Free NAPFA Webinar this Friday

Don't miss the Free NAPFA webinar this Friday, October 2 at 1 pm - What is Financial Planning?

NAPFA has started giving free online Webinars for consumers. They are held online the first Friday of each month from 1:00-2:00 pm ET. The Consumer Webinar Series is for everyone – no matter how in tune you are with personal financial issues. Some topics are basic in order to give you an overview of a specific topic while others are slightly more advanced to dig a little deeper into a topic.

For more information and to see upcoming seminars go to: http://www.napfa.org/consumer/UpcomingSessions.asp

2010 Census Cautions

2010 Census Cautions
By Susan Johnson - August 3, 2009 12:07 pm

Be cautious about giving information to Census workers with the U.S. Census process. The Better Business Bureau (BBB) advises people to be cooperative, but cautious, so as not to become a victim of fraud or identity theft. The first phase of the 2010 U.S. Census is under way as workers have begun verifying the addresses of households across the country. Eventually, more than 140,000 U.S. Census workers will count every person in the United States and will gather information about every person living at each address including name, age, gender, race, and other relevant data. The big question is - how do you tell the difference between a U.S. Census worker and a con artist? BBB offers the following advice:

** If a U.S Census worker knocks on your door, they will have a:

• badge
• handheld device
• Census Bureau canvas bag
• confidentiality notice
  

Ask to see their identification and their badge before answering their questions. However, you should never invite anyone you don't know into your home.

** Census workers are currently only knocking on doors to verify address information. Do not give your Social Security number, credit card or banking information to anyone, even if they claim they need it for the U.S. Census. While the Census Bureau might ask for basic financial information, such as a salary range, it will not ask for Social Security, bank account, or credit card numbers, nor will employees Solicit donations.

Eventually, Census workers may contact you by telephone, mail, or in person at home. However, they will not contact you by Email, so be on the lookout for Email scams impersonating the Census.

Never click on a link or open any attachments in an Email that are supposedly from the U.S. Census Bureau.

Home Buyer Tax Credit May Be Extended

Homebuyer Tax Credit May Not Be Going Away So Soon

By Michael Cohn, WebCPA.com

September 17, 2009

The First-Time Homebuyer Tax Credit has itself been credited with helping spur many of the home sales in recent months, and that’s prompting some lawmakers to call for extending and expanding it.

Passed as part of the stimulus package in February, the tax credit, which covers up to 10 percent of the cost of a first home, or up to $8,000, is due to expire in the coming months. People who meet the eligibility requirements must complete the purchase before December 1.

That’s the way it was supposed to be when the Recovery Act was signed into law. However, the National Association of Realtors wants to expand the tax credit to $15,000, and it wants to allow all buyers to be able to qualify, not just those who have been out of the market for three years, according to The New York Times. The $15,000 figure is actually the amount that the credit’s initial sponsor in Congress, Sen. Johnny Isakson, R-Ga., a former real estate agent, had wanted. Now Isakson is introducing a bill that would provide up to a $15,000 tax credit to any buyer who stays in their newly purchased home for a minimum of two years, according to the Times.

Given the downturn in the housing market over the past year, the tax credit has emerged as one of the few bright spots, but it is projected to cost the government $15 billion, more than double the amount originally budgeted. The NAR plan would cost the Treasury $50 billion to $100 billion.

Asked about whether the Obama administration would consider extending the credit, White House spokesman Robert Gibbs said the administration’s economic team was evaluating the impact on new home sales and would make a recommendation to the president, according to the Associated Press.

The tax credit has been expensive, but it has arguably been successful in helping the ailing real estate and construction industries survive in recent months. However, like other supposedly temporary tax credits, the First-Time Homebuyer Tax Credit may end up being called the Perennial Homebuyer Tax Credit.

Six Recovery Tax Incentives for Individuals

The American Recovery and Reinvestment Act provides tax incentives for first-time homebuyers, people purchasing new cars, those interested in making their homes more energy efficient, and parents and students paying for college.

