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FINANCIAL
NEWS
CPAs
Donate Money-Minded Toys for the Holidays
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Each year,
the Virginia Society
of CPAs (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, toy cash
registers and ATMs, safes, money play sets, money-themed
books, coin collection sets, bubble gum machines and
money sorters. Read this article
on giving money-wise gifts for the holidays at www.financialfitness.org.
IRS
Announces 2011 Standard Mileage Rates
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The Internal
Revenue Service (IRS) recently issued the 2011
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, 2011, the standard mileage rates for the
use of a car (also vans, pickups or panel trucks) will
be:
- 51 cents per mile for business
miles driven
- 19 cents per mile driven for
medical or moving purposes
- 14 cents per mile driven in
service of charitable organizations
The standard mileage rate for
business is based on an annual study of the fixed and
variable costs of operating an automobile. The rate
for medical and moving purposes is based on the variable
costs as determined by the same study. Read
more at www.financialfitness.org.
Tax
Credits Available for Winterizing Homes
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People can
now weatherize their homes and be rewarded for their
efforts. According to the Internal
Revenue Service (IRS), homeowners making energy-saving
improvements this fall can cut their winter heating
bills and lower their 2010 tax bill as well. Last year’s
Recovery Act expanded two home energy tax credits: the
nonbusiness energy property credit and the residential
energy efficient property credit.
Read more and watch a video at www.financialfitness.org.
Retirement
Plan Contribution Limits Remain |
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The Internal
Revenue Service (IRS) said the cost-of-living
adjustments affecting the dollar limitations for pension
plans and other retirement- related items for tax year
2011 will mostly remain unchanged, except for a few
small inflation adjustments. The announcement follows
on the heels of the Social Security Administration announcing
that for the second year in a row, the COLA for retirees
will remain unchanged, due to the low rate of inflation.
Read
more at www.financialfitness.org.
CONSUMER
ARTICLES
Trim
Your Taxes Before You Deck the Halls |
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The tax deadline
for next year has been extended to Monday, April
18, 2011, due to a holiday in Washington, D.C. Last-minute
filers will have three extra days to procrastinate.
This last month of 2010 is the perfect time for both
individuals and small businesses to get their records
in order and prepare for the coming
tax season.
Ways
to Save Money During the Holidays |
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The holidays
are a joyous — and potentially expensive —
time of year. In fact, last year, consumers said they
planned to spend an average of $699 on gifts, but they
admitted to shelling out an average of $811 instead,
according to a Consumer Reports survey. Giving doesn't
have to empty your wallet if you follow these
tips.
Tips
to Lowering Home Heating Costs |
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Whether home
heating expenses surge up or inch down, they always
seem to take a significant bite out of the family budget.
To help you rein in costs as the weather gets colder,Virginia
CPAs offer some simple
tips.
Converting
to a Roth IRA: Is it Right for You? |
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Roth IRA conversions
have been a hot topic this year. New rules have made
2010 the first year that there is no income limit for
Roth IRA conversion eligibility. Because of that, many
taxpayers have access to a Roth IRA for the first time.
How do you know if converting your traditional IRA to
a Roth IRA is right for you? It is a complicated decision
that requires careful
analysis of each individual’s financial
situation.
More
Articles>
FINANCIAL
LITERACY RESOURCES
2011
Financial Fitness Calendar |
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The VSCPA
is still accepting orders for the 2011
Financial Fitness Calendar. As you strive to
stay financially fit, let the VSCPA help you stay on
track throughout the new year. The stylish, 12-month
calendar is part of Financial
Fitness, the VSCPA's award-winning
financial literacy initiative to improve the financial
health of Virginians. The calendar is designed to provide
you with year-round tips and tools on topics that will
improve your financial health. Preview
a copy of the Financial Fitness Calendar (PDF)
and order your free
copy online.
Virginia
Bankers Association |
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The Virginia
Bankers Association (VBA) has created a special
website to educate consumers on what to look
for — or look out 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 tips. Find out more about VBA's programs and
resources at www.financeinfocenter.com.
FINANCIAL
TIPS
Don't
"Settle" Yourself Short |
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The struggling
economy over the past few years has left many floundering
in credit card debt. And from it all, debt settlement
companies have sprung up claiming to be able to get
you out of debt — seemingly in the blink of an
eye. These companies say, "Settle your debt for
pennies! We'll make your debt disappear!" But don't
let yourself be fooled. Settling can end up costing
you in the long run. Before you jump at the chance to
lessen your debt, make sure you know
the facts.
Protect
Your Identity |
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It can happen
to anyone, anywhere; suddenly your account balance takes
a dive, or you receive a bill for a credit card you
know nothing about. It's not a memory lapse, it's identity
theft. All it takes is a few key pieces of information
and someone can access your accounts, open new ones,
apply for loans, make major purchases and more. Don't
be a victim, protect your identity! Here are some
tips on how you can keep your identity safe.
Source:
American Institute of
Certified Public Accountants
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