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Did You Take an Early Distribution from Your Retirement Plan?

Did You Take an Early Distribution from Your Retirement Plan?

Some taxpayers may have needed to take an early distribution from their retirement plan last year. The IRS wants individuals who took an early distribution to know that there can be a tax impact to tapping your retirement fund.  Here are ten facts about early distributions.

1.         Payments you receive from your Individual Retirement Arrangement before you reach age 59 ½ are generally considered early or premature distributions.

2.         Early distributions are usually subject to an additional 10 percent tax.

3.         Early distributions must also be reported to the IRS.

Amherst CoC Presents Small Business Workshop

Amherst CoC Presents Small Business Workshop

The Amherst Chamber of Commerce is hosting a small business lending workshop on Friday, March 18 at Trocaire College. The workshop will focus on lending for small businesses and will feature representatives from M&T Bank, HSBC, First Niagara, and Evans Bank.

The workshop is a "Small Business Lending Roundtable", and event attendees will participate in discussions on business lending and how to gain access to capital. Representatives from the banks all have backgrounds in small business banking.

The session will be hosted in the Russell Salvatore School of Hopitality and Management at Trocaire College, 14 Freeman Rd. in Lancaster. Registration begins at 8:15 A.M. and the workshop will begin promptly at 8:30 A.M.

Registration is $5 for both members and non-members of the Amherst Chamber of Commerce. More information can be found at www.amherst.org, or call 716.632.6905.

Seven Facts About the Expanded Adoption Credit

Seven Facts About the Expanded Adoption Credit

You may be able to take a tax credit of up to $13,170 for qualified expenses paid to adopt an eligible child. The Affordable Care Act increased the amount of the credit and made it refundable, which means it can increase the amount of your refund.

Here are seven things the IRS wants you to know about the expanded adoption credit.

1.         Beginning in tax year 2010 the credit is refundable, meaning that you can get it even if you owe no tax.

2.         For tax year 2010 you must file a paper tax return and Form 8839, Qualified Adoption Expenses, to get the credit and you must attach documents supporting the adoption.

3.         Documents may include a final adoption decree, placement agreement from an authorized agency, court documents and the state’s determination for special needs children.

Local Cool Gel ‘n Cap Product Continues to Earn Rave Reviews

Local Cool Gel ‘n Cap Product Continues to Earn Rave Reviews

Rave reviews continue to come in for Cool Gel ‘n Cap, a unique first aid cap for kids that was invented and brought to market by Western New York resident Timothy Panicali. In fact, here’s what “My Springfield Mommy” had to say following a test of the product:

“I love the Cool Gel ‘n Cap. It is absolutely adorable and functional as well. I love that it holds the gel pack anywhere around my child's head — forehead, back, sides, down over the ears (perfect place for the warm compresses that can relieve ear pain). It's great that my child loves to wear it, so I don't have to fight that during an already rough time. 

Don't be Scammed by Fake IRS Communications

Don't be Scammed by Fake IRS Communications

The IRS receives thousands of reports each year from taxpayers who receive suspicious emails, phone calls, faxes or notices claiming to be from the Internal Revenue Service. Many of these scams fraudulently use the Internal Revenue Service name or logo as a lure to make the communication more authentic and enticing. The goal of these scams – known as phishing – is to trick you into revealing personal and financial information. The scammers can then use that information – like your Social Security number, bank account or credit card numbers – to commit identity theft or steal your money.

Here are five things the IRS wants you to know about phishing scams:

1. The IRS doesn’t ask for detailed personal and financial information like PIN numbers, passwords or similar secret access information for credit card, bank or other financial accounts.

Ten Important Facts About Capital Gains and Losses

Ten Important Facts About Capital Gains and Losses

Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When a capital asset is sold, the difference between the amount you paid for the asset and the amount you sold it for is a capital gain or capital loss.

Here are ten facts from the IRS about gains and losses and how they can affect your Federal income tax return.

1.         Almost everything you own and use for personal purposes, pleasure or investment is a capital asset.

2.         When you sell a capital asset, the difference between the amount you sell it for and your basis – which is usually what you paid for it – is a capital gain or a capital loss.

3.         You must report all capital gains.