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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Tuesday, February 18, 2014

Identity Theft and Tax Returns: Tips for Taxpayers

Refund fraud caused by identity theft is one of the fastest growing crimes nationwide. Learn more about what the IRS is doing to protect your identity.

Stopping refund fraud related to identity theft is a top priority for the IRS. With more than 3,000 employees working on identity theft cases, the IRS is focused on preventing, detecting and resolving identity theft cases as soon as possible and has trained more than 35,000 employees to work with taxpayers to recognize and provide assistance when identity theft occurs.

Taxpayers might encounter identity theft involving their tax returns in several ways. One possible scenario is where identity thieves try filing fraudulent refund claims using another person's identifying information, which has been stolen.

Here are some tips to protect you from becoming a victim, and steps to take if you think someone may have filed a tax return using your name:

Tips to protect you from becoming a victim of identity theft

  • Don't carry your Social Security card or any documents that include your Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN).

Monday, February 17, 2014

Happy President's Day from Northeast Financial Strategies Inc.

Happy President's Day from Northeast Financial Strategies Inc.!

If you've ever wondered about the history of this holiday you can learn all about it here:


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Friday, February 14, 2014

FREE Tax Preparation Contest

The NFS - Northeast Financial Strategies Inc. Facebook page currently has 484 likes...the contest begins now! Share this post with your family, friends and contacts. The 500th like of our FB page will receive 50% off of their Income Tax Preparation Fee this year and the 1000th like will receive 100% off their fee - A FREE TAX PREP!! Oh yeah, and the person referring the 500th like and the 1000th like, gets the SAME DEAL!!

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Monday, February 3, 2014

VOTE NFS for Best Insurance Agency in Wicked Local Polls

The 2014 Polls are open and NFS needs your vote!! Visit wickedlocalfavorites.com and vote for your Wicked Favorites today!

Remember, you have to cast a vote in at least 10 categories for your votes to be valid. You can find the "Insurance Agency" slot under "Local Services" and we would appreciate your vote for NFS - Northeast Financial Strategies Inc. in Wrentham.

THANKS for your continued support.