BANKING & FINANCE An Anton Media Group Special March 4 -10, 2015
Last-Minute Tax Savings How to get more back on your return
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BANKING & FINANCE • MARCH 4 - 10, 2015
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110 WALT WHITMAN ROAD, HUNTINGTON STATION, NY, 11746. 631.425.5720 | ©2015 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, THE COMPLETE OFFERING TERMS ARE IN AN OFFERING PLAN AVAILABLE FROM THE SPONSOR. CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, AND NUMBER OF BEDROOMS ARE DEEMED RELIABLE, BUT SHOULD BE VERIFIED BY YOUR OWN ATTORNEY. PHOTOS SHOWN MAY HAVE BEEN MANIPULATED. EQUAL HOUSING OPPORTUNITY.
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Mortgage Foreclosure Clinics
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Where are you headed in your retirement?
Volunteer attorneys Catherine Carlson and Uwayne Mitchell help a Nassau resident. BY ANTON MEDIA STAFF
SPECIALSECTIONS@ANTONMEDIAGROUP.COM
Nassau residents continue to struggle with the prospect of losing their homes in mortgage foreclosure. Superstorm Sandy only exacerbated the situation. Fortunately, help continues to be available at the Nassau County Bar Association’s (NCBA) Free Mortgage Foreclosure/Sandy Recovery Clinics. The next two clinics will be held Monday, March 9 and Monday, March 23, from 3 to 6 p.m. at the Nassau County Bar Association, located at the corner of 15th and West Streets in Mineola, located two blocks south of the bus and train stations. “Unfortunately, many Nassau residents are still struggling with the possibility of losing their homes due to foreclosure,” said John P. McEntee, president of the Nassau County Bar Association. “Our volunteer attorneys are able to provide these homeowners with a sense of empowerment, walking them through a process that can be confusing and complex.” NCBA’s clinics allow homeowners concerned about foreclosure matters or who are already in the foreclosure process involving property in the county, to meet one-on-one with a volunteer attorney for free legal guidance and referrals to other free resources, such as mortgage modifications, loan restructuring, bankruptcy, financial planning assistance, services for lower income households and emotional support. There are no income restrictions to attend the clinics. “Nassau County Bar Association attorneys are well known for their community outreach and volunteer assistance,” said McEntee. “We encourage any Nassau resident
concerned about mortgage foreclosure to come to one of our free clinics. We are here to help.” Since 2009, NCBA has held more than 100 clinics assisting more than 8,300 families in distress. In addition to the volunteer foreclosure attorneys, homeowners may be directed to bankruptcy attorneys as well as other clinic participants including Nassau/Suffolk Law Services, NY Legal Assistance Group, Pro Bono Program of the Financial Planning Association as well as HUD-certified housing counselors from Community Development Corporation of Long Island, Hispanic Brotherhood of Rockville Centre and American Debt Resources. Attorneys can also answer Superstorm Sandy victims’ questions regarding homeowner, flood, property damage and automobile insurance claims; FEMA, debt deferral, consumer protection and landlord-tenant issues, as well as providing additional assistance from Catholic Charities, Visiting Nurse Services of New York Disaster Distress Response Program, FEGS Counseling Services and Architects for Humanity. Bilingual attorneys fluent in Spanish are on-site and attorneys bilingual in other languages, including Russian, Haitian Creole, Korean, Chinese, Hindi and American Sign Language may be requested when making reservations. Reservations should be made by calling the Bar Association at 516-7474070. Attendees are asked to bring their mortgage documents or other important papers and correspondence to the clinic. This program is funded through the NYS Attorney General Homeownership Protection Program.
At Gateway Investments, we work with you to see the big picture – long-term financial stability and independence. By implementing strategies within a broad financial range, we aim to provide our clients the customized vision that will grow and preserve their assets.
Call us for a free consultation to discuss a roadmap to help you succeed in meeting your retirement goals.
