by NFS | Jan 11, 2011 | Archives
WRENTHAM, MA – Tax Season is HERE!! Well, almost anyway. Some people hire a tax professional and some people choose to do it themselves – either way – NFS has an option for you!!
No matter where in the world you are, NFS can help you to prepare your US Federal and State Income Tax Returns. In person, by mail or email, we are here to help! With pricing less than most national chains, we can prepare your taxes and maximize your refund or minimize your balance due if you are one of those folks who has to pay.
All new clients receive a
$30 DISCOUNT and exisiting clients should inquire about other discounts that may be available to them. NFS also offers free
Income Tax Organizers for you to save time & money!
For those deciding to do it themselves, we offer an option to prepare your own returns directly from our
Do It Yourself Online Tax Prep Website with FREE (1040EZ) & Affordable options & in most cases less than the “Boxed Software” or other popular online tax prep websites!!
If you have any questions or want to set up an appointment, feel free to drop me an email
jeff@nfsnet.com or give me a call toll free at 800-560-4NFS x 14.
by NFS | Jan 10, 2011 | Archives
The unemployment rate fell four-tenths of a percentage point to 9.4 percent in December, as nonfarm payroll employment increased by 103,000.
Employment rose in leisure and hospitality and in health care, but was little changed in other major industries, according to the U.S. Bureau of Labor Statistics on Friday.
“From a recent low point in December 2009, payroll employment has risen by 1.1 million, or an average of 94,000 per month,” said BLS Commissioner Keith Hall.
Average hourly earnings of all employees on private nonfarm payrolls rose by 3 cents in December to $22.78. Over the past 12 months, average hourly earnings have risen by 1.8 percent.
The number of unemployed persons also declined over the month, from 15.0 million to 14.5 million, largely reflecting a decrease in the number of unemployed adult men. Among the unemployed, 44.3 percent had been jobless for 27 weeks or more in December, up from 40.1 percent a year earlier.
The labor force participation rate edged down in December to 64.3 percent and was slightly lower than a year earlier (64.7 percent). The number of persons working part time who would have preferred full-time employment was essentially unchanged in December at 8.9 million. The number of discouraged workers grew over the year by 389,000 to 1.3 million in December (not seasonally adjusted). Discouraged workers are persons outside the labor force who are not looking for work because they believe their job search efforts would be unsuccessful.
The leisure and hospitality sector added 47,000 jobs over the month, with continued gains in food services. Employment also rose in amusements, gambling, and recreation. Since a recent low point in leisure and hospitality employment in December 2009, the industry has added nearly a quarter of a million jobs.
Health care employment expanded by 36,000 in December and by 266,000 in all of 2010. Over the month, employment continued to rise in several health-related services, including outpatient care centers, hospitals, and nursing and residential care facilities. Employment in temporary help services also continued to trend up in December and has increased by 495,000 since a recent low in September 2009.
Over the month, job growth continued in support activities for mining operations; the industry has added 77,000 jobs since a recent low in October 2009.
Construction employment changed little in December and, on a net basis, has been essentially flat since March. In contrast, job losses from August 2006 through February 2010 totaled 2.1 million. In December, retail trade employment was little changed, although job gains in the industry totaled 116,000 for all of 2010. Over the month, motor vehicle and parts dealers added 8,000 jobs, in line with the trend since July. December’s employment gain among motor vehicle and parts dealers was offset by a loss of 8,000 in health and personal care stores.
Manufacturing employment was little changed over the month. Following modest job growth earlier in 2010, manufacturing employment has been relatively flat, on net, since May. The factory workweek for all employees was down 0.1 hour in December but was 1.5 hours above the low point of 38.7 hours in June 2009.
by NFS | Jan 4, 2011 | Archives
I received this question from a client of mine and wanted to share it.
Q: I am a retiree and my wife and I have been talking about planning (even more than we already have) for our retirement in retirement. I want to know if I can contribute to a Roth IRA with no “W2” income, but instead with company pension income and taxable Social Security income? What are the rules on this?
A: IRA contributions can be made ONLY if you have earned income. The safe harbor is “W2” income. Pension and Social Security income are NOT considered earned income. If your spouse has enough earned income, a contribution can be made based on her income. Contributions can be made to a Roth IRA regardless of age (as long as you have earned income and income does not exceed certain levels). Contributions to traditional IRAs cannot be made once you reach the year you turn 70 1/2.
by NFS | Jan 3, 2011 | Archives
WASHINGTON — In 2011, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation, the Internal Revenue Service announced today.
These inflation adjustments relate to eight tax provisions that were either modified or extended by the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 that became law on Dec. 17. New dollar amounts affecting 2011 returns, filed by most taxpayers in early 2012, include the following:
The value of each personal and dependent exemption, available to most taxpayers, is $3,700, up $50 from 2010.
The new standard deduction is $11,600 for married couples filing a joint return, up $200, $5,800 for singles and married individuals filing separately, up $100, and $8,500 for heads of household, also up $100. The additional standard deduction for blind people and senior citizens is $1,150 for married individuals, up $50, and $1,450 for singles and heads of household, also up $50. Nearly two out of three taxpayers take the standard deduction, rather than itemizing deductions, such as mortgage interest, charitable contributions and state and local taxes.
Tax-bracket thresholds increase for each filing status. For a married couple filing a joint return, for example, the taxable-income threshold separating the 15-percent bracket from the 25-percent bracket is $69,000, up from $68,000 in 2010.
The maximum earned income tax credit (EITC) for low- and moderate- income workers and working families rises to $5,751, up from $5,666 in 2010. The maximum income limit for the EITC rises to $49,078, up from $48,362 in 2010.The credit varies by family size, filing status and other factors, with the maximum credit going to joint filers with three or more qualifying children.
The modified adjusted gross income threshold at which the lifetime learning credit begins to phase out is $102,000 for joint filers, up from $100,000, and $51,000 for singles and heads of household, up from $50,000.
Several tax benefits are unchanged in 2011. For example, the monthly limit on the value of qualified transportation benefits (parking, transit passes, etc.) provided by an employer to its employees, remains at $230. Details on these inflation adjustments can be found in Revenue Procedure 2011-12.
By law, the dollar amounts for a variety of tax provisions, affecting virtually every taxpayer, must be revised each year to keep pace with inflation. Most of the new dollar amounts, including retirement-plan-related adjustments, were announced in October. To avoid confusion, the eight provisions released today were not included in the October announcements, due to the anticipated impact of extender legislation.
For those deciding to do it themselves, we offer an option to prepare your own returns directly from our Do It Yourself Online Tax Prep Website with FREE (1040EZ) & Affordable options & in most cases less than the “Boxed Software” or other popular online tax prep websites!! 
