WHICH INCOME IS NON-TAXABLE-Posted by John R. Cillino, Esq., YKSM, Certified Public Accountants

 Welcome to our September Newsletter-Article 5

Most types of income are taxable, but some are not. Income can include money, property or services that you receive. Here are some examples of income that are usually not taxable:

• Child support payments;
• Gifts, bequests and inheritances;
• Welfare benefits;
• Damage awards for physical injury or sickness;
• Cash rebates from a dealer or manufacturer for an item you buy; and
• Reimbursements for qualified adoption expenses.

Some income is not taxable except under certain conditions. Examples include:

Life insurance proceeds paid to you because of an insured person’s death are usually not taxable. However, if you redeem a life insurance policy for cash, any amount that is more than the cost of the policy is taxable.

Income you get from a qualified scholarship is normally not taxable. Amounts you use for certain costs, such as tuition and required course books, are not taxable. However, amounts used for room and board are taxable.

All income, such as wages and tips, is taxable unless the law specifically excludes it. This includes non-cash income from bartering, such as the exchange of property or services. Both parties must include the fair market value of goods or services received as income on their tax return.

If you received a refund, credit or offset of state or local income taxes in 2012, you may be required to report this amount. If you did not receive a 2012 Form 1099-G, check with the government agency that made the payments to you. That agency may have made the form available only in an electronic format. You will need to get instructions from the agency to retrieve this document. Report any taxable refund you received even if you did not receive Form 1099-G.

Questions? Give us a call. We’re happy to help!

 

56 WELLS STREET, WESTERLY, RI 02891

401-596-9500

CARROT TOP–posted by Haircraft Designs

With the myriad shade options available, most women can carry some variation of red hair. Those with cooler, creamier skin tones are the best candidates for all over red colors ranging from rich auburn to strawberry blond. Those with darker skin should consider cooler, deeper shades. If you do want to be a redhead, keep in mind that red hair molecules are small and tend to shampoo out more so than other colors. Therefore, red hair requires added maintenance and care. Products created especially for color-treated hair, particularly for red hair, must be incorporated into your daily hair regimen. However, the end result can be extremely eye-catching and flattering of gorgeous red hair!

 

ALSO, CLICK HERE TO VISIT OUR FACEBOOK PAGE.

MONDAY MORNING MOTIVATOR–From HomePro Inspections of RI Corp

Monday Morning Motivator!

Create solutions…

“There are two ways of meeting difficulties. You alter the difficulties or you alter yourself to meet them.”

~Phyllis Bottome~

Novelist

There is no such thing as a problem – it’s how you create a solution!

Hank

About Us

Why you’re receiving this message…. While attending a conference it occurred to me that one of the most important, most beneficial reasons I attend these is the inspiration I get from people just like me who are working hard every day to build a better reality. It also occurred to me that we all could really use a little inspiration on a regular basis. 

Please don’t keep HomePro Inspections of RI a Secret.
The greatest compliment we can receive is a referral from you! We are Committed To Your Success! 

Hank Richter
HomePro Inspections of RI Corp

PO Box 440

Hope, Rhode Island 02831

www.homeprori
(401) 821-5446

Land Trust Days Closing Events Reminder

SMOKE DAMAGE INFORMATION-Posted by Servpro of Washington County

The complexity of property loss or destruction due to fire damage is due to the unique behavior of smoke. A trained fire damage professional should survey the loss site to determine the extent to which fire, smoke, heat, and moisture impacted building materials and contents.

Click here to get more information on smoke damage

of Washington County

of Newport & Bristol Counties

401-315-2337

401-847-8145

  

FINAL DAYS–AMISH FURNITURE SALE AT Chariho Furniture

10 Richmond Townhouse Road

(Junction of Route 112 & 138)
Richmond, RI 02898
phone: 401.539.9043
fax: 401.539.9045
web@charihofurniture.com

Job Search Expenses May Lower Your Taxes- How to Calculate the Deduction-Posted by John R. Cillino, Esq., YKSM, Certified Public Accountants

 Welcome to our September Newsletter-Article 4

September is often a time of transition, when people decide to make major life decisions–such as changing jobs. If you’re looking for a new job, then you may be able to claim a tax deduction for some of your job hunting expenses–as long as it’s in your same line of work.

