Happy Columbus Day

by NFS | Oct 14, 2013 | Archives

Shutdown Doesn’t Mean You Get a Break on October 15th Tax Return Deadline

by NFS | Oct 9, 2013 | Archives

If you filed for a federal tax extension last April, you’ll still need to send in your return by Oct. 15, despite the government shutdown.

And millions of you had better get busy. According to the IRS, as of the last week of September, many of the 12 million taxpayers who sought extensions had yet to file. (Of course, you needed to pay at least 90 percent of your estimated tax back in April to avoid any penalties.)

If you have questions about federal forms, or need help with last-minute calculations, don’t look to a live IRS tax expert for advice during the shutdown. Customer service agents have been furloughed, and walk-in taxpayer assistance centers are closed. However, you may be able to find answers to your questions on the IRS automated phone system at 800-829-1040 or on its website. You can also give us a call here at NFS toll free at 800-560-4637.

The IRS says it prefers that you file your return electronically since those returns are processed automatically. If you choose to file a paper return, it won’t be processed until the government is back up and running. Still, your return must be postmarked by Oct. 15 to be considered on time, the IRS says on its site. If you miss the deadline, you’ll face fines.

If you owe money and can only pay a partial amount, you must still meet the Oct. 15 deadline to avoid the late-filing penalty — 5 percent per month —  that would otherwise apply to any unpaid balance after Oct. 15, the IRS said on its site. However, 3 percent annual interest, compounded daily, and late-payment penalties, will continue to accrue.

Taxpayers who sought extensions and were affected by the severe storms and flooding that hit parts of Colorado have more time, until Dec. 2, to file and pay. Military members serving in a combat zone have at least 180 days after they leave that zone to file returns or pay any taxes due.

Last Day of Life Insurance Awareness Month

by NFS | Sep 29, 2013 | Archives

As we have presented this September, life insurance can do some pretty amazing things for people. It can buy loved ones time to grieve. It can pay off debts and loans, providing surviving family members with the chance to move on with a clean slate. It can keep families in their homes and pre-fund a child’s college education. It can keep a family business in the family. It can provide a stream of income for a family to live on for a period of time. Life insurance can do all of these wonderful things for your family…there’s just one small catch. You need to own life insurance.

There’s a growing crisis of too many Americans not having adequate life insurance protection. According to the industry research group LIMRA, 30 percent of US households have no life insurance whatsoever. Today there are 11 million fewer American households covered by life insurance compared with six years ago. Here’s the bottom line: A majority of families either have no life insurance or not enough, leaving them one accident or terminal illness away from a financial catastrophe for their loved ones.

What if you were suddenly gone and your family had to manage on their own? When was the last time you did the math to make sure your loved ones would be OK financially? Have you checked with your employer to find out what kind of life insurance benefit you have through work and whether you have the option to increase your coverage? When was the last time you had your life insurance needs reviewed by an insurance professional? Northeast Financial Strategies is here to help!

3 Life Changing Events That May Change Your Insurance Needs

by NFS | Sep 24, 2013 | Archives

Your life insurance coverage should be reviewed on a regular basis to ensure you have adequate coverage, but a major life change is a particularly important time to assess your life insurance needs. Here are three life events when you should review your life insurance policy:

1) A change in family situation: Did you get married, divorced, have a baby, adopt children, or change jobs? Any of these life events are likely to change the amount of life insurance coverage you need.

2) An upward change in your income: A big promotion or a raise may be a good reason to review your coverage. Life insurance is often purchased to replace the income of the breadwinner in a family. If your income increases, you may need to review the face value (the amount paid to beneficiaries at the policyholder’s death) of your life insurance policy.

3) Retirement: If retirement is just around the corner, it may be time to assess your life insurance policy. According to the Insurance Information Institute (III), life insurance can keep surviving spouses from receiving reduced Social Security benefits. For example, those who begin collecting Social Security survivors benefits at age 60, rather than at the full-benefit age of 66 or 67, receive a permanently reduced Social
Security benefit. Having life insurance coverage in place may prevent your spouse from having to live on less.

These may not be the only reasons to review your insurance policy; however, these events cover three times in your life when you should review your life insurance needs. Please contact us for your Complimentary Review.

Life Happens

by NFS | Sep 22, 2013 | Archives

No one knows what the future holds. Hopefully, only good things are in store for you.

But realistically, bad things will happen too.

Even if you don’t consider yourself a cautious person, you take little steps every day to improve the odds that good things will happen and guard against the possibility of bad things happening.

You wear seat belts.

You lock your doors when you leave home.

You try to eat well and exercise.

In other words, you may not be able to control the future, but you can stand up to it. You don’t have to get wet when it rains. You can carry an umbrella.

True, it’s easy to take these little steps. The bigger steps, though, can require contemplating some pretty unpleasant things.

What would happen to your family if you became ill or injured and couldn’t work? Or, worse yet, if you died? Or if your spouse died?

Standing up to the future means making sure you and your family can carry on, even in the face of a disaster. That’s where life insurance and other forms of insurance come in.

Life insurance won’t guarantee you’ll never face a tragic situation, just as wearing a seat belt won’t keep you from crashing your car. But it will provide your family with financial protection. And whatever hopes and dreams you have for your loved ones can still be realized, even if the worst were to happen.

That’s why we say LIFE Happens. It really does. No matter what the future throws at you. September is Life Insurance Awareness Month and we here at Northeast Financial Strategies are offering Complimentary Life Insurance Reviews – contact us for your appointment now!