by Janice Forostiak, Marketing Department
Just finishing up taxes? Not to worry! You still have a few weeks until the April 15th deadline, so just take a deep breath, keep plugging along, and above all be careful! Avoid the mad dash to file your taxes, which can lead to errors and missed tax credits or deductions. Our friends at TurboTax have some golden rules to file by, and we’d like to pass them along to all our filers in advance of the big day. They’re simple and sensible. Use some or all, and save time and (hopefully) money!
• Contribute to Retirement Accounts. If you haven’t already funded your retirement account for 2013, do so by April 15, 2014. To start tax-free compounding as quickly as possible, don’t dawdle in making contributions. (Signal Financial offers several IRA options to meet your individual needs. )
• Itemize your Tax Deductions. It’s easier to take the standard deduction, but you may save a bundle if you itemize, especially if you are self-employed, own a home or live in a high-tax area.
• Don’t shy away from Home Office Tax Deductions. The eligibility rules for claiming a home office deduction have been loosened to allow more filers to claim this break. (See IRS.gov for details.)
• Provide IDs for all dependents. . . or risk being denied tax credits and exemptions.
• File and pay on time. Can’t finish? Then, make sure you file Form 4868 by April 15, 2014, which gives you a six-month extension until October 15, 2014. On the form, you need to make a reasonable estimate of your tax liability for 2013 and pay any balance due with your request. Remember, a delay in filing IS NOT a delay to PAY!! You should attach a check for your estimated obligation.
• File electronically. Especially if you expect a refund; it’s quicker, and the IRS will check that it’s complete. For details on the above and more tips from the people who know taxes, go to www.turbotax.com and click on Tools and Tips.
Monday, March 31, 2014
Thursday, March 13, 2014
Spring Forward and Feel Better!
by Janice Forostiak, Marketing Department
If you’re feeling sluggish and out of sorts this week, you’re not alone. Blame it on the time change. It’s hard to believe moving the clock one little hour forward can mess things up with your body. Even worse, “spring forward” is harder for your body to adjust to than “fall back.” What can you do about it? According to experts, it’s all about circadian rhythms and getting them back on track. What can you do? Here are a few tips from our friends at the Farmer’s Almanac:
1. Allow sunlight into your room soon after you wake, to help “reset” your circadian rhythm.
2. Don’t drink caffeinated beverages after lunch.
3. Exercise in the morning, afternoon or early evening, but not close to bedtime.
4. Dim the lights indoors, an hour before bedtime. Make your bedroom as dark as possible.
5. Listen to soothing, relaxing music to unwind earlier in the evening.
6. Take a warm soak in the tub before retiring.
7. Sip a warm cup of herbal tea to unwind. Herbal teas are noted to have a calming, relaxing, and stress relieving effect.
8. These natural supplements may help you relax and get to sleep: melatonin, magnesium, and valerian. (We recommend you ask your health professional before trying any of these.)
9. Get a chiropractic adjustment. Chiropractic patients commonly experience a notable improvement in their quality of sleep. Chiropractic adjustments optimize nervous system function, which regulates your internal, sleep-wake cycles (circadian rhythm).
Finally, drive with extra caution this week because studies show that traffic accidents rise 11% following the time change!
If you’re feeling sluggish and out of sorts this week, you’re not alone. Blame it on the time change. It’s hard to believe moving the clock one little hour forward can mess things up with your body. Even worse, “spring forward” is harder for your body to adjust to than “fall back.” What can you do about it? According to experts, it’s all about circadian rhythms and getting them back on track. What can you do? Here are a few tips from our friends at the Farmer’s Almanac:
1. Allow sunlight into your room soon after you wake, to help “reset” your circadian rhythm.
2. Don’t drink caffeinated beverages after lunch.
3. Exercise in the morning, afternoon or early evening, but not close to bedtime.
4. Dim the lights indoors, an hour before bedtime. Make your bedroom as dark as possible.
5. Listen to soothing, relaxing music to unwind earlier in the evening.
6. Take a warm soak in the tub before retiring.
7. Sip a warm cup of herbal tea to unwind. Herbal teas are noted to have a calming, relaxing, and stress relieving effect.
8. These natural supplements may help you relax and get to sleep: melatonin, magnesium, and valerian. (We recommend you ask your health professional before trying any of these.)
9. Get a chiropractic adjustment. Chiropractic patients commonly experience a notable improvement in their quality of sleep. Chiropractic adjustments optimize nervous system function, which regulates your internal, sleep-wake cycles (circadian rhythm).
Finally, drive with extra caution this week because studies show that traffic accidents rise 11% following the time change!
