Your Advisor's Thoughts

September 11

Ten years have passed since the events of 9/11/01, and while in some ways it feels like a lifetime ago, the memory remains painfully fresh in our minds.

An attack on U.S. soil. The loss of nearly 3,000 lives. In the wake of these horrific events, we might have recoiled. We were all wounded that day, but the people of this nation rallied together, and in the decade that has followed, we've proven our strength, our courage and our resilience.

Let us never forget the events of 9/11.

This coming Sunday, Patriot Day, let us remember the thousands of precious lives that were lost that fateful day, as well as the lives of those we've lost since then - the brave men and women of the armed forces who fight for us each and every day.

9/11 is a wound that may never fully heal - like the wound we sustained at Pearl Harbor, but those wounds, though deep, make us stronger.

Our thoughts and prayers this week are with all those who lost family members and loved ones on that day, and in the subsequent years of military action.

GOD BLESS AMERICA!

Phil Giambri and Greg Teal

You can contact Phil and Greg at the office by calling 610-485-1010

Philip M. Giambri is the founder, and owner of “Your Best Interest” Financial Services Inc. Phil is a registered representative of Trustmont Financial Group Inc. Member FINRA, SIPC. Greg is an investment advisor representative of Trustmont Advisory Group, Inc. 200 Brush Run Road, Greensburg, PA 15601, 724-468-5665

A 5.9 Earthquake and a Category 2 Hurricane...

All of us on the East Coast are being reminded this week that some natural disasters can be anticipated, and others cannot. When the unexpected occurs, individual reactions may vary widely, as we discovered last Tuesday in the “Your Best Interest” office. During the earthquake, each of us reacted differently: one of us moved under a doorway, some jumped up to run outside, and one (the native Californian in the bunch) crawled under her desk. Phil calmly continued on with his appointment, appearing slightly amused by the collective alarm.

As if the earthquake weren’t enough for one week, the anticipated arrival of Hurricane Irene quickly moved to the top of the headlines! Local authorities and news outlets stressed the importance of making appropriate preparations for the expected torrential rain and high winds.

Our financial markets have been rocked recently as well. As with natural disasters, we each respond to these “financial tremors” differently. Some are tempted to run away, some stand their ground, and still others look for opportunities.

At “Your Best Interest” Financial Services, we understand that everyone has a different comfort zone when navigating the financial marketplace. Personal risk tolerance does not fluctuate with the market, but sometimes our feeling of uneasiness does. We are here to help you proactively create your individualized investment strategy and then encourage you to stay the course with professional guidance, perspective and objective assessment of the market.

Stay tuned…

Greg

You can contact Greg at his
office by calling 610-485-1010.

Greg Teal is an investment advisor representative of Trustmont Advisory Group, Inc. 200 Brush Run Road,
Greensburg, PA 15601. Trustmont can be contacted by calling 724-468-5665

Should You Focus on 11-Month Losses or 12-Month Gains?

In case you have been living under a rock, let me inform you that throughout the past few weeks the stock market has been rather unpredictable. To put it in technical terms, it has been absolutely crazy! Month to date the S&P 500 index is down 7.6%. We have seen huge increases and declines over days, and even hours at times!

A sharp increase in volatility will make even ultra-long term investors squeamish. This is exactly the time, however, to fight our natural urges to flee despite the talking heads on TV who cry that the sky is falling. The United States of America is no different today than it was three weeks ago. Our national potential is truly amazing despite such valid concerns as debt, unemployment issues, and even occasional political silliness.

In light of the current climate, let me give you a few of my thoughts in a nutshell...

• The current stock market conditions are a "normal occurrence"
• We are not facing imminent default
• We will not be overtaken by another country any time soon
• I see no signs of an impending recession
• Conventional wisdom says to avoid commodities at historically high values: currently this means gold and silver

My crystal ball is currently in for repairs, therefore I am not willing to venture a guess at the duration of the current spike in market volatility or valuation decline. I am confident that patience will pay off in investing appropriately for your individual time horizon and risk preference. As a part of our service to our clients, we manage risk levels and invest appropriately. If you feel there is too much risk in your portfolio, please call us so that we can discuss your individual situation.

Stay tuned for more!

Greg

You can contact Greg at his office by calling 610-485-1010.

Greg is an investment advisor representative of Trustmont Advisory Group, Inc. 200 Brush Run Road, Greensburg, PA 15601. Trustmont can be contacted by calling 724-468-5665

 

Welcome, Jen!