200 Garden City Plaza, Suite 402 Garden City, NY 11530 | 516.240.1740 www.gatewayinv.com | info@gatewayinv.com
Securities, insurance and advisory services offered through Royal Alliance Associates Inc., member FINRA/SIPC. Gateway Investments, LLC is not an affiliate of Royal Alliance Associates Inc. or registered as a broker-dealer or investment advisor. 131273
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Starting Roth IRAs For Your Grandkids BY JASON ALDERMAN
SPECIALSECTIONS@ANTONMEDIAGROUP.COM
(Photo by Lon Martin) That means the account holder doesn’t get a tax break at the time of initial or successive deposits, but the money grows tax-free and can be
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possible, though not that easy, for a minor to open a Roth IRA on his or her own, which is why it’s good for grandparents—or any qualifying friend or relative—to shop for custodial accounts with low fees and low investment minimums to start. This is compounded annually. As you evaluate a decision to open a custodial Roth IRA, check with the broker and the account administrator on any institutional or state rules on custodial accounts and what information you’ll need to open one. Depending on those rules, there’s a chance that grandparents may not be able to open the custodial account directly and you will have to work through their parents or legal guardian to get started. Also, consider the following: Make sure you’re financially
see ROTH IRAs on page 6B
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withdrawn tax-free—a benefit for a grandchild who may need a substantial sum in the years to come. Here’s an example of how much an initial $2,000 deposit in a Roth custodial IRA can grow. For an account opened at the time the child is 16, the $2,000 opening deposit— without any more money added to the account—could be worth roughly $55,000 at the time the child reaches age 65 assuming a 7 percent expected rate of return. What if the child needs to make a tax-free withdrawal sooner, such as at age 35, for example? Based on the same earnings calculation as above, he or she would receive a less impressive sum of roughly $7,200. Of course, it remains a potential solution if there is a severe need for cash. In 2015, the annual contribution limit for all IRAs is $5,500. It is
485 Underhill Blvd., Suite 103 • Syosset, NY 11791 Tel: 516.750.9722 • Fax: 516.299.6854 andy@andrewfeldmanassociates.com www.andrewfeldmanassociates.com Registered Representative, Securities offered through Cambridge Investment Research, Inc., A Broker/Dealer, Member FINRA/SIPC and Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Andrew Feldman Associates, Inc. and Cambridge are not affiliated.
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Many grandparents go above and beyond to offer financial help to adult children and grandchildren. If you’re seeking to contribute to your grandkids’ financial future, one option might involve opening a custodial Roth IRA (www.irs.gov/ retirement-plans/roth-iras) on your grandchild’s behalf as soon as he or she starts reporting earned income. While grandparents often find 529 college savings plans advantageous for their personal estate planning, as well as supporting their grandchild’s educational future, custodial Roth IRAs may allow for more flexibility depending on the child’s future needs. For example, a young adult may use tax-free Roth IRA proceeds to fund education expenses not covered by savings or a down payment on a first home. Roth IRAs may also be a useful and collaborative savings tool for important expenses young adults have, such as continuing education or a down payment on a first home. Unlike traditional IRAs, Roth IRAs are funded with after-tax dollars.
BANKING & FINANCE • MARCH 4 - 10, 2015
A Business Banking Solution
It’s Time To E-file
that works for you.
Business Solutions Checking with Interest
BY ANTON MEDIA STAFF
SPECIALSECTIONS@ANTONMEDIAGROUP.COM
Nearly 90 percent of New York taxpayers have options to electronically prepare their returns for free and many of them have already started e-filing their 2014 tax returns. The New York State Department of Taxation and Finance encourages New Yorkers to take advantage of an array of free tax preparation options. “Ninety percent of the returns we receive are now e-filed. New Yorkers recognize that it’s the safest and most accurate way to file—and they’re glad to receive their refunds nearly twice as fast as they would if they had filed paper,” Executive Deputy Commissioner Nonie Manion said. The income tax filing season for tax year 2014 runs until April 15. More than 10 million returns will be filed, both on paper and electronically.
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Why E-file? • It’s faster. E-filers receive their tax refunds twice as fast as paper filers. • It’s safer. E-filed returns are submitted through a highly secure, encrypted system to prevent data access. • It’s more accurate. E-file software does the math for you. As a result, the error rate for e-filed returns is 20 times lower than for paper returns.
