Monday, July 14, 2014

Summer Weddings Mean Tax Changes

Taxes may not be high on your summer wedding plan checklist. But you should be aware of the tax issues that come along with marriage. Here are some basic tips that can help keep those issues to a minimum:

Name change. The names and Social Security numbers on your tax return must match your Social Security Administration records. If you change your name, report it to the SSA. To do that, file Form SS-5, Application for a Social Security Card. You can get the form on SSA.gov, by calling 800-772-1213 or from your local SSA office.

Change tax withholding.  A change in your marital status means you must give your employer a new Form W-4, Employee's Withholding Allowance Certificate. If you and your spouse both work, your combined incomes may move you into a higher tax bracket. Use the IRS Withholding Calculator tool at IRS.gov to help you complete a new Form W-4. See Publication 505, Tax Withholding and Estimated Tax, for more information.

Changes in circumstances.  If you receive advance payment of the premium tax credit in 2014, it is

Friday, July 4, 2014

Happy 4th of July from NFS

We remain the land of the free because we are the home of the brave.

As we celebrate Independence Day, take a moment to remember those who
fought for our freedoms and gave their all for you and me.

We truly appreciate your business.


Thursday, July 3, 2014

What to do if You Get a Notice from the IRS

Each year the IRS mails millions of notices. Here’s what you should do if you receive a notice from the IRS:


  1. Don’t ignore it. You can respond to most IRS notices quickly and easily. And it’s important that you reply promptly. 
  2. IRS notices usually deal with a specific issue about your tax return or tax account. For example, it may say the IRS has corrected an error on your tax return. Or it may ask you for more information.
  3. Read it carefully and follow the instructions about what you need to do.
  4. If it says that the IRS corrected your tax return, review the information in the notice and compare it to your tax return. If you agree, you don’t need to reply unless a payment is due. If you don’t agree, it’s important that you respond to the IRS. Write a letter that explains why you don’t agree. Make sure to include information and any documents you want the IRS to consider. Include the bottom tear-off

Wednesday, July 2, 2014

Protecting Your Financial Records From Disaster

Among other worthy causes, July is Bioterrorism/Disaster Education and Awareness Month. With all of the unexpected happenings in the world, it is important that we are prepared for an emergency disaster. Take this time to educate yourself and your whole family on what to do in any type of disaster. Get a plan ready and have needed supplies handy if you ever need them.

Identification. If you suddenly find yourself standing in a pile of rubble that was once your home and your worldly possessions, establishing your identity will be of paramount importance. Access to personal identification documents such as your Social Security card, driver's license, marriage license, birth certificate, passport and any citizenship papers will help you quickly establish your identity and speed up the co-ordination of your efforts with insurance companies, construction contractors, bankers and other entities involved in rebuilding and recovery.

Thursday, March 27, 2014

Many Retirees Face April 1 Deadline To Take Required Retirement Plan Distributions

WASHINGTON — The Internal Revenue Service today reminded taxpayers who turned 70½ during 2013 that in most cases they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Tuesday, April 1, 2014.

The April 1 deadline applies to owners of traditional IRAs but not Roth IRAs. Normally, it also applies to participants in various workplace retirement plans, including 401(k), 403(b) and 457 plans.

The April 1 deadline only applies to the required distribution for the first year. For all subsequent years, the RMD must be made by Dec. 31. So, for example, a taxpayer who turned 70½ in 2013 and receives the first required payment on April 1, 2014 must still receive the second RMD by Dec. 31, 2014.

Affected taxpayers who turned 70½ during 2013 must figure the RMD for the first year using their life expectancy on Dec. 31, 2013 and their account balance on Dec. 31, 2012. The trustee reports the year-end account value to the IRA owner on Form 5498 in Box 5. Worksheets and life expectancy tables for making this computation can be found in the Appendices to Publication 590.

Saturday, March 8, 2014

Find NFS on Thumbtack!

Ever use Thumbtack to find services in your area? Well, now you can find us!

Check it out here


Wednesday, March 5, 2014

NFS Sponsors Mr. Dooley's Olde Irish Pub 5k/10k Run

Mr. Dooley's Olde Irish Pub 5k/10k Run
Olde Irish Pub Run Facebook Page
Saturday, March 29th, 2014
9:00 am start
  • WRENTHAM -- The 2nd annual Olde Irish Pub Run will be held on Saturday, March 29, at 9 a.m. from Mr. Dooley's Olde Irish Country Pub, 303 Shears St., Wrentham.
    The USATF-certified course loops around scenic country roads, and participants can choose a flat single loop (5K) or double loop (10K).
    Prizes will be awarded to the top three male and female finishers in various age categories. The first 100 participants who register by March 16 will receive free T-shirts. The post-race buffet will be provided by Mr. Dooley’s Olde Irish Country Pub.
    The registration fee is $35 or $40 the day of the race. Sign up online at www.active.com. Proceeds benefit King Philip Regional High School Track & Cross Country. Sponsored by NFS - Northeast Financial Strategies IncAnswer Is Fitness & Mr. Dooley's Olde Irish Pub.


Friday, February 28, 2014

Are Your Social Security Benefits Taxable?

Some people must pay taxes on part of their Social Security benefits. Others find that their benefits aren’t taxable. If you get Social Security, the IRS can help you determine if some of your benefits are taxable.

Here are seven tips about how Social Security affects your taxes:

  1. If you received these benefits in 2013, you should have received a Form SSA-1099, Social Security Benefit Statement, showing the amount.
  2. If Social Security was your only source of income in 2013, your benefits may not be taxable. You also may not need to file a federal income tax return.
  3. If you get income from other sources, then you may have to pay taxes on some of your benefits.
  4. Your income and filing status affect whether you must pay taxes on your Social Security.
  5. The best way to find out if your benefits are taxable is to contact our office and we can tell you if you need to file or not.
  6. If you file a paper return, visit IRS.gov and use the Interactive Tax Assistant tool to see if any of your benefits are taxable.
  7. A quick way to find out if any of your benefits may be taxable is to add one-half of your Social Security benefits to all your other income, including any tax-exempt interest. Next, compare this total to the base amounts below. If your total is more than the base amount for your filing status, then some of your benefits may be taxable. The three base amounts are:
    • $25,000 - for single, head of household, qualifying widow or widower with a dependent child or married individuals filing separately who did not live with their spouse at any time during the year
    • $32,000 -for married couples filing jointly
    • $0 - for married persons filing separately who lived together at any time during the year

For more help on your Social Security Benefits, please contact our office.

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