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FINANCIAL SERVICES GUIDE
A Special Supplement to The Delphos Herald February 2012

2012

2 – The Herald Financial Section

Social Security sets inflation adjustments for 2012
Submitted by JoAn Smith, CFP With the New Year comes new rules, and after two years with no inflation adjustments for Social Security, changes are afoot for 2012. Most notably, those who receive Social Security and Supplemental Security Income benefits will see their monthly checks increase by 3.6 percent. Though this is good news for those on the receiving end, these inflation adjustments also have an impact on those who are still contributing a portion of their wages through Social Security taxes and those who choose to begin receiving benefits early. The changes may not be drastic, but it’s important to consider them as you’re looking at your 2012 financial picture whether you’re still in the workforce, retired or planning to retire. Higher earnings limit Every wage earner is subject to the Social Security (FICA) tax up to a maximum earnings amount. The tax does not apply after that earnings limit is reached. In 2011, the rate was 4.2 percent and the earnings limit was $106,800, but is being raised to 6.2 percent and $110,100 for 2012. A similar tax applies to selfemployed individuals. The maximum contribution to Social Security can rise significantly in 2012 as a result of the increased earnings limit and tax rate, and this adjustment will produce extra tax revenues. The maximum employee contribution to Social Security under the reduced earning limit and the 2011 rate was only $4,486 in 2011, but will increase to $6,826 in 2012 for those at the top levels. Currently, there are proposals in congress to extend the reduced, 4.2 percent rate for the employee portion of the Social Security tax for 2012, but it is unclear whether the extension will happen. Note that all earned income is subject to the 1.45% Medicare tax (the employee portion is also matched by 1.45% employer portion). No earnings limit applies for this tax. Beginning in 2013, this rate will increase by 0.9 percent for an employee whose wages are over a threshold of $200,000 (or $250,000 for those who are married and filing jointly). Earnings limitation for early retirees Full retirement age as defined by Social Security currently stands at 66 years old for those born between 1943 and 1954, but retirement benefits can be collected as early as age 62. Under the new adjustments, if you start accepting Social Security prior to your full retirement age and are still working and earning income, you could lose some of the benefits, but those who work while collecting benefits after reaching full retirement age will not have reduced benefits. If a person under full retirement age is receiving social security and has an income that reaches $14,640 in 2012, his or her Social Security benefits could be reduced by $1 for every $2 of earned income above that limit. If 2012 is the year you will reach full retirement age at 66, you can earn as much as $38,880 (the limit is lower for those who reached full retirement age in 2011) before sacrificing Social Security benefits. In that case, $1 will be deducted from benefits for every $3 of income you earn above the limit. In the month you reach full retirement age, the earnings limit no longer applies. From that point forward, there is no reduction of Social Security benefits regardless of your earnings. Keep in mind that once you begin receiving social security benefits, you’ll need to do a special calculation to determine if these benefits may be included in your gross income for tax purposes. Those with the lowest incomes do not pay taxes on Social Security benefits while those with the highest may need to include up to 85% of benefits in their retirement tax calculation. Though the technical aspects may feel overwhelming, it’s a good idea to know where you and your family fall as these changes take effect in 2012, especially if your income is at or near the maximum earnings subject to social security tax, if you’re planning for retirement or if you’re about to begin collecting your Social Security benefits. Remember that planning ahead is the best way to mitigate the effects of these and any other changes that may affect your financial situation in 2012. Consider working with a financial advisor or tax professional to help you create your overall financial plan for the New Year and the future.
1 The information in this article is current as of December 15, 2011. Ameriprise Financial and its representatives do not provide tax or legal advice. Consult your tax advisor or attorney regarding specific tax issues. Brokerage, investment and financial advisory services are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC. Some products and services may not be available in all jurisdictions or to all clients. © 2011 Ameriprise Financial, Inc. All rights reserved.