Thursday, March 6, 2014
Keep or Toss? A Quick Guide to De-Cluttering Papers!
by Janice Forostiak, Marketing Department
Are you ready to de-clutter? Tax prep time is prime time for tossing old paperwork you no longer need. We all tend to be paper hoarders at times, but even the most diligent record-keeper can get out of control. So, the $64,000 question remains: How do you know what to keep or toss? Here’s a handy guide to get you started:
KEEP UNTIL WARRANTY EXPIRES OR CAN NO LONGER RETURN OR EXCHANGE
• Sales Receipts: Keep 3 years for tax purposes
KEEP FOR 1 MONTH
• ATM Printouts: Throw out ATM receipts after balancing account
KEEP FOR 1 YEAR (Unless needed for tax purposes and then you need to keep for 3 years.)
• Paycheck Stubs: (Dispose once you have compared to your W2 & annual social security statement)
• Utility Bills: Dispose after one year, unless you’re using these as a deduction like a home office then you need to keep them for 3 years after you’ve filed that tax return.
• Cancelled Checks • Credit Card Receipts • Bank Statements • Quarterly Investment Statements: Hold until you get your annual statement.
KEEP FOR 3 YEARS
• Income Tax Returns: Keep in mind that you can be audited by the IRS for no reason up to three years after a tax return is filed. If you omit 25% of your gross income, that goes up to 6 years; and if you don’t file a tax return at all, there is no statute of limitations.
• Medical Bills and Cancelled Insurance Policies
• Records of Selling a House Documentation for Capital Gains Tax
• Records of Selling a Stock Documentation for Capital Gains Tax
• Receipts, Cancelled Checks and other Documents that Support Income or a Deduction on your Tax Return: Keep 3 years from the date the return was filed or 2 years from the date the tax was paid – whichever is later.
• Annual Investment Statement: Hold onto 3 years after you sell your investment.
KEEP FOR 7 YEARS
• Records of Satisfied Loans • Contracts • Insurance Documents • Stock Certificates • Property Records • Stock Records • Records of Pensions and Retirement Plans • Property Tax Records • Disputed Bills: Keep until the dispute is resolved. • Home Improvement Records: Hold for at least 3 years after the due date for the tax return that includes the income or loss on the asset when it’s sold.
KEEP FOREVER
These documents should be kept in a very safe place, like a safety deposit box.
• Marriage Licenses • Birth Certificates • Wills • Adoption Papers • Death Certificates • Records of Paid Mortgages
Are you ready to de-clutter? Tax prep time is prime time for tossing old paperwork you no longer need. We all tend to be paper hoarders at times, but even the most diligent record-keeper can get out of control. So, the $64,000 question remains: How do you know what to keep or toss? Here’s a handy guide to get you started:
KEEP UNTIL WARRANTY EXPIRES OR CAN NO LONGER RETURN OR EXCHANGE
• Sales Receipts: Keep 3 years for tax purposes
KEEP FOR 1 MONTH
• ATM Printouts: Throw out ATM receipts after balancing account
KEEP FOR 1 YEAR (Unless needed for tax purposes and then you need to keep for 3 years.)
• Paycheck Stubs: (Dispose once you have compared to your W2 & annual social security statement)
• Utility Bills: Dispose after one year, unless you’re using these as a deduction like a home office then you need to keep them for 3 years after you’ve filed that tax return.
• Cancelled Checks • Credit Card Receipts • Bank Statements • Quarterly Investment Statements: Hold until you get your annual statement.
KEEP FOR 3 YEARS
• Income Tax Returns: Keep in mind that you can be audited by the IRS for no reason up to three years after a tax return is filed. If you omit 25% of your gross income, that goes up to 6 years; and if you don’t file a tax return at all, there is no statute of limitations.
• Medical Bills and Cancelled Insurance Policies
• Records of Selling a House Documentation for Capital Gains Tax
• Records of Selling a Stock Documentation for Capital Gains Tax
• Receipts, Cancelled Checks and other Documents that Support Income or a Deduction on your Tax Return: Keep 3 years from the date the return was filed or 2 years from the date the tax was paid – whichever is later.
• Annual Investment Statement: Hold onto 3 years after you sell your investment.
KEEP FOR 7 YEARS
• Records of Satisfied Loans • Contracts • Insurance Documents • Stock Certificates • Property Records • Stock Records • Records of Pensions and Retirement Plans • Property Tax Records • Disputed Bills: Keep until the dispute is resolved. • Home Improvement Records: Hold for at least 3 years after the due date for the tax return that includes the income or loss on the asset when it’s sold.
KEEP FOREVER
These documents should be kept in a very safe place, like a safety deposit box.
• Marriage Licenses • Birth Certificates • Wills • Adoption Papers • Death Certificates • Records of Paid Mortgages
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