E-CPA – October 2008

INSIDE THIS ISSUE:
1. Warhaftig & Associates, CPA Update
2. Important Dates – Mark Your Calendar
3. Is My Money Safe?
4. Ideas for Cutting Your Heating Bills
5. Don’t Be a Victim of Consumer Fraud
6. New Tax Credit Available for First-Time Homebuyers
7. Being Prepared Financially After a Death in the Family
8. Preparation Can Make the Difference Between Inconvenience and Disaster
9. Additional Headlines

1. Warhaftig & Associates, CPA UPDATE

First and foremost, the market situation. A lot of people have come up and asked me
my opinion on this whole market problems. Allow me to give you a few things to
think about when it comes to your money:

1. If you “need” the money that you have currently invested in the market, your 401k, IRAs, mutual funds, etc within the next 5 years, then take it out now and put it into something safe like savings, treasury bills, CD’s, etc.
2. If you do not need the money during the next 5 years, and can “ride out the storm”, then leave your money alone, and if possible, contribute more. I know that sounds like the last thing you want to do, but markets are always cyclical and will come back on average every 3 – 5 years. Now is not the time to panic even though everyone else is. Always make sure you have enough cash on hand in case of an emergency, usually 3 – 6 months worth of bills, and your retirement accounts are fully funded.

Appointments are now being taken for tax planning (get a jump on next year and don’t be surprised), financial planning (investing, retirement, debt and credit card assistance) or anything else that we can be of assistance. Please do not hesitate to call or e-mail us.

2. IMPORTANT DATES – MARK YOUR CALENDAR

Homestead rebates have been mailed out. If you believe you should have received one and did not receive it, you can call the State of New Jersey at 877-658-2972,
or go online at www.state.nj.us to check the status online.

3. IS MY MONEY SAFE?

In the wake of Wall Street’s recent turbulence, CPA financial planners advise a calm approach to investors concerned about the safety of their assets. But if you are worried about your money – in banks, brokerages, or insurance companies – this month’s Financially Fit podcast from the New Jersey Society of CPAs provides answers to some pressing questions.
http://www.moneymattersnj.com/story.cfm?SID=13463

SEE ALSO:

Is My Money Really Safe? (Yahoo! Finance)
http://finance.yahoo.com/banking-budgeting/article/105777/Is-My-Money-Really-Safe

Tips on Safeguarding Savings and Investments
http://www.moneymattersnj.com/story.cfm?SID=13444

4. IDEAS FOR CUTTING YOUR HEATING BILLS

Home heating prices have skyrocketed in recent years, leaving people scrambling to find ways to cut their energy expenses. Given the soaring cost of fuel in recent months, there’s reason to believe that this year will be another expensive one. However, there are ways to conserve energy and lower your heating bills, without sacrificing your comfort. http://www.moneymattersnj.com/story.cfm?sid=13467

5. DON’T BE A VICTIM OF CONSUMER FRAUD

Consumer fraud is big business, and there are many different types of crimes involved, including tax refund scams, fraudulent weight-loss programs, phony lottery or prize schemes and bogus work-at-home scams. Here are steps you can take to avoid becoming a victim.
http://www.moneymattersnj.com/story.cfm?sid=13466

6. NEW TAX CREDIT AVAILABLE FOR FIRST-TIME HOMEBUYERS

First-time homebuyers should begin planning now to take advantage of a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008.
http://www.moneymattersnj.com/story.cfm?sid=13442

7. BEING PREPARED FINANCIALLY AFTER A DEATH IN THE FAMILY

What would happen to your family’s finances if you or your spouse were to die unexpectedly? Would it be easy for your loved ones to get back on their feet financially? Here are some tips to ensure that your family is financially prepared to cope with a death in the family.
http://www.moneymattersnj.com/story.cfm?sid=13465

8. PREPARATION CAN MAKE THE DIFFERENCE BETWEEN INCONVENIENCE
AND DISASTER

Natural or manmade disasters can strike at any time, and protecting your family’s health and security are the most urgent considerations. However, the steps you take before disaster strikes may make the difference between dealing with an inconvenience or trying to survive a nightmare.
http://www.moneymattersnj.com/story.cfm?sid=13468

9. ADDITIONAL HEADLINES

Five Last-Minute Retirement Tips
http://www.smartmoney.com/consumer/index.cfm?story=5-Last-Minute-Retirement-Tips

Is Your Hobby a For-Profit Endeavor?
http://www.irs.gov/irs/article/0,,id=186056,00.html

Cheap Ways to Boost Your Home’s Value
http://www.smartmoney.com/consumer/index.cfm?story=top5-home-values

E-CPA is a monthly email publication provided by:
Warhaftig & Associates, CPA
64 Hickory Court
Jamesburg, NJ 08831
(732) 521-3694
www.WarhaftigAssociates.com