Tuesday, January 31, 2012

Do I Need to File a Tax Return This Year?

You are required to file a federal income tax return if your income is above a certain level, which varies depending on your filing status, age and the type of income you receive. However, the Internal Revenue Service reminds taxpayers that some people should file even if they aren’t required to because they may get a refund if they had taxes withheld or they may qualify for refundable credits.

To find out if you need to file, check the Individuals section of the IRS website at www.irs.gov or consult the instructions for Form 1040, 1040A or 1040EZ for specific details

Saturday, January 28, 2012

Gold's Gym Open House Winners

Thank you to all who visited us at the Gold's Gym Open House today in Foxboro, MA!!

We had a day long drawing and gave away FIVE (5) FREE TAX PREPARATION Gift Certificates.

Here is the official winners list:

Kim Whalen - Wrentham, MA
Patti Welsh - Mansfield, MA
Robin Hazerjian - Norwood, MA
Eric Diamond - Norfolk, MA
Tammy Borden - Wrentham, MA

Thanks to all who entered!

Also, a reminder not to forget about the $50 Discount we gave out to be used towards your Income Tax Preparation!! If you lost the coupon or simply misplaced it in the middle of all the great open house info you picked up, just mention the discount to us and you got it!

Call us at 800-560-4637 x 14 to book an appointment now!!

We also spoke to many people about all of our services - Life Insurance, Financial Planning, Estate Planning, Investments, Accounting, Payroll, and Income Tax Preparation for Individuals & Small Business. We offer many "Financial Strategies That Fit YOUR Needs!"

If we can be of assistance in any of these areas, do not hesitate to call or email us today!

Friday, January 27, 2012

Free Income Tax Preparation Giveaway!!

Free Income Tax Preparation Giveaway!!
Gold's Gym Foxboro MA - Open House
Saturday, January 28th, 2012
8:00am to 2:00pm

Join NFS at the Gold's Gym Open in house in Foxboro MA this Saturday from 8am-2pm. We will be giving away FIVE (5) FREE INCOME TAX PREPARATION Certificates!!! Other Door Prizes, Free Food, Free Drinks, Free Workouts, Kids Activities, Jumpy House, Face Painting, Temporary Tattoos & MORE!!!

IRS Warns of Tax Refund Delays

WASHINGTON, D.C.- The Internal Revenue Service warned Thursday that tax refunds could be delayed a week this tax season because of new anti-fraud safeguards.

“The IRS has opened its filing season successfully this month, and refunds have started going out to many taxpayers,” the agency said in an email to tax professionals on Thursday. “As with the start of any tax season, there are system validations that occur requiring some fine-tuning of our systems. As part of this, some taxpayers will receive refunds approximately one week later than initial projections they may have received, but these are still in line with historical refund delivery times.”

The IRS noted that the one-week delay is related to the fine-tuning of IRS systems to adjust for new

Thursday, January 26, 2012

Tax Tips for the Self-employed

There are many benefits that come from being your own boss. If you work for yourself, as an independent contractor, or you carry on a trade or business as a sole proprietor, you are generally considered to be self-employed.

Here are six key points the IRS would like you to know about self-employment and self- employment taxes:

Wednesday, January 25, 2012

Living Wills

What is a living will and why should you consider one?

Cell Phone Use by Drivers of Commercial Motor Vehicles

On December 2, 2011 the US Department of Transportation released a final rule regarding Cell Phone
(Mobile Communications Device) by drivers of Commercial Motor Vehicles: Pipeline and Hazardous
Materials Safety Administration (PHMSA) and the Federal Motor Carrier Safety Administration (FCMSA).