February 2012

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Planning for your tax bill? How it can affect your credit score
ARA — Your resolutions are made and you even have a game plan to make sure 2012 is the year you stick to them. But before you can really get going on achieving your personal goals in the new year, you’ll need to wrap up some unfinished business from 2011 — your taxes. Even though tax season comes every year at the same time, many Americans face their tax bill with no plan for how to manage it. Facing unbudgeted debt is a situation that can lead you to make reactive, desperate decisions that could negatively affect your credit score and your finances long after April 15. Similarly, an unexpected tax refund that turns into “fun money” can be an opportunity lost when it comes to managing your credit and overall financial health. Not sure if you’ll owe? Visit IRS.gov for an online withholding calculator, or search for a free tax estimator. Many manufacturers of tax preparation software offer free estimators on their web sites. Once you have an idea of how much, if anything, you’ll owe, evaluate your payment options. Take steps to understand your credit, and consider the relationship between tax bills, debt payments and credit before you decide how you will pay your taxes. Cash: Of course, the payment method that will have the least amount of impact on your credit is to pay what you owe in full with cash. In this economy, that may not be a realistic option for many people. Credit Cards: The IRS accepts credit card payments, an option that has become increasingly popular in the recent past. But before you use plastic to pay your taxes, make sure you know your credit score, credit status and how both might be affected if you use credit to pay your taxes. Keep in mind that in addition to paying interest on the balance carried on your credit card, you may face other fees and

February 2012

The Herald Financial Section – 3

conditions for using your card to pay your taxes. Check with both the IRS and your card issuer. Loans: You may also opt to use a bank loan - such as a home equity loan - to pay your tax bill. Again, this method of payment may have a larger impact than just interest expense. This loan will appear as debt on your personal credit until you are able to pay it off. Payment Plan: Another option for paying your tax bill is to ask the IRS for a payment plan. According to the IRS website, there are several payment options that could help you if you can’t pay your entire tax bill

at once. Research your options and follow the website’s instructions for corresponding with the IRS. According to IRS.gov, if you file your tax return, owe money and do not include immediate payment, the service will send you a tax bill. That bill initiates the collection process, and will include an explanation of the balance due plus any penalties and interest. Although you have many alternatives for dealing with your tax bill, not filing your tax return or not paying your bill are not among them. IRS.gov points out that bank or credit card interest rates and fees

are “usually lower than the combination of interest and penalties imposed by the Internal Revenue Code.” Finally, keep in mind that your taxes can provide an opportunity to positively impact your financial health. Avoid the temptation to turn a tax refund into fun money - or set aside only a small percentage towards that purpose - and use your refund to help pay down outstanding debt. Lowering your ratio of credit used to credit available can help improve your credit score. And, if your debt is under control, consider applying your refund towards a retirement account. One day, you’ll thank yourself for doing so.

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Education tax benefits help lower taxes
ARA — Given today’s economic and employment outlook, the thought of paying for higher education can be discouraging. The average cost of higher education for students staying in their home state was about $6,400 and about $15,100 for out-ofstate students in the 2009-2010 academic year, according to a survey by the National Center for Education Statistics (NCES). Looking at these statistics can be nerveracking, but there is light at the end of the tunnel. The U.S. government provides incentives, in the form of credits and deductions, to help decrease the economic impact of pursuing a college education, according to Lisa Lewis, TurboTax blog editor and CPA. “Education credits can reduce your tax bill or increase your refund while education deductions may lower your taxable income and result in reduced taxes,” says Lewis. The NCES revealed that nearly half of American undergraduates cut their college expenses by an average of $700 by taking advantage of tax credits or deductions. American Opportunity Credit and Lifetime Learning Credit The education credits available through Dec. 31, 2012, include the American Opportunity Credit and the Lifetime Learning Credit. The American Opportunity Credit is available to you or your dependent for the first four years of college if your modified adjusted gross income (AGI) is less than $90,000 or $180,000 if married filing jointly. If you are eligible to claim the credit you can benefit from: • Up to a $2,500 education credit per eligible student. • Up to a $1,000 refund even if you don’t owe any taxes because 40 percent of the credit is refundable. If you’re a professional student, the Lifetime Learning Credit may be ideal for you. With this credit, there is no limit on the number of years that can be claimed for you or your dependent, as long as your modified AGI is less than $60,000 or $120,000 if you are married filing jointly. year institutions had student loans. With the state of the economy, that percentage is likely to increase. If you’re repaying a student loan (during school or after graduating) for you, your spouse or your dependent, you may qualify to deduct student loan interest of up to $2,500 from your income subject to tax even if you don’t itemize your deductions. Generally the right to claim the tax deduction goes to the person legally obligated to pay interest on the qualified student loan. Other qualifications include: • Modified AGI of less than $75,000, $150,000 if filing a joint return. • The loan was taken out only to pay for qualified education expenses. • The student must be you, your spouse or your dependent. • You, your dependent or spouse must have been enrolled at least half-time in a degree program. • Qualified education expenses must have been paid or incurred within a reasonable period of time before or after the loan is taken out. • Your loan was to attend an eligible educational institution. Don’t miss out on the opportunity to get a better education and reap the benefits of these tax breaks.

