| TAXES: Maximize your refund
Tax returns produce a welcome benefit for many taxpayers: a refund check. If you want to maximize your refund, here are some suggestions from financial planning experts at the New Jersey Society of Certified Public Accountants: Pay off high-interest debt. Save it. Pay down your mortgage. Save for education. Save for retirement. Put the tax refund into a retirement account -- IRA, Roth IRA, SEP, or tax-deferred account (variable annuity or variable life insurance). Reduce it for next year. CPA Stephen Petti points out that the refund is really income that the government holds interest free -- the result of overpaying the government. Engage planning mode. Think about your overall goals and objectives and how these dollars can work with your financial plan.
GUEST COLUMN Tax law changes that affect your pocketbook
There's an old joke about the accounting profession that's been around the block a few times: If an accountant's spouse cannot sleep, what does she or he say? Tell me about your day at work. Sure, it's a stereotype, and yes, accounting can be exciting, but the fact of the matter is that in the public consciousness, accounting and tax law do not carry the same sizzle as Colts versus Patriots, the season premier of 24 or red carpet buzz. However, nearly every year Congress passes laws that directly affect many taxpayers. Very often, these changes can benefit individuals and their families, and in 2006, Congress enacted two such laws the Tax Increase Prevention and Reconciliation Act of 2005 and the Pension Protection Act. The Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) was passed in May 2006 and includes many provisions, including an extension through 2010 of the reduced rates on capital gains, as well as an increase in alternative minimum tax exemption levels.
When are my Social Security benefits taxable?
Seniors often confuse repaying social security benefits (determined by the Social Security Administration) and paying income tax on their social security benefits (determined by the IRS).
How much, if any, of your social security benefits are taxable depends on your total income and marital status. Generally, if social security benefits were your only income, your benefits are not taxable and you probably do not need to file a federal income tax return
If you received income from other sources, your benefits will not be taxed unless your modified adjusted gross income is more than the base amount for your filing status. Your taxable benefits and modified adjusted gross income are figured in a worksheet in the Form 1040A or Form 1040 Instruction booklet.
Modified adjusted gross income is different than the adjusted gross income found on your tax return.
AFL Weekly Reviews Round Two 2007
Pie ruckman Guy Richards had a free at the restart and dished off to Scott Burns, his pass found Davis on-the-lead for another goal and the Poise led by 13 points. The locals responded, Lynch’s skilful gather and handpass sent Michael Braun in for a running goal. But a minute later Rocca launched a wobbly 70m ‘miskick’ which sailed through for full points. Must be something about that spot, it was about where Lade kicked a torpedo goal last week. Pies by 13 again as goals alternated for a bit, Weeg Steven Armstrong threaded a free-kick through after Pie Heath Shaw kicked on-the-full while being tackled. Davis free-kicked his third goal of the quarter after being ridden into the sandy turf by Wirrpanda, who soon returned to the forward-line. Rocca was reported, ridiculously, for a late bump on Weeg ruckman Jaymie Graham.
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