Avoiding Common 1040 Mistakes
No one wants to delay their federal tax refund. Filling out your 1040 form correctly is essential. Here are seven common 1040 mistakes which can aggravate both the IRS and the taxpayer.
Getting a Jump on Tax Season
You can file your federal tax return starting January 20. What should you gather up for your CPA? Did you pay for your own health insurance in 2014? If you received any health insurance subsidies, you may want to wait until February to file. Read more here.
January Economic Update
When 2014 ended, the S&P 500 had posted another double-digit yearly gain – and while some foreign economies seemed to be slowing or sputtering, ours looked quite healthy. Third-quarter GDP went in the books at 5.0% (up from 3.9% in the second estimate). Consumer spending rose by a very strong 0.6% in November with consumer wages also rising 0.4%. Cheap gasoline and growing consumer confidence seemed apparent factors in the impressive 0.7% November gain in retail sales. Read more in our January economic update.
Good News to Close Out 2014
There are some positive developments that are improving Americans’ retirement outlook. We also want to wish you and your family a happy holiday season. Read more in our December newsletter.December Economic Update
November was remarkably placid on Wall Street – unlike October, we didn’t see a lot of days marked by triple-digit Dow swings. By the estimate of the federal government, the second and third quarter of 2014 amounted to the best six months for the U.S. economy since 2003. Still, total Black Friday sales were down 11% from 2013 levels, according to National Retail Federation estimates; this could have reflected online sales growth and more stores having deep discounts on Thanksgiving Day.