How much do you know about social security?

Posted on February 8, 2024 by FCA Admin

I was recently reading an article about young workers and social security.  The article mentions that many young adults don’t understand social security and the impact that social security and saving can have on their future plans. Some basic facts about social security are listed below:

 

  • An annual social security statement is mailed to you each year just before your birthday.
  • The statement lists how much you’ve been paying into the social security system since you’ve started working.  The report also lists what you have accumulated in benefits over the period of your employment history.
  • Be sure to update your name and social security number with your employer if you have recently gotten married.
  • Social security provides more benefits than just for retirement.  Social security provides added protection if you become disabled or in the event of death.  Page two of your yearly statement shows how much you have earned and can expect to receive in the event of disability or death.
  • Social security provides an income source when you retire.  The average is around 40% of earnings before retirement.
  • Don’t depend solely on social security.  Create an investment and retirement plan through your employer or by obtaining an IRA.
  • Visit www.choosetosave.org , www.mymoney.gov , or http://investor.gov and get started today with an investment and retirement plan.
  • The US Social Security Administration website is: www.ssa.gov.

 

 

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Cost Savings for your business in the New Year

Posted on January 11, 2024 by FCA Admin

As we embark on a new year, many small businesses are continually seeking new ways to decrease costs without having to take drastic measures.  I’ve spoken to several small business owners who are seeking guidance on different ways to cut costs.  Listed below are a few helpful strategies that will assist with cost cutting for your small business:

 

  • Purchase items in bulk: If your small business uses large quantities of a product, then it makes sense to join a warehouse club such as Costco or Sam’s Club.  These warehouse clubs are also great for large families.  I personally have a Sam’s Club Membership.  Not only do I make purchases at Sam’s Club, I also use the Sam’s Club gas where I also save money on gasoline. The warehouse clubs also offer great discounts on insurance and even emergency road side assistance.
  • Comparison shop:  Websites such as www.pricegrabber.com are a great tool for comparison shopping.  These sites are great because you can compare an item found in multiple stores even before you go out to the actual store. You’ll save money and time.
  • Look for multiple discounts: Several companies provide discounts to customers through bundle packages.  For example, a bundle package might include phone and internet service.   These packages save considerable amounts of money versus paying for each service separately.
  • Cut utility bills: Some of the ways to cut utility bills are using ceiling fans or compact fluorescent light bulbs.  There are even tax incentives for being energy efficient.  Taxpayers can quality for tax incentives for adding insulation or roofing materials.
  • Change phone services:  Many companies are switching to a new technology called Voice over Internet Protocol (VoIP).   This type of service allows you to make calls using your computer instead of a landline. One of the major providers is Net2Phone.  For more information visit the Net2Phone website at www.net2phone.com.

 

 

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Women need to save more for retirement

Posted on December 31, 2023 by FCA Admin

 

I recently came across an article about why women should save more for retirement.  Interesting I thought. So I kept reading.

The primary reason that we should save more is because we tend to outlive men.  And the longer we live, the more we need in retirement savings.  This means that it is important to start now and get ready for retirement.

How do you get started? Listed below are a few steps to get you on the right track:

                                               

  • Understand your Social Security benefits statement. – Visit the US Social Security Administration website: www.ssa.gov  for more information.
  • Review your retirement plan statement for your 401(k) or 403(b) plan – A financial advisor is a great resource for helping you to review your plan.
  • Open up an Individual Retirement Account – many banks offer IRAs to their customers.  Financial advisors can also assist with this process.
  • Visit www.choosetosave.org , www.mymoney.gov , or http://investor.gov and get started today with an investment and retirement plan.
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How I saved money in college.

Posted on November 24, 2023 by FCA Admin

Ok. So it’s time to send your kids off to college.  With the economy being the way it is, we must always remember to save. But how do you save while attending college?  I’ll share some of my strategies with you and hopefully you will find them helpful.

  • Get a paid summer internship.  This was my lifeline when I was in college.  I was very fortunate to get into the INROADS internship program (www.inroads.org).  This program gave me the opportunity to obtain experience in my field of study, accounting, and also make some money during the summer.

 

  • Once you have made your money during the summer, don’t forget to save your money.  One of the savings accounts that I always loved is the Electric Orange from ING direct (www.ingdirect.com). This account has awesome interest rates.

 

  • Use your student discounts.  Several merchants offer great discounts to students simply by showing your school id.  Check with your school’s campus activities office for a listing of merchants that offer student discounts.

