Money and Dating

Posted on November 23, 2022 by FCA Admin

Should you date someone who makes more or less money than you do?  This is a tough question because we can’t help who we end up falling in love with.  But personal finances are a big part of any relationship and are a topic that we can’t avoid.

I’ve been in situations where I earned more than the person that I dated.  Of course in the beginning it is not a big deal.  But as you get to know each other, it does become a topic of discussion and sometimes can cause conflict.  My advice is to discuss it up front.  The best time to discuss is when your relationship is no longer a matter of dating but a matter of being exclusive with this other person.  Once you two become comfortable with each other, bring it up in a professional and respectable manner.  Then have a game plan for when you go out.  Decide up front who will pay and maybe even share the bill.  If you’re going out, select the location together.  Discuss any fees and decide together how it will get paid. Be consistent and talk together about the finances.  Don’t rely on him or her to make any of the decisions.  But do it instead as a team.

If you follow this approach, I’m sure your relationship will go a long way. The best thing to do is to discuss personal finances openly and honestly.  Do not ignore it.  If you discuss it up front, I think your relationship will be better off in the long run.

What are your thoughts on money and dating?  What has been your approach?

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Save Money this Thanksgiving

Posted on October 22, 2022 by FCA Admin

Here are some helpful tips to help you enjoy and save money this Thanksgiving holiday:

  • Get a free turkey or other free meal items– Many churches and nonprofit organizations received donations of turkey during the holidays. The churches in turn give these items to their church members.  Check with your local church to see if they participate in any of these programs.

 

  • Have a potluck– Have each family member or friend bring a dish to dinner. This is less overwhelming on you and helps each person enjoy the holiday without spending a lot of money.

 

  • Bake your own desserts– Calling all the bakers out there. Create your own inexpensive desserts and whip up unique goodies. Most dessert mixes are already prepared and all you have to do is add a simple ingredient such as an egg or even milk.

 

 

  • Don’t forget to clip coupons– Remember to clip coupons to save additional money. A great website to try is Hot Coupon World for coupons for any store you can think of.  They can be found at www.hotcouponworld.com.

 

  • Lastly shop with a list- Use a list as a reminder of what to purchase and to help you avoid overspending.

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Free Government Resources on Personal Finance

Posted on August 10, 2022 by FCA Admin

Have you ever wondered what government resources are out there? Well, don’t keep wondering, simply click and take advantage of these great resources.

  • Mymoney.gov-This site provides a wealth of resources for businesses and individuals alike.  Whether you are looking to educate yourself about personal finance or looking for financial management ideas for your business, this is the site to check out.  Topics on this site range from credit cards to retirement.
  • Money Matters-This is another great site.  A unique feature of Money Matters is the Scam watch section.  This section provides insightful information to educate consumers about the latest fraudulent scams.  Other unique features include personal finance advice and job hunting advice.
  • Money Smart–Federal Deposit Insurance Corporation created Money Smart as a tool to educate new business owners.  This is a great site for financial education.  There are a series of courses that can be taken online.

 

Now that you are aware of these resources, don’t delay.  Take advantage of them today and get on track with your personal finance goals.

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What are your barriers to saving?

Posted on July 1, 2022 by FCA Admin

            

I came across this great article on Americasaves.org.  Many people have difficulty saving for one reason or another.  In this article, the writer shares some great tips to help and encourage people to save. The topics that she discusses are listed below:

  1. Does the Cost of Living Keep You from Saving?
  2. Do You Find Yourself Making Impulse Purchases?
  3. Do You Need to Manage Your Time Better?
  4. Are You Carrying Credit Card Balances?

 

The full article can be read at the americasaves.org website by clicking on the attached link to the website.

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Keeping Good Records Reduces Stress at Tax Time

Posted on April 10, 2022 by FCA Admin

Although most people won’t be filing their tax returns for several months, the dog days of summer are actually a great time to start planning for the tax filing season by ensuring your records are organized.  Whether you are an individual taxpayer or a business owner, you can avoid headaches at tax time with good records because they will help you remember transactions you made during the year.

Here are a few things the IRS wants you to know about recordkeeping.

Keeping well-organized records also ensures you can answer questions if your return is selected for examination or prepare a response if you are billed for additional tax. In most cases, the IRS does not require you to keep records in any special manner. Generally speaking, you should keep any and all documents that may have an impact on your federal tax return.

