LNG Financial Services, LLC

LNG Financial

Dear Valued Client,

You'll find this issue of our newsletter packed with information designed to help you save, keep track of and spend your money wisely, with articles ranging from critical Medicare and Social Security details, to personal taxes and QuickBooks.

Recently I have been meeting with more and more people specifically about Medicare, helping them understand how the program works and determining which is the best way for them to take their coverage. I continually find that most of the people I meet with, whether they're just turning 65 or have been in the program for several years, have very little understanding of how the program works or what coverage is best for them. You'd be surprised how many people already enrolled in Medicare don't have a clue what type of coverage they have. This has become a specialty for me and I invite you to contact me any time with questions.

As confusing as Medicare is, many people find Social Security just as confusing, which is why we've included a good basic overview of Social Security eligibility here as well. Please feel free to call this office with any questions you may have.

Now that the 2013 rush to complete personal tax returns has passed, we can all look forward to what hopefully will be a beautiful Spring and Summer.

Wishing you all the best,

Howie Hirshfield
Certified Retirement Counselor(R)
LNG Financial Services

Age To Receive 100% of Your Social Security Benefit

As reported in last month's issue, you are entitled to 100% of your monthly Social Security benefit at your Full Retirement Age. You do not have to wait until you reach Full Retirement Age to begin taking your Social Security benefit. You can begin at age 62 but at at lower monthly benefit amount, which will never change.
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Avoid Costly Mistakes When Enrolling in Medicare

A recent survey by the National Association of Insurance Commissioners showed that 40% of Americans do not even know the age at which most people become eligible for Medicare. The answer is 65. There are many complexities which exist within the Medicare program and proper planning is required.
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Spring-Clean Your QuickBooks Company File

There are a lot of clues that indicate trouble with your QuickBooks company file. Is it time for a check-up and tune-up?
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Don't Overlook the Spousal IRA

One frequently overlooked tax benefit is the “spousal IRA.” Generally, IRA contributions are only allowed for taxpayers who have compensation (the term “compensation” includes wages, tips, bonuses, professional fees, commissions, alimony received, and net income from self-employment). Spousal IRAs are the exception to that rule and allow a non-working spouse who files a joint return to contribute to his or her own IRA, otherwise known as a spousal IRA.
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Getting Hit With the Alternative Minimum Tax?

There are two ways to determine your tax—the regular way that most everyone understands, and the alternative method. Your tax will be the higher of the two.
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Haven’t Filed an Income Tax Return?

If you have been procrastinating on filing your 2013 tax return or have other prior year returns that have not been filed, you should consider the consequences. The April 15 due date for the 2013 returns is just around the corner. That is also the last day to file a 2010 return and be able to claim a refund. Taxpayers should file all tax returns that are due, regardless of whether or not full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan. All payment plans require continued compliance with all filing and payment responsibilities after the plan is approved.
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Don’t Get Scammed, They Are Very Clever

You may think we harp a lot on protecting yourself against identity theft. You are right…because having your identity stolen becomes an absolute financial nightmare, sometimes taking years to straighten out. Identity thieves are clever, relentless, and always coming up with new schemes to trick you. And all you have to do is slip up just once to compromise your identity and your nightmare begins
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Tax Breaks for Grandparents

More and more individuals who thought their child-rearing days were over are now raising their grandchildren. The U.S. Census Bureau has found that there were 7 million grandparents whose grandchildren younger than 18 were living with them in 2010. Another study found that the number of grandchildren living with their grandparents has increased 50% over the past ten years. Grandparents in this challenging situation should be aware that a variety of tax breaks may be available to ease the financial burden of becoming primary caregivers for grandchildren.
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The LNG Financial Services newsletter is available via e-mail on a free subscription basis. You can subscribe or unsubscribe at any time. For more information about - LNG Financial Services, go to http://www.lngfinancial.com. This message was sent using ClientWhys Persyst. View our permission marketing policy.

Circular 230 Disclosure, United States Treasury regulations effective June 21, 2005 require us to notify you that to the extent of this communication, or any of its attachments, contains or constitutes advice regarding any U.S. Federal tax issue, such advice is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding any penalties that can be imposed by the Internal Revenue Service.
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