Missing Your W-2? Here’s What to Do

Posted on February 2, 2026 by FCA Admin

Inside This Issue

It’s a good idea to have all your tax documents together before preparing your 2012 tax return. You will need your W-2, Wage and Tax Statement, which employers should send by the end of January. Give it two weeks to arrive by mail.

If you have not received your W-2, follow these three steps:

1. Contact your employer first.  Ask your employer – or former employer – to send your W-2 if it has not already been sent. Make sure your employer has your correct address.

2. Contact the IRS. After February 14, you may call the IRS at 800-829-1040 if you have not yet received your W-2. Be prepared to provide your name, address, Social Security number and phone number. You should also have the following information when you call:

• Your employer’s name, address and phone number;

• Your employment dates; and

• An estimate of your wages and federal income tax withheld in 2012, based upon your final pay stub or leave-and-earnings statement, if available.

3. File your return on time. You should still file your tax return on or before April 15, 2013, even if you have not yet received your W-2. File Form 4852, Substitute for Form W-2, Wage and Tax Statement, in place of the W-2. Use the form to estimate your income and withholding taxes as accurately as possible. The IRS may delay processing your return while it verifies your information.

If you need more time to file you can get a six-month extension of time. File Form 4868, Application for Automatic Extension of Time to File US Individual Income Tax Return.  If you are requesting an extension, you must file this form on or before April 15, 2013.

If you receive the missing W-2 after filing your tax return and the information on the W-2 is different from what you reported using Form 4852, then you must correct your tax return. File Form 1040X, Amended U.S. Individual Income Tax Return to amend your tax return.

Forms and instructions are available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).
Additional IRS Resources:

  • Form 4852, Substitute for Form W-2, Wage and Tax Statement
  • Form 1040X, Amended U.S. Individual Income Tax Return

IRS YouTube Videos:

Note. From Issue Number: IRS Tax Tip 2013-10.  Copyright 2013 by Copyright Holder. Reprinted with permission.

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Ten Tax Tips for Individuals Selling Their Home

Posted on January 22, 2026 by FCA Admin

Issue Number:    IRS Summertime Tax Tip 2012-14

Inside This Issue

The Internal Revenue Service has some important information for those who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may be able to exclude all or part of that gain from your income.

Here are 10 tips from the IRS to keep in mind when selling your home.

1. In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.

2. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).

3. You are not eligible for the full exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.

4. If you can exclude all of the gain, you do not need to report the sale of your home on your tax return.

5. If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.

6. You cannot deduct a loss from the sale of your main home.

7. Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude. Most tax software can also help with
this calculation.

8. If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time.

9. Special rules may apply when you sell a home for which you received the first-time homebuyer credit. See Publication 523, Selling Your Home, for details.

10. When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive mail from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change.

For more information about selling your home, see IRS Publication 523, Selling Your Home. This publication is available at IRS.gov or by calling 800-TAX-FORM
(800-829-3676).

Links:

 

Note. From Issue Number: Special Edition Tax Tip 2012-14. Copyright 2012 by Copyright Holder. Reprinted with permission.

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How Are People Saving Money?

Posted on December 2, 2025 by FCA Admin

Have you ever wondered what other people are doing to save money?  Are you trying to save but need some creative ideas?  A recent article by Harris Interactive tracked how Americans are saving.  Some of the savings strategies include:

  • Bringing lunch to work
  • Less frequent visits to the hairdresser or barber
  • Buying generic  brands

 

The study also found that savings habits vary by age.  This is a great article. It reinforces again that Americans are serious about savings.  I hope some of these ideas will be useful to you as well.  The full article can be found at: http://finance.yahoo.com/news/The-Many-Different-Things-bw-1504919658.html?x=0

 

Share your thoughts on how you are saving money during this recession.

 

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Personal Finance: It’s a Family Affair.

Posted on November 29, 2025 by FCA Admin

Experts agree that a family that budgets together stays together.  Last month I had the opportunity to speak to a group of high school students during the Great American Teach In.  My presentation was on personal finance for teens.  Of course I asked them if they get involved with the family finances.  Many said no.  But a few said yes.  Of those that said yes, they mentioned that being involved helps them to better understand their parents’ finances.  That of course is welcoming news to me.   The family finances do help children understand the importance of budgeting and prioritizing.  Many parents choose not to share the financial picture with their kids. They fear that it is too much information.  But I disagree.  As a teenager growing up, I understood my mother’s financial picture.  She of course was a single parent.  The understanding of her financial picture helped me make better decisions about spending money and I have a better appreciation for saving.

