Need help gathering your tax documents? Check out our list to make sure you don't miss anything!
http://www.evergreenfinancialplanning.org/Evergreen_Financial_Planning/Client_Forms_files/Test%20Preparation%20Checklist.pdf
Friday, February 5, 2010
Thursday, December 10, 2009
Year End Tax Tips
Get Organized -
If you haven't done it already, start a file for your tax documents. As you receive W-2s, 1099s , 1099bs and 1098s, you will have a place to file them. Do you have kids in college or in child care? Do you have medical bills? Have you kept your receipts for charitable donations? If the donations were non-cash do you have a detailed list attached to your receipt? Are you keeping track of mileage for charitable work or miles driven to medical appointments? For a complete list of items see Tax Preparation Checklist on the Client Forms page of our website www.EvergreenPlanning.org.
Adjustments to state withholding -
If you expect to owe state income taxes when you file your return next year, ask your employer to increase withholding of state and local taxes. This can be done by filing Form G-4, Georgia Employee's Withholding Allowance Certificate.
If you are self-employed or retired and are making quarterly estimated tax payments, be sure to pay the State fourth quarter estimated tax payments before year-end to pull the deduction of those taxes into 2009.
Adjustments to federal withholding -
If you face a penalty for underpayment of federal estimated tax, you may be able to eliminate or reduce it by increasing your withholding. In this connection, it should be stressed that the Making Work Pay Credit, which was enacted earlier this year, automatically lowered tax withholding rates for employees. However, you should especially review your withholding to ensure that enough tax is withheld if you hold multiple jobs, you and your spouse both work, or you can be claimed as dependent by another person.
If not enough tax or too much tax is being withheld, you should give your employer a new Form W-4, IRS Employee's Withholding Allowance Certificate.
If you are receiving a pension, withholding can also be adjusted by sending Form W4-P, Withholding Certificate for Pension or Annuity Payments, to your pension payer.
If you haven't done it already, start a file for your tax documents. As you receive W-2s, 1099s , 1099bs and 1098s, you will have a place to file them. Do you have kids in college or in child care? Do you have medical bills? Have you kept your receipts for charitable donations? If the donations were non-cash do you have a detailed list attached to your receipt? Are you keeping track of mileage for charitable work or miles driven to medical appointments? For a complete list of items see Tax Preparation Checklist on the Client Forms page of our website www.EvergreenPlanning.org.
Adjustments to state withholding -
If you expect to owe state income taxes when you file your return next year, ask your employer to increase withholding of state and local taxes. This can be done by filing Form G-4, Georgia Employee's Withholding Allowance Certificate.
If you are self-employed or retired and are making quarterly estimated tax payments, be sure to pay the State fourth quarter estimated tax payments before year-end to pull the deduction of those taxes into 2009.
Adjustments to federal withholding -
If you face a penalty for underpayment of federal estimated tax, you may be able to eliminate or reduce it by increasing your withholding. In this connection, it should be stressed that the Making Work Pay Credit, which was enacted earlier this year, automatically lowered tax withholding rates for employees. However, you should especially review your withholding to ensure that enough tax is withheld if you hold multiple jobs, you and your spouse both work, or you can be claimed as dependent by another person.
If not enough tax or too much tax is being withheld, you should give your employer a new Form W-4, IRS Employee's Withholding Allowance Certificate.
If you are receiving a pension, withholding can also be adjusted by sending Form W4-P, Withholding Certificate for Pension or Annuity Payments, to your pension payer.
Friday, November 13, 2009
Year End Tax Tips for Employees
Employees have some special considerations to take into account that retirees and other nonworking individuals don't face. To help our clients who are employees take advantage of these special tax saving opportunities, we have put together a list of items to consider. Please review the list and contact us if you need additional information on one or more of the items.
Health flexible spending accounts -
Many employees take advantage of the annual opportunity to save taxes by placing funds in their employer's health flexible spending account (health FSA). You save taxes because you use pre-tax dollars to pay for medical expenses that might not be deductible.
If you have set aside funds in your employer's health FSA, check your balance so that you have sufficient time to incur additional reimbursable expenditures to prevent loss of any unused amount under the use-it-lose-it feature of these plans. Don't forget you can get tax-free reimbursements for aspirin, antacids and other over-the-counter items. Your plan should have a listing of qualifying items and any documentation from a medical provider that may be needed to get a reimbursement for any such items.
Examining your year-to-date expenditures now will also help you to determine how much to set aside for next year. Don't forget to reflect any changed circumstances in making your calculation.