I am pleased to introduce you to the newest member of the “Your Best Interest” family: Jen Myers has joined our team as the Marketing Coordinator. You’ll be hearing from Jen regularly regarding new services and educational opportunities coming soon! At Your Best Interest Financial Services, service is our biggest asset, and we anticipate serving our current clients with even better communication as well as developing new relationships as we promote all the distinctives that set us above and apart from the crowd.

In addition to Jen’s new responsibilities at Your Best Interest, she is a wife and mom. Jen and Jeff have been married 17 years, and have 2 children, Ian and Bekah… both of whom will be in Middle School this year. Jeff and Jen are anticipating that it will be an adventure!

Jen enjoys rose gardening and baking, and we have heard that she has a special fondness for chocolate! We are eager to personally evaluate some of her favorite recipes in the (hopefully) near future. Jen also is involved with the women’s ministry at her church, Faith Community in Brookhaven.

We are here to serve you, and we always enjoy the opportunity to make a personal connection. Jen looks forward to meeting you the next time you are here in the office or at an upcoming event. Stay tuned!

With warmest regards,

Phil

This is a guest blog entry by Philip M. Giambri, President of "Your Best Interest" Financial Services, Inc. Phil is a Registered Representative for Trustmont Financial/Advisory Group, Member FINRA/SIPC

Summer Fun!!!

Phil and I have the honor of teaching 4 evenings at StonyBank Community Church as part of their “Evening Vacation Bible School ~ For The Whole Family”.  “Lies We Believe vs Biblical Truth” is a program used in many churches called where we present common financial misconceptions our society embraces and that our culture leads us to believe.  If you wish to attend Stonybank requests that you RSVP to 610-459-1827.

 
Stay Tuned For More…

You can contact Greg at 610-485-1010

He is an investment advisor representative of Trusmont Advisory Group, Inc

Who Qualifies as a Dependent?

For claiming the dependency exemption, a dependent is either a qualifying child or qualifying relative.

A qualifying child must satisfy all six of the following tests:

1. Relationship: The child must be the taxpayer’s child or stepchild (by blood or adoption), foster child, sibling or stepsibling, or a descendant of one of these.

2. Age: The child must be under the age of 19 at the end of the year and younger that your (or your spouse, if filing jointly), OR under the age of 24 at the end of the year, a full-time student for at least 5 months of the year and younger than you (or your spouse, if filing jointly), OR any age if permanently and totally disabled at any time during the year.

3. Residence: The child must have the same principal residence as the taxpayer for more than half the year. Exceptions apply in certain circumstances for children of divorced or separated parents, kidnapped children, temporary absences, and for children who were born or died during the year.

4. Support: the child must not provide more than one-half of his or her own support for the year.

5. Filing Status: the child is not filing a joint return for the year (unless that return is filed only as a claim for a refund).

6. Tie-breaker rules: the child must only qualify as your qualifying child or if the child meets the rules to be a qualifying child of more than one person, you must be the person entitled to claim the child as a qualifying child based on the tie-breaker rules.

A qualifying relative must satisfy all four of the following tests:

1. Relationship Test: The person cannot be your qualifying child or the qualifying child or any other taxpayer.

2. Member of Household/Relationship Test: The person must have lived with the taxpayer for the entire year, OR be related to the taxpayer. The following are considered relatives:

*taxpayer’s child, stepchild, adopted child, grandchild or great-grandchild

*taxpayer’s son-in-law or daughter-in-law

*taxpayer’s parent, stepparent, parent-in-law, grandparent or great-grandparent

*taxpayer’s brother, sister, half brother, half sister, stepbrother, stepsister, brother-in-law or sister-in-law

*taxpayer’s aunt, uncle, nephew, or niece, if related by blood

*foster child who was placed with the taxpayer by an authorized agency

3. Support Test: The taxpayer must provide over half the person’s support during

the year. There are special rules for children of divorced or separated parents.

Support includes amounts actually spent on food, clothing, a place to live,

medical and dental care, education, recreation, transportation, and similar

necessities.

4. Gross Income Test: Generally, the person’s gross income must be less than $3,650. This does not include nontaxable income such as welfare benefits or nontaxable Social Security benefits.

More information is available in IRS Publication 501 at www.irs.gov

If you have any questions please call us at 610-485-1010.