 

  • Participate in campus entertainment events. These are usually free or offered at a discounted student rate.

 

  • Buy used textbooks and sell your textbooks to the bookstore after your term is over. 

 

  • Educate yourself about personal finances.  I love bankrate.com. It’s never too early to learn about personal finances.

 

 

Although this list is not all inclusive, it is a great start for smart savings while in college. What are some of the strategies you used to save money while in college?

 

 

 

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Debt Management Guide

Posted on September 7, 2023 by FCA Admin

Are you in over your head in debt and looking for an informative way to manage and understand your debt?  Then check out Bankrate.com’s debt management guide.  The guide is available at http://www.bankrate.com/finance/debt/debt-management-guide.aspx.

Within the guide, you’ll learn these valuable tips:

·         Where to get help for your debt.  Of course the first thing you will want to know is who can help you.

·         Finance calculators to help you manage your debt.

·         Understand how credit works. This is just as important as learning to manage your debt.

·         The importance of good credit.  Good credit opens several doors of opportunity including better rates on loans and credit card rates.

·         Learn signs of upcoming debt problems and how to avoid them.  This is geared towards those not already in debt. But gives insight on what to look for and how to avoid debt.

I hope this guide is as informative to you as it is to me.  Even if you are not in debt, it will help you to learn how to avoid debt and alert you of warning signs. This is truly worth reading and passing on to a friend.

 

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Top 10 Reasons to Visit IRS.gov this Summer

Posted on June 7, 2023 by FCA Admin

Issue Number:    IRS Summertime Tax Tip 2014-05

Inside This Issue

If you need tax help or information, your best option is to visit the IRS.gov website. Our many online tools and services make it easy for you to do business with the IRS. Here are ten good reasons to visit IRS.gov this summer:

1. Use IRS Free File.  If you still need to file your 2013 tax return, you can e-file for free by using IRS Free File through Oct. 15. If you earned $58,000 or less you can prepare and e-file your taxes using tax software for free. If you made more, you can use Free File Fillable Forms to e-file for free. This option is the electronic version of IRS paper forms.

2. Check on your refund.  The Where’s My Refund? tool is a fast and easy way to check on your tax refund. Use the IRS2Go mobile app to access it or click on the ‘Refunds’ tab on IRS.gov.

3. Try IRS Direct Pay.  If you owe taxes, pay with IRS Direct Pay, our safe, easy and free way to pay from your checking or savings account. Just click on the ‘Pay Your Tax Bill’ link on the IRS home page.

4. Apply for an IRS payment plan.  If you can’t pay all your taxes at once, apply for an IRS Online Payment Agreement. A direct debit payment plan is a great way to pay. It has a lower set-up fee, you won’t miss a payment and you won’t get an IRS reminder to send a check each month.

5. Correct your tax withholding.  If you got a big refund or owed a large amount of tax when you filed your tax return, then you may need to change your tax withholding. To make a change, complete and give your employer a new Form W-4, Employee’s Withholding Allowance Certificate. The IRS Withholding Calculator tool can help you fill out a new Form W-4.

6. Get health care tax information.  The IRS website also has information about the Affordable Care Act tax provisions at IRS.gov/aca. You can visit this site for educational material that describes how the health care law tax provisions affect individuals and businesses. The pages provide information about tax provisions that are in effect now and those that will go into effect in 2015 and beyond. You can find information about the law and its provisions, legal guidance, the latest news, frequently asked questions and links to additional resources.

7. Get a tax transcript.  If you apply for a loan or student financial aid, you may need a tax transcript. Visit IRS.gov and use the Get Transcript tool.

8. Check out a charity.  You must donate to a qualified charity if you want to deduct the gift on your tax return. Use the IRS Select Check tool to see if a charity is qualified.

9. Get answers to tax questions.  The Interactive Tax Assistant covers many common tax topics. Type in your question or search terms and it can lead you step-by-step to the answer. The IRS Tax Map gives you a single point of access to tax law information by subject. It integrates tax topics, forms, instructions and publications into one research tool.

10. Get forms and publications.  View, download and print federal tax forms and publications anytime you want.

 

Note. From Issue Number: IRS Tax Tip 2014-05.  Copyright 2014 by Copyright Holder. Reprinted with permission.

 

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Are you in the market for a new job? Be sure to know your tax benefits.