So how do you get your kids involved?  Listed below are some practical steps you can use.

  • Start out with a family meeting and just discuss the finances.
  • When you pay the bills, have the kids sit with you and review how much each item costs.
  • If possible, give your children an allowance for doing chores around the house.
  • Open up a checking and savings account for your kids and encourage automatic deposits.
  • Encourage your children to learn about personal finances through interactive online games.  Visit the For Youth Information section of our website for more information.

 As we approach the end of 2009, make a New Year’s resolution to get your kids involved in personal finance. Teach them early on the importance of making good financial decisions.

 

 

 

                                                                   

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Request a Transcript or Copy of a Prior Year Tax Return

Posted on October 5, 2025 by FCA Admin

Issue Number:    IRS Summer Tax Tip 2014-11

Inside This Issue

You may need copies of your filed tax returns for many reasons. For example, they can help you prepare future tax returns. You’ll need them if you have to amend a prior year tax return. You often need them when you apply for a loan to buy a home or to start a business. You may need them if you apply for student aid. If you can’t find your copies, the IRS can give you a transcript of the information you need, or a copy of your tax return. Here’s how to get your federal tax return information from the IRS:

• Transcripts are free and you can get them for the current year and the past three years. In most cases, a transcript includes the tax information you need.

• A tax return transcript shows most line items from the tax return that you filed. It also includes items from any accompanying forms and schedules that you filed. It doesn’t reflect any changes you or the IRS made after you filed your original return.

• A tax account transcript includes your marital status, the type of return you filed, your adjusted gross income and taxable income. It does include any changes that you or the IRS made to your tax return after you filed it.

• You can get your free transcripts immediately online. You can also get them by phone, by mail or by fax within five to 10 days from the time IRS receives your request.

– To view and print your transcripts online, go to IRS.gov and use the Get Transcript tool. – To order by phone, call 800-908-9946 and follow the prompts. You can also request your transcript using your smartphone with the IRS2Go mobile phone app. – To request an individual tax return transcript by mail or fax, complete Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript. Businesses and individuals who need a tax account transcript should use Form 4506-T, Request for Transcript of Tax Return.

• If you need a copy of your filed and processed tax return, it will cost $50 for each tax year. You should complete Form 4506, Request for Copy of Tax Return, to make the request. Mail it to the IRS address listed on the form for your area. Copies are generally available for the current year and past six years. You should allow 75 days for delivery.

• If you live in a federally declared disaster area, you can get a free copy of your tax return. Visit IRS.gov for more disaster relief information.

Tax forms are available 24/7 on IRS.gov. You can also call 800-TAX-FORM (800-829-3676) to get them by mail.

Additional IRS Resources:

IRS YouTube Videos:

IRS Podcasts:

 

Note. From Issue Number: IRS Tax Tip 2014-11.  Copyright 2014 by Copyright Holder. Reprinted with permission.

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Identity Theft and your Credit

Posted on September 2, 2025 by FCA Admin

Your FICO score is one of the most important numbers that you must safeguard.  Imagine having someone steal your identity.  If not caught early, identity theft can lead to serious problems with your credit score.  A year ago, I became a victim of identity theft.  It happened so quickly that I did not have time to react.  But luckily for me, I caught it early.  If you happen to become a victim, there are a few steps that you should follow:

  • Call the bank or credit card Company to notify them.
  • Call the police.  The police will file a report.  The bank or credit card company will need the report to file with their records. They will also need this to start their investigation.
  • File a report with the Federal Trade Commission (FTC).  The FTC has a form to complete for identity theft victims.  The form will be used for identifying you as a victim of identity theft.  The FTC will also use the form to complete an investigation.  The form can be found at:

http://www.ftc.gov/bcp/edu/microsites/idtheft/

  • Call the three major credit bureaus and have a fraud alert added to your credit report.  This will allow creditors to know that you’ve been a victim.  They will have to take added steps to approve someone who tries to use your credit.

 

I followed all of these steps after I became a victim.  Other precautions that I took included freezing my credit.  I also purchased a shredder and I shred all personal documents.  I hope that you will never have to go through this.  But if you do, now you’ll know have a better idea of steps to take.   

