and have it delivered by mail, go to IRS.gov and use the Get Transcript tool.
  • To order by phone, call 800-908-9946 and follow the prompts.
  • To request an individual tax return transcript by mail or fax, complete Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript. Businesses and individuals who need a tax account transcript should use Form 4506-T, Request for Transcript of Tax Return.
  • You should receive your transcript within five to 10 days from the time the IRS receives your request. Please note that ordering your transcript online or over the phone are the quickest options.
  • Keep in mind that the method you used to file your return and whether you have a refund or balance due affects your current year transcript availability.
  • If you need a copy of your filed and processed tax return, it will cost $50 for each tax year. You should complete Form 4506, Request for Copy of Tax Return. Mail the request form to the IRS address listed on the form for your area. Copies are generally available for the current year and past six years. Allow 75 days for delivery.

Mortgage Applicants. If you are applying for a mortgage, most mortgage companies only require a
tax return transcript for income verification purposes, which can be obtained through the IRS IVES (Income Verification Express Service) program. If you need to order a transcript, please follow the process described above and have it mailed to the address that the IRS has on file for you. Please plan accordingly and allow for time for delivery.

Disaster Victims. If you live in a federally declared disaster area, you can get a free copy of your tax return. Don’t hesitate to call the office if you need more information about disaster relief information.

Financial Aid Applicants. If you are applying for financial aid, you can use the IRS Data Retrieval Tool on the FAFSA website to import your tax return information to your financial aid application. The temporary shutdown of the Get Transcript tool does not affect the Data Retrieval Tool. You may also click on their help page for more information.

If you need a copy of your transcript you should follow the information above to request it as soon as possible. It takes 5 to 10 calendar days for transcripts to arrive at the address the IRS has on file for you.

Identity Theft Victims. Did you receive a notice from the IRS about a suspicious return? Has the IRS notified you that it did not accept your e-filed return because of a duplicate Social Security Number? If you answered yes to either question, then you may be a victim of tax-related identity theft. If you are a tax-related identity theft victim you first need to file the Identity Theft Affidavit. If you are waiting for the IRS to resolve your case but need a transcript, you will need to call the IRS Identity Protection Specialized Unit at 800-908-4490 to process your request.

If you’ve been a victim of identity theft, help is just a phone call away.

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Lending Money? Make it a Tax-Smart Loan

Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications down the road.

Let’s say you decide to loan $5,000 to your daughter who’s been out of work for over a year and is having difficulty keeping up with the mortgage payments on her condo. While you may be tempted to charge an interest rate of zero percent, you should resist the temptation. Here’s why.

When you make an interest-free loan to someone, you will be subject to “below-market interest rules.” IRS rules state that you need to calculate imaginary interest payments from the borrower. These imaginary interest payments are then payable to you and you will need to pay taxes on these interest payments when you file a tax return. Further, if the imaginary interest payments exceed $14,000 for the year, there may be adverse gift and estate tax consequences.

Exception: The IRS lets you ignore the rules for small loans ($10,000 or less), as long as the aggregate loan amounts to a single borrower are less than $10,000 and the borrower doesn’t use the loan proceeds to buy or carry income-producing assets.

In addition, if you don’t charge any interest, or charge interest that is below market rate (more on this below), then the IRS might consider your loan a gift, especially if there is no formal documentation (i.e. written agreement with payment schedule) and you go to make a nonbusiness bad debt deduction if the borrower defaults on the loan–or the IRS decides to audit you and decides your loan is really a gift.


Formal documentation generally refers to a written promissory note that includes the interest rate, a repayment schedule showing dates and amounts for all principal and interest, and security or collateral for the loan, such as a residence (see below). Make sure that all parties sign the note so that it’s legally binding.

As long as you charge an interest rate that is at least equal to the applicable federal rate (AFR) approved by the Internal Revenue Service, you can avoid tax complications and unfavorable tax consequences.

AFRs for term loans, that is, loans with a defined repayment schedule, are updated monthly by the IRS and published in the IRS Bulletin. AFRs are based on the bond market, which changes frequently. For term loans, use the AFR published in the same month that you make the loan. The AFR is a fixed rate for the duration of the loan.

Any interest income that you make from the term loan is included on your Form 1040. In general, the borrower, who in this example is your daughter, cannot deduct interest paid, but there is one exception: if the loan is secured by her home, then the interest can be deducted as qualified residence interest–as long as the promissory note for the loan was secured by the residence.

If you have any questions about the tax implications of loaning a friend or family member money, don’t hesitate to call.

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When A Loved One Dies…

In order to relieve loved ones of additional stress, anxiety and expense at the time of a death in the
family, consider recording as much information as possible in advance and providing copies to family members. Using our When a Loved One Dies Life Guide, you’ll be able to record and share the following information:

  • Names and contact information of your professional advisors.
  • Your vital statistics.
  • Your specific funeral instructions.
  • Historical information for your obituary.
  • People and organizations to be notified about a death.
  • Locations of vital documents.
  • Important banking and insurance information.
  • Your wishes for the disposition of personal property.
  • Any special requests and/or instructions.

In addition, this Life Guide provides information and suggestions on the actions to take immediately following a death in the family, as well as in the days, weeks and months to follow.

Click here for your free copy of the “When a Loved One Dies” Life Guide.

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