This is a final rule in effect on January 3, 2012, which effectively prohibits the use of a cell phone for communications, either by voice or texting, while the driver is underway. The rules

Tuesday, January 24, 2012

Free Income Tax Preparation Giveaway

Free Income Tax Preparation Giveaway!!
Gold's Gym Foxboro MA - Open House
Saturday, January 28th, 2012
8:00am to 2:00pm

Join NFS at the Gold's Gym Open in house in Foxboro MA this Saturday from 8am-2pm. We will be giving away FIVE (5) FREE INCOME TAX PREPARATION Certificates!!! Other Door Prizes, Free Food, Free Drinks, Free Workouts, Kids Activities, Jumpy House, Face Painting & MORE!!!

Romney Does Reversal on Releasing Tax Returns

NEW YORK - Former Massachusetts Governor and Republican Presidential candidate Mitt Romney said he would release his 2010 tax return and an estimated tax return for 2011 on Tuesday in the wake of a stinging defeat in the South Carolina primary and renewed pressure from fellow Republicans.

Speaking on Fox News Sunday with host Chris Wallace, Romney admitted he had made a mistake in not releasing the tax returns earlier.

Thursday, January 19, 2012

Massachusetts Jobless Rate Drops to 6.8 Percent

BOSTON -- State officials say the Massachusetts unemployment rate dropped to 6.8 percent in December, down from 7 percent in November, despite estimates that the state lost about 6,200 jobs last month.

The office of Labor and Workforce Development said Thursday the apparent discrepancy between the two figures may be explained by different methods used for calculating the unemployment rate and estimating the number of jobs in the state.

The 6.8 percent unemployment rate was the lowest in three years and remains well below the December national rate of 8.5 percent.

Gov. Deval Patrick told reporters he's excited about the continued decline in unemployment but isn't sure what to make of the separate accounting for jobs.

Patrick said he'll unveil initiatives aimed at further lowering the rate during his annual State of the State address on Monday.

Wednesday, January 18, 2012

Tuesday, January 17, 2012

Senior Circuit Breaker Credit Information Sessions Announced

The Department of Revenue has planned an extensive two-month series of presentations to educate taxpayers 65 and older about the benefits of the Senior Circuit Breaker Tax Credit.

For tax year 2011, the credit is worth as much as $980 for eligible taxpayers 65 and older who either own or rent their home. The credit is refundable, meaning that if a taxpayer does not have an offsetting state tax liability, or has a liability that is smaller than the credit, they receive a check from the Commonwealth for either the entire credit or for the portion left after taxes are paid.

Monday, January 16, 2012

Using Your Retirement Savings To Get Credit

You can benefit from a tax credit if you contribute to a given individual retirement arrangement or a retirement plan. However, the amount that you get will greatly depend on your credit rate and the amount that you contribute. The amount that you get in a year cannot exceed the amount of tax that you would have settled on that particular year. You will also not be entitled to tax credit if some other non-refundable credits reduce your tax liability to zero.

For you to claim a tax credit, there are some requirements that you must fulfill...

Friday, January 13, 2012

The Child Tax Credit

What is The Child Tax Credit?

Paying For College May Now Be Less Taxing

Education Tax Rules

Parents facing college expenses have several provisions in the tax law to consider. The benefits don’t apply to all, but there is something of interest for many families.

Tax Credits

The Hope credit (renamed the American Opportunity Tax Credit) is available for certain tuition and fees, and it allows you to reduce taxes annually up to $2,500 per student for four years of college. The credit is equal to 100% of the first $2,000 of qualified expenses and 25% of the next $2,000.

Thursday, January 12, 2012

Organizing Your Tax Documents

January is a good time to review your finances for the previous year and start organizing the documents and information you'll need for preparing your tax return. One technique I've been using with some of my clients is to make a list of various types of income and tax-deductible expenses you had for 2011.

When your tax documents arrive in the mail, you can check them off your list. In this way you'll know when all your documents have arrived, and then you'll be ready to file your tax return.

Tuesday, January 10, 2012

IRS Offshore Programs Produce $4.4 Billion to Date for Nation’s Taxpayers; Offshore Voluntary Disclosure Program Reopens

WASHINGTON — The Internal Revenue Service today reopened the offshore voluntary disclosure program to help people hiding offshore accounts get current with their taxes and announced the collection of more than $4.4 billion so far from the two previous international programs.

