Volume 2, Issue 8
 
August 2008

IN THIS EDITION
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Financial News

Attend a Financial Fitness Workshop!

Virginia Tax Holiday Is August 1–3

Debit Cards Now Available for Social Security Payments

Tax Credit Available for Sending Children to Day Camp

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Financial
Literacy Resources

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Financial Tips

Attend a Financial Fitness Workshop! Top

Don't miss out! As a benefit to Virginians, the Virginia Society of CPAs (VSCPA) is bringing free Financial Fitness Workshops to you on Thursday, August 14 and Friday, September 12 at the Richmond CPA Center in Glen Allen, Va. Led by experienced CPAs, 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.

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
Guest speaker: Michele Watson, Virginia Housing Development Authority

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
Guest speaker: Jonathan Larcomb, Virginia Attorney General's Office
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.

Virginia Tax Holiday Is August 1-3 Top

Attention Virginia shoppers! Virginia will hold its second sales tax holiday August 1–3, 2008. During this three-day period, purchases of certain school supplies, clothing and footwear will be exempt from the Virginia sales tax. Each eligible school supply item must be priced at $20 or less, and each eligible article of clothing and footwear must be priced at $100 or less. The VSCPA recommends five ways to prepare for and save money on back-to-school expenses.

Debit Cards Now Available for Social Security Payments Top

The U.S. Department of the Treasury's Financial Management Service (FMS) has announced that a prepaid debit card for Social Security payments and other federal benefits is now available. The Direct Express® Debit MasterCard® card — designed as a safe, convenient alternative to paper checks that people without bank accounts may choose — was introduced in June 2008 in 10 states, including Virginia, and will be rolled out nationwide this summer. Read the full article on the Financial Fitness Web site.

Tax Credit Available for Sending Children to Day Camp Top

The Internal Revenue Service (IRS) reminds consumers of a tax break for the busy summer. Many working parents must arrange for care of their children under 13 years of age during the school vacation period. A popular solution — with a tax benefit — is a day camp program. Read more information about the child care tax credit.

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:

How to Protect Your Financial Privacy
What steps have you taken to keep your financial information and personal records confidential? You may be surprised to learn how many honest — and dishonest — people could have access to the details of your financial life. If you want to maintain better control over your privacy, read these helpful tips on how to safeguard your information.

When Should You Begin Taking Social Security Payments?
Choosing when to retire and start drawing Social Security benefits is an important decision, and one that is unique to each individual. You can begin taking payments as early as age 62, based on Social Security regulations, but when you retire will have an effect on the amount of the payment you receive. Read this article on how to make an informed choice.

Understanding Mutual Funds
Are you overlooking the value of keeping your savings in a mutual fund? Mutual funds allow you to buy into a diverse pool of investments, including short-term securities, stocks and long-term bonds, among other options. Read some advice on choosing the best investment for you and understanding how fees will affect your investment.

How Long Should You Retain Financial Records?
Every year, taxpayers wade through piles of financial documents to find the information they need to file their taxes. But what happens to all that paperwork once you've mailed your return? How long do you have to hold on to your records in case of a tax audit or similar concern down the road? While there are few hard and fast rules, there are some general guidelines you can follow.

Schedule a free CPA speaker! Top

Looking for a dynamic speaker on a financial topic? Invite a CPA! The VSCPA connects CPA speakers with your organization or company as a free community service. Complete the online form to schedule a speaker today. If you have any questions about this program, contact VSCPA Media & Public Relations Specialist Shawnte Reynolds at (800) 733-8272.

Spotlight on the Virginia Bankers Association Top

The Virginia Bankers Association (VBA) has created a special website to educate consumers on what to look for or lookout for when shopping for a mortgage or a credit card, how to protect yourself from financial fraud, and other financial tips. VBA has also produced a series of informational flyers with similar information. Find out more about VBA's programs and resources at www.financeinfocenter.com.

Conserve Energy and Save Money Top

With summer temperatures getting higher, your energy bill is feeling the heat! There are many practical ways to cut down on energy usage and costs. And when you reduce your energy use, the environment benefits from lower greenhouse gas emissions. The VSCPA offers ten tips to help you conserve energy, save money and do the earth a favor.



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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