Here are six things the IRS wants you to know about ARRA tax incentives for individuals:

1. First-Time Homebuyer Credit Taxpayers who haven’t owned a principal residence during the past three years prior to the purchase date of a home before Dec. 1 of this year may be eligible to receive a credit of up to $8,000 on an original or amended 2008 tax return. They can also wait and claim the credit on their 2009 return.
2. New Vehicle Purchase Incentive Qualifying taxpayers can deduct the state and local sales and excise taxes paid on the purchase of new cars, light trucks, motor homes and motorcycles. The deduction per vehicle is limited to the tax on up to $49,500 of the purchase price of each qualifying vehicle and phases out for taxpayers at higher income levels.
3. Making Work Pay and Withholding The Making Work Pay Credit lowered employees’ tax withholding rates this year and has already put more money into the pockets of wage earners. Self-employed individuals will have an opportunity to claim this credit when they file their 2009 return. Taxpayers who fall into any of the following groups should review their tax withholding rates to ensure enough tax is currently being withheld: multiple job holders, families in which both spouses work, workers who can be claimed as dependents by other taxpayers, workers without a valid social security number, some social security recipients who work and pensioners. Failure to adjust your withholding in these situations could result in potentially smaller refunds or in limited instances may cause you to owe tax rather than receive a refund next year.
4. Tax Credit for First Four Years of College The American Opportunity Credit can help parents and students pay part of the cost of the first four years of college. The new credit modifies the existing Hope Credit for tax years 2009 and 2010, making it available to a broader range of taxpayers. Eligible taxpayers may qualify for the maximum annual credit of $2,500 per student.
5. Certain Computer Technology Purchases Allowed for 529 Plans ARRA adds computer technology to the list of college expenses that can be paid for by a qualified tuition program, commonly referred to as a 529 plan. For 2009 and 2010, the law expands the definition of qualified higher education expenses to include expenses for computer technology and equipment or Internet access and related services.
6. Energy-Efficient Home Improvements The credit for nonbusiness energy-efficient improvements is increased for homeowners who make qualified improvements to existing homes. Qualifying improvements include the addition of insulation, energy-efficient exterior windows and energy-efficient heating and air conditioning systems.

For more information on this and other key tax provisions of the Recovery Act, visit the official IRS Website at IRS.gov/Recovery.

or http://www.EvergreenPlanning.org

NAPFA Launches Consumer Education Series

NAPFA Launches Consumer Education Series to Help

Americans Better Understand Personal Financial Issues:

Web-based education program to touch on topics ranging from

basic money issues to complex estate and investment topics

Arlington Heights, IL (July 8, 2009) – The National Association of Personal Financial Advisors (NAPFA), the country’s leading professional association of Fee-Only financial advisors, has been a vocal advocate for consumer protection in the financial industry. Now NAPFA is gearing up to further educate people on a variety of topics in an effort to help Americans become educated consumers of financial planning advice and products.

The Consumer Webinar Series is a year-long initiative beginning August 7, 2009 that will provide an opportunity for anyone in the country to learn about a wide range of financial issues from NAPFA-Registered Financial Advisors. Each month a new session will be conducted live online. Consumers can attend the live session after registering for free, or listen to an audio file after the program. The instructors NAPFA has recruited for the various sessions are among the industry’s leaders in truly comprehensive financial planning and includes members of NAPFA’s National Board of Directors, past NAPFA national chairs, educators, and authors.

“Each session is intentionally designed to help attendees better understand a specific issue and why it is of particular importance to them,” said NAPFA National Chair Diahann W. Lassus, CFP^®, CPA/PFS. “We want attendees to take something away from the sessions that helps them tackle these issues at home. As an industry we have done a poor job of helping consumers increase their financial knowledge. This program, along with the successes of the Your Money Bus Tour, is NAPFA’s way of doing its part.”

The series will include 12, one-hour sessions delivered via the internet. The individual sessions will be conducted from 1 to 2 pm Eastern time and will include:

August 7, 2009 – Money 101: Knowing the Basics

September 4, 2009 – Kids & Money

October 2, 2009 – What is Financial Planning?

