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AAA WCNY, AT&T & NYS Police Team Up with WNY Officials to Host Distracted Driving Awareness Day

 AAA WCNY, AT&T & NYS Police Team Up with WNY Officials to Host Distracted Driving Awareness Day

York State Senators Chris Jacobs and Michael Ranzenhofer, AAA Western and Central New York, New York State Police and AT&T teamed up to raise awareness for AAA’s 100 Deadliest Days (the period between Memorial Day and Labor Day when teen crash fatalities historically climb 15 percent compared to the rest of the year), as well as AT&T’s “It Can Wait” public education campaign and NYS distracted driving laws.

Distracted Driving Awareness Day in Western New York was hosted June 1 at AAA WCNY headquarters, where young drivers, parents and all those who visited the Amherst AAA were educated about the dangers of distracted driving.

What's the difference between a direct and indirect rollover?

If you're eligible to receive a taxable distribution from an employer-sponsored retirement plan [like a 401(k)], you can avoid current taxation by instructing your employer to roll the distribution directly over to another employer plan or IRA. With a direct rollover, you never actually receive the funds.

You can also avoid current taxation by actually receiving the distribution from the plan and then rolling it over to another employer plan or IRA within 60 days following receipt. This is called a "60-day" or "indirect" rollover.

But if you choose to receive the funds rather than making a direct rollover, your plan is required to withhold 20% of the taxable portion of your distribution (you'll get credit for the amount withheld when you file your federal tax return). This is true even if you intend to make a 60-day rollover. You can still roll over the entire amount of your distribution, but you'll need to make up the 20% that was withheld using other assets.

Can the IRS waive the 60-day IRA rollover deadline?

If you take a distribution from your IRA intending to make a 60-day rollover, but for some reason the funds don't get to the new IRA trustee in time, the tax impact can be significant. In general, the rollover is invalid, the distribution becomes a taxable event, and you're treated as having made a regular, instead of a rollover, contribution to the new IRA. But all may not be lost. The 60-day requirement is automatically waived if all of the following apply:

·         A financial institution actually receives the funds within the 60-day rollover period.

·         You followed the financial institution's procedures for depositing funds into an IRA within the 60-day period.

Grandparents Can Help Bridge the College Cost Gap

For many families, a college education is a significant financial burden that is increasingly hard to meet with savings, current income, and a manageable amount of loans. For some, the ace in the hole might be grandparents, whose added funds can help bridge the gap. If you're a grandparent who would like to help fund your grandchild's college education, here are some strategies.

529 college savings plan

A 529 college savings plan is one of the best vehicles for multigenerational college funding. 529 plans are offered by states and managed by financial institutions. Grandparents can open a 529 account on their own — either with their own state's plan or another state's plan — and name their grandchild as beneficiary (one grandchild per account), or they can contribute to an existing 529 account that has already been established for that grandchild (for example, by a parent).

Tax Tips for the Self-Employed

Being self-employed has many advantages — the opportunity to be your own boss and come and go as you please, for example. However, it also comes with unique challenges, especially when it comes to how to handle taxes. Whether you're running your own business or thinking about starting one, you'll want to be aware of the specific tax rules and opportunities that apply to you.

Understand the self-employment tax

When you worked for an employer, payroll taxes to fund Social Security and Medicare were split between you and your employer. Now you must pay a self-employment tax equal to the combined amount that an employee and employer would pay. You must pay this tax if you had net earnings of $400 or more from self-employment.

Niagara County Sheriff Announces Attempted Burglery Arrest

Niagara County Sheriff Announces Attempted Burglery Arrest

LOCKPORT: Sheriff James R. Voutour announces the arrest of Hugh R. Jackson, 61, of Gasport on charges of attempted burglary in the second degree, possession of burglar's tools, criminal mischief in the fourth degree, criminal possession of a controlled substance in the seventh degree and possession of marihuana. Jackson attempted to force entry into a residence on Locust Street when he was observed by the homeowner. The homeowner called 911 as Jackson fled the scene on a bicycle. Multiple Niagara County Sheriff and State Police patrols were dispatched. The suspect's bicycle was located in the 6300 block of Hamm Road and a track was immediately started by Lieutenant James Hildreth and K9 Taz. K9 Taz tracked Jackson to an area of a nearby bike path approximately 700 yards behind George Southard School where Lt.

Hobby or Business? IRS Offers Tips to Decide

 

Millions of people enjoy hobbies that are also a source of income. From catering to cupcake baking, crafting homemade jewelry to glass blowing -- no matter what a person’s passion, the Internal Revenue Service offers some tips on hobbies.

Taxpayers must report on their tax return the income earned from hobbies. The rules for how to report the income and expenses depend on whether the activity is a hobby or a business. There are special rules and limits for deductions taxpayers can claim for hobbies. Here are five tax tips to consider: