Monday, August 13, 2012

Organizing Tax Records This Summer Can Help You Keep Your Cool


If the sweltering dog days of summer aren’t incentive enough to get out of the sun for awhile, the IRS suggests another reason to head indoors: organizing your tax records. Devoting some time mid-year to putting your tax-related documents in order may not only keep you out of the sun, but it should also make it easier for you to prepare your tax return when the filing season arrives.

Here are some things the IRS wants individuals and small business owners to know about recordkeeping.

Thursday, August 9, 2012

Moving This Summer? Here are 10 Helpful Tax Tips


School’s out for the summer (for a little longer anyway), and summer is a popular time for people to move - especially families with children.  If you are moving to start a new job or even the same job at a new job location, the IRS offers 10 tax tips on expenses you may be able to deduct on your tax return.

1. Expenses must be close to the time you start work  Generally, you can consider moving expenses that you incurred within one year of the date you first report to work at a new job location.

Wednesday, August 8, 2012

How Much Life Insurance Do I Need?


HOW MUCH LIFE INSURANCE DO I NEED?

How much life insurance is enough depends on your individual needs and your financial objectives for your family.
While life insurance cannot replace you, it can provide the funds to:
  • PAY FINAL EXPENSES
  • REPLACE ALL OR A PORTION OF YOUR INCOME
  • KEEP YOUR FAMILY IN THEIR HOME
  • ESTABLISH A COLLEGE EDUCATION FUND
  • COVER FINANCIAL EMERGENCIES
  • PROVIDE A CHILD AND/OR HOME CARE FUND

How much life insurance is enough?
This question is best answered through an analysis of your family and financial situation, as well as your financial goals and objectives. Contact us to begin your FREE analysis.
To view the complete NFS Financial Facts Newsletter for August 2012, click here. 

Monday, August 6, 2012

Ten Tax Tips for Individuals Selling Their Home


The Internal Revenue Service has some important information for those who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may be able to exclude all or part of that gain from your income.

Here are 10 tips from the IRS to keep in mind when selling your home.

Wednesday, August 1, 2012

Paying Off Debt the Smart Way


Being in debt isn't necessarily a terrible thing. Between mortgages, car loans, credit cards, and student loans - most people are in debt. Being debt-free is a great goal, but you should focus on the management of debt, not just getting rid of it. It's likely to be there for most of your life - and, handled wisely, it won't be an albatross around your neck.

You don't need to shell out your hard-earned money for exorbitant interest rates, or always feel like you're on the verge of bankruptcy. You can pay off debt the smart way, while at the same time saving money to pay it off faster.