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Helpful tools for preparing your 2010 tax return 


TurboTax  

 

We're preparing over 300 tax returns for our clients this season and would be pleased to assist you with yours.  However, if you're one of those who prefers to go it alone, or if you're already are working with another tax professional, we want to offer a couple of helpful tools that will save you time and streamline the process.

 

If you plan to use either the web-based or desktop version of TurboTax, you can now import your tax information from Investor360˚.  With just a few short steps, all the key tax data you need are safely, accurately, and easily transferred directly into your electronic return.     

                                        

With Investor 360˚ and TurboTax, you'll do away with:

  • the need to gather together a year's worth of statements   
  • the task of keying in data from multiple sources   
  • the worry associated with either missing or incorrectly transcribing important tax information
Click here for step-by-step instructions

As you may already know, one of the more difficult schedules to create is the one required to claim the portion of dividends earned from U.S. government securities, which may be tax exempt at the state level (Ohio, for instance).   

 

Chornyak & Associates tax professionals have prepared an Excel worksheet to assist in this calculation, which we would be happy to e-mail to you or your tax professional for use if requested.   

 

We are pleased to provide a full service of financial and tax planning assistance to our clients, so don't hesitate to ask for our help.  Contact us by phone at 614-888-2121, toll-free at 877-389-2121, or e-mail [email protected].

   

De-cluttering your financial life  

 

The New Year is upon us, and like many people, you've probably made - or thought about making - some resolutions. "Getting organized" is a common goal, but you may not have considered it in terms of your financial life.   

 

Though it's often overlooked, getting your financial documents in order can be an important step toward achieving your overall financial goals.

 

Clutter

 

The right tools for the job

Think about all the time you've wasted (and the stress you've felt) trying to find bills, statements, and receipts. An easy way to solve this problem is to keep all of your financial papers in a file cabinet, separated by category.  

Name and organize the categories in a way that makes sense to you.  

 

Here are a few suggestions to get you started:  

  • brokerage account and portfolio statements
  • bank statements
  • tax information
  • receipts
  • retirement account documents
  • mortgage or lease agreements
  • insurance documents (e.g., policy statements)
  • bills (separated into "to be paid" and "paid")

Click here to read the article.

Is your income protected?

 

Given today's economy, people are more concerned about finances than ever before. Even the lucky few not directly impacted by the downturn are trending toward fiscal prudence because no one knows what the future will bring.

 

You may have considered the possibility of being downsized, and that is anxiety-provoking enough. But have you thought about what could happen if you were disabled?

 

Accident

 

Each year, approximately one in every eight people becomes disabled. Adding to that misfortune is anxiety about the immediate consequences of income loss on hearth and home.  Fortunately, disability insurance can relieve some of that anxiety.  When you can't work because of illness or an accident, disability income insurance replaces 50 percent to 70 percent of your income.

 

Although the government provides base coverage to all workers, it can involve a lot of red tape. Many people get disability insurance through their employers, too, but your employer may not provide sufficient coverage for your needs.

 

Click here to read the article.

 

The lowdown on women and money

 

  FatAssets   

Commonwealth Financial Network's Patrick Sarne discusses Susan Hirshman's book "Does This Make My Assets Look Fat? A Woman's Guide" with a view to gaining a valuable perspective on women and investing.

 

Sarne explains that Hirschman's goal is to empower women to take control of their financial lives. "[W]hen it comes to personal finances," she writes, "the only person who is responsible for you is, well, you."  

 

While many financial books focus on facts and definitions of terms, Hirshman reminds her readers that personal accountability plays into financial success, and she does an impressive job of encouraging women to be proactive in managing their finances.  

 

To Sarne, the biggest strength of Hirshman's work is how she relates the concept of personal finance to an experience familiar to many women: dieting.

 

 Read the entire book review here.



This communication is strictly intended for individuals residing in the States of:  AL, AR, AZ, CA, CO, CT, FL, GA, IA, IL, IN, KY, LA, MA, ME, MI, MT, NC, NY, OH, PA, SC, TX, VA WI, WV.  No offers may be made or accepted from any resident outside these States due to various state requirements and registration requirements regarding investment products and services.
 
Securities and Advisory Services Offered Through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser

 

February 2010
JoeSrENL
I wanted to let all of our clients know that if you're using the popular tax software TurboTax, Chornyak & Associates' Investor360� can save you time and aggravation by seamlessly inputting all the investment account information you'll need to include in your federal tax return.
 
In this month's feature article we've provided a link to instructions on how to access, select, and import everything you need - safely and easily.
 
We hope this new feature will make preparing your return for 2010 just a little less stressful.

Other helpful articles included in this month's e-newsletter will give you tips on how to organize information for better financial planning and prepare for an unexpected misfortune through disability insurance.

Finally, I recommend the book "Does this Make My Assets Look Fat?" by Susan Hirshman for a serious look at financial advice for women, including: finding a financial advisor, estate planning, and the five Ds (disability, dementia, death, destruction, and divorce). The book review provided by Commonwealth's Patrick Searne is both entertaining and informative.

Please feel free to contact me personally for further information, or for a complimentary initial consultation: by phone 614-888-2121 or by e-mail. Or fill out an online request form. 

 

Joe
About Investor 360
Investor360� is a web-based application, provided by Commonwealth Financial Network, that contains your investment portfolio information.

If you wish to subscribe to this service, please contact us contact us at 614-888-2121 to create your login and set up your account.

A documents section allows your advisor to share documents with you. It also includes an administration tab, where you can update your password, name, and security information.

Investor360� offers an optional account aggregation feature that allows you to consolidate all of your account information, regardless of institution, in one place.

With access to this feature, you will be able to collect account information - including data from bank, credit card, investment, mortgage, insurance, and loan accounts - and view it all via online access.

Commonwealth uses industry-standard, 128-bit encryption on all websites that contain personal information. This means that complete social security numbers are not displayed.

Click here to view the Investor360� Client User Guide.


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