Stay tuned for more…

 

This is a guest blog by Jacqueline M. Ward, who is the Tax Operations Manager (TOM) at "Your Best Interest" Financial Services Inc. She combines her education in accounting, years of experience and attention to detail to provide her clients with confidence and peace of mind that their tax returns are completed accurately and in a timely manner.  Jackie is the mother of 7 children, 2 girls and 5 boys. Two of her sons are presently serving our country in the military; one in the U.S. Marine Corps and the other a midshipman at the United States Naval Academy.

To contact Jackie call 610 485-1010 or email her at jward@ybifs.com

29 Going on 30

On February 8, 2011, I celebrated the completion of my 29^th year as a financial professional.  Let me tell you, it has truly been a wonderful experience.

As my wife and I look back, we are just in awe of how God has worked in our lives and shaped us over these years.  We thank the Lord for all He has done for us and through us, and we give Him the glory for any measure of success we have achieved.  It is only by His grace we have been so blessed.

To those of you who are my clients and have given me the honor to serve you over the past 29 years, I want to thank you and tell you how much I treasure the relationships we have developed. The confidence and trust you have placed in me, my associates and staff is something I value highly and strive to maintain.  Interacting with so many wonderful people makes my job enjoyable and gives me the desire to continue doing so.

I have also been blessed with terrific co-workers and staff over the years.  Integrity, diligence and dedication are words that come to mind, as I think about them and their work ethic. They have worked with me to provide the level of service you deserve and have come to expect.

As I begin my 30^th year, I just want tell you what an incredible journey this has been and to thank each one of you.

With warmest personal regards,

Phil

Stay tuned for more….

 

This is a guest blog entry by Philip M. Giambri, President of "Your Best Interest" Financial Services, Inc.  You can reach Phil at 610-485-1010 or email ybifs@ybifs.com.

Phil is a Registered Representative for Trustmont Financial/Advisory Group, Inc.

Member FINRA/SIPC

Residential Energy Tax Credit

Taxpayers can claim a credit for certain qualifying home improvements placed in service in 2010. The property must be installed in the taxpayer’s principal residence that is located in the U.S. New construction, vacation and rental homes don’t qualify.

Qualifying improvements must be placed in service before Jan. 1, 2011.

Personal Energy Property Credit Qualifying Improvements:

Materials & cost of labor: high-efficiency heating and air conditioning systems, hot water heaters and stoves that burn biomass.

Materials only: energy-efficient windows and sky-lights, energy-efficient doors, qualifying insulation and certain roofs.

Credit equals 30% of what a homeowner spends on eligible energy saving improvements, up to a maximum tax credit of $1,500 for the combined 2009 and 2010 tax years.

Residential Energy Efficient Property Credit Qualifying Improvements:

Materials & cost of labor: solar energy systems (water heating and electricity), fuel cells, small wind energy systems, and geothermal heat pumps.

Credit equals 30% of what a homeowner spends, with no maximum. New construction does qualify.

Manufacturers must certify that their products meet the standards and must provide a written statement to the taxpayer included with the packaging of the product or in a printable format on the manufacturers’ website.

Additional information is available on the IRS website at www.irs.gov.

If you have any questions please call us at 610-485-1010.

 

Stay tuned for more…

This is a guest blog by Jacqueline M. Ward, who is the Tax Operations Manager (TOM) at "Your Best Interest" Financial Services Inc. She combines her education in accounting, years of experience and attention to detail to provide her clients with confidence and peace of mind that their tax returns are completed accurately and in a timely manner.  Jackie is the mother of 7 children, 2 girls and 5 boys. Two of her sons are presently serving our country in the military; one in the U.S. Marine Corps and the other a midshipman at the United States Naval Academy.

To contact Jackie call 610 485-1010 or email her at jward@ybifs.com

Medical Expenses

You can deduct on Schedule A, Form 1040, the amount of your medical and dental expense that is more than 7.5% of your AGI (Form 1040, line 38).

Medical expenses are deductible in the year paid, regardless of when the expense is incurred. Deductible medical expenses include expenses paid for the taxpayer, taxpayer’s spouse, and taxpayer’s dependent (for claiming an exemption). Deductible medical expenses include:

Prescription medications Health insurance premiums

Long-term care premiums Fees for doctors, dentists, etc

Fees for hospitals, clinics, etc Lab and x-ray fees

Expenses for qualified long-term care Eyeglasses and contact lenses

Medical equipment and supplies Medical transportation expenses

Lodging for medical purposes Day camp for children with disabilities

For more information about medical expenses, see IRS Publication 502: Medical and Dental Expenses, available at IRS.gov or by calling 800-829-3676.

If you have any questions please call us at 610-485-1010.

