ASSET RECOVERY CAN BE A DO-IT-YOURSELF TASK

The Securities and Exchange Commission and the Financial Industry Regulatory Authority warn investors who may have lost money on a speculative security to be on the alert for "follow-on" frauds. These include being contacted by an official-sounding company promising to help you recover your lost investment, and requesting an up-front fee to do so. Be aware that in most cases, you can attempt to recover your lost investment on your own, at little to no cost.

 

WANT A HAPPIER RELATIONSHIP? DISCUSS YOUR FINANCES

According to a survey by a U.S. national bank, 78% of couples who talk at least once a week about finances are happy or extremely happy with their partners. If making time for the "money talk" could improve your relationship, why not establish a habit of discussing finances and setting financial goals? Contact us at (518) 798-3330 for suggestions about how to get started.

ARE YOU WORKING OVERTIME PREPARING FOR THE NEW LABOR RULES?

The U.S. Department of Labor updated the rules for paying overtime, and the changes take effect December 1, 2016. Under the new rules, salaried employees who earn less than $913 per week ($47,476 per year) will be eligible for overtime pay. That's double the annual exempt amount of $23,660 under current rules. Begin reviewing your payroll policies now to avoid penalties and fines for noncompliance. One important step is to start tracking hours for your salaried employees.

DON'T GET STUCK WITH AN UNDERPAYMENT PENALTY

Don't let penalties for underpaid taxes increase your tax bill next April. Check the total you've paid in for 2016 through withholding and/or estimated taxes. If you've underpaid, consider adjusting your withholding for the final months of the year or increasing your remaining quarterly estimate. If you employ household workers, be sure your calculations include the payroll taxes you'll owe for them. Remember to include the 3.8% tax on net investment income in your planning, too.

BEWARE OF THIS FAKE TAX BILL SCAM

The IRS has again issued a scam warning. The newest scam involves receiving via email a fake version of an IRS bill related to the Affordable Care Act. The bill requests payment by check or by clicking a link in the email. Remember, genuine IRS notices do not come to your email, and do not request online payment. Email safety tip: Always verify the sender before opening attachments or clicking on links. Whenever you receive communication from the IRS, contact us at (518) 798-3330. We'll help you sort out what you need to do.

A PRIMER OF EDUCATION TAX BREAKS

Are your children in college? You may be able to offset some of the costs of their education with tax breaks.

YOUR BUSINESS, YOUR SALARY

As the owner of your business, you are the decider of salaries for your staff. That's true for your own salary too.