Free Tax Return Preparation for Qualifying Taxpayers The Volunteer Income Tax
see E-FILE on page 6B
• 250 free items (checks and deposited items) per month1 • Free Executive 50 check package or 30% credit towards any other check package2 • Online banking and bill pay • Free ATM/Visa® check card • Telephone Banking • Detailed statements – go paperless with e-Statements Plus, open a Business Solutions Checking with Interest account and get a promotional dining discount card.3 (See terms and conditions below)
Ask about our enhanced Business Solutions Relationship Banking program. myNYCB.com • (877) 786-6560
Applies to Business Solutions Checking and Business Solutions Checking with Interest only. For Business Solutions Analysis Checking and Business Solutions Analysis Checking with Interest fees may be offset with an earnings credit. 2 30% credit does not apply to Business Value Pack. 3 For business customers only and to Business Solutions Checking with Interest accounts opened during the promotional period of February 24, 2015 through March 31, 2015 (while supplies last). You will receive one (1) Promotional Dining Discount Card (the “Card”) at account opening. The Card has no cash value, is not redeemable for cash and may not be combined with credits from other Reward Cards. The Card contains a $150 dining discount to be redeemed online at www.DiningDough.com before use and may be used at participating restaurants. Valid for dine-in only unless otherwise stated. Unredeemed Cards are not valid toward purchase at restaurants. Minimum spend may be required in order to redeem a portion of the discount from the Card towards purchasing certificate(s) from participating restaurants. Limit of one (1) certificate per restaurant per visit. Other restrictions may apply on the restaurant-specific certificates, online merchant websites vary and are subject to change. One Card per business entity. While supplies last. The Bank is not responsible for Cards that are lost, stolen, destroyed or used without your permission. Visit www.DiningDough.com for complete terms and conditions and participating restaurants. The Card will be provided at account opening during the promotional period of February 24, 2015 through March 31, 2015. This promotion only applies to new bank customers or existing customers that do not have a checking account. The minimum balance to open a Business Solutions Checking with Interest account and to obtain the bonus is $100. Account must be opened with funds not currently on deposit with the Bank. Offer may be withdrawn at the discretion of the bank at any time. The bank is not responsible for typographical errors. 1
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Free Tax Preparation Options • Free state and federal e-filing. New York taxpayers with incomes under $60,000 can prepare and e-file both their federal and state income tax returns at no cost using e-file software available from the tax department’s website. To ensure you are not unexpectedly charged for your state return, only access free options directly from: www.tax.ny.gov. • Web file. Income over $60,000? Most New Yorkers can prepare and e-file their New York State tax returns directly on www.tax.ny.gov.
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BANKING & FINANCE • MARCH 4 - 10, 2015
ROTH IRAs from page 4B secure. Many grandparents tend to overextend their financial support when it comes to family members in need. Seek advice from financial, tax and estate professionals on how much you can reasonably afford to give and the best means to do so. Coordinate with your grandchild’s parents or guardian. It is important for family members to remain open about all money issues, particularly in relation to minors. Discuss what provisions the parents have made for the child and whether your idea complements financial strategies already in place. If not, keep talking and discuss other
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E-FILE from page 5B
Debbie Honoroff Adrian iller 1:30 - 2:30 Networking with sponsors
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Assistance (VITA) program offers free tax help to people who generally make $53,000 or less, persons with disabilities, the elderly and limited English speaking taxpayers who need assistance in preparing their own tax returns. IRS-certified volunteers provide free basic income tax return preparation with electronic filing to qualified individuals. In addition to VITA, the Tax Counseling for the Elderly (TCE) program, offers free tax help for all taxpayers, particularly those who are 60 years of age and older, specializing in questions about pensions and retirement-related
ways you can help. Consider your grandchild’s potential handling of the account. When your grandchildren reach legal age or meet other key requirements of the account, they can take control of the money. Will they be ready? If not, evaluate other investment vehicles that better meet your objectives. Bottom line: Setting up a custodial Roth IRA may be a good way for grandparents and grandchildren to work on retirement or other financial goals. Jason Alderman directs Visa’s financial education programs, including Practical Money Skills For Life (www.practicalmoneyskills.com). issues unique to seniors. VITA and TCE sites are generally located at community and neighborhood centers, libraries, schools, shopping malls and other convenient locations across the country. There are more than 35 active VITA and TCE sites in Nassau County. To locate the nearest VITA or TCE site near you call 800-906-9887. Additionally, a majority of the TCE sites are operated by the AARP Foundation’s Tax Aide program. To locate one of more than 30 nearest AARP TCE Tax-Aide sites call 888227-7669. Also, to find a site near you use the IRS’s online lookup (www.irs.gov/Individuals/free -tax-return-preparation-for-you-by -volunteers).
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BANKING & FINANCE • MARCH 4 - 10, 2015
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From investing to advising. We’re here for you. When you walk into your local Schwab branch, you can count on getting the help you need to achieve your goals – from banking to investing to retirement planning. Drop by our local branch anytime for a professional assessment of where you are now and where to go next.