 

Stay tuned for more…

This is a guest blog by Jacqueline M. Ward, who is the Tax Operations Manager (TOM) at "Your Best Interest" Financial Services Inc. She combines her education in accounting, years of experience and attention to detail to provide her clients with confidence and peace of mind that their tax returns are completed accurately and in a timely manner.  Jackie is the mother of 7 children, 2 girls and 5 boys. Two of her sons are presently serving our country in the military; one in the U.S. Marine Corps and the other a midshipman at the United States Naval Academy.

To contact Jackie call 610 485-1010 or email her at jward@ybifs.com

IRS Kicks Off 2011 Tax Season

 

Below is a bulletin released by the IRS regarding the upcoming tax filing season. We encourage you to bring in all your tax documents as early as possible. We will prepare your tax returns and place them on hold until the IRS is ready to process the returns.

 

IRS Newswire                                                                              January 4, 2011

IRS Kicks Off 2011 Tax Season with Deadline Extended to April 18; Taxpayers Impacted by Recent Tax Breaks Can File Starting in Mid- to Late February

WASHINGTON — The Internal Revenue Service today opened the 2011 tax filing season by announcing that taxpayers have until April 18 to file their tax returns. The IRS reminded taxpayers impacted by recent tax law changes that using e-file is the best way to ensure accurate tax returns and get faster refunds.

Taxpayers will have until Monday, April 18 to file their 2010 tax returns and pay any tax due because Emancipation Day, a holiday observed in the District of Columbia, falls this year on Friday, April 15. By law, District of Columbia holidays impact tax deadlines in the same way that federal holidays do; therefore, all taxpayers will have three extra days to file this year. Taxpayers requesting an extension will have until Oct. 17 to file their 2010 tax returns.

The IRS expects to receive more than 140 million individual tax returns this year, with most of those being filed by the April 18 deadline.

Who Must Wait to File

For most taxpayers, the 2011 tax filing season starts on schedule. However, tax law changes enacted by Congress and signed by President Obama in December mean some people need to wait until mid- to late February to file their tax returns in order to give the IRS time to reprogram its processing systems.

Some taxpayers – including those who itemize deductions on Form 1040 Schedule A – will need to wait to file. This includes taxpayers impacted by any of three tax provisions that expired at the end of 2009 and were renewed by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act Of 2010 enacted Dec. 17. Those who need to wait to file include:

• Taxpayers Claiming Itemized Deductions on Schedule A. Itemized deductions include mortgage interest, charitable deductions, medical and dental expenses as well as state and local taxes (add link to Schedule A). In addition, itemized deductions include the state and local general sales tax deduction that was also extended and which primarily benefits people living in areas without state and local income taxes. Because of late Congressional action to enact tax law changes, anyone who itemizes and files a Schedule A will need to wait to file until mid- to late February.
• Taxpayers Claiming the Higher Education Tuition and Fees Deduction. This deduction for parents and students – covering up to $4,000 of tuition and fees paid to a post-secondary institution – is claimed on Form 8917. However, the IRS emphasized that there will be no delays for millions of parents and students who claim other education credits, including the American Opportunity Tax Credit extended last month and the Lifetime Learning Credit.
• Taxpayers Claiming the Educator Expense Deduction. This deduction is for kindergarten through grade 12 educators with out-of-pocket classroom expenses of up to $250. The educator expense deduction is claimed on Form 1040, Line 23 and Form 1040A, Line 16.

The IRS will announce a specific date in the near future when it can start processing tax returns impacted by the recent tax law changes. In the interim, taxpayers affected by these tax law changes can start working on their tax returns, but they should not submit their returns until IRS systems are ready to process the new tax law changes. Additional information will be available at www.IRS.gov.

For taxpayers who must wait before filing, the delay affects both paper filers and electronic filers. The IRS urges taxpayers to use e-file instead of paper tax forms to minimize confusion over the recent tax law changes and ensure accurate tax returns. 

If you have any questions please call us at 610-485-1010.

 

Stay tuned for more…

This is a guest blog by Jacqueline M. Ward, who is the Tax Operations Manager (TOM) at "Your Best Interest" Financial Services Inc. She combines her education in accounting, years of experience and attention to detail to provide her clients with confidence and peace of mind that their tax returns are completed accurately and in a timely manner.  Jackie is the mother of 7 children, 2 girls and 5 boys. Two of her sons are presently serving our country in the military; one in the U.S. Marine Corps and the other a midshipman at the United States Naval Academy.

To contact Jackie call 610 485-1010 or email her at jward@ybifs.com