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FINANCIAL
NEWS
Attend
a Free Financial Fitness Workshop
As a benefit
to all Virginians, the Virginia
Society of Certified Public Accountants (VSCPA)
presents two FREE Financial
Fitness Workshops. During your spring cleaning
in April, spend some time cleaning up your finances
and securing your money in these tough financial times.
To reserve your spot, please
RSVP using the links below or contact the VSCPA Education
Team at (800) 341-8189 or cpe@vscpa.com.
Exercise
Your Financial Future
Virtual workshop: This workshop will take place
via Internet and conference call. You will receive
dial-in/login instructions in your confirmation e-mail
a few days before the workshop.
Date: Tuesday, April 19
Time: 12 – 1 p.m.
Location: Online
Discussion leader: Phil Umansky, CPA, Ph.D.,
Virginia Union University
RSVP
online now!
Get your finances into shape!
Designed for all members of the general public, this
workshop explores such topics as budgeting, saving,
insurance strategies, retirement planning, money management,
financial planning and more. Find out what you need
to be doing today to secure your finances tomorrow.
Money-Wise
Women
Date: Tuesday, April 26
Time: 11 a.m. – 1:30 p.m.
Location: Richmond
CPA Center, 4309 Cox Road, Glen Allen, VA
23060
Discussion leader: Sue Messier, CPA, Goodman
& Company
Lunch: Enjoy a complimentary lunch.
RSVP
online now!
Get an understanding of the
financial issues unique to women, including money
and relationships, insurance strategies, retirement
and estate planning, planning for your child's education,
financial issues in divorce, concerns for widowhood
and financial planning. Don't miss this chance to
get valuable information and ask questions.
New
Tax Legislation Creates, Renews Many Breaks
The Tax Relief,
Unemployment Insurance Reauthorization, and Job Creation
Act of 2010, signed into law by President Obama on December
17, 2010, is packed with new provisions. Following is
a rundown of what you can expect from this legislation.
This new law affects individuals, estate taxes and businesses.
Read
more at www.FinancialFitness.org.
Retiree
Satisfaction Doesn’t Depend on Wealth
Three-quarters
of millionaire retirees were highly satisfied in their
retirement, but satisfaction didn't change much more
as net worth rose beyond that, and half of those with
less than $250,000 in net worth were highly satisfied
in retirement, according to a new survey. The survey
by Consumer Reports National Research Center polled
24,270 online subscribers age 55 and up about their
finances and satisfaction with their lives.
Read more at www.FinancialFitness.org.
New
Hours for Virginia Department of Taxation
The Virginia
Department of Taxation’s customer service
department has new telephone service hours for customers
calling with general and account-specific questions.
The department is now open from 8:30 a.m. – 5 p.m.
Monday through Friday. Outside of those hours, the department
website’s live
chat service is available from 8 a.m. –
8 p.m. Monday through Friday. The live chat will also
be available from 8:30 a.m. – 12 noon on Saturdays
and will remain open on Saturdays through mid-May. For
more information, visit the TAX website at www.tax.virginia.gov.
CONSUMER
ARTICLES
Tax
Implications of Starting Your Own Business
Moving forward
with an exciting new business opportunity needs to be
carefully balanced with tax considerations say CPA tax
experts. As a sole proprietor or a single-member limited
liability company, you may need to generate up to 20
percent more in revenue over your current salary to
ensure you can cover the appropriate taxes. Considering
these tax
implications will be taking a step closer to
making your dreams a reality.
Ways
to Use Social Security Tax Savings
You may have
noticed a few extra dollars in your paycheck lately.
The Tax Relief Act passed in 2010 reduced employee social
security withholding from 6.2 percent to 4.2 percent
in 2011. This means more money in your pocket. What
will you do with your extra money in 2011? CPAs offer
the following
tips on how you can use your extra money wisely.
What
You Need to Know About Estate Taxes
If you are
handling the disposition of an estate, you are probably
already aware that there was an unexpected reprieve
from taxes on the estates of those who died in 2010.
But if you’re involved in future estate planning
for a loved one or yourself, it’s important to
know that high estate tax rates have come back in force
this year and beyond. Here's a rundown
on some of the complexities of estate tax issues.
Homebuyer
Tax Credit Still Available for Some
While the
real estate market was hit hard during the recent financial
crisis, home ownership is still considered a good investment
by many, as well as a key component of the American
dream. As you file your 2010 tax return, CPAs note that
this may be your last chance to take advantage of a
valuable tax credit if you purchased a home early last
year. This article answers five
common questions about the credit.
More
Articles >
FINANCIAL
LITERACY RESOURCES
Enroll
in Financial Fitness University
The VSCPA
offers a free workplace education and training
program called Financial
Fitness University. This program provides knowledgeable
CPA instructors to address personal financial issues
with your organization. Additional materials include
paycheck
inserts, articles
for employee newsletters or intranets, flyers
for bulletin boards and table
tents for break rooms. Please feel free to copy
and distribute these materials as many times as you
like — there are no copyright restrictions. To
access these materials and request a free speaker, simply
visit www.FinancialFitness.org/University.
VSCPA
Tax Resource Center
The VSCPA
Tax Resource Center is designed to provide consumers
and businesses with premier tax and personal financial
planning resources, information and services. It contains
a wealth of tax resources, including tax
and financial planning articles and frequently
asked tax questions. Also, the VSCPA provides
a free
online publication to help you learn about the
different services CPAs provide, how to choose a CPA
to meet your needs, what CPAs charge and more. Access
these resources online at www.FinancialFitness.org.
FINANCIAL
TIPS
Stay
Healthy, Save Money
Cough! Sniffle.
Achoo! The next few months mark the peak of cold and
flu season. While there are plenty of reasons to stay
healthy, maintaining good health can also mean big savings.
For example, the health care costs for flu patients
with a secondary infection can be over $6,000. On the
other hand, the average flu vaccine costs less than
$20. Here are a few
tips to help you stay healthy this year.
Lifelong
Financial Literacy
This month,
many people are still working hard to implement their
New Year's resolutions, and finances are a popular focus.
But do you have the knowledge to turn your goals into
reality? You may already be budgeting and have your
bills all in check, but being financial literate is
much broader than that. Try out a few of these
tips and whip yourself into financial shape.
Source:
American Institute of
Certified Public Accountants
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