Thornapple Financial Center, Inc. and Money Concepts

1. If you bought a NEW VEHICLE this year please bring in the invoice so that we can record your sales tax.
2. EDUCATION CREDITS have changed for college tuition, so please make sure you bring in your 1098Ts from the institutions because you may be eligible for additional monies this year.
3. RESIDENTIAL ENERGY CREDITS are back.  Please bring in the invoices for any items purchased or put into service in 2009 such as windows, doors, insulation, furnaces, biomas stoves etc.  If your invoice does not break down between cost and labor, please get that breakdown as labor cannot be included.
4. The NEW HOME CREDIT has been extended.  Please check for all of the additional rules and regulations.  Please note: a copy of your closing statements MUST be included with the return.
5. In 2010 there are special rules for converting a traditional IRA to a ROTH IRA.
6. New BUSINESS MILEAGE RATE for 2010 is .50/mile.
7. IRS is looking a CELLULAR PHONES and making them listed property which means that we have to declare a business usage percentage and a personal usage percentage
8. 1099Cs and 1099As for cancellation of debt, short sales and foreclosures all require special treatment so please be sure to bring in the forms.

Your Appointment Checklist

• If you are a returning client, please bring in you CD, so we can update it for this year.
• As always bring in ALL your property tax statements from cities, villages or townships.  Bring in those paid in 2009 and unpaid but levied in 2009.
• ALL W2s and 1099s, interest statements form banks or credit unions.
• Social Security statements if you receive Social Security
• Total amount paid for out of state purchases, including Internet sales, if tax was not paid
• Mortgage Interest, 2^nd home interest, home equity interest
• License plate fees
• Health insurance premiums paid in 2009
• Amount of Cash contributions
• STATEMENTS of Non-Cash contributions
• Amount paid for child care and to whom
• College tuition paid in 2009, 1098T
• Purchase AND selling dates for stock sales
• Social Security cards for new dependents
• Unemployment or Jury duty income
• Jan through December BUSINESS mileage
• Medical Mileage
• Contribution (volunteer) mileage
• Unemployment statements
• W-2 G for gambling winnings, and any gambling losses
• 1099Rs for pensions, IRAs, Roth IRAs
• Investment Statements-1099B, DIV, Average COST BASIS

      

The latest versions of the Money Talks Newsletter are now available for download:

• Even in Tough Times, Grandparents Can Still Help Their Grandkids Get a Good Financial Start
• How Late-Life Marriages and Remarriages Require Unique Financial Planning
• How Your Personality Affects Your Financial Decision-Making
• Too Rich for a Roth? In 2010, That’s Going to Change

      

IRS Announces increased HSA Contribution Limits

Newspapers, industry websites and television pundits have been buzzing for the last few months about the future of healthcare. Will it be government sponsored, will the market set prices, or will it look like a combination of the two? At this point, we do not know. The Congress and the President will be discussing the details all summer, but we believe the market for the Health Savings Account has never been better.

The Internal Revenue Service recently released the 2010 Health Savings Account contribution and High-Deductible Health Plan levels.The catch-up contribution, available to account holders over age 55, will remain at $1,000.

About FlexHSA

FlexHSA combines a bank deposit account and a standard Pershing retail brokerage account in one. This integrated structure allows for the automatic movement of the funds from the bank account to brokerage account (and back again), adding flexibility and simplicity to the process. Other advantages of the FlexHSA solution include:

• Investments in the FlexHSA account are on the Pershing Platform – its “business as usual” for you to manage the assets
• You are compensated for the advice and management of your clients’ healthcare dollars in the brokerage account
• Your clients can monitor and track their accounts through Personal Cash Manager, a secure web-based account management tool
• Banking activity and value of HSA investments are combined on one FlexHSA statement available 24/7

To learn more about FlexHSA, please call 866-472-0892.

      

As the economy continues its climb out of recession, many families might be thinking twice about what they spend on the annual summer vacation. But there are ways to preserve the tradition by being smart about spending. Some ideas:

Get on the mailing list:

For any possible destination you can think of, go to their Web sites early and get on their mailing list. You might get plenty of endless chatter from the hotels, amusement parks and other destinations you’re interested in, but you might also find coupons to those locations and other linked businesses that could save you money.  [Read the rest...]

      

It’s always a good idea to be vigilant about your credit score, but even if borrowing loosens up a bit in 2009, you still need to do everything necessary to keep your credit score high.

Fair Isaac, the company that created the FICO score, has been working on a new version of its credit scoring method that might have serious consequences for you if you’re planning on borrowing for a home or opening any new credit line in 2009.  [Read the rest...]