Income Taxes - North Light Financial Services

The Top 12 Tax Frauds

The Top 12 Tax Frauds A look at the IRS “dirty dozen” list. Have you heard of the “dirty dozen?” Each year, the IRS lists the top 12 recurring federal tax offenses – frauds, cheats, feints and schemes that ethically challenged taxpayers, tax preparers and crooks try to perpetrate. Watch for these scams in all seasons, not just tax season. Identity theft. Casually discarded or displayed personal information is an open invitation to criminals. Even when we are vigilant, multiple [...]

By info@northlightfinancialservices.com|2017-03-28T08:17:19-04:00April 24th, 2015|Business/Economic News, Income Taxes, Personal Finance|Comments Off

Tax Efficiency in Retirement

Tax Efficiency in Retirement How much attention do you pay to this factor? Will you pay higher taxes in retirement? Do you have a lot of money in a 401(k) or a traditional IRA? If so, you may receive significant retirement income. Those income distributions, however, will be taxed at the usual rate. If you have saved and invested well, you may end up retiring at your current marginal tax rate or even a higher one. The jump in [...]

By info@northlightfinancialservices.com|2017-03-28T08:17:19-04:00March 27th, 2015|Income Taxes, Investing, Retirement|Comments Off

How Long Do You Have To Keep Your Statements?

How Long Do You Have To Keep Your Statements? A year? Seven years? It depends. “You should retain copies of your federal tax returns for 7 years.” Is that true, or a myth? How long should you keep those quarterly and annual statements you get about your investment accounts? And how long should you keep bank statements before throwing them away? Your age, wealth & health might shape your answer. If you are not yet retired, then you may [...]

By info@northlightfinancialservices.com|2017-03-28T08:17:20-04:00February 13th, 2015|Health Insurance, Income Taxes, Personal Finance|Comments Off

Your Annual Financial To-Do List

Your Annual Financial To-Do List Things you can do before & for 2015. What financial, business or life priorities do you need to address for 2015? Now is a good time to think about the investing, saving or budgeting methods you could employ toward specific objectives. Some year-end financial moves may prove crucial to the pursuit of those goals as well. What can you do to lower your 2015 taxes? Before the year fades away, you have plenty of options. [...]

By info@northlightfinancialservices.com|2017-03-28T08:17:20-04:00December 23rd, 2014|401(k)/403(b), Financial Fitness, Income Taxes, Investing, IRA, Saving & Budgeting|Comments Off

Fall Financial Reminders

Fall Financial Reminders The year is coming to a close. Have you thought about these financial ideas yet? As every calendar year ends, the window slowly closes on a set of financial opportunities. Here are several you might want to explore before 2015 arrives. Don’t forget that IRA RMD. If you own one or more traditional IRAs, you have to take your annual required minimum distribution (RMD) from one or more of those IRAs by December 31. If you are [...]

By info@northlightfinancialservices.com|2017-03-28T08:17:21-04:00October 23rd, 2014|Income Taxes, IRA, Personal Finance|Comments Off