Volume 2, Issue 7
 
July 2008

IN THIS EDITION
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Financial News

Attend a Financial Fitness Workshop!

IRS Increases Mileage Rates Through December 31, 2008

Federal Student Loan Rates Decrease

Food Prices on the Rise in the United States

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Financial
Literacy Resources

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Financial Tips

Attend a Financial Fitness Workshop! Top

The Virginia Society of Certified Public Accountants (VSCPA) is pleased to offer a summer series of Financial Fitness Workshops! Led by experienced CPAs and held at the Richmond CPA Center in Glen Allen, these free seminars include a complimentary lunch. To reserve your seat, please register as soon as possible! Use the links below or call the VSCPA Education Team at (800) 341-8189.

Exercise Your Financial Future
Date: Thursday, July 17, 2008
Time: 11 a.m. – 1:30 p.m.
Location: Richmond CPA Center, 4309 Cox Road, Glen Allen, VA
Discussion leader: Rick Wildes, CPA, Wildes, Stevens, Brackens & Company
Register 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.

Buy Smart, Borrow Smart
Date: Thursday, August 14
Time: 11 a.m. – 1:30 p.m.
Location: Richmond CPA Center, 4309 Cox Road, Glen Allen, VA
Discussion leader: Jamie Walker, CPA, Walker Consulting Group
Register online now!

This fast-paced workshop is designed for all members of the general public and will discuss topics such as renting versus buying, mortgage basics, choosing the right home, tax implications, home equity, and rental and vacation property. First-time home buyers will really benefit from this information, as will current homeowners considering purchasing a second home.

Identity Theft: Who’s Got Your Number?
Date: Friday, September 12
Time: 11 a.m. – 1:30 p.m.
Location: Richmond CPA Center, 4309 Cox Road, Glen Allen, VA
Discussion leader: Ann Rankin, CPA, State Corporation Commission
Register online now!

This valuable workshop will define identity theft and help you assess your current risk of being a victim. Learn the steps to protect yourself against identity theft, recognize the early warnings signs and find out what steps to take if you are a victim of identity theft.

IRS Increases Mileage Rates Through December 31, 2008 Top

The Internal Revenue Service (IRS) recently announced the rate will increase to 58.5 cents per mile for all business miles driven from July 1, 2008, through December 31, 2008. Read the full story on the FinancialFitness.org Web site.

Federal Student Loan Rates Decrease Top

Great news for those who have outstanding variable Federal Stafford and PLUS Loans. On July 1, 2008, the interest rates on the following loans are set to decrease:

  • Stafford Loans in repayment status will decrease from 7.22 to 4.21 percent
  • In-school, grace or deferment status Stafford Loans will decrease from 6.62 to 3.61 percent
  • PLUS Loans will decrease from 8.02 to 5.01 percent

These rates will be in effect through June 30, 2009 and only apply to loans issued on or after July 1, 1998 and before July 1, 2006. Learn more about the basics of student loans, how interest rate changes may affect your loans, and how to refinance
your student loans.
Source: American Institute of CPAs

Food Prices on the Rise in the United States Top

The U.S. Department of Agriculture (USDA) expects food prices to rise another 4 to 5 percent this year alone! Even with the rapidly rising cost of food, you can cut costs on your grocery bill. The VSCPA offers some thrifty ideas to help you save.

Consumer Articles Top

The VSCPA develops monthly Money Management articles to provide financial advice and information for individuals and small businesses. Topics include personal finance, retirement and estate planning, saving for college, investments, running a small business, income taxes and more. Virginia organizations are granted reprint permission and can use in publications, employee newsletters, Web sites and more. Here are this month's topics:

Smart Tips for Getting a Raise
Are you earning the salary you deserve? In a tight economy, many people are finding that they aren’t receiving impressive increases when evaluation time rolls around. Don’t despair. Read these steps you can take to maximize your chances for a fatter paycheck.
Is your Credit Score Costing You Money?
In these uncertain financial times, even those with excellent credit histories may have trouble getting a mortgage or other type of loan. That’s why it’s important to know your credit score and the effect it may have on your checkbook.
Smart Steps to Repair Your Credit Score
Do you know your credit score? A low credit score could be costing you money. People with poor scores usually pay higher interest rates, which translates into larger monthly payments for a mortgage or an auto or student loan. Consider some steps you can take to try to improve your score.
What You Need to Know About Your Spouse's Finances
Are you and your spouse completely familiar with each other’s financial situation? In case of an unexpected emergency, it’s a good idea to have up-to-date knowledge of the details and location of each other’s financial records and documents. Here are some questions each spouse should be able to answer about his or her partner’s finances.
"Ask a CPA" E-mail Program Top

The VSCPA offers free assistance to improve your financial health through the "Ask a CPA" E-mail Program. Experienced, licensed certified public accountants (CPA) will provide answers to your personal financial planning questions within three business days. This special e-mail program is open to all Virginia residents who want to improve their money management skills.

Visit the FinancialFitness.org Web site and click on the "Ask a CPA" link to submit your financial questions through the online program. Example topics might include general money management, retirement and estate planning, buying a home, credit, investments, insurance and more! If you have any questions about this program, contact VSCPA Community Relations Coordinator Tracey Zink at (800) 733-8272.

Spotlight on the Federal Reserve Top

The Federal Reserve produces a variety of publications to promote economic and financial literacy and foster a greater understanding of the Federal Reserve System.
On its consumer Web site, the Federal Reserve provides links to instructional materials and tools, such as curriculums, newsletters, booklets and other resources. Find out more about Federal Reserve programs and resources.

Declare Your Financial Independence Top

Are rising gas prices, mortgage woes and credit card debt weighing you down? It’s time to start your journey toward financial freedom! Though money worries won’t disappear overnight, the VSCPA offers five steps to help you declare your financial independence.



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Virginia Society of CPAs | P.O. Box 4620, Glen Allen, VA 23058-4620 | (800) 733-8272
www.financialfitness.org
VSCPA Financial Fitness | (800) 733-8272