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

E-CPA – September 2008

INSIDE THIS ISSUE:
1. Warhaftig & Associates, CPA Update
2. Important Dates – Mark Your Calendar
3. Saving Green by Going Green
4. Five Credit Card Pitfalls
5. Freshman Finance 101: Money Management Skills for College Students
6. Check IRS Rules Before Donating a Used Car to Charity
7. Writing a Successful Business Plan
8. Additional Headlines

1. WARHAFTIG & ASSOCIATES, CPA UPDATE

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

Estimated Taxes: 3rd quarter estimated payments are due on September 15, 2008. If you would like to learn more about making estimated payments, please give us a call.

New Jersey Homestead Rebates have been sent out to seniors and disabled taxpayers based on applications received. All others that qualify should get them later in the fall.

3. SAVING GREEN BY GOING GREEN

Rising energy costs combined with concerns about global warming have spotlighted “green” issues. Whether you’re preparing for summer’s heat or winter’s frost – or looking
to lower your gasoline expenses – there are many practical ways to cut down on costs. Hear tips from a member of the New Jersey Society of CPAs that will help you save both
money and the planet.
http://www.moneymattersnj.com/story.cfm?sid=13431

4. FIVE CREDIT CARD PITFALLS

Thanks to the credit crunch and a growing number of defaults, card issuers are clamping down on borrowers. Now, even those with a stellar credit score and a solid history of paying their balances in full each month aren’t safe. Here are five credit card pitfalls and how to fight them.
http://www.accountingweb.com/cgi-bin/item.cgi?id=105714&d=883&h=884&f=882&dateformat=%o%20%B%20%Y

5. FRESHMAN FINANCE 101: MONEY MANAGEMENT SKILLS FOR COLLEGE STUDENTS

Parents should prepare their children for the rigors of managing a college budget by openly discussing monetary issues and teaching them personal finance basics.
http://www.360financialliteracy.org/Life+Stages/College/Articles/Budgeting+Basics/Freshman+Finance+101+Money+Management+Skills+for+College+students.htm

6. CHECK IRS RULES BEFORE DONATING A USED CAR TO CHARITY

High gas prices are causing many Americans to think about buying a more fuel efficient vehicle. But if you think you can donate your old car to charity and then take a hefty tax
deduction, you should brush up on the rules because they may be different from what you think.
http://www.moneymattersnj.com/story.cfm?sid=13421

7. WRITING A SUCCESSFUL BUSINESS PLAN

Many thriving businesses begin with someone’s great idea for a product or service. While that first inspiration is critical to any successful company, you also need a solid roadmap for the future. That’s why every company – whether start-up or long-standing – should have a business plan, a document that charts where your business stands today and
where you want it to go.
http://www.moneymattersnj.com/story.cfm?sid=13425

8. ADDITIONAL HEADLINES

Don’t Get Taken to the Divorce Tax Cleaners
http://www.bizactions.com/index.cfm/ba/e100/fa/90978861G1644J1835367P9P241T1/

Last-Minute Student Aid
http://www.bankrate.com/brm/news/college/20080722-financial-aid-a1.asp?caret=2

Common Challenges for Family Businesses
http://www.moneymattersnj.com/story.cfm?sid=13426

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