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.

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

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. 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

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

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

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

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

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

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

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

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.