Saturday, March 31, 2012

What Is a Will?


What Is a Will?
The most basic estate planning tool, a will is the legal document that states the actions you wish to be taken after your death in regard to:
  • the disposition of your property;
  • the guardianship of your minor children; and/or
  • the administration of your estate
Do You Need a Will?
If you have a spouse, children and/or property, the answer is most definitely YES!
The alternative is to allow the state in which you reside to determine:
  • how your property will be distributed among your heirs, including who those heirs are;
  • who will serve as the guardian of your minor children; and/or
  • how your estate will be administered.
Who Can Make a Will?
State statute determines who can make a will. Generally, you must be "of age," as defined by state law, and of sound mind. In addition, state law generally requires that your will be written, signed and witnessed by a required number of witnesses.
While you can draw your own will, the preparation and execution of this important legal document is generally best left to an attorney.

Tuesday, March 27, 2012

Alternative Minimum Tax Relief


The objective of the alternative minimum tax (AMT) is to ensure that taxpayers with itemized deductions and/or income from certain tax preferences will not avoid or defer all tax liability, but instead will pay a minimum tax. For more info, please check out the following link - Alternative Minimum Tax Relief

Friday, March 23, 2012

Deducting Charitable Contributions: Eight Essentials


Donations made to qualified organizations may help reduce the amount of tax you pay.

The IRS has eight essential tips to help ensure your contributions pay off on your tax return.

1. If your goal is a legitimate tax deduction, then you must be giving to a qualified organization. Also, you cannot deduct contributions made to specific individuals, political organizations or candidates. See IRS Publication 526, Charitable Contributions, for rules on what constitutes a qualified organization.

Thursday, March 22, 2012

Join Us TODAY @ 1pm for our Medicare Seminar

Medicare - Healthcare Options for Retirees
HarborOne U, Mansfield MA 
Thursday, March 22nd, 2012
1:00 pm to 2:30 pm

Medicare Overview:
Eligibility / Enrollment / Coverage Options/cost
Prescription Drug Coverage:
Medicare Prescription Drug Program (Part D) / Employer Retiree Coverage / Other Options for Prescription Coverage / Help with Health Care Costs

Discussion & Questions on Medicare Planning & Retirement Strategies

Presented by James Schweitzer and Jeffrey Schweitzer of Northeast Financial Strategies Inc. and Peggy McDonough, Regional Director of the SHINE Program at HESSCO Elder Services.

Register today as seating is limited. 

Wednesday, March 21, 2012

Are you making effective use of business dollars to achieve your personal financial security objectives?



What would the impact on your business be if a key employee started his/her own business or went to work for a competitor?

Are you making effective use of business dollars to achieve your personal financial security objectives?

Check out the NFS March 2012 Issue of Executive Benefit Planning 


Monday, March 19, 2012

Is Your Home Sinking You Financially?

Join us TONIGHT for our seminar....


Is Your Home Sinking You Financially?
Panera Bread, Route 1, North Attleboro MA
Monday, March 19th, 2012
7:00 pm to 8:00 pm

Local Industry Experts will be on hand to discuss options so that you can afford to stay in your home given the state of today's economy. Find out why foreclosure is not the only option. Stay in your home. Lower mortgage payments may be possible.

Bring your questions to Panera and let's have a discussion. And while you'll there, try out some of the tasty catering treats we will have on hand.

Presented by Jeffrey Schweitzer of Northeast Financial Strategies Inc., Amy Abrams of Century 21 O'Neil Associates, Brian Schwartz of Omega Mortgage and Andrew Cornell of Liberty Mutual Insurance.



Wednesday, March 14, 2012

What Is The Marital Deduction?

What Is The Marital Deduction?

Check out the NFS March 2012 Estate Ideas for the answer....




Cash back cards – Avoid credit card debt and contribute to Roth IRA


Credit cards are fan easy way to make purchases and also get rewards. Many a times in order to get rewards such as cash back which are the most common, you tend to overuse your credit cards. At such times you are likely to mount up a high amount of credit card debt. In order to come out of such situations, you need to consider some credit card debt negotiation tips. Although when talking about credit card rewards the most common ones that come to your mind are cash back, airline miles and so on, however, there are some cards available in the market which enables you to earn rewards that you can use for investments including account of Roth IRA. There are specific cards available that offer you Roth IRA accounts. Some distinct advantages offered by these cards are:

Saturday, March 10, 2012

Daylight Savings Time in the United States



Daylight saving time in the United States was first observed in 1918. Most areas of the United States currently observe daylight saving time, with the exceptions being the states of Arizona and Hawaii along with Puerto Rico, American Samoa, Guam, Northern Mariana Islands, and the United States Virgin Islands.

From 1987 to 2006, daylight saving time in the United States began on the first Sunday of April and ended on the last Sunday of October. The time was adjusted at 2:00 AM (0200) local time (as it still is done now).

Since 2007, daylight saving time starts on the second Sunday of March and ends on the first Sunday of November, with all time changes taking place at 2:00 AM (0200) local time. In 2011, daylight saving time began on March 13 and ended on November 6; in 2012, it will begin on March 11 and end on November 4; in 2013, it will begin on March 10 and end on November.

From Wikipedia, the free encyclopedia

Wednesday, March 7, 2012

IRS Offers New Penalty Relief and Expanded Installment Agreements to Taxpayers under Expanded Fresh Start Initiative


WASHINGTON — The Internal Revenue Service today announced a major expansion of its “Fresh Start” initiative to help struggling taxpayers by taking steps to provide new penalty relief to the unemployed and making Installment Agreements available to more people.

Under the new Fresh Start provisions, part of a broader effort started at the IRS in 2008, certain taxpayers who have been unemployed for 30 days or longer will be able to avoid failure-to-pay penalties. In addition, the IRS is doubling the dollar threshold for taxpayers eligible for Installment Agreements to help more people qualify for the program.

“We have an obligation to work with taxpayers who are struggling to make ends meet," said IRS Commissioner Doug Shulman. ”This new approach makes sense for taxpayers and for the nation’s tax system, and it’s part of a wider effort we have underway to help struggling taxpayers."

Monday, March 5, 2012

Standard Deduction vs. Itemizing: Seven Facts to Help You Choose


Each year, millions of taxpayers choose whether to take the standard deduction or to itemize their deductions. The following seven facts from the IRS can help you choose the method that gives you the lowest tax.

  1. Qualifying expenses - Whether to itemize deductions on your tax return depends on how much you spent on certain expenses last year. If the total amount you spent on qualifying medical care,

Friday, March 2, 2012

Tax Scam Warning: Beware of Phony Refund Scheme Abusing Popular College Tax Credit; Senior Citizens, Working Families and Church Members Are Target


WASHINGTON – The Internal Revenue Service today warned senior citizens and other taxpayers to beware of an emerging scheme tempting them to file tax returns claiming fraudulent refunds.

The scheme carries a common theme of promising refunds to people who have little or no income and normally don’t have a tax filing requirement. Under the scheme, promoters claim they can obtain for their victims, often senior citizens, a tax refund or nonexistent stimulus payment based on the American Opportunity Tax Credit, even if the victim was not enrolled in or paying for college.

Thursday, March 1, 2012

Four Tax Credits That Can Boost Your Refund


A tax credit is a dollar-for-dollar reduction of taxes owed. Some tax credits are refundable meaning if you are eligible and claim one, you can get the rest of it in the form of a tax refund even after your tax liability has been reduced to zero.

Here are four refundable tax credits you should consider to increase your refund on your 2011 federal income tax return: