IMPORTANT DISCLOSURE INFORMATION
The following presentation by New England Capital Financial Advisors, LLC (“NECFA”) is intended for general information purposes only. No portion of the presentation serves as the receipt of, or as a substitute for, personalized investment advice from NECFA or any other investment professional of your choosing. Please see additional important disclosure at the end of this penetration. A copy of NECFA’s current written disclosure Brochure discussing our advisory services and fees is available upon request or at www.newenglandcapital.com.
Tax Season Tips and Information
Tax Season has officially commenced, and I wanted to use this blog as a refresher of what that means for you and obtaining your tax forms.
New England Capital does not prepare or issue the 1099’s. They come directly from your custodian – Fidelity Investments, Charles Schwab, Lincoln, American Funds, ETC… Regardless of if you’ve opted to receive them online or through the mail, it will come from the Custodian NOT New England Capital. Please be careful when throwing out your mail or deleting emails – they may contain your 1099 tax forms.
We receive a lot of calls and inquiries asking when you should expect the 1099’s out to you. Unfortunately, we never have an exact date, but what we can tell you is for all 1099’s for Qualified Retirement accounts (IRAs, ROTH IRAs, SIMPLE IRAs, SEP IRAs), will be issued by the custodian by January 31st. The 1099’s for non-retirement brokerage accounts (Individual Accounts, Joint Accounts, Trust Accounts) have historically been issued by the third week in February. Sometimes Preliminary 1099 forms will be issued earlier, but that is not the final tax document, and we would not recommend bringing that to the accountant.
All IRA holders receive a 5498 Form, please note that this form is for informational purposes and not needed to file your taxes.
If you are contributing to a CHET 529, you will not receive a tax form containing your contributions. It is your responsibly to keep track of your contributions for the year and relay that information to your tax preparer. You will be able to see the total amount contributed on your yearend statement.
We are recommending clients wait until the third week of February before scheduling an appointment with your tax preparer.
If your tax preparer asks for any additional information, with your permission -we can provide them directly with any forms or information they may need to complete your tax return.
Remember that the tax filing deadline is April 15th for most tax filers. If you’re eligible and would like to contribute to a Roth or Traditional IRA for the 2024 tax year, it should be mailed to the custodian by April 15th,. If you prefer to drop off a check to our office, we encourage checks to be dropped off before April 14th to ensure it is not too late.
If you have any questions on which accounts generate a 1099 or ones that you need to bring to your tax professional, please reach out to our client service department either at service@newenglandcapital.com or by calling us at (203) 935-0265 and ask for a member on our client service team.
I hope you found this information helpful. We know this time of year can be a stressful one and we want to make it as smooth as possible for our clients. The Client Service Team is here to help!
IMPORTANT DISCLOSURE INFORMATION
Please remember that past performance is no guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by New England Capital Financial Advisors, LLC [“NECFA”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from NECFA. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. NECFA is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the NECFA’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at www.newenglandcapital.com. Please Note: NECFA does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to NECFA’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Please Remember: If you are a NECFA client, please contact NECFA, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently. Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.