cutest pet photo contest common tax errors to avoid€¦ · avoid the following common mistakes to...
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Welcome to the latest edition of our newsletter! As always, if you have questions or suggestions, please contact us.
Cutest Pet Photo Contest!
Pets are important family members in my home. I know they are in many of yours, too! In celebration of National Pet Day on April 11, we are sponsoring our first annual Cutest Pet Photo Contest! You may submit up to two pictures of
each of your pets, and a winner will be chosen in early April, then announced on Anita Ritter Financial social media April 11! A prize will be awarded! All pictures must be submitted onto Anita Ritter Financial Facebook page, or, if necessary, email them to Jessica [email protected]). All photos will be found on Anita Ritter Financial Facebook, so check in often to see your cuties! The number of likes a pet photo receives will help impact the final winning choice! Please identify your name and the pet’s name and age. Deadline for all photos is March 31. May the picture-taking begin!
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“Animals are such agreeable friends. They ask no questions, they pass no criticisms!” ~George Eliot
12 Common Tax Errors to Avoid
Filing taxes can be a tedious process. If you plan to do it yourself, either online or with an old-fashioned pen and paper, it can be all too easy to make mistakes. If you aren’t familiar enough with the tax code to take advantages of available tax breaks, you could lose money. Clerical errors and math mistakes can lead to tax audits, late fees and even jail time for tax fraud. Avoid the following common mistakes to ensure that you get through tax season unscathed.
1. Choosing the wrong filing status: Choosing the correct filing status is important because tax brackets, deductions and credits vary for each status. You may fare better filing separately even if you’re married, so make sure to calculate both scenarios before choosing a status. You should also consider filing as Head of Household if you’re single and have a dependent living with you. Your filing status is based on your status as of Dec. 31 of the filing year.
2. Not claiming all available deductions and credits: You could end up with a smaller refund or a larger tax liability than necessary if you fail to take advantage of the tax breaks available to you. Do your research and consider getting help from a tax preparer or software to make sure you’re not missing anything in your return.
3. Not claiming all dependents: You probably won’t forget to claim your children as dependents, but did you know you could
March--April 2016
“ The advice and personal service I provide builds a long lasting, trusting, and confident relationship.” ~Anita Ritter
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claim your parents, too? Anyone you support financially (adult children, elderly parents or other relatives) more than they support themselves, may be claimed as a dependent as long as they meet the requirements. Even if your parents don’t live with you, you may be able to claim them.
4. Forgetting to claim carryover items: Some tax credits must be taken over the course of several years if they exceed certain thresholds. Common examples include charitable donations, capital losses and business write-offs. If you weren’t able to claim the entire credit in years past, make sure you’re claiming it this year.
5. Neglecting to calculate the AMT: The Alternative Minimum Tax is a parallel tax code with its own set of rules. Taxpayers are expected to calculate their tax burden two ways, once under the regular tax code and once under the AMT’s rules. Whichever outcome is higher is the tax they owe. Many taxpayers don’t calculate their taxes under the AMT because they assume they aren’t eligible, but the number of people required to file under the AMT is increasing. If you pick the wrong tax code, the IRS could come looking for the remaining balance.
6. Claiming the wrong credits and deductions: Make sure you actually qualify for the credits and deductions you claim. If the IRS catches on, you could face a tax audit, recalculation of your tax burden, or in extreme cases—jail time for tax evasion.
7. Not including all sources of income: If you worked at more than one job during the year, you should have a Form W-2 for each job. You should also include applicable Form 1099 for other income sources. Missing forms or leaving out income can lead to tax audits or a delayed refund. If you inadvertently leave something out of your return, you can file a Form 1040X Amended Return.
8. Math errors: It’s easy to make math mistakes when you’re doing your taxes by hand and flipping back and forth between forms. Double-check your math before filing, because a mistake could lose you money or get you in trouble with the IRS.
9. Direct deposit mistakes: You can now elect to receive your tax refunds via direct deposit
to your checking or saving accounts. This election can help you save money and speed the process along, but it’s also another opportunity for error. If you input the wrong routing number, your return could go to someone else or be sent back to the IRS.
10. Forgetting to include your social security number: You must include your correct social security number in order to file a return. Failing to do so can hold up your return and subject you to late filing fees. You must also include your spouse’s social security number if you file jointly, as well as the numbers of any dependents you claim.
11. Forgetting to sign and date your return: Your return is not valid if you don’t sign and date it. Failing to do so could also subject you to late fees and delayed refunds. To remedy this, the IRS will send out a signature card for you to sign. Speed up the process by double-checking that your signatures are present.
12. Not including your payment: If you owe the IRS money, make sure to include what you owe when you file. If you forget, you may end up owing interest and late fees even though you had the return filed on time.
This article was written by Advicent Solutions, an entity unrelated to Anita Ritter Financial. The information contained in this article is not intended to be tax, investment, or legal advice, and it may not be relied on for the purpose of avoiding any tax penalties. Anita Ritter Financial does not provide tax or legal advice. You are encouraged to consult with your tax advisor or attorney regarding specific tax issues. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Anita Ritter Financial and Cambridge are not affiliated..
Class Offered? I have often wondered if providing a “principles of investing” class as an overview of what investing entails…and how it can benefit you, when we effectively work together… would be of interest to my clients and their guests. If this is something that interests you, please contact our office (269-492-9701) or email Jessica ([email protected]). I would prefer to do a spring instruction… one or two classes at most. If you have a preference on day/time, please let us know that too.
Technical Updates As the world continues to become involved with
technical possibilities, so do our opportunities to be
linked with you. Cambridge Investment Research,
our Broker-Dealer, continues its technical growth
by offering on-line statements, trade confirmations,
correspondence, tax forms, and shareholder
reports. It is now more important than ever to
receive your statements through
mystreetscape.com as National Financial Service
will begin assessing $1 each month for those who
are not receiving electronic statements. Please
contact us to get set up on
www.mystreetscape.com if you aren’t already
using it! It’s pretty easy and very convenient, and
we all love saving trees.
Another significant piece we want you to be aware
of is regarding the secure portal (SmarshEncrypt
interface) we use to email you documents for
signature or which include personal information.
If, and only if, you respond and return the
document through the portal, your returned
document is secure. Otherwise, please fax or mail
us back the document to ensure the safety of your
privacy and confidentiality. If you have questions,
please contact Anita or Jessica.
We’d also like to take this time to remind
you…when emails, mailing addresses, marriage
status, employment, or beneficiary names change,
please let us know as quickly as possible. It’s
vitally important that our records and your
information is accurate.
Chicken-Spinach Frittata
Enjoy this warm, healthy recipe….
TOTAL TIME: Prep/Total Time: 30 min. YIELD: 4 servings
Ingredients 1/2 cup julienned sweet red pepper
1/2 cup chopped onion
2 tablespoons olive oil
3 eggs
1/2 cup milk
1 cup chopped cooked chicken, optional
1 package (10 ounces) frozen chopped spinach, thawed and squeezed dry
1/2 cup shredded part-skim mozzarella cheese
1 tablespoon grated Parmesan cheese
1/2 teaspoon salt
1/4 teaspoon pepper
Directions In a large skillet, sauté the red pepper and
onion in oil until tender. In a large bowl, beat eggs and milk.
Stir in the chicken if desired, 1/2 cup spinach, mozzarella and Parmesan cheeses, salt and pepper (save remaining spinach for another use).
Add to the skillet. Cover and cook over medium heat for 7-10 minutes or until a knife inserted in the center comes out clean. Cut into wedges.
Nutritional Facts 1 serving (1 piece) equals 207 calories, 15 g fat (5 g saturated fat), 175 mg cholesterol, 486 mg sodium, 8 g carbohydrate, 3 g fiber, 11 g protein.
Found at : http://www.tasteofhome.com/recipes/spinach-
chicken-frittata © 2016 RDA Enthusiast Brands, LLC
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The time to start planning your financial future is today!
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Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Anita Ritter Financial and Cambridge are not affiliated.
ANITA RITTER FINANCIAL
Wealth Management With Commitment. Character, Compassion
2632 SOUTH 11TH STREET
KALAMAZOO, MICHIGAN 49009
PH: 269.492.9701 X 206
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