by NFS | Jan 22, 2010 | Archives
If you are receiving a federal tax refund from the Internal Revenue Service, you can choose to use that money to purchase U.S. savings bonds.
Here are the top six things you’ll need to know about using your federal refund to purchase savings bonds.
- You may use a portion of your refund to purchase up to $5,000 in U.S. Series I Savings Bonds.
- The total amount of saving bonds purchased must be a multiple of $50. Additional money over the specified amount must be deposited into another financial account – such as a checking or savings account.
- The bonds will be issued in your name. For married taxpayers filing a joint return, the bonds will be issued in the names of both spouses.
- You will receive the U.S. savings bonds in the mail.
- You normally select this option by filing Form 8888, Direct Deposit of Refund to More Than One Account.
- Form 8888 has step-by-step instructions on how to select this option and how to specify the amount of your refund you want to use to purchase savings bonds.
For more information about the U.S Savings Bond refund option, please ask when I am working on your return or give me a call at 800-560-4NFS.
by NFS | Jan 21, 2010 | Archives
Many individuals, businesses and charitable organizations wish to provide assistance to the victims of Haiti’s recent earthquake. The IRS has information on the IRS website on how to provide assistance to victims through a charitable organization.
Contributions to domestic tax-exempt, charitable organizations that provide assistance to individuals in foreign countries qualify as tax-deductible contributions for federal income tax purposes, provided that the U.S. organization has control and discretion over the use of funds. Donors should ensure that they make contributions to qualified charities. Use the Search for Charities function on the IRS
website to see if the charity you intend to support is a qualified charity listed in IRS Pub. 78. Certain organizations, such as churches or governmental organizations, may be qualified to accept charitable contributions even though they are not listed in Pub. 78.
The House has passed legislation allowing taxpayers to assist victims of the earthquakes in Haiti by allowing a deduction on their 2009 tax return for charitable contributions made in 2010. The Senate has similar legislation pending. NATP is monitoring this legislation and will update you when it is signed into law.
by NFS | Jan 20, 2010 | Archives
Northeast Financial Strategies, Inc (NFS) will be exhiting a booth at the Original Wedding Expo this coming weekend in Marlboro, MA. The show runs from 11am-3:30pm on Saturday & Sunday (01/23-01/24)
Here is the official website…
http://originalweddingexpo.com/default.cfm
While sampling cakes and caterings, and entering to win some great trips, you should stop by our booth (#43) for a chance to win FREE INCOME TAX PREPARATION!! (And even pick up some great discounts and giveaways!!) We will be giving away SIX (6) FREE TAX RETURNS and some great guides for new couples and ideas on life insurance and budgeting.
Hope to see you there!
by NFS | Jan 20, 2010 | Archives
NFS January Estate Ideas
http://ping.fm/TZcAD
by NFS | Jan 20, 2010 | Archives
Here are 10 reasons why
- Companionship. Loneliness can become an unwelcome companion as we age and can lead to depression as well as physical problems.
- Having a routine. The routine of caring for a pet can bring structure and purpose to daily life.
Exercise. People benefit from regular physical exercise regardless of their age. - Less stress. Older people with pets tend to exhibit less stress than those without.
- Getting out. Having a pet, particularly one that requires regular outdoor activity, helps you stay connected to life
- Making new friends. It can be hard to meet new people, but pets are great icebreakers.
- New interests. A pet can expose you to new interests and activities.
- Protection. A dog can provide significant security.
- Taking care of something.
- Investing in life. At the end of the day, having a pet means that you have made a promise to continue being involved in another life. This commitment is one of the most positive decisions you can make as you get older.
by NFS | Jan 19, 2010 | Archives
The American Recovery and Reinvestment Act was passed in early 2009 and created the American Opportunity Credit. This educational tax credit – which expanded the existing Hope credit – helps parents and students pay for college and college-related expenses.
Here are the top nine things the Internal Revenue Service wants you to know about this valuable credit and how you can benefit from it when you file your 2009 taxes.
- The credit can be claimed for tuition and certain fees paid for higher education in 2009 and 2010.
- The American Opportunity Credit can be claimed for expenses paid for any of the first four years of post-secondary education.
- The credit is worth up to $2,500 and is based on a percentage of the cost of qualified tuition and related expenses paid during the taxable year for each eligible student. This is a $700 increase from the Hope Credit.
- The term “qualified tuition and related expenses” has been expanded to include expenditures for required course materials. For this purpose, the term “course materials” means books, supplies and equipment required for a course of study.
- Taxpayers will receive a tax credit based on 100 percent of the first $2,000 of tuition, fees and course materials paid during the taxable year, plus 25 percent of the next $2,000 of tuition, fees and course materials paid during the taxable year.
- Forty percent of the credit is refundable, so even those who owe no tax can get up to $1,000 of the credit for each eligible student as cash back.
- To be eligible for the full credit, your modified adjusted gross income must be $80,000 or less — $160,000 or less for joint filers.
- The credit begins to decrease for individuals with incomes above $80,000 or $160,000 for joint filers and is not available for individuals who make more than $90,000 or $180,000 for joint filers.
- The credit is claimed using Form 8863, Education Credits, (American Opportunity, Hope, and Lifetime Learning Credits), and is attached to Form 1040 or 1040A.