4 – The Herald Financial Section

February 2012

Benefits of the Lifetime Learning Credit include: • Up to $2,000 tax credit per tax return. • Eligibility even if you or your dependent takes only one class. • Eligibility even if you or your dependent are not pursuing a degree. Student loan interest deduction According to the NCES, 56 percent of first-time, full-time students attending four-

April 1 7, 2012

Taxes Due!

2011 Receipts

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Tips for making tax time easier
ARA — Tax season is in full swing. Taxpayers receiving a refund tend to file earlier in the year, while those who owe Uncle Sam often wait until closer to the filing deadline. Whether you file now or wait until the last minute, make tax time easier with these tips. Start by collecting all your tax documents and information, including W-2s, 1098s, 1099s, receipts and a copy of last year’s return. Worried about forgetting something? Use a tax return checklist like the one offered at www.taxact.com/checklist. Take a few minutes to get familiar with key tax law changes and expiring tax breaks. Notable changes this year include an increase in the standard deduction and standard mileage rates, and an end to the Making Work Pay Credit. A great place to start is by reading the one-page section called “What’s New for 2011” in IRS Publication 17 at www.irs.gov. Do your own taxes using an online or downloadable tax preparation solution. Products are designed for both tax experts and novices, guiding you step by step through your entire return, as well as your credits and deductions. The programs do the math, complete the forms and identify possible errors for you. If you need help from a tax expert, top solutions provide easy, in some cases free, answers. Although these easy-to-use solutions do the hard work for you, remember they can’t necessarily catch your data entry errors. Common errors include incorrect Social Security numbers, misspelled last names, and incorrect bank account numbers for direct deposit. Spend an extra minute or two checking this information to avoid rejection of your return. It’s common to spend upwards of $50 for a tax preparation solution, but there are quality free solutions. Compare free products carefully, as there are important differences. Many experts consider TaxACT to be the most complete free federal product, as it includes all e-fileable forms, free e-file, and free tax help. If you’re changing solutions or filing for the first time, TaxACT in particular makes your experience easier with data import and fast start options. You can usually try online products risk-free, so you may find it worthwhile to take a couple for a test drive. Electronically file your return. More than 100 million taxpayers chose this easy, convenient, and safe way to submit their federal returns last year. E-filed returns are processed faster than paper returns, and e-filers receive confirmation when their returns are processed, usually within minutes. If you owe taxes, you can e-file at any time and schedule payment via electronic funds withdrawal or credit card up until the filing deadline. Most states encourage e-filed returns. If you’re among the three out of four Americans who receive a refund from the IRS, e-file and select direct deposit for the fastest receipt. Your refund can be deposited directly into up to three accounts in as few as eight days (instead of six to eight weeks for mailed checks). The deadline for filing tax year 2011 federal and most state income tax returns is Tuesday, April 17, 2012. Although you have a couple extra days to file, don’t wait until the last minute. Rushing can result in data entry errors, and carefully reviewing tax credit and deduction information could end up saving you money. If you’ve experienced major life changes over the last year, allot extra time to make sure you get all your tax benefits. If you need more time to file, simply file IRS Form 4868 for an automatic six-month extension to file. Keep in mind an extension does not extend your time to pay, so pay as much as possible by April 17. Filing late will land you a 5 percent per month penalty, up to a maximum for 25 percent of the unpaid balance, and the failure-to-pay penalty is 0.5 percent per month. Call the IRS to discuss payment plans and options if you can’t pay your bill in full. More tax tips and information can be found at www.irs.gov. To learn more about TaxACT and its Free Federal Edition, visit www.taxact.com.

