First Capital Advisors, LLC

Selling Your Home? Here’s what the IRS wants you to know.

Posted on August 21, 2011 by FCA Admin

If you are in the process of selling your home, it’s very important that you know the tax implications involved:

If you have owned and used your home as your primary residence for two years out of the five years prior to the date of its sale you do not have to report the gain on the sale as part of your income. If all of the gain is excludable, you do not need to report the sale on your tax return.
Losses from the sale of your primary residence are not excludable.
Only the gain from the sale of your primary residence can be excluded on your tax return. You can’t exclude the gain on a second home.
Up to $250,000 of the gain for single taxpayers and $500,000 for joint filers can be excluded from your income.
Gains that are not excludable are considered taxable and must be reported on Form 1040, Schedule D, Capital Gains and Losses.

More information can be found on IRS Publication 523, Selling Your Home

Posted in education, personal finance, Savings, Taxes | Comments Off

Students: Make the most of your summer job.

Posted on July 16, 2011 by FCA Admin

This summer, many students will be taking on summer jobs. However, many are unaware of the tax consequences involved with employment. Additionally, many students fail to establish a savings goal.

For example:

1. Form W-4, Employee’s Withholding Allowance Certificate must be completed. Employers use this form in order to withhold taxes from your paycheck. The IRS website has a useful Withholding Calculator on to assist with completing Form W-4. Visit www.irs.gov.

2. Use the summer job as an opportunity to set a savings goal. The website www.YoungAmericaSaves.org is a very useful tool.

3. Remember that money received from tips are taxable and so are earnings from self-employment.

3. Do your research and find a good a savings account. The website bankrate.com is a great tool for finding the right account to suite your needs.

4. Lastly, parents should try to serve as role model for their children. Setting clear expectations and making the most of your savings will enable your children to follow a good example.

Posted in education, employment, personal finance, Savings | Tagged education, employment, personal finance, Savings | Comments Off

A New Way to Save

Posted on April 28, 2011 by FCA Admin

Many people have already discovered this great new way to save. What is it you may ask? Tax time is a great time to save because many people receive refunds. In 2010 President Obama created the tax time Savings Bond Program. The program gives tax payers the opportunity to put away part of their refunds into a U.S. Savings Bond.

The process is as easy as checking a box on your return. Those filing paper returns can fill out Form 8888 Allocation of Refund (Including Savings Bond Purchases). Tax time savings bonds can be purchased in any amount from $50 to $5,000 and up to three bonds can be purchased.

Some of the main reasons for saving using the savings bonds include:

· The bonds are safe and secure.
· They never lose value.
· You can earn interest for 30 years.
· There are never any fees or charges.
· After one year, you can redeem them at a bank or credit union.

More information can be obtained by visiting the Treasury Direct page.

Posted in education, investing, personal finance, Savings, Taxes | Tagged personal finance, Savings, Taxes | Comments Off

National Protect Your Identity Week: October 17-23

Posted on October 18, 2010 by FCA Admin

The week of October 17th-23^rd is designated as National Protect Your identity Week. This week is geared towards educating the public about identity theft and how to protect yourself and the ones you love. The website protectyouridnow.org has several resources that will help you with this endeavor.

Other useful tips that you can follow include:

Use a shredder to shred all of your personal statements.
Never carry your social security card in your wallet or purse.
Never give personal information to people over the phone unless you initiate the call.
Check your credit reports at least once a year and look to see that everything is accurate.

Let’s join together to educate each other and our communities about identity theft.

Posted in consumer laws, education, personal finance | Tagged credit report, education, personal finance | Comments Off

Earn extra dollars with InboxDollars.com

Posted on July 24, 2010 by FCA Admin

Nowadays you often hear about how bad the economy is. Unemployment is high and everything costs more. Many people are looking for alternative means of earning extra money.

I recently came across a new website titled Inboxdollars.com. This site provides individuals with an easy way to earn extra money. As an additional incentive, there is a $5 sign up bonus. Best of all, It is free to join.

Inboxdollars.com has several ways for you to earn money. Individuals can be paid to read emails. Another option is to get paid for taking online surveys. The money generating opportunities do not stop there. There are opportunities to try name brand products, play games online, and even shop online. Some of the most popular brands come from stores such as Target, Wal-Mart and Netflix.

Inboxdollars.com is a free and easy way to make extra money. Give it a try today.

Posted in personal finance, Savings | Tagged personal finance, Savings | Comments Off

Your Coffee is on us.

Posted on April 11, 2010 by FCA Admin

On Friday April 16^th, in honor of the end of tax season, become our fan on facebook and we’ll give you a free Dunkin Donuts or Starbucks gift card towards a free coffee. The first 50 people to become our fan and email us at fca@fcallc.biz will receive a gift card. Our facebook fan page can be accessed by visiting our website at http://www.fcallc.biz.

Posted in Uncategorized | Comments Off

Countdown to April 15th

Posted on March 15, 2010 by FCA