May 2009 E-CPA Newsletter

E-CPA – May 2009

BROUGHT TO YOU BY WARHAFTIG & ASSOCIATES, CPA

INSIDE THIS ISSUE:

1. WARHAFTIG & ASSOCIATES, CPA Update

2. Important Dates – Mark Your Calendar

3. This Month’s Podcast: What to Do with Your Tax Refund
4. Protecting Your Retirement Savings
5. Borrowing from a Company Retirement Plan
6. New Jersey Tax Amnesty Program: May 4 – June 15
7. How to Lower Your Prescription Drug Costs
8. Additional Headlines

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1. WARHAFTIG & ASSOCIATES, CPA UPDATE

Even though tax season is done, it is never to early to discuss next year’s taxes…
Don’t be caught off guard and an unexpected tax return. Remember, a return
does not equal a refund.

Past e-Newsletters can be seen on our blog via our website at
www.warhaftigassociates.com

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2. IMPORTANT DATES – MARK YOUR CALENDAR
If you are making estimated payments, June 15th is the next scheduled date.
Please call if you have any questions or concerns.

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3. THIS MONTH’S PODCAST: WHAT TO DO WITH YOUR TAX REFUND
You’ve finally settled up with Uncle Sam and got a refund.
So what should you do with the extra cash? A member of the
New Jersey Society of CPAs has some suggestions in this
month’s podcast.
http://www.moneymattersnj.com/story.cfm?sid=13907

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4. PROTECTING YOUR RETIREMENT SAVINGS
Problems in the stock market have affected virtually every
sector of the economy, but the impact on retirement accounts
has been the most worrisome for many people. Here are some
steps you can take now to protect your remaining savings.

http://www.moneymattersnj.com/story.cfm?sid=13850

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5. BORROWING FROM YOUR COMPANY RETIREMENT PLAN
Tapping into your retirement plan during a financial
emergency can be an acceptable step in the absence of other
borrowing options. Here’s how to make the most of this
borrowing option and avoid common mistakes.

http://www.moneymattersnj.com/story.cfm?sid=13851

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6. NEW JERSEY TAX AMNESTY PROGRAM: MAY 4 – JUNE 15
The New Jersey Division of Taxation has initiated a
limited-time Tax Amnesty program for individuals and
businesses that, due to tough economic times, owe taxes and
are confronted with accumulating interest payments and
penalties. From Monday, May 4, until June 15, 2009, the
Division will waive all penalties and forgive half of the
interest owed.

http://www.moneymattersnj.com/story.cfm?SID=13894

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7. HOW TO LOWER YOUR PRESCRIPTION DRUG COSTS
Many people struggle to meet the steep price of medications
for their families, particularly in a tough economy. Here
are some tips to make this necessary expense more affordable.
http://www.moneymattersnj.com/story.cfm?SID=13852

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8. ADDITIONAL HEADLINES

* Smart Steps for Funeral Planning –
http://www.moneymattersnj.com/story.cfm?sid=13853

* Beware of the 2009 “Dirty Dozen” Tax Scams –
http://www.moneymattersnj.com/story.cfm?sid=13842

* Nest Egg 2009: Five Ways to Stretch Your Savings –
http://www.smartmoney.com/Personal-Finance/Retirement/Nest-Egg-2009-5-Ways-to-Stretch-Your-Savings/

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E-CPA is a monthly email publication provided by

WARHAFTIG & ASSOCIATES, CPA

64 Hickory Court

Jamesburg, NJ 08831

(732) 521-3694

If you would prefer not to receive this newsletter, send an

email message to ira@warhaftigassociates.com with the words

“Unsubscribe E-CPA” in the subject line.

