Thursday, January 31, 2013

Five Good Reasons to E-file Your Tax Return


If you haven’t tried IRS e-file before, now is the time. Most taxpayers – more than 80 percent – file electronically. The IRS has processed more than 1 billion individual tax returns safely and securely since the nationwide debut of electronic filing in 1990. Fewer people file a paper tax return every year. Here are five good reasons to e-file your tax return:

  1. Accurate and complete. E-file is the best way to file an accurate and complete tax return. Tax returns that are incomplete or include errors take longer to process.

Wednesday, January 30, 2013

Tax Filing Season is Here! Free Organizers & Discounts from NFS!


WRENTHAM, MA - Tax Season is HERE!! Some people hire a tax professional and some people choose to do it themselves - either way - NFS has an option for you!!

No matter where in the world you are, NFS can help you to prepare your US Federal and State Income Tax Returns. In person, by mail or email, we are here to help! With pricing less than most national chains, we can prepare your taxes and maximize your refund or minimize your balance due if you are one of those folks who has to pay.

All new clients receive a $30 DISCOUNT and existing clients should inquire about other discounts that may be available to them. NFS also offers free Income Tax Organizers for you to save time & money!

For those deciding to do it themselves, we offer an option to prepare your own returns directly from our Do It Yourself Online Tax Prep Website with FREE (1040EZ) & Affordable options & in most cases less than the "Boxed Software" or other popular online tax prep websites!!

If you have any questions or want to set up an appointment, feel free to drop me an email jeff@nfsnet.com or give me a call toll free at 800-560-4NFS x 14.

Monday, January 28, 2013

IRS To Accept Returns Claiming Education Credits by Mid-February


WASHINGTON - As preparations continue for the Jan. 30 opening of the 2013 filing season for most taxpayers, the Internal Revenue Service announced today that processing of tax returns claiming education credits will begin by the middle of February.

Taxpayers using Form 8863, Education Credits, can begin filing their tax returns after the IRS updates its processing systems. Form 8863 is used to claim two higher education credits -- the American Opportunity Tax Credit and the Lifetime Learning Credit.

The IRS emphasized that the delayed start will have no impact on taxpayers claiming other education-related tax benefits, such as the tuition and fees deduction and the student loan interest deduction. People otherwise able to file and claiming these benefits can start filing Jan. 30.

As it does every year, the IRS reviews and tests its systems in advance of the opening of the tax season to protect taxpayers from processing errors and refund delays. The IRS discovered during testing that programming modifications are needed to accurately process Forms 8863.  Filers who are otherwise able to file but use the Form 8863 will be able to file by mid-February. No action needs to be taken by the taxpayer or their tax professional.  Typically through the mid-February period, about 3 million tax returns include Form 8863, less than a quarter of those filed during the year.

The IRS remains on track to open the tax season on Jan. 30 for most taxpayers. The Jan. 30 opening includes people claiming the student loan interest deduction on the Form 1040 series or the higher education tuition or fees on Form 8917, Tuition and Fees Deduction. Forms that will be able to be filed later are listed on IRS.gov.

Updated information will be posted on IRS.gov.

Friday, January 25, 2013

Free Income Tax Preparation Giveaway - This Weekend!!


Free Income Tax Preparation Giveaway

Stadium Fitness Foxboro MA - Open House & Grand Opening 


Saturday, January 26th, 2012
8:00am to 2:00pm

NFS is 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!!! Come Join in the FUN!!




Wednesday, January 16, 2013

VOTE NFS for Best Insurance Agency in Wicked Local Polls


The 2013 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.

IRS Offers Simpler Option for Calculating Home Office Tax Deduction


WASHINGTON, D.C. - The Internal Revenue Service plans to introduce a simplified way for small business owners and home-based employees to claim the home office tax deduction.

Small business owners and employees who work from home and who maintain a qualifying home office will be able to deduct up to $1,500 per year.  The new option allows qualified taxpayers to deduct annually $5 per square foot of home office space on up to 300 square feet, for as much as $1,500 in deductions.  To take advantage of the new option, taxpayers will complete a much simpler version of the current 43-line form.

Tuesday, January 15, 2013

IRS Issues Inflation Adjustments for Latest Tax Rates


WASHINGTON, D.C. - The Internal Revenue Service has released the annual inflation adjustments for 2013, including the tax rate schedules and other tax changes from the recently enacted fiscal cliff legislation with its new tax rate of 39.6 percent and permanently patched Alternative Minimum Tax.

Revenue Procedure 2013-15 provides the 2013 cost-of-living adjustments for inflation for certain items, including the tax tables. It also includes items whose values were specified in the American Taxpayer Relief Act of 2012 (ATRA), such as the beginning of the 39.6 percent income tax brackets; the beginning income levels for the limitation on certain itemized deductions, and the beginning income levels for the phaseout of the personal exemptions.

Wednesday, January 9, 2013

Get Taxes Prepared Prior to Jan 30th Start Date


We want you to be aware of the current news regarding the filing of your 2012 tax return. The IRS announced yesterday that the start of the tax season has been delayed until January 30th. We know this is devastating news for the many taxpayers who are depending on their tax refunds.

As your tax professionals, we want to be the first to give you the real facts:

Tuesday, January 8, 2013

IRS Plans Jan. 30 Tax Season Opening For 1040 Filers


WASHINGTON — Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced today it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30.

The IRS will begin accepting tax returns on that date after updating forms and completing programming and testing of its processing systems. This will reflect the bulk of the late tax law changes enacted Jan. 2. The announcement means that the vast majority of tax filers -- more than 120 million households -- should be able to start filing tax returns starting Jan 30.

Monday, January 7, 2013

Local Tax Professional Earns Registered Tax Return Preparer Status


National Association of Tax Professionals, Appleton, WI – Jeffrey N. Schweitzer, EPA, CEP, ATP, RTRP of Northeast Financial Strategies, Inc in Wrentham, MA has reached a personal and professional milestone in his career by passing the Internal Revenue Service’s (IRS’) Registered Tax Return Preparer (RTRP) competency exam. The award of the RTRP designation recognizes demonstrated knowledge of all aspects of federal individual taxation and assures clients that the preparer is up-to-date on the latest tax law changes and ethics requirements.

To retain the status of a registered tax return preparer, individuals must complete a minimum of 15 continuing education credits (CPEs) per year. RTRPs are also

Wednesday, January 2, 2013

Congress Approves Fiscal Cliff Deal


WASHINGTON, D.C. - The House passed a deal to avert an income tax rate increase on middle-class families on Tuesday night, following a New Year’s Eve vote by the Senate, sending the bill to President Obama for his signature.

House lawmakers voted for the bill by a 257 to 67 margin, after the Senate’s 89 to 8 vote, in a rare New Year’s Day session of a lame-duck Congress (see Senate Approves Post-Midnight Fiscal Cliff Deal, Shifting Pressure to Boehner). Vice President Joe Biden and Senate Minority Leader Mitch McConnell, R-Ken., worked out the final deal this week following a stalemate in negotiations between Obama and Speaker of the House John Boehner, R-Ohio.

Tuesday, January 1, 2013

HAPPY NEW YEAR from NFS


From all of us here at NFS, Here's to a Happy, Healthy & Prosperous 2013!!