WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’

* CPA ADVISOR reports “IRS Income Tax Tables for 2014 Tax Season”.  The information discussed in this post actually applies to tax year 2013 – for 2013 returns to be filed in 2014.

* “Tax Pros: Do You Know What You're Worth?”  The NSA BLOG reports on the findings of its 2012-2013 “Income and Fees of Accountants and Tax Preparers in Public Practice” survey.  

The survey indicated that the average cost of a Form 1040 with Schedule A and a state return is $246.  The average cost for a non-itemized return is $143.

As you would expect, prices vary based on region.  The average cost for a Form 1040 with Schedule A and a state return for the “Middle Atlantic” region – New Jersey, New York, and Pennsylvania – is $258. 

I hope my clients read this – and realize how lucky they are!

* The marriage penalty is alive and well.  So we learn from “Wedding-Bell Blues” at the WALL STREET JOURNAL.

The article points out -

“For example, if the hypothetical spouses cited above each earn $75,000, rather than one partner earning $150,000, they could incur nearly $4,000 more in tax compared with what they would owe as single filers with the same income, deductions and children.”

           

* Just a reminder – the 2^nd quarter 2013 estimated tax payment is due on June 17^th (Monday).

* Another “Reminder: IRS To Be Closed June 14 Due to Budget and Sequester; Filing and Payment Deadlines Unchanged”.

* “Refund, or No Refund?”, that is the question.  Over at 5 CENT NICKEL new staff writer William Cowie gives us his answer.

William’s answer is contrary to the popular opinion of financial advisors.  And, while I understand the reasoning of the popular opinion, I do support William’s choice. 

Adding to William’s reasoning – going for the refund is a form of forced savings.  I know full well that if some of my clients received an extra $100 in their paychecks each month, or each week, they would spend it – and not necessarily wisely.

* NJ homeowners - here is the latest word on the 2012 NJ Homestead Benefit program, from the NJDOT website –

“Applications for the 2012 homestead benefit are expected to be mailed in the fall of 2013.”

So the program is still alive. 

As for the 2011 NJ Homestead Benefit –

“ . . eligible homeowners will receive their 2011 homestead benefit as a credit applied to property tax bills in August 2013.”

* We all like to get free stuff – especially free stuff that is actual worth something.  Kristine McKinley of BEACON FINANCIAL ADVISORS is offering a “FREE Report: 10 Strategies to Maximize Your Social Security Income”.

TTFN