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Useful Tips from the IRS to Help Protect Your Identity

Posted on August 22, 2025 by FCA Admin

Identity theft is so prevalent these days.  It is too easy to have your social security number stolen.  It has actually happened to me.  Someone stole my identity and filed a tax return using my social security number.  Luckily for me, I caught it early and was able to prevent any major damage to my credit file.

To help combat the effects of ID theft, the IRS has issued some useful tips for taxpayers.

Be alert. Be aware. And know your rights when it comes to identity theft.

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Back to School Shopping on a budget

Posted on July 19, 2025 by FCA Admin

It’s back to school time and we are all on a budget.  How can you still get the clothes and supplies that you need without breaking the bank? Well, keep reading to find out how.

·         Separate wants from needs:  In most cases, your child’s school supplies from last school year can be reused. Review the supplies that your child currently has to see if new school supplies are really needed.

·         Look for back to school promotions: Wal-Mart usually has great promotions on all your back to school needs.  Visit their website for the most recent promotions.

·         Use coupons:  Most major retailers post their coupons in the Sunday paper.  Pick up your Sunday paper before rushing to the department stores.

·         Visit your local dollar store: Dollar Tree usually keeps a good stock of seasonal items.  This also includes school supplies.  Their online website is always up to date with what is in the stores.  Visit their website at www.dollartree.com.

 

How are you getting ready for back to school? Where are you finding your discounts?

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Picking the right Bank Account

Posted on June 10, 2025 by FCA Admin

There are several things to consider when selecting a bank account.  There are also several perks that many banks now offer.  Some of these include interest, free checking, student checking, and free gifts.  But what should you consider when shopping for a new bank account?

 

·         Consider how much money you plan to deposit.  Most banks have free checking but do not pay interest.  The interest paying accounts usually require a larger minimum balance than the non interest paying accounts.

·         Consider the number of checks you plan to write per month.  The no fee accounts typically limit the number of checks you can write per month.

·         Consider the bank services that you would like to utilize.  Some of these include ease of finding ATMs.  Other services include 24 hour customer service and Saturday branch operations.  My favorite bank for customer service would have to be my credit union, Pentagon Federal Credit Union.  They have 24/7 customer service.  Call them anytime and they will be there, excluding holidays. 

·         Lastly, consider the number of different accounts you would like to set up.  The more accounts you have with a bank, the more price breaks you are likely to receive.  For example, you may have a checking account with one bank and then purchase a CD, open an IRA, and have a mortgage. The bank will consider this factor very favorably when you attempt to open another account.

With these helpful things in mind, I hope you will have a better idea of what to consider when shopping around for a new bank or bank account option.  More information on this topic can be found at the bankrate.com website at www.bankrate.com.

 

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Keeping the New Year’s Resolution

Posted on May 28, 2025 by FCA Admin

The first quarter of the year is almost over.  And if you are like me, you haven’t been keeping your New Year’s Resolutions.  Of course we are all human and so far this year has been full of surprises and challenges for the entire country.  These challenges often force us to take our eyes off of our goals.  But in order to be successful in life, it is important to try and refocus even if it means revising our goals.

How do I refocus you might ask?  The first thing I like to do is ask myself why I created the goal in the first place.  Was it that important to me?  Is the goal for myself or is it someone else’s goal.  Let’s say that your goal was to stay within your budget.  This is a personal goal and staying within your budget will be better for you financially.  Therefore this is your own goal. 

Another option is to revise your goal.  Perhaps the goal was too broad.  It can be helpful to revise the goal and break it down into smaller more achievable goals.  If we use the budget example, you can try to break it down into smaller goals by first creating a list of all of your expenses.  Then use an Excel spreadsheet to calculate the expenses and obtain a total.  Another step would be to break out the expenses into categories such as variable and fixed expenses.

Lastly, once you have revised your goal, go ahead and set a new goal. Perhaps you can give yourself a shorter deadline.  Using the budget example again, we revised the goal to stay within my budget for the variable expenses and review my budget quarterly. This is our new goal.

In summary, no matter what your goals were for 2010, do not lose sight of them because the first quarter of the year has been challenging.  Revisit and refocus on your goals because the year is not yet over.  There is always plenty of time to start over and make a fresh start.

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