February 2012

The Herald Financial Section – 5

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6 – The Herald Financial Section

Have you made these six tax mistakes? How to avoid them this year
ARA — Tax time is a stressful time, even for the most prepared filer. And for the many people who aren’t perfectly prepared when the season rolls around, each commercial, ad or sign that mentions tax preparation can be a painful reminder that the daunting task still lies ahead. This year, don’t let yourself be affected by the stress — or at least find ways to cut back on it. By avoiding these six common mistakes, you’ll be making the process of filing your taxes a lot easier on yourself. Mistake 1: Rushing to file by April 15 If you aren’t ready by the 15th, you don’t need to panic. Six month extensions are now an easy-to-use option. You no longer have to give a reason about why your taxes aren’t ready by the initial deadline - just fill out and file Form 4868, and you’ll give yourself some extra time to get it all complete. Mistake 2: Being a perfectionist Of course, you can’t and don’t want to lie on your tax return, but you don’t have to panic about making sure that each minute figure is perfect. The IRS isn’t going to hunt you down and send you to jail over a simple mistake - even they understand that we’re all human. If you’ve lost some information that’s necessary to your tax return, do your best to fill it out using reasonable estimates. Don’t let perfectionism get in the way of filing. Mistake 3: Going it alone We aren’t all tax experts, and that becomes particularly clear when you start filling out the labyrinthine forms. And if you’ve had any major (or even minor) changes to your life this year, the whole process can get even more confusing. Getting help from a tax professional is much more affordable than you might imagine, and can pay off in a lot of ways, not least of which could be a lower overall tax bill. Mistake 4: Not reviewing your work You had to do it for your homework, but you should be doing it for your taxes, too. Going back to your taxes with fresh eyes can help you catch mistakes or areas that were simply missed. Check the details. Are your Social Security numbers right? Were any credits or deductions missed? Mistake 5: Being afraid to ask questions The old axiom “there are no dumb questions” applies to your taxes. If you’re not an expert, there will almost certainly be something that you don’t understand or find confusing. Luckily, there are plenty of resources out there that can answer your questions. You can go directly to the IRS web site or the IRS help line, but if you still need more assistance, ask your question at Equifax’s blog or check with a tax professional. Mistake 6: Not being careful with direct deposit The advent of direct deposit has been a benefit to those waiting for their tax refunds, but you have to do the footwork for the IRS. They can only deposit the funds into the account you tell them to use, so make sure that the information you provide is correct. If there’s a mistake and your money is deposited into the wrong account, it’s a nightmare, at best, to get it back. At worst, you might not get it back at all. Preparing taxes might never be your favorite activity, but it doesn’t need to be a painful experience. Get the help you need, be cautious and don’t let the stress get to you - tax season will be done before you know it.

February 2012

Changes impacting your taxes and this year’s refund from Uncle Sam
ARA — In the way of tax legislation, 2011 was a relatively quiet year. However, that doesn’t mean there aren’t tax law changes that will affect this year’s tax returns. “The changes enacted at the end of 2010 will still impact this year’s and next year’s federal tax returns,” says TaxACT spokesperson, Jessi Dolmage. “With the debate over the federal budget and taxes unlikely to end any time soon, who knows if the soon-to-be expired tax breaks will be extended. So, take advantage of all your benefits while you still can.” Three out of four taxpayers receive a federal refund, and last year’s average refund totaled $2,805. To help you maximize your refund, here are some tax law changes you should know about before filing this year’s return. • Your federal return must be filed by Tuesday, April 17, 2012. April 15 is a Sunday and Washington, D.C., is recognizing Emancipation Day April 16. Don’t use the extended deadline as an excuse to procrastinate, though. When you rush, you’re more likely to make mistakes that could cost you money and time. Furthermore, filing, paying or providing information late will result in IRS penalties that have increased this year. • Amounts for standard mileage, standard deductions, personal exemptions and the Alternative Minimum Tax have increased. Note there are different standard mileage rates for miles driven before July 1 and after June 30. Details about all increases are in IRS Publication 17 at www.irs.gov. • Among the tax breaks available last year but expired for this year are the Making Work Pay Credit and Alternative Motor Vehicle Credit (unless it was a new fuel cell vehicle). The Making Work Pay Credit was essentially replaced by the payroll tax holiday for 2011. Employees and self-employed already received the tax benefit in 2011 paychecks through a reduction in the FICA-OASDI Social Security taxes. Unlike the Making Work Pay Credit,

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employees who benefited from the payroll tax holiday don’t need to claim it on this year’s tax return. • Unless lawmakers extend them, this will be the last year to claim the following breaks: Tuition and Fees Deduction, Nonbusiness Energy Credit, the refundable Adoption Credit, Educator Expense Deduction, option for those with itemized deductions to deduct state and local sales taxes paid in lieu of state and local income taxes paid and mortgage insurance premiums deduction. • The amount of the Health Coverage Tax Credit decreased to 72.5 percent for qualified health insurance coverage received between March and December 2011. • If you converted a traditional IRA over to a designated Roth IRA in 2010, or rolled over a qualified retirement plan to a Roth IRA, but did not report the taxable amount on your 2010 tax return (due April 2011), you must report half of the amount on this year’s return and the other half on your 2012 return. Details are available in IRS Publication 575. With so much of your hard-earned money at stake and our complex tax law, it’s no wonder a growing number of Americans use tax preparation solutions. “ For information about these and other tax law changes affecting this year’s tax return, visit www.irs.gov.