Individual taxpayers should usually keep the following records supporting items on their tax returns for at least three years:

  • Bills
  • Credit card and other receipts
  • Invoices
  • Mileage logs
  • Canceled, imaged or substitute checks or any other proof of payment
  • Any other records to support deductions or credits you claim on your return

You should normally keep records relating to property until at least three years after you sell or otherwise dispose of the property. Examples include:

  • A home purchase or improvement
  • Stocks and other investments
  • Individual Retirement Arrangement transactions
  • Rental property records

If you are a small business owner, you must keep all your employment tax records for at least four years after the tax becomes due or is paid, whichever is later. Examples of important documents business owners should keep Include:

  • Gross receipts: Cash register tapes, bank deposit slips, receipt books, invoices, credit card charge slips and Forms 1099-MISC
  • Proof of purchases: Canceled checks, cash register tape receipts, credit card sales slips and invoices
  • Expense documents: Canceled checks, cash register tapes, account statements, credit card sales slips, invoices and petty cash slips for small cash payments
  • Documents to verify your assets: Purchase and sales invoices, real estate closing statements and canceled checks

For more information about recordkeeping, check out IRS Publications 552, Recordkeeping for Individuals, 583, Starting a Business and Keeping Records, and Publication 463, Travel, Entertainment, Gift, and Car Expenses. These publications are available on the IRS Web site, IRS.gov or by calling 800-TAX-FORM (800-829-3676).

Links:

Source: IRS Issue Number:    Summertime Tax Tip 2009-23

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Eight Things to Know If You Receive an IRS Notice

Posted on December 5, 2021 by FCA Admin

Every year, the IRS sends millions of letters and notices to taxpayers. Many taxpayers will receive this correspondence during the late summer and fall. Here are eight things every taxpayer should know about IRS notices – just in case one shows up in your mailbox.

  1. Don’t panic. Many of these letters can be dealt with simply and painlessly.
  2. There are number of reasons the IRS sends notices to taxpayers. The notice may request payment of taxes, notify you of a change to your account or request additional information. The notice you receive normally covers a very specific issue about your account or tax return.
  3. Each letter and notice offers specific instructions on what you are asked to do to satisfy the inquiry.
  4. 4. If you receive a correction notice, you should review the correspondence and compare it with the information on your return.
  5. If you agree with the correction to your account, usually no reply is necessary unless a payment is due.
  6. If you do not agree with the correction the IRS made, it is important that you respond as requested. Write to explain why you disagree. Include any documents and information you wish the IRS to consider, along with the bottom tear-off portion of the notice. Mail the information to the IRS address shown in the upper left-hand corner of the notice. Allow at least 30 days for a response.
  7. Most correspondence can be handled without calling or visiting an IRS office. However, if you have questions, call the telephone number in the upper right-hand corner of the notice. Have a copy of your tax return and the correspondence available when you call to help us respond to your inquiry.
  8. It’s important that you keep copies of any correspondence with your records.

For more information about IRS notices and bills, see Publication 594, The IRS Collection Process. Information about penalties and interest charges is available in Publication 17, Your Federal Income Tax for Individuals. Both publications are available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).

Links:

Source: IRS Issue Number:  Summertime Tax Tip 2009-22

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Hurricane Preparedness

Posted on November 27, 2021 by FCA Admin

Despite everything that is going on, please take a few moments to prepare for this year’s hurricane season. Listed below are some useful links with valuable information.  Please pass on to your friends and family.

www.nhc.noaa.gov/HAW2/english/prepare/supply_kit.shtml

www.ready.gov

www.lowes.com/cd_Hurricane+Season+is+Here_848001943_?cm_mmc=search_google-_-Hurricane%20Prep%20Awareness-_-Hurricane%20Prep-_-hurricane%20preparedness%20checklist

www.redcross.org/www-files/Documents/pdf/Preparedness/checklists/Hurricane.pdf

www.fox10tv.com/dpp/weather/hurricane/HurricanePreparednessChecklist

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What Makes You Feel Rich?

Posted on October 15, 2021 by FCA Admin

I recently read an article about what makes people feel rich.  Immediately, I started to think about myself and my current financial situation.  I am not a millionaire.  I do not have rich parents and I have a 9 to 5 like most of the population.   Sometimes my 9 to 5 feels like a 9 to 9.  But you get my point.

Given the current economic state of our country, most people do not feel rich. The prices of basic necessities like food and gas keep rising and our paychecks are not increasing.  I recently spoke to a friend who told me how his job temporarily gave everyone a 25% pay cut.  When I asked about the pay cut, he told me that it was a either a pay cut or layoff.  In this case the choice or lack of is pretty clear.