Manhasset Branch 1900 Northern Blvd. Suite E Manhasset, NY 11030 (516) 498-2332
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Let’s “Do” Lunch! REACH FOR A STAR LUNCHEON TO BENEFIT HENRY VISCARDI SCHOOL AT THE VISCARDI CENTER FOR CHILDREN WITH SEVERE PHYSICAL DISABILITIES
March 30, 2015 – 11AM CREST HOLLOW COUNTRY CLUB WOODBURY
featuring
Hoda Kotb
The Right Retirement Plan For Your Business BY MICHAEL ADRIAN
SPECIALSECTIONS@ANTONMEDIAGROUP.COM
Business owners wear a number of hats and keeping the day-to-day operations up and running in the most cost-effective and efficient way can mean long-range objectives are set to the side. Saving for retirement is generally on the list of goals that are put off, even though it is one of the most important goals for the future. As a business owner, you have a number of options for saving toward retirement, but selecting the right retirement plan for your business can be a daunting task. It is, however, a necessary part of business ownership no matter how big or small your company may be. To help you make the best decision for your business, let’s take a look at the retirement options available to you. SEP IRA A SEP IRA is a popular choice among business owners because it allows for flexibility each year and high contribution limits. With this option, each employee can establish a SEP IRA and a uniform percentage of compensation is contributed for each eligible account. Contributions cannot exceed 25 percent of total wages or $53,000, whichever is less, and can vary each year depending on your business needs and expenses. SEP IRAs are easy to establish and affordable to maintain.
Co-host, Fourth Hour of Today and Dateline NBC Correspondent
SIMPLE IRA A SIMPLE IRA is an option for companies with 1 to 100 employees, and is best suited for those who want to contribute yearly. Employees under a SIMPLE IRA plan can make pretax contributions up to $12,500 each year and employer contributions are required at either a fixed rate of 2 percent or a match of 3 percent. Like SEP IRAs, SIMPLE IRAs do not require much to establish, nor are they expensive to administer.
INFORMATION AND TICKETS 516.465.1595 or viscardicenter.org/luncheon
Henry Viscardi School at The Viscardi Center
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Profit-Sharing Plan Another flexible option for retirement savings is a profit-sharing plan, which allows you as the business owner to make contributions based on company profitability. Eligible participants in a profit-sharing plan receive contributions as well as any investment losses or gains based on an actuarial formula created within the plan document, and total contributions cannot be greater than 100 percent of compensation or $53,000,
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Michael Adrian whichever is less. These plans are more complex to establish and are costly to administer and monitor. 401(k) A 401(k) plan provides participants a range of investment options, pre- or post-tax contribution as well as a set match from the company each year. In order to remain compliant with ERISA guidelines, a 401(k) match must either be 100 percent up to 3 percent and then 50 percent from 3 percent, 5 percent, or a set 3 percent matching contribution. Participants can contribute up to $18,000 for the current tax year and the combined total of all contributions cannot exceed 100 percent of compensation or $53,000, whichever is less. These plans can take time to establish and can be somewhat costly to maintain. There are a number of retirement plans available and each provides a tax deduction for contributions as well as tax deferral until withdrawals are made during retirement. As a business owner, selecting the right retirement plan is as simple as understanding your options and then choosing which strategy is best suited for you and your business. Michael Adrian, a longtime Jericho resident with more than 20 years of advisory experience and an extensive network, is the vice president of Gateway Investments, LLC (www. gatewayinv.com).
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The Time To Save For ‘Another Day’ Is Now BY THOMAS J. SANTUCCI
SPECIALSECTIONS@ANTONMEDIAGROUP.COM
Have you thought about how much income you will need in retirement? It becomes overwhelming to think about how much needs to be set aside to maintain a certain lifestyle after your working years have ended or what strategy is best suited for your unique circumstances. Regardless of whether someone is relatively new to the workforce or has only a few years left to earn a paycheck, there are universal benefits inherent to saving in accounts designed for retirement that can be powerful in helping you reach your mark.