Dependent care FSAs -
Some employers also allow employees to set aside funds in dependent care FSAs. They allow employees to use pre-tax dollars to pay for dependent care. In particular cases, participating in a dependent care FSA can yield greater tax savings than foregoing participation and claiming a dependent care credit. Taxpayers who are eligible to participate in a dependent care FSA and are (a) in a high tax bracket and/or (b) have only one dependent and more than $3,000 of employment-related expenses, should use the FSA to pay for child care expenses. For these taxpayers, the FSA almost always provides greater federal tax savings than does the credit.
However, like health FSAs, dependent care FSAs are subject to the use-it-or lose it rule. Thus, now is a good time to review expenditures to date and to project amounts to be set aside for next year.
401(k) contributions -
Review and make appropriate adjustments to your contributions to you employer's 401(k) retirement plan for the remainder of this year. Figure your contribution rate for next year as well.
Health flexible spending accounts -
Many employees take advantage of the annual opportunity to save taxes by placing funds in their employer's health flexible spending account (health FSA). You save taxes because you use pre-tax dollars to pay for medical expenses that might not be deductible.
If you have set aside funds in your employer's health FSA, check your balance so that you have sufficient time to incur additional reimbursable expenditures to prevent loss of any unused amount under the use-it-lose-it feature of these plans. Don't forget you can get tax-free reimbursements for aspirin, antacids and other over-the-counter items. Your plan should have a listing of qualifying items and any documentation from a medical provider that may be needed to get a reimbursement for any such items.
Examining your year-to-date expenditures now will also help you to determine how much to set aside for next year. Don't forget to reflect any changed circumstances in making your calculation.
Dependent care FSAs -
Some employers also allow employees to set aside funds in dependent care FSAs. They allow employees to use pre-tax dollars to pay for dependent care. In particular cases, participating in a dependent care FSA can yield greater tax savings than foregoing participation and claiming a dependent care credit. Taxpayers who are eligible to participate in a dependent care FSA and are (a) in a high tax bracket and/or (b) have only one dependent and more than $3,000 of employment-related expenses, should use the FSA to pay for child care expenses. For these taxpayers, the FSA almost always provides greater federal tax savings than does the credit.
However, like health FSAs, dependent care FSAs are subject to the use-it-or lose it rule. Thus, now is a good time to review expenditures to date and to project amounts to be set aside for next year.
401(k) contributions -
Review and make appropriate adjustments to your contributions to you employer's 401(k) retirement plan for the remainder of this year. Figure your contribution rate for next year as well.
Thursday, November 12, 2009
Year End Tax Tips
Get Organized -
If you haven't done it already, start a file for your tax documents. As you receive W-2s, 1099s , 1099bs and 1098s, you will have a place to file them. Do you have kids in college or in child care? Do you have medical bills? Have you kept your receipts for charitable donations? If the donations were non-cash do you have a detailed list attached to your receipt? Are you keeping track of mileage for charitable work or miles driven to medical appointments? For a complete list of items see Tax Preparation Checklist on the Client Forms page of our website www.EvergreenPlanning.org.
Adjustments to state withholding -
If you expect to owe state income taxes when you file your return next year, ask your employer to increase withholding of state and local taxes. This can be done by filing Form G-4, Georgia Employee's Withholding Allowance Certificate.
If you are self-employed or retired and are making quarterly estimated tax payments, be sure to pay the State fourth quarter estimated tax payments before year-end to pull the deduction of those taxes into 2009.
Adjustments to federal withholding -
If you face a penalty for underpayment of federal estimated tax, you may be able to eliminate or reduce it by increasing your withholding. In this connection, it should be stressed that the Making Work Pay Credit, which was enacted earlier this year, automatically lowered tax withholding rates for employees. However, you should especially review your withholding to ensure that enough tax is withheld if you hold multiple jobs, you and your spouse both work, or you can be claimed as dependent by another person.
If not enough tax or too much tax is being withheld, you should give your employer a new Form W-4, IRS Employee's Withholding Allowance Certificate.
If you are receiving a pension, withholding can also be adjusted by sending Form W4-P, Withholding Certificate for Pension or Annuity Payments, to your pension payer.
If you haven't done it already, start a file for your tax documents. As you receive W-2s, 1099s , 1099bs and 1098s, you will have a place to file them. Do you have kids in college or in child care? Do you have medical bills? Have you kept your receipts for charitable donations? If the donations were non-cash do you have a detailed list attached to your receipt? Are you keeping track of mileage for charitable work or miles driven to medical appointments? For a complete list of items see Tax Preparation Checklist on the Client Forms page of our website www.EvergreenPlanning.org.
Adjustments to state withholding -
If you expect to owe state income taxes when you file your return next year, ask your employer to increase withholding of state and local taxes. This can be done by filing Form G-4, Georgia Employee's Withholding Allowance Certificate.