November 6, 2009 – Protecting What You Have

December 4, 2009 – Investments: The Basics

January 8, 2010 – Investments: Advanced Concepts

February 5, 2010 – Managing Your 401(k)

March 5, 2010 – Leaving a Legacy

April 2, 2010 – Women and Money

May 6, 2010 – Financial Planning and Small Business Owners

June 4, 2010 – Your Retirement

July 1, 2010 – Financial Windfalls

Registration for the 2009 sessions is open now. Learn more about the Consumer Webinar Series by visiting http://www.napfa.org/consumer/ConsumerWebinarSeries.asp. In addition to registering for the sessions, consumers can learn more about the topics and the NAPFA-Registered Financial Advisors who will be instructing the sessions.

“We hope people will take advantage of this opportunity to better themselves and their families. Only through education will consumers be better capable of addressing their own financial situations,” added Lassus.

Members of the media who would like to learn more about the Consumer Webinar Series can contact Benjamin Lewis of Perception, Inc. at 301-963-7555 or Benjamin.lewis@perceptiononline.com.

About NAPFA

Since 1983, The National Association of Personal Financial Advisors (NAPFA) has provided Fee-Only financial planners across the country with some of the strictest guidelines possible for professional competency, comprehensive financial planning, and Fee-Only compensation. With more than 2,100 members across the country, NAPFA has become the leading professional association in the United States dedicated to the advancement of Fee-Only financial planning.

For more information on NAPFA, please visit www.napfa.org.

S&P UNVEILS NEW MUTUAL FUNDS RATING SYSTEM

September 11, 2009

S&P UNVEILS NEW MUTUAL FUNDS RATING SYSTEM

Standard & Poor’s on Monday will roll out an updated rating system to analyze mutual funds that it says will rely less on the rearview mirror approach on more on the here-and-now. The new product, which will be available to financial advisors and their clients through S&P’s MarketScope Advisor platform, will rank more than 20,000 mutual funds based on a bottoms-up analysis of a fund’s underlying holdings using existing S&P equity research tools. “We think investors should look at the underlying securities in the portfolio to determine if it’s undervalued and of high quality," says Todd Rosenbluth, director at S&P’s equity research services. “They should also look at other factors such as volatility, expense ratio and turnover.” Past performance will also be a factor, but it won’t be a chief determinant of how a fund is ranked. S&P’s new rating system will rank funds on a scale of one (lowest) to five (highest). Funds will be ranked by decile within their asset category. Rosenbluth says S&P will assign ratings for funds with track records of as little as six months, rather than use a minimum three-year performance history that he says is the industry standard. “We think we can analyze a fund once we have sufficient information about the portfolio,” he says. Fund rankings and price data will be refreshed weekly, as of the close of trading the prior Friday.

20 Ways to Celebrate Financial Planning Week

Financial Planning Week is Oct 5-11 - Spread the word!

FPA offers these suggestions to celebrate Financial Planning Week:

• Balance your checkbook
• Make a monetary contribution to your favorite charity
• Start a savings account for a child, vacation or a gift for yourself
• Help teach your children how to save and spend wisely
• Get your estate in order: Create or revise your will and other estate-planning documents
• Call your financial planner and share your appreciation for their service
• Pay off a credit card
• Get a head start on college — investigate college planning options
• Establish an emergency fund
• Evaluate your employee benefits and begin planning for open enrollment
• Develop your holiday spending budget
• Plan for year-end tax strategies
• Purchase a session with a financial planner for a relative, friend or colleague
• Give a relative, friend or colleague a subscription to a personal finance magazine
• Invite a financial planner to speak at your workplace
• Review your insurance coverage
• Write down your financial goals and revisit them periodically
• Start using personal finance software to help you better understand your money
• Look up three financial terms that have baffled you and resolve to understand them
• Talk to a relative about their plans for long-term care

for more information go to

http://www.fpaforfinancialplanning.org/WhatisFinancialPlanning/FinancialPlanningWeek

http://www.evergreenplanning.org

The Fundamentals Never Change

The Fundamentals Never Change



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