April 2009 E-CPA Newsletter

E-CPA – April 2009

BROUGHT TO YOU BY WARHAFTIG & ASSOCIATES, CPA

INSIDE THIS ISSUE:

1. WARHAFTIG & ASSOCIATES, CPA Update

2. Important Dates – Mark Your Calendar
3. Dealing with Debt Collectors
4. This Month’s Podcast: HSAs Versus FSAs
5. Helping Aging Relatives in Tough Economic Times
6. Financial Advice for New Parents
7. Three Scams to Avoid in Tough Times
8. How to Blow Your Credit Limit – Without Spending

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1. WARHAFTIG & ASSOCIATES, CPA UPDATE

On behalf of Deanna and myself, we would like to thank all of our clients
that used our services during this season.
We hope to see you all next season, but also if you need financial services
during the year, please do not hesitate to give us a call or drop us an e-mail.

Past e-Newsletters can be seen on our blog via our website at
www.warhaftigassociates.com

Also, as the mortgage crisis continues, I have heard a number of people say
that they are having trouble with their current mortgage. To help with this, I am
happy to refer you to Dione LeBlanc who is helping a lot of homeowners “modify”
their mortgages into a better situation.
You can call her at (732) 773-9330 or e-mail her at
dionneleblanc@certifiedmod.com

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2. IMPORTANT DATES – MARK YOUR CALENDAR
April 15th is pretty much here…if you have filed an extension and would like us
to prepare your return, please drop us a line.

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3. DEALING WITH DEBT COLLECTORS
It’s not uncommon to fall behind on debt payments,
particularly in a troubled economy. If you have missed
payments on your mortgage, credit card or other outstanding
debt, you may hear from a debt collector. Here’s some advice
on how to deal with collection agencies if you find yourself
in this situation.
http://www.moneymattersnj.com/story.cfm?SID=13795

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4. THIS MONTH’S PODCAST: HSAs VERSUS FSAs
Health Savings Accounts (HSAs) share some similarities with
Flexible Spending Accounts (FSAs) and other medical spending
accounts, but there are important differences. Hear from an
expert about how ownership, savings, spending and claims
differ across these accounts and learn the best option for
your situation.
http://www.moneymattersnj.com/story.cfm?sid=13803

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5. HELPING AGING RELATIVES IN TOUGH ECONOMIC TIMES
The downturn in the economy has taken a toll on everyone,
but senior citizens are often hardest hit. Here’s some
advice on how to help your parents or other aging relatives
weather a recession.
http://www.moneymattersnj.com/story.cfm?sid=13796

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6. FINANCIAL ADVICE FOR NEW PARENTS
A new baby is a joyous addition to any family. But children
also bring added financial responsibilities for new parents.
Here’s some advice on making the right financial choices for
your growing family.
http://www.moneymattersnj.com/story.cfm?sid=13797

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7. THREE SCAMS TO AVOID IN TOUGH TIMES
Many people have lost their jobs in the last few months as
the economy falters. Scam artists are still fully employed,
however, in good times and bad. Learn the tell-tale signs of
three common financial scams.
http://www.moneymattersnj.com/story.cfm?SID=13798

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8. HOW TO BLOW YOUR CREDIT LIMIT – WITHOUT SPENDING
If you haven’t had the credit limit cut on your credit card
recently, consider yourself lucky. Risk-averse card issuers
are increasingly cutting cardholder’s limits – sometimes to
amounts below what the cardholder currently owes.
http://www.smartmoney.com/spending/deals/card-issuers-will-not-hesitate-to-slash-your-credit-line/

=============================================================

E-CPA is a monthly email publication provided by

Warhaftig & Associates, CPA

64 Hickory Court

Jamesburg, NJ 08831

(732) 521-3694

If you would prefer not to receive this newsletter, send an

email message to ira@warhaftigassociates.com with the words

“Unsubscribe E-CPA” in the subject line.