Posted on April 16, 2023 by FCA Admin

The IRS frequently issues tips to taxpayers on various topics.  One topic of interest is tax benefits for job seekers. With so many people in the job market, the IRS feels that is imperative for job seekers to understand the tax benefits related to their job searches. 

Job seekers are able to deduct most costs incurred during their job search if the costs are incurred for a job within the same occupation.  Eligible expenses include:

  • Employment or outplacement agency fees
  • Travel expenses incurred while looking for a job
  • Mailing copies of resumes

A key point to remember is that these expenses can only be incurred for a job in your current occupation and the costs cannot be for a first time job seeker.

More information is available by reading IRS Publication 529, miscellaneous expenses.

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There is still time to amend your tax return.

Posted on March 29, 2023 by FCA Admin

During the course of tax season, many people make mistakes when preparing their returns.  Some of the most common involve the filing status, number of dependents, total income and deductions.  Other mistakes such as computational errors are usually corrected by the IRS. 

Corrections to your return should be made using Form 1040X, Amended US Individual Income Tax Return.  If you have more than one return to amend, you will need to use a separate Form 1040X for each.  Additionally, if you have other schedules to include, be sure to attach them to the Form 1040X.   

The deadline for filing Form 1040X is three years from the date you filed your original return or within two years from the date you paid any taxes.  Therefore, you have plenty of time to get your paperwork in order.  But don’t delay or you will forget and will miss this important deadline.

For more information on amending your return, visit the IRS website at www.irs.gov.

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Ten Things to Know about Free IRS Volunteer Tax Help

Posted on February 15, 2023 by FCA Admin

Issue Number:    IRS Tax Tip 2012-32

Inside This Issue

Millions of taxpayers qualify for free tax preparation assistance from IRS-sponsored community-based, volunteer programs.

Here are 10 things the IRS wants you to know about these volunteer programs.

1. The IRS sponsors both the Volunteer Income Tax Assistance (VITA) and the Tax Counseling for the Elderly (TCE) programs.

2. The IRS VITA program offers free tax help to people who earn less than $50,000. Most locations offer free electronic filing.

3. The TCE program offers free tax help to people who are age 60 or older.

4. The IRS certifies community volunteers so they can help eligible persons with tax credits, such as the Earned Income Tax Credit, the Child Tax Credit and the Credit for the Elderly.

5. Some volunteer sites have language specialists to assist people with limited English proficiency.

6. More than 12,000 free tax preparation sites are open nationwide this year as the IRS continues to expand its partnerships with nonprofit and community organizations performing these vital tax preparation services.

7. As part of the TCE program, AARP operates the Tax-Aide free tax preparation program during the filing season. Trained and certified AARP Tax-Aide volunteers help taxpayers with low-to-moderate income, with special attention paid to those 60 and older.

8. IRS partners with the military to provide free tax assistance to military personnel and their families. The Armed Forces Tax Council consists of the tax program coordinators for the Army, Air Force, Navy, Marine Corps and Coast Guard. Volunteers are trained and equipped to address military-specific tax issues, such as combat zone tax benefits.

9. Taxpayers can typically find locations and hours for these volunteer tax preparation services through city information hotlines and local community organizations.

10. Local VITA site information is also available through a new online tool on the IRS Website – www.irs.gov  Taxpayers can search the word “VITA” in IRS.gov and click on the option “Free Tax Return Preparation For You by Volunteers,” followed by ”Find a VITA site near you” to access the tool. Site information is also available by calling the IRS toll-free number 1-800-906-9887. To locate the nearest AARP Tax-Aide site, visit www.aarp.org or call 1-888-227-7669.
Note. From Issue Number: IRS Tax Tip 2012-32. Copyright 2012 by Copyright Holder. Reprinted with permission.

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Teaching your kids how to save

Posted on December 11, 2022 by FCA Admin

It has often been said that a penny saved is a penny earned.  This phrase has been passed down from generations.  But sometimes it gets lost and not passed down from a parent to a child.  But how do we teach our children to save?  I learned from my frugal mom and from personal finance courses that I took in high school.  Your child’s savings habits do not have to be this formal.  However, I do believe that the education starts in the home.  Do you discuss the bills with your children? Do you give them an allowance? Lastly, do they have a savings account?  If not, start today.  All of these habits are great ways to teach them about personal finance. 

For more tips and suggestions, visit the For Youth Information (FYI) section of our website at: www.fcallc.biz/index.php/for-youth-information.html.

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