So what makes people feel rich?  Many people that I know feel rich when they possess material possessions.  The possessions can be anything from the latest cell phone or the expensive car. For others it’s having the biggest house on the block.  Being rich is a state of mind.  Some people feel rich because they are surrounded by loving family and friends.  Growing up I always said that I am not rich in money but I am rich in blessings.  I always had a roof over my head and a comfortable bed to sleep in.  Like I mentioned before, I did not grow up rich.  But I was rich in blessings.

As an adult, I have to now revisit the topic of what makes me feel rich.  I now have bills and a mortgage.  Do I still feel rich?  The answer is yes.   Having more financial responsibilities has not taken away from my feeling of being rich in blessings.  I feel rich not only because of having a roof over my head and a comfortable bed.  I also feel rich because I have choices and options.  Every day that I wake up, I have a choice regarding decisions I will make and the course of actions that I will take.  I feel rich because I have resources to guide my decisions so that I can make educated decisions.  I feel rich because I choose to be debt free.  I feel rich because I always have the option to start over fresh each day.  All of these things make me feel rich.

What makes you feel rich?

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Prepare for Hurricanes, Disasters by Safeguarding Tax Records

Posted on September 30, 2021 by FCA Admin

Issue Number:    IRS-2012-60

Inside This Issue

IRS YouTube Videos

Podcast
Disaster Assistance: English | Spanish

WASHINGTON — With the early start of this year’s hurricane season, the Internal Revenue Service encourages individuals and businesses to safeguard themselves against natural disasters by taking a few simple steps.

Create a Backup Set of Records Electronically

Taxpayers should keep a set of backup records in a safe place. The backup should be stored away from the original set.

Keeping a backup set of records –– including, for example, bank statements, tax returns, insurance policies, etc. –– is easier now that many financial institutions provide statements and documents electronically, and much financial information is available on the Internet. Even if the original records are provided only on paper, they can be scanned into an electronic format. With documents in electronic form, taxpayers can download them to a backup storage device, like an external hard drive, or burn them to a CD or DVD.

Document Valuables

Another step a taxpayer can take to prepare for disaster is to photograph or videotape the contents of his or her home, especially items of higher value. The IRS has a disaster loss workbook, Publication 584, which can help taxpayers compile a room-by-room list of belongings.

A photographic record can help an individual prove the market value of items for insurance and casualty loss claims. Photos should be stored with a friend or family member who lives outside the area.

Update Emergency Plans

Emergency plans should be reviewed annually. Personal and business situations change over time as do preparedness needs. When employers hire new employees or when a company or organization changes functions, plans should be updated accordingly and employees should be informed of the changes.

Check on Fiduciary Bonds

Employers who use payroll service providers should ask the provider if it has a fiduciary bond in place. The bond could protect the employer in the event of default by the payroll service provider.

IRS Ready to Help

If disaster strikes, an affected taxpayer can call 1-866-562-5227 to speak with an IRS specialist trained to handle disaster-related issues.

Back copies of previously-filed tax returns and all attachments, including Forms W-2, can be requested by filing Form 4506, Request for Copy of Tax Return.

Alternatively, transcripts showing most line items on these returns can be ordered on-line, by calling 1-800-908-9946 or by using Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript or Form 4506-T, Request for Transcript of Tax Return.
Related Items:

Note. From Issue Number: IRS Tax Tip IRS-2012-60. Copyright 2012 by Copyright Holder. Reprinted with permission.

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Yet another great way to save.

Posted on August 6, 2021 by FCA Admin

 

If you are like most people, saving money can be a bit challenging.  Well how about splitting your direct deposit check amongst several bank accounts.   The month of May is National Direct Deposit and Direct Payment Month.  This is a great time to take advantage of the direct deposit option that many employers offer.  Several research studies have been conducted that show that employees who have a consistent savings pattern tend to be better off.  Direct deposit especially if split among two or more accounts, is a great way to get started.   Other benefits of is that if you use direct deposit, you are less likely to waste your money.    Every bit counts. Experts even recommend depositing just enough to cover the bills into your checking account.  Then the rest can be deposited into a savings account.

I think direct deposit splitting is a great idea.  It helps to develop a consistent savings pattern.  Additionally, it also helps build discipline.  Discipline is the foundation for financial health and security.

For more information, visit the NACHA website at http://www.nacha.org/.

 

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