RE/MAX 440
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

My Blog

3 Tips for First-Time Tax Filers

January 5, 2015 1:09 am

(BPT) - Unless you majored in accounting, the thought of filing your own income tax return may evoke feelings similar to your first job interview. Though understandable, this is an unfounded fear, given the simple taxes most individuals have in their early to mid-20s and the easy digital tax programs available.

“All you need to file your own tax return is a little self-confidence, the desire to get your maximum refund, and a computer or mobile device," says TaxACT spokesperson Jessi Dolmage. “You're well qualified to do your taxes because you're the expert of your finances."

Follow these tips to successfully file your taxes for the first time and every year after that.

Don’t procrastinate.
Waiting until the last minute causes undue stress, and rushing increases the potential for typos and overlooked information. While you can do your taxes in one fell swoop, it's unnecessary. Online tax programs save as you go, so you can stop and finish at your leisure. You may reap benefits from starting early because many tax programs point out potential savings requiring action before December 31 or April 15.

Compare tax products before using them.
Read expert and user reviews. Look at the situations and tax forms each includes, as some require you to upgrade for certain forms. If you have to file a state return, compare prices. Using a mobile filing app? Choose one that also provides access to your data on a browser for convenience and peace of mind in case you lose your smartphone or tablet.

Gather all forms and documents.
Before starting your return, compile all tax forms and documents, including:
  • Form W-2 from your employer (Received by January 31)
  • Form 1099 if you're self-employed or a contractor
  • Form 1098-E from your lender if you've paid student loan interest (Even if you don't receive this form, you can still deduct interest paid.)
  • Form 1098-T for tuition paid and scholarships or grants received
  • Statements for retirement savings accounts
  • Receipts for charitable donations
After filing, keep these papers or make electronic copies to save with a copy of your return.

Published with permission from RISMedia.


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A Resolution You Can Keep All Year: The One-Day Identity Checkup

January 5, 2015 1:09 am

(BPT) - Exercise. Lose the weight. Answer every incoming email.

Those are the hard kinds of New Year's resolutions, because you have to think about them every day for the rest of the year. Many are forgotten long before Valentine's Day.

But here's one important resolution, one you can fulfill today and easily keep all year: protect your identity.

Identity theft is a fast-growing crime, but there are ways to reduce your chances of being a victim. The identity theft protection experts at LifeLock recommend doing these five quick things today to help keep your identity safer all year long:

Use safe passwords

Are you among the people who use simple passwords like "123456" or "qwerty" or "abc123" to protect your personal information? Or even the word "password" itself? Many people do, so identity thieves can often break in just by trying the most popular passwords.

To create a safer password, avoid using words that are in the dictionary. And stay away from your own personal information, like a nickname, pet's name or birthdate. One option is to come up with a memorable phrase that includes numbers and symbols, and use the first letter of each word. "My Tigers are Number One in Football!" might become "MTaN1iF!" - a good example because it uses capital letters, lower-case letters, a number and a symbol.

Use multiple passwords

Stop using the same password for every account. Several big companies and websites have recently had their users' personal information stolen by hackers. If your password for one site is compromised, and you use the same password for your bank and credit accounts, it's much easier for a thief to get into all of them.

At least have a different password for each account that has personal or financial information. And consider using a password-management program, which lets you set more cryptic passwords for each site you visit and control them with one master password.

Stash that Social Security card

Do you carry your Social Security card in your purse or wallet? Don't.

You may, on a rare occasion, need to show a Social Security card to an employer or a government agency. Aside from those days, keep it locked up in a safe place. Your Social Security number is a thief's ticket to everything from opening new accounts in your name to stealing your tax refund. Don't run the risk of losing it.

Protect your mail

Do your bank statements, credit card bills and utility invoices arrive by mail? If your mailbox is outside your house, thieves can take those bills and collect personal information that helps them steal your identity. And once those documents are in your house and no longer needed, they can be stolen from a trash can or recycling bin.

First, if your mail is delivered outside your home, install a locked mailbox. And use a shredder, or the shredding services offered by local shipping stores and some credit unions, to destroy documents once they're no longer needed.

But you can also take steps to keep that paperwork from ever arriving at your home in the first place. Have bills sent to you electronically; you'll get them by email, save paper, reduce clutter and never have to worry about stolen mail or shredding. Opt out of credit card and insurance offers by visiting www.optoutprescreen.com. And dramatically reduce the amount of unsolicited mail you receive by opting out of junk mail at www.dmachoice.org.

Be prepared for a loss


If your wallet or purse is stolen, you'll want to cancel all of your credit and debit cards before they can be misused. Keep a copy of each of your cards, or use a digital wallet program like LifeLock Wallet, which is available for your smartphone from the iOS and Android app stores. It gives you instant access to copies of your cards and also helps you track your balances, monitor transactions and cancel cards that are lost or stolen.

Do these things today and you can proudly declare that you'll keep at least one New Year's resolution all year long: Protecting your identity.

Source: LifeLock

Published with permission from RISMedia.


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