March 2009 E-CPA Newsletter

E-CPA – March 2009

BROUGHT TO YOU BY WARHAFTIG & ASSOCIATES, CPA

INSIDE THIS ISSUE:

1. WARHAFTIG & ASSOCIATES, CPA Update

2. Important Dates – Mark Your Calendar
3. Six Ways to Stretch Your Dollar
4. This Month’s Podcast: How to Survive Losing Your Job
5. Avoiding a Tax Audit
6. Five Mistakes That Can Bust Your Budget
7. Handling Debt in a Divorce

===========================================================

1. WARHAFTIG & ASSOCIATES, CPA UPDATE

The 2009 Tax season is well under way…appointments can be made at any time by
calling 732-521-3694.
We offer both weeknights and weekend appointments and work around your
schedule. Also, tax returns can be prepared at your home or office if that is
preferred.
Past e-Newsletters can be seen on our blog via our website at
www.warhaftigassociates.com

Also, as the mortgage crisis continues, I have heard a number of people say
that they are having trouble with their current mortgage. To help with this, I am
happy to refer you to Dione LeBlanc who is helping a lot of homeowners “modify”
their mortgages into a better situation.
You can call her at (732) 773-9330 or e-mail her at
dionneleblanc@certifiedmod.com

Your Piece of the Stimulus Package
Ok, here are the details as I can see it:
1) If you are working and getting a paycheck from your employer, you will be receiving $400 over the course of 9 months (April 1st through December 31st) via less money coming out of your paycheck for Federal Withholding.
2) But if you make more than $95,000 as a single person, or $190,000 as a couple, you might still see this in your check, but might get this added back into your taxes come next tax season.
3) Folks on Social Security will receive a $250 check sometime prior to June 17th.
4) If you haven’t bought a home and are thinking about it, NOW IS THE TIME. There is a first time home buyers credit of $8,000 which you will get back once you buy the home and process your taxes next year. This is not an interest free loan like the one that they put out last year…the money is all yours.
5) Tuition credits got nicer as well…you can get up to $2,500 in tax credits for going to college (remember, it is you, not your dependant going to college).
6) Buying a new car this year, you are able to deduct the sales tax paid on that car (yes, you could have deducted it before, but it is complicated and I am not going into that here, if you want more information, let me know), this time, it is an additional deduction.
Most of the other items in the bill are for businesses or probably don’t relate to your individual needs. If you hear of something and would like more information on it, please let me know.

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2. IMPORTANT DATES – MARK YOUR CALENDAR
April 15th will come up fast…don’t delay in getting your taxes done. Filers who
wait until the last minute usually miss something important that could save
themselves money.

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3. SIX WAYS TO STRETCH YOUR DOLLAR
It’s always a good idea to spend your money wisely, but
during tough economic times these smart steps are even more
important. Here are some tips for getting the most out of
every dollar that you spend.
http://www.moneymattersnj.com/story.cfm?SID=13749

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4. THIS MONTH’S PODCAST: HOW TO SURVIVE LOSING YOUR JOB
In a troubled economy, many companies are cutting back. But
if you are laid off, stay positive and don’t panic. Hear
from a member of the New Jersey Society of CPAs about
strategies for evaluating your finances and finding that
next job. http://www.moneymattersnj.com/story.cfm?sid=13752

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5. AVOIDING A TAX AUDIT
All taxpayers dread the prospect of facing an Internal
Revenue Service audit. But there are steps you can take to
minimize the likelihood that you’ll be audited or at least
ensure a more positive experience if you are.
http://www.moneymattersnj.com/story.cfm?sid=13747

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6. FIVE MISTAKES THAT CAN BUST YOUR BUDGET
Making – and sticking to – a household budget can help you
conserve cash and limit your credit needs in tough economic
times. There are some traps, however, that can bust your
budget quickly, despite your best intentions.
http://www.moneymattersnj.com/story.cfm?SID=13748

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7. HANDLING DEBT IN A DIVORCE
Divorce is usually a very emotional and difficult time in
life, and it can also raise troubling financial questions.
Here’s some advice on how to smooth out problems and avoid
unnecessary friction when finances become an issue.
http://www.moneymattersnj.com/story.cfm?SID=13751

=============================================================

E-CPA is a monthly email publication provided by

Warhaftig & Associates, CPA

64 Hickory Court

Jamesburg, NJ 08831

(732) 521-3694

If you would prefer not to receive this newsletter, send an

email message to ira@warhaftigassociates.com with the words

“Unsubscribe E-CPA” in the subject line.