February 2012

The Herald Financial Section – 7

Let’s Talk Taxes

Education Credits from Uncle Sam
Submitted by JoAn Smith, EA A good education is the best thing you can give yourself and your children. Uncle Sam recognizes the value of education and has given us credits and deductions to help. Hope Scholarship Credit—this credit is allowed for tuition and related expenses for the first two years of post secondary education. Students must be attending classes at least half time pursuing a degree or recognized credential at an eligible educational institution. The credit may be claimed for more than one family member. A maximum credit of $1650 is allowed for tax year 2006. Lifetime Learning Credit—this credit is allowed for up to 20 percent of the amount of the qualified tuition and related expenses, not to exceed $10,000. The maximum credit is $2000 and is allowed for undergraduate and graduate level courses as well as any course of instruction at an eligible institution to acquire or improve job skills. There is no requirement to be a half-time student, but the credit is calculated on a per family basis rather than per student.

Let’s Talk Taxes

Credits may be taken for the taxpayer, spouse, or a dependent. Dependents are not allowed to take the credit. The credits are not available for married filing separate returns or for nonresident aliens. Both credits have an income phase-out which is $45,000 to $55,000 for single and $90,000 to $110,000 for married joint returns. Eligible expenses for both credits are tuition and fees, including tuition paid by loans in the year the tuition is paid, not when the loan is repaid. There is a prepayment rule that allows a credit for expenses paid in one tax year for an academic period that begins in the first 3 months of the following year. For a deeper understanding of education tax credits, you may wish to contact a licensed tax practitioner, such as an enrolled agent. The author is an enrolled agent, licensed by the US Department of the Treasury to represent taxpayers before the IRS for audits, collections and appeals. To attain the enrolled agent designation, candidates must demonstrate expertise in taxation, fulfill continuing education credits and adhere to a stringent code of ethics.

Paying for College
Submitted by JoAn Smith, EA You’ve probably heard about the 529 College Savings Plan. But what is it exactly? The 529 College Savings Plan is one of the best savings incentives for college and something you don’t want to miss out on if you have children or grandchildren. This plan is named for Section 529 of the Internal Revenue Code, which was passed into law by Congress in 1997. This plan includes credits, deductions, and savings incentives for education. The 529 incentive is designed to help families save for the cost associated with future qualified higher education. Contributions to this savings plan are not tax-deductible. However, provisions in the code allow for the earnings to grow tax-deferred until the funds are withdrawn to pay for higher education expenses. The plan allows flexibility in choosing the portfolio that best fits your needs, while simultaneously allowing you to control withdrawals from the account for as long as it is maintained. As of January 1, 2002, withdrawals from plans used for qualified college expenses are free of federal tax. Family members or

friends can make contributions to 529 plans as well as parents. There is a much higher contribution limit for the 529 plan than for other education savings plans. An added bonus is the less binding income restrictions. Most states offering the plan are partnered with mutual fund companies that actually manage the funds. In addition to the 529 plan, there are other methods to help defray the high cost of college, such as Coverdell Education Savings accounts, education savings bonds, Hope Scholarship Credit, Lifetime Learning Credit, and the education loan interest deduction. If college plans are in your future, be sure to check out all the different ways your Uncle Sam has established to help you with ever-increasing college expenses. The author is an enrolled agent, licensed by the US Department of the Treasury to represent taxpayers before the IRS for audits, collections and appeals. To attain the enrolled agent designation, candidates must demonstrate expertise in taxation, fulfill continuing education credits and adhere to a stringent code of ethics.

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12 MKT-6346A-A-A3 JAN 2012 MKT-6346A-A-A3 JAN 2012 MKT-6346A-A-A3 JAN 2012 MKT-6346A-A-A3 JAN 2012 MKT-6346A-A-A3 JAN 2012

MKT-6346A-A-A3 JAN 2012

MKT-6346A-A-A3 JAN 2012 MKT-6346A-A-A3 JAN 2012

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