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John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

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4 Interior Design Themes Taking Off This Year

February 18, 2016 1:51 am

Trends in interior design are often dictated by the current culture. Themes taking off this year are a subtle nod to 2016, with bold furnishings mixed with soft patterns, according to a recently released report from the Delta Faucet Company.

The report forecasts these trends will manifest at home in the following ways. Get inspired by these looks when revamping your own home!

1. “Colorful Contemporary”

Soft, geometric shapes accompany bright hues and natural fabrics for a cheerful, modern look. Influenced by Mid-Century aesthetics, this design sits squarely at the intersection of urban and suburban. Stylized subway tile and playfully shaped furniture in loud colors, like coral or bright yellow, will become more popular. Homeowners with a desire for additional natural elements may want to consider lightened, walnut wood accents or copper-framed storage units with pale ash shelving.

2. “Delicate Victorian”

Graceful patterns, subtle pastel hues and white-washed woods work together to create a timeless Victorian-era aesthetic with a softer touch. This classic design has a place in modern spaces when traditional accents, like delicate filigree patterns, and soft colors are placed in open-concept designs. Homeowners can accessorize through feminine-shaped vases, rose-gold accents, brass finishes and patterned textiles. Within this trend, expect an emphasis on floral and hexagonal patterns to bring this understated, elegant style to life.

3. “Jeweled Luxury”

Deep purple and navy hues, angular patterns and polished chrome finishes all create a luxurious look. Taking elements from both modern and traditional design, this trend incorporates clean, geometric shapes and open, wirework furniture with faceted surfaces and marble flooring. Jewel-inspired details and finishes in buffed gold with subtle iridescences add a sense of long-lasting opulence.

4. “Reclaimed Rustic”

Cool metals combine with warm botanical patterns to create the perfect blend of strong, industrial design with country comfort. Tarnished metals and textured stone juxtaposed against repurposed wood, nubby linens or country silks create rugged, yet comfortable spaces. Reclaimed wood accents, bursts of poppy and browned brass finishes bring a balance of warmth to the cool, modern metals.

Source: Masco Corporation

Published with permission from RISMedia.


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Taxes and Retirement: The Ins and Outs of the Saver's Credit

February 17, 2016 1:48 am

Have you stepped up your retirement-saving game? Don’t leave that money on the table! According to a recently released survey by the Transamerica Center for Retirement Studies® (TCRS), only one-quarter of low- to moderate-income workers are aware they’re eligible for the Saver’s Credit offered by the Internal Revenue Service (IRS).

"The Saver's Credit is a tax credit,” explains Catherine Collinson, president of the TCRS. “It reduces an eligible taxpayer's federal income tax, making it an important incentive for low- to moderate-income individuals and households to save for retirement in a 401(k), 403(b), IRA, or new myRA. Unfortunately, many eligible workers may be missing out on the Saver's Credit simply because they don't know that it exists."
 
The Saver's Credit may be applied to the first $2,000 of voluntary contributions an eligible worker makes to a 401(k), 403(b) or similar employer-sponsored retirement plan, or an IRA. The maximum credit is $1,000 for single filers or individuals and $2,000 for married couples.

"The Saver's Credit is a tax credit above and beyond the advantage of tax-deferred savings when contributing to a 401(k), 403(b), or IRA,” adds Collinson. “Because this double benefit sounds too good to be true, many eligible savers may be actually confusing the two incentives.”

The credit is available to workers aged 18 years or older who have contributed to a company-sponsored retirement plan or IRA in the past year and meet the Adjusted Gross Income (AGI) requirements. These are:

• Single filers with an AGI of up to $30,500 in 2015 or $30,750 in 2016 are eligible.
• For the head of a household, the AGI limit is $45,750 in 2015 or $46,125 in 2016.
• For those who are married and file a joint return, the AGI limit is $61,000 in 2015 or $61,500 in 2016.

Additionally, the filer cannot be a full-time student or be claimed as a dependent on another person's tax return.

Most workers who are eligible to claim the Saver's Credit are also eligible to take advantage of the IRS Free File program for taxpayers with an AGI of $62,000 or less. Thirteen software companies make their tax preparation software available for free through Free File at www.irs.gov/FreeFile. Bear in mind certain restrictions may apply.

If you are using tax preparation software to prepare your tax return, including those programs offered through the IRS Free File program, use Form 1040, Form 1040A or Form 1040NR. The credit is not available with Form 1040EZ. If your software has an interview process, be sure to answer questions about the Saver's Credit, also referred to as the Retirement Savings Contributions Credit or the Credit for Qualified Retirement Savings Contributions.

“Workers who are eligible to receive the Saver's Credit are at risk of missing it if they use the wrong tax form. The Saver's Credit is not available on Form 1040EZ," says Collinson. “If you are eligible to claim the Saver's Credit, you should use Form 1040, Form 1040A or Form 1040NR.”

If you are preparing your tax returns manually, complete Form 8880, Credit for Qualified Retirement Savings Contributions, to determine your exact credit rate and amount. Transfer the amount to the designated line on Form 1040, Form 1040A or Form 1040NR. If you are using a professional tax preparer, be sure to ask about the Saver's Credit.

Remember to have any refund you receive directly deposited to an IRA to further boost your retirement savings.

Source: TCRS

Published with permission from RISMedia.


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