February 2009 E-CPA Newsletter

E-CPA – February 2009

BROUGHT TO YOU BY WARHAFTIG & ASSOCIATES, CPA

INSIDE THIS ISSUE:

1. WARHAFTIG & ASSOCIATES, CPA Update

2. Important Dates – Mark Your Calendar
3. This Month’s Podcast: Buying or Selling a Home in a Recession
4. Qualifying for a Mortgage in a Tough Economy
5. IRS Offers Tips to Avoid Recovery Rebate Credit Confusion
6. Retirement Savings Steps to Take Now
7. Tips for Renegotiating Your Mortgage

===========================================================

1. WARHAFTIG & ASSOCIATES, CPA UPDATE

The 2009 Tax season is well under way…appointments can be made at any time by
calling 732-521-3694.
We offer both weeknights and weekend appointments and work around your
schedule. Also, tax returns can be prepared at your home or office if that is
preferred.
Past e-Newsletters can be seen on our blog via our website at
www.warhaftigassociates.com

Also, as the mortgage crisis continues, I have heard a number of people say
that they are having trouble with their current mortgage. To help with this, I am
happy to refer you to Dione LeBlanc who is helping a lot of homeowners “modify”
their mortgages into a better situation.
You can call her at (732) 773-9330 or e-mail her at
dionneleblanc@certifiedmod.com

===========================================================

2. IMPORTANT DATES – MARK YOUR CALENDAR
April 15th will come up fast…don’t delay in getting your taxes done. Filers who
wait until the last minute usually miss something important that could save
themselves money.

===========================================================

3. THIS MONTH’S PODCAST: BUYING OR SELLING A HOME IN A
RECESSION

If you’re shopping for a mortgage or trying to sell your
home these days, it’s a whole new world out there. The
days of easy credit and skyrocketing home values are long
gone. So what do you do? Hear from a New Jersey CPA and a
real estate expert about how to buy or sell a home during
a recession.
http://www.moneymattersnj.com/story.cfm?sid=13691

* SEE ALSO: Preparing Your Home for Sale –
http://www.moneymattersnj.com/story.cfm?SID=13677

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4. QUALIFYING FOR A MORTGAGE IN A TOUGH ECONOMY
Although banks currently have stricter lending rules, it is
still possible to qualify for a mortgage in this difficult
economy. Here are a few steps that may make it easier.
http://www.moneymattersnj.com/story.cfm?sid=13678

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5. IRS OFFERS TIPS TO AVOID RECOVERY REBATE CREDIT CONFUSION
In response to errors showing up on early tax filings, the
Internal Revenue Service is urging taxpayers to make sure
they properly determine eligibility for the recovery rebate
credit before they file their 2008 federal tax returns.
http://www.moneymattersnj.com/story.cfm?SID=13681

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6. RETIREMENT SAVINGS STEPS TO TAKE NOW
The recent turmoil in the financial markets has touched
virtually every sector of the economy. One huge source of
anxiety for many people is the state of their retirement
savings. The market will always be volatile, but there are
steps you can take to better protect yourself for the
future. http://www.moneymattersnj.com/story.cfm?SID=13679

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7. THREE TIPS FOR RENEGOTIATING YOUR MORTGAGE
Banks are more willing than ever to help homeowners avoid
foreclosure, and terms may improve further if Congress
includes additional incentives for banks to help homeowners
as part of the economic stimulus package under
consideration. Here’s what you need to know.

http://www.smartmoney.com/Personal-Finance/Real-Estate/3-Tips-for-Renegotiating-Your-Mortgage/

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E-CPA is a monthly email publication provided by

WARHAFTIG & ASSOCIATES, CPA

64 Hickory Court

Jamesburg, NJ 08831

(732) 521-3694

If you would prefer not to receive this newsletter, send an

email message to ira@warhaftigassociates.com with the words

“Unsubscribe E-CPA” in the subject line.