Volume 2, Issue 12
 
December 2008

IN THIS EDITION
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Financial News

2009 Financial Fitness Calendar Now Available

Virginia CPAs Donate Money-Minded Toys for the Holidays

IRS Announces 2009 Standard Mileage Rates

Free Workplace Financial Education Program Available

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Financial
Literacy Resources

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Financial Tips

2009 Financial Fitness Calendar Now Available Top

The Virginia Society of Certified Public Accountants (VSCPA) is now accepting orders for the 2009 Financial Fitness Calendar. As you strive to stay financially fit in this tough economy, let the VSCPA help you stay on track throughout the year.

The stylish, 12-month calendar is designed as a helpful financial resource, and is part of Financial Fitness, the VSCPA's award-winning financial literacy initiative to improve the financial health of Virginians. Financial Fitness is part of a national effort of the CPA profession to reach out to the community and educate the public — from school children to retirees — on topics related to money management and fiscal responsibility.

In addition to serving as a wall calendar, the VSCPA's Financial Fitness Calendar also offers valuable educational resources and profiles four VSCPA members with diverse careers. It's loaded with a full year of money management advice on topics like budgeting planning, saving for the future, wise investments and understanding credit, as well as important tax and financial dates to remember, definitions of common financial terms and contact information for additional financial assistance.

Preview a copy of the Financial Fitness Calendar (.PDF) here and order your free copy by e-mailing financialfitness@vscpa.com or by calling (800) 733-8272. If you have any questions, please contact VSCPA Community Relations Coordinator Tracey Zink at (800) 733-8272.

Virginia CPAs Donate Money-Minded Toys for the Holidays Top

The VSCPA recommends using the holiday season as an opportunity to teach children to use money wisely, make change and accrue savings. If you would like the lessons your children learn to last longer than the toys they receive, Virginia CPAs recommend giving gifts that teach financial concepts this holiday season.

Each year, the VSCPA donates 100 piggy banks to Toys for Tots to teach children the importance of saving and encourage parents to consider money-minded toys as holiday gifts. Other money-minded toys include board games, such as Monopoly, LIFE and Pay Day, piggy banks, toy cash registers and ATMs, safes, money play sets, money-themed books, coin collection sets, bubble gum machines and money sorters.

Find more money management information and free financial resources for children and parents on the VSCPA's FinancialFitness.org website.

IRS Announces 2009 Standard Mileage Rates Top

The Internal Revenue Service (IRS) recently issued the 2009 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2009, the standard mileage rates for the use of a car (also vans, pickups and panel trucks) will be 55 cents per mile for business miles driven. Learn more about the 2009 optional standard mileage rates.

Free Workplace Financial Education Program Available Top

As a recipient of this financial literacy newsletter, you undoubtedly share a lot of great information on budgeting, saving, retirement planning and more with your coworkers, friends and family.

To help you spread the word, the VSCPA is pleased to offer a free workplace education and training program called Financial Fitness University. Part of our award-winning Financial Fitness campaign, Financial Fitness University provides knowledgeable CPA instructors to address personal financial issues with your organization.

Through the Financial Fitness University program, you can request a free CPA speaker, who will present financial literacy seminars on site for your employees. Topics focus on eliminating credit card debt, contributing to a 401(k) plan, preventing identity theft, using your tax refund wisely and more. Additional materials include articles for employee newsletters or intranets, paycheck inserts, flyers for bulletin boards and table tents for break rooms.

To access these materials, simply click on the links above or visit the VSCPA's consumer website at www.FinancialFitness.org/university. Please feel free to copy and distribute these materials as many times as you like — there are no copyright restrictions. You may also pass this information along to your human resources or training representative.

For more information on the VSCPA Financial Fitness University program or to request a CPA speaker, please contact VSCPA Media & Public Relations Specialist Shawnte Reynolds at (800) 733-8272.

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 may use these articles in publications, employee newsletters, websites and more. Here are this month's topics:

Smart Tips on Gift Cards
Many people find gift cards to be a convenient and thoughtful way to allow friends and family to choose their own presents at the holidays. While this may be true, Virginia CPAs warns of some potential pitfalls to be aware of when giving or receiving a gift card.


Great Inexpensive Holiday Gift Ideas
The holidays are a fun and exciting time of year, but they are also a time when you can end up spending more than you expected. Keep in mind that you don't have to bust your budget in order to show how much you care. Check out some tips for reining in spending while partaking in the generous spirit of the season.

Don't Miss These Last-Minute Tax Breaks
The tax season deadline is the last thing most of us want to think about during the holidays. Although April 15 may seem a long way off, now is the time to make sure you've taken advantage of some of the tax breaks available to you in 2008. That's because many opportunities to reduce your tax bill will expire once the new year begins. With that deadline in mind, here are some tax breaks that you shouldn't miss.

How to Set and Keep Financial Goals
What's on your wish list for the future? Do you dream about taking a special vacation, buying a home or retiring to a dream location? With the proper planning, it's possible to reach many or all of your goals. Consider some tips on how to do it.

Questions to Ask About Service Contracts
Is it a good idea to buy a service contract when you are making an important purchase? Roughly 50 percent of the people who buy new or used cars or major appliances purchase service contracts. These agreements cover repairs or maintenance that may become necessary. But you should be prepared to ask a lot of questions before you sign up for one. Here's some advice on what you need to know.

"Ask a CPA" E-mail Program Top

Do you have a question about personal financial planning? Are you a business owner who has questions about business plans, loan applications or taxes? CPA members of the VSCPA are ready to give you some guidance for free! Through the "Ask a CPA" E-mail Program, experienced, licensed certified public accountants (CPAs) will provide answers to your financial questions within three business days. The program is open to all Virginia residents who want to improve their money management skills.

Visit the FinancialFitness.org website and click on the "Ask a CPA" link to submit your financial questions through the "Ask a CPA" E-mail Program. If you have any questions about this program, contact VSCPA Community Relations Coordinator Tracey Zink at (800) 733-8272.

Spotlight on Citigroup Financial Education Curriculum Top

Citigroup Financial Education Curriculum is a free kindergarten through adult financial education curriculum, adaptable for schools, after-school programs and community-based organizations. The lessons address selected national standards in personal finance, math, social science, language arts and economics. English and Spanish versions of the curriculum are available online. Find out about the programs and resources offered by Citigroup.

2008 Year-End Tax Planning Tips Top

Now is the best time to evaluate your present tax situation to take advantage of year-end tax strategies. With the window of opportunity for many tax-saving moves closing on December 31, it makes sense to focus on the basics, while staying ready to take advantage of any late-breaking legislative developments. Learn more about the year-end tax strategies available to you.
Source: American Institute of CPAs



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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