Here are seven things you need to know about deducting these costs:

1. Your expenses must be for a job search in your current occupation. You may not deduct expenses related to a search for a job in a new occupation. If your employer or another party reimburses you for an expense, you may not deduct it.

2. You can deduct employment and job placement agency fees you pay while looking for a job.

3. You can deduct the cost of preparing and mailing copies of your resume to prospective employers.

4. If you travel to look for a new job, you may be able to deduct your travel expenses. However, you can only deduct them if the trip is primarily to look for a new job.

5. You can’t deduct job search expenses if there was a substantial break between the end of your last job and the time you began looking for a new one.

6. You can’t deduct job search expenses if you’re looking for a job for the first time.

7. You will usually claim job search expenses as a miscellaneous itemized deduction, but can deduct only the amount of your total miscellaneous deductions that exceed two percent of your adjusted gross income.

Give us a call if you have any questions about tax deductions related to a job search.

56 WELLS STREET, WESTERLY, RI 02891

401-596-9500

NEW BOB–posted by Haircraft Designs

Since World War I, it has been worn by millions of women. Of course, we are referring to the “bob” hairstyle. Always on trend, this style can be short or long. Although best with thin or medium thick hair, most anyone can wear a bob. This classic cut was originally featured at chin length. Now, earlobe to shoulder length versions of the original are popular. A long face calls for a short bob. A round face looks best with a longer bob. A graduated or stacked version provides crown height for those with finer hair. If your tempted to try a bob, book a consultation with one of our stylists to determine which length and shape would best flatter your features!

ALSO, CLICK HERE TO VISIT OUR FACEBOOK PAGE.

MONDAY MORNING MOTIVATOR–From HomePro Inspections of RI Corp

Monday Morning Motivator!

Build a foundation, not a wall…

“A successful man is one who can lay a firm foundation with the bricks that others throw at him.”

~Sidney Greenberg~

American Rabbi

It is easy for people to comment from the sidelines! Don’t let the comments stop you from moving forward!

Hank

About Us

Why you’re receiving this message…. While attending a conference it occurred to me that one of the most important, most beneficial reasons I attend these is the inspiration I get from people just like me who are working hard every day to build a better reality. It also occurred to me that we all could really use a little inspiration on a regular basis. 

Please don’t keep HomePro Inspections of RI a Secret.
The greatest compliment we can receive is a referral from you! We are Committed To Your Success! 

Hank Richter
HomePro Inspections of RI Corp

PO Box 440

Hope, Rhode Island 02831

www.homeprori
(401) 821-5446

Biggert – Waters Flood Insurance Reform Act of 2012-Posted by Gil and Pat Bricault of The Family Team at Coldwell Banker

Gil & Pat Bricault
Real Estate Professional
Coldwell Banker-Cahoone, Realtors
The Family Team-Coldwell Banker
Westerly Living
29 Post Road
Westerly, RI 02891
O: 401-573-0523
M: 401-573-8727
Contact

The Biggert-Waters Flood Insurance Act of 2012 extended the authority of the National Flood Insurance Program for 5 years until September 30, 2017. The bill contains many reforms and changes, many of which are already generating questions as to intent, interpretation and implementation.

Although the bill authorized the National Flood Insurance Program for five years, which will prevent lapses in authority at every “budget crisis” that hits Congress will have tremendous impact on consumers who have homes in flood zones, Realtors, Bankers and Insurance Agents.  Business will no longer be the same and we could be seeing some gigantic rate increasses depending on zones and also the construction level of the properties.

The main purpose of the bill is to increase the fiscal soundness of the NFIP which has been surely tested by recent weather catastrophies over the last few years.

We have attached a report that you can see by CLICKING HERE which will give you much more details on the bill and its possible impact on your insurance premiums.  We also suggest that you contact your insurance agent NOW to see what you can expect from the upcoming changes.