Q. I received a package from the IRS regarding the Economic Stimulus Payment. They instructed me to complete the Form 1040A and send it in. I already filed my 2007 tax return. Do I still do this?
A. No. The IRS used the social security database to send out the letter to remind social security recipients that they may be eligible even if they were not required to file in the past. Some social security recipients have traditionally filed tax returns to report other sources of income as well. Just ignore the notice if you have already filed or plan to file the 2007 tax return.
Tomorrow on "Your Financial Choices" - A discussion on Charitable Contributions with Mary Ann Stover of Foundation Source. Tune into NEWSTALK AM 790 WAEB or online at www.WAEB.com
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Securities offered through Valley National Investments, Inc. - an independent broker/dealer and member FINRA and SIPC.
Friday, March 28, 2008
Friday, March 21, 2008
Today is FAQ Friday; Tomorrow is Tax Question Day!
Here is today's Frequently Asked Question for Friday, March 21 2008:
Q. Where do I find a financial planner?
A. If you have access to the Internet, you can check out the Financial Planning Association website www.fpanet.org or the Certified Financial Planners Board website at www.cfpboard.org. Both websites have planner search capabilities and consumer information and educational tools. Both organizations strongly support the Certified Financial Planner designation and the core principles that CFP® practitioners are to uphold. Not all financial planners are CFP® practitioners so know the difference. There are very stringent educational and testing requirements that must be met before becoming certified. In addition, you can check out investment advisers and brokers on www.finra.org.
TOMORROW - we are devoting the entire hour of "Your Financial Choices" to YOUR QUESTIONS! We've been getting a lot of calls during the second half of the show - please don't hesitate to call in earlier! That's what we're here for - to answer your questions and let you know your choices!
April 15 is fast approaching....so let's talk tomorrow! CALL IN AT 610-720-7900
"Your Financial Choices" on NEWSTALK AM 790 WAEB at 9:00 a.m. following the news - tune in or listen online at WAEB.com!
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Securities offered through Valley National Investments, Inc. - an independent broker/dealer and member FINRA and SIPC.
Q. Where do I find a financial planner?
A. If you have access to the Internet, you can check out the Financial Planning Association website www.fpanet.org or the Certified Financial Planners Board website at www.cfpboard.org. Both websites have planner search capabilities and consumer information and educational tools. Both organizations strongly support the Certified Financial Planner designation and the core principles that CFP® practitioners are to uphold. Not all financial planners are CFP® practitioners so know the difference. There are very stringent educational and testing requirements that must be met before becoming certified. In addition, you can check out investment advisers and brokers on www.finra.org.
TOMORROW - we are devoting the entire hour of "Your Financial Choices" to YOUR QUESTIONS! We've been getting a lot of calls during the second half of the show - please don't hesitate to call in earlier! That's what we're here for - to answer your questions and let you know your choices!
April 15 is fast approaching....so let's talk tomorrow! CALL IN AT 610-720-7900
"Your Financial Choices" on NEWSTALK AM 790 WAEB at 9:00 a.m. following the news - tune in or listen online at WAEB.com!
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Securities offered through Valley National Investments, Inc. - an independent broker/dealer and member FINRA and SIPC.
Friday, March 14, 2008
FAQ FRIDAY - 3/14/08
Q. I need to update my beneficiary designations on my life insurance policies at work. I want to name my wife primary. I have two children. Should I name the estate the contingent?
A. You should talk to your attorney about what is right for you. In Pennsylvania, life insurance is not subject to Inheritance Tax and if there is a named beneficiary, it is not subject to probate. However, if you name the estate the beneficiary of your life insurance policy, it will go through the probate process. If you have minor children, I would expect that your attorney discussed providing a Trust for them under the terms of your Will. If this is the case, your attorney can give you the proper wording for the contingent beneficiary designation such that the proceeds of the life insurance would go into trust versus to the estate.
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Securities offered through Valley National Investments, Inc. - an independent broker/dealer and member FINRA and SIPC.
A. You should talk to your attorney about what is right for you. In Pennsylvania, life insurance is not subject to Inheritance Tax and if there is a named beneficiary, it is not subject to probate. However, if you name the estate the beneficiary of your life insurance policy, it will go through the probate process. If you have minor children, I would expect that your attorney discussed providing a Trust for them under the terms of your Will. If this is the case, your attorney can give you the proper wording for the contingent beneficiary designation such that the proceeds of the life insurance would go into trust versus to the estate.
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Securities offered through Valley National Investments, Inc. - an independent broker/dealer and member FINRA and SIPC.
Monday, March 10, 2008
FAQ FRIDAY - 3/7/08
Q. I need to file for an extension of my 2007 income tax return. I know that you have to file a 2007 return to get the advance payment of the economic stimulus payment. Will I still be eligible if I file for the extension?
A. You may still be eligible as long as your income does not exceed the limitations but your payment may be delayed. For normal filers, the payments are hoped to be mailed out starting sometime in May. Make sure that you get your return filed by the extension due date so the IRS can process your return and issue the payment before the end of the year.
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Securities offered through Valley National Investments, Inc. - an independent broker/dealer and member FINRA and SIPC.
A. You may still be eligible as long as your income does not exceed the limitations but your payment may be delayed. For normal filers, the payments are hoped to be mailed out starting sometime in May. Make sure that you get your return filed by the extension due date so the IRS can process your return and issue the payment before the end of the year.
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Securities offered through Valley National Investments, Inc. - an independent broker/dealer and member FINRA and SIPC.
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