The IRS reopened the Offshore Voluntary Disclosure Program (OVDP) following continued strong interest from taxpayers and tax practitioners after the closure of the 2011 and 2009 programs. The third offshore program comes as the IRS continues working on a wide range of

Monday, January 9, 2012

Can I move my company funds to a Roth IRA or Roth 401(k)?

Q: I participate in a company 401(k) and have accumulated a large sum over the years. I would like to convert this money into either a Roth IRA or a Roth 401(k), neither of which is offered by my company for the employees. Is there any way (short of hardship or borrowing) to access this money?

A: If your company does not offer a Roth 401(k) plan option, you cannot

Friday, January 6, 2012

More Innocent Spouses Qualify for Relief Under New IRS Guidelines

WASHINGTON — The Internal Revenue Service today released new proposed guidelines designed to provide relief to more innocent spouses requesting equitable relief from income tax liability.

A Notice proposing a new revenue procedure, posted today on IRS.gov, revises the threshold requirements for requesting equitable relief and revises the factors used by the IRS in evaluating these requests. The factors have been revised to ensure that requests for innocent spouse relief are granted under section 6015(f) when the facts and circumstances warrant and that, when appropriate, requests are granted in the initial stage of the administrative

Thursday, January 5, 2012


The Internal Revenue Service opened the 2012 tax season on Wednesday by extending the tax-filing deadline until April 17.

Taxpayers will have until Tuesday, April 17 to file their 2011 tax returns and pay any tax due because April 15 falls on a Sunday, and Emancipation Day, a holiday observed in the District of Columbia, falls this year on Monday, April 16. According to federal law, District of Columbia holidays affect tax deadlines in the same way that federal holidays do, giving all taxpayers two extra days to file this year. Taxpayers requesting an extension will have until Oct. 15 to file their 2011 tax returns. The IRS will begin accepting e-file and Free File returns on Jan. 17, 2012.

The IRS also announced a number of improvements to help make this tax season easier for taxpayers. This includes new navigation features and helpful information on IRS.gov and a new pilot program to allow taxpayers to use interactive video to get help with tax issues.

The IRS has updated the front page of the IRS Web site to make it easier for taxpayers to get key forms, information and file tax returns. The front page also has links to taxpayer-friendly videos on the IRS YouTube channel. More improvements are planned for IRS.gov in the months ahead.

“At the IRS, we’re working hard to make the process of filing your taxes as quick and easy as possible,” IRS Commissioner Doug Shulman said in a statement. “Providing quality service is one of our top priorities. It not only reduces the burden on taxpayers, but also helps in filing an accurate return right from the start.”

Tuesday, January 3, 2012

Tax Strategies for a Mobile Office

If Starbucks is your headquarters and you spend much or most of your time out and about, you may be part of a growing group of business owners who work on a mobile basis. A laptop, tablet, and Smartphone enable you to set up an office just about anywhere. Certainly, not having to pay office rent cuts your overhead substantially. Being mobile also gives you more flexibility in scheduling and running your business. But you still have costs for working on a mobile basis. Here are the tax rules you need to know.

Monday, January 2, 2012

Ring in the New Year with Financial Resolutions

With the New Year comes the opportunity to improve your financial well-being. Here are four financial resolutions to help get you started:

  • Establish a budget based on what you spent last year, taking rising gas, heating and food prices into account.
  • Cut back on debt by paying off a credit balance, forgoing unnecessary purchases or adding $50 a month to your mortgage payment.
  • Prioritize major purchases you want to make and figure out how to pay for them out of your current income.
  • Meet with a legal professional to review your will or estate plan to ensure it reflects your current life situation.

For help achieving your 2012 financial strategy, please contact our office.

Sunday, January 1, 2012

Happy New Year 2012!

Happy New Year!!

From all of us here at NFS, Here's to a Happy & Prosperous 2012!!