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For a Mom With Five Young Sons, Cool Gel ‘n Cap Sure Comes in Handy

For a Mom With Five Young Sons, Cool Gel ‘n Cap Sure Comes in Handy

Mandee knows all about bumps and bruises. Raising five sons will make you can expert on such things.

Mandee also has her own website called “Raising My 5 Sons,” on which she writes about her home life, which she describes as “a little crazy, hectic, silly, loud but always a lot of love and happiness!” Recently, she reviewed 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. Here’s what the mom of five had to say:

Ten Facts for Mortgage Debt Forgiveness

Ten Facts for Mortgage Debt Forgiveness

If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts the IRS wants you to know about Mortgage Debt Forgiveness.

1.         Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence.

2.         The limit is $1 million for a married person filing a separate return.

3.         You may exclude debt reduced through mortgage restructuring, as well as mortgage debt forgiven in a foreclosure.

Checking the Status of Your Refund

Checking the Status of Your Refund

If you already filed your federal tax return and are due a refund, you have several options to check on your refund. Here are eight things the IRS wants you to know about checking the status of your refund:

1. Online Access to Refund Information - Where’s My Refund? an interactive tool on http://www.irs.gov is the fastest, easiest way to get information about your federal income tax refund. Whether you split your refund among several accounts, opted for direct deposit into one account, used part of your refund to buy U.S. Savings Bonds or asked the IRS to mail you a check, Where’s My Refund?

Four Ways to Find Free Tax Help

Four Ways to Find Free Tax Help

The IRS offers free assistance by computer, telephone and in person. The IRS can also help find free tax preparation sites for those who qualify. Here are four great ways you can get the information you need to file your tax return.

Military Personnel and their Families Get Free Tax Help

Military Personnel and their Families Get Free Tax Help

Military members and their spouses may be eligible to receive free tax return preparation assistance. The IRS and U.S. Armed Forces participate in the Volunteer Income Tax Assistance program which provides free tax advice, tax preparation, return filing and other tax assistance to military members and their families.

1. Armed Forces Tax Council The Armed Forces Tax Council oversees the operation of the military tax programs worldwide, conducting outreach with the IRS to military personnel and their families. The AFTC consists of tax program coordinators for the Marine Corps, Air Force, Army, Navy and Coast Guard.

2. Volunteer Tax Sites Volunteer assistors at military-based VITA sites are trained to address military-specific tax issues, such as combat zone tax benefits and the new Earned Income Tax Credit guidelines.

NCIDA Approves Boutique Hotel and Medical Practice Applications

NCIDA Approves Boutique Hotel and Medical Practice Applications

SANBORN, NEW YORK – The Niagara County Industrial Development Agency (NCIDA) Board of Directors today approved applications for assistance submitted by Jai Devi Inc., which plans to renovate a vacant building in Niagara Falls into a boutique hotel and DOJO, LLC, which will be expanding the office building of a long standing community medical practice in Wheatfield.

“The applications for assistance that were approved today are consistent with agency policy and are the exact types of projects that strengthen the economic stability of a community,” said Henry M. Sloma, chairman, Niagara County Industrial Development Agency.  “Because of the assistance we are able to offer, a Niagara Falls eyesore will be transformed into a new hotel and a Niagara County medical provider will be able to expand to offer services to more local residents.”

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.