The Power of Tax Deferral When it comes to saving for retirement, not all accounts are created equal. The IRS has established designated retirement savings vehicles that present an opportunity to grow assets more efficiently than nonretirement
accounts. These include traditional and ROTH IRAs, as well as employer-sponsored plans such as a 401(k). These types of accounts are uniquely beneficial to retirement savers because of one powerful aspect: tax deferral on earnings. Any gains, dividends or interest earned on funds invested within an IRA or a 401(k) are not taxable to the account holder until the funds are withdrawn during retirement, allowing for more favorable growth over time. When taxes are not withdrawn from the account balance each year, as they are in a non-retirement savings account or CD, the money has the opportunity to grow more rapidly due to continuous compounding. No matter how close or how far you may be from retirement, tax deferral can make the difference between meeting your accumulation goal and falling short.
Pay Yourself First Unique to employer-sponsored plans, those saving for retirement
have the advantage of contributing through paycheck deferrals. Instead of being tempted with money deposited into a checking or savings account every two weeks, those who utilize their 401(k) through work have retirement contributions set aside before they are able to spend those funds. If your employer offers a traditional 401(k) plan, paycheck deferrals reduce taxable income for savers each year; for those who have the ability to save within a ROTH 401(k), contributions are made with after-tax funds and therefore do not reduce income annually. However, a ROTH does allow for tax-free withdrawals in retirement, which provides an invaluable benefit when drawing income in retirement years. No matter your current age or retirement savings goal, it is important to remember that contributions should be made at a level that is comfortable for you. Savers should not forgo building an emergency savings, paying down high-interest
Thomas J. Santucci rate debt or funding other short to midterm financial goals simply to save for retirement. Instead, find the balance that works best for you, and let both the power of tax deferral and paying yourself first help you reach your retirement savings goals now. Thomas J. Santucci is the founder and president of Gateway Investments, LLC, in Garden City.
Tips For Saving While Paying The Piper BY ELIZABETH JOHNSON
EJOHNSON@ANTONMEDIAGROUP.COM
Getting ready to file your 2014 tax returns? If you own assets such as a business, real estate or investments, it is recommended you hire an accountant to maximize your savings. A Certified Public Accountant will help you identify the changes in tax policy that occur annually. The software they use typically has the latest tax regulations and codes. Further, a savvy tax preparer can usually find deductions you wouldn’t normally be aware of. But there are plenty of details you can attend to yourself that can save you money. Save Money For Education A Section 529 plan is a Qualified Tuition Program that allows you to invest money in a tax preferential way for college savings. New York State will still be offering the New York State College Choice Tuition Savings Program. This will allow you to contribute up to $5,000 per person per year for your children’s education (that makes it up to $10,000 for a married couple), and take a deduction for it from your New York State tax return. You can contribute more than $5,000 annually; you just don’t get a deduction for the excess.
Retirement Accounts If your current employer doesn’t have a 401K plan, you can put money aside in a traditional IRA or a Roth IRA. In 2014, the contribution limit for both the traditional and the Roth IRA is $5,500 for most people. If you are over 50 years of age, you can contribute up to $6,500 to your IRA account. In 2015, the limits will be the same. Coughing up that amount in one lump sum can be daunting, so it is recommended that you set aside a set amount each paycheck to accumulate the amount you can easily manage. Charitable Donations You must have proof of all charitable deductions taken on your tax return by the due date of that tax return. Canceled checks and receipts are acceptable documentation for cumulative donations of less than $250 per year. If your donation to any individual charity is higher than that, you will need a letter from the charity verifying that donation. Mortgage Interest Deduction If you own your own home, mortgage interest is deductible on the first $1,000,000 of debt on your property as long as that debt was used to buy or improve your home (acquisition debt). You can
also deduct qualified home equity interest on an additional $100,000. Mortgage loans that are used for things other than the purchase or improvement of your home (home equity debt) is limited to debt on up to $100,000 for regular tax, but
is not deductible at all for the AMT (alternative minimum tax). When all is said and done, make sure you file your taxes on time. If you do not have all the tax documents available, it is highly recommended you file for an extension.
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Make this year meaningful...Volunteer at EAC Network. Last year, 57,400 people came to EAC Network. They came to recover from their addictions, for protection from abuse, for a helping hand when they needed it. Bad things happen to people and they happen all the time. But that doesn’t mean we give up. When bad things happen, we strengthen our resolve. We’re EAC Network, and last year, 57,400 lives were changed because of our programs. They were reaching for someone. We reached back.
Help us continue to reach people in need. Learn more at www.eac-network.org or call 516-539-0150.
EAC NETWORK
REACHING PEOPLE IN NEED
BANKING & FINANCE • MARCH 4 - 10, 2015
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