If you are self-employed or retired and are making quarterly estimated tax payments, be sure to pay the State fourth quarter estimated tax payments before year-end to pull the deduction of those taxes into 2009.
Adjustments to federal withholding -
If you face a penalty for underpayment of federal estimated tax, you may be able to eliminate or reduce it by increasing your withholding. In this connection, it should be stressed that the Making Work Pay Credit, which was enacted earlier this year, automatically lowered tax withholding rates for employees. However, you should especially review your withholding to ensure that enough tax is withheld if you hold multiple jobs, you and your spouse both work, or you can be claimed as dependent by another person.
If not enough tax or too much tax is being withheld, you should give your employer a new Form W-4, IRS Employee's Withholding Allowance Certificate.
If you are receiving a pension, withholding can also be adjusted by sending Form W4-P, Withholding Certificate for Pension or Annuity Payments, to your pension payer.
Wednesday, October 28, 2009
Beware fraudulent email from FDIC
Subject: E-mail Claiming to Be From the FDIC ("check your Bank Deposit Insurance Coverage")
At the request of the U.S. Treasury, we are distributing the following information. Please distribute this information throughout your organizations and communication channels. Thank you.
The FDIC issued Special Alert (SA-183-2009 ) today regarding a fraudulent e-mail claiming to be from the FDIC. We have received hundreds of reports of this e-mail. We are told by researchers that it is being very widely distributed. See:
http://garwarner.blogspot.com/2009/10/fake-fdic-spam-campaign-spreads-ze
us.html for samples.
*****************
If you receive an email that claims to be from the FDIC or asks you to “check your Bank Deposit Insurance Coverage” - delete it and do not respond to it.
At the request of the U.S. Treasury, we are distributing the following information. Please distribute this information throughout your organizations and communication channels. Thank you.
The FDIC issued Special Alert (SA-183-2009
http://garwarner.blogspot.com/2009/10/fake-fdic-spam-campaign-spreads-ze
us.html for samples.
*****************
If you receive an email that claims to be from the FDIC or asks you to “check your Bank Deposit Insurance Coverage” - delete it and do not respond to it.
Free NAPFA Webinar Nov 6
NAPFA's Consumer Webinar Series, a year-long initiative for NAPFA-Registered Financial Advisors to provide information on a wide range of issues, is gaining steam. There are recordings of the first three sessions archived on the NAPFA website, so anyone can listen to the audio synchronized with the PowerPoint slides.
Each month a new session will be conducted live online. Consumers can attend the live session after registering for free, or listen/view the archived programs.
November 6, 2009
1:00 pm - 2:00 pm ET
"Protecting What You Have"
Instructor Roseann Bove, CFP, CLU
NAPFA-Registered Financial Advisor
Your health, family, and home are important and need to be kept safe. Roseann will provide information on how you can portect the things you have through life, health and medical insurance.
Each month a new session will be conducted live online. Consumers can attend the live session after registering for free, or listen/view the archived programs.
November 6, 2009
1:00 pm - 2:00 pm ET
"Protecting What You Have"
Instructor Roseann Bove, CFP, CLU
NAPFA-Registered Financial Advisor
Your health, family, and home are important and need to be kept safe. Roseann will provide information on how you can portect the things you have through life, health and medical insurance.
Free SSA Webinar for Wounded Warriers Nov 4
The Social Security Administration is offering a free webinar "Social Security for Wounded Warriors" on November 4. During the webinar, you can learn more about benefit programs and the expedited processing of disability claims available to our nation's Wounded Warriors. The expedited process is used for military service members who become disabled while on active military service on or after October 1, 2001, regardless of where the disability occurs.
The Social Security Administration welcome service members, their families and friends, and those that advocate on their behalf to participate in this seminar for the web as they discuss:
Who is eligible?
When to apply?
How to apply?
The webinar will be hosted via www.socialsecurity.gov on November 4, 2009, at 2:00 p.m. EST.
To RSVP, visit: http://www.socialsecurity.gov/survey/woundedwarriorsrsvp.htm. You will have the option of submitting questions in advance of the webinar with your RSVP.
The Social Security Administration welcome service members, their families and friends, and those that advocate on their behalf to participate in this seminar for the web as they discuss:
Who is eligible?
When to apply?
How to apply?
The webinar will be hosted via www.socialsecurity.gov on November 4, 2009, at 2:00 p.m. EST.
To RSVP, visit: http://www.socialsecurity.gov/survey/woundedwarriorsrsvp.htm. You will have the option of submitting questions in advance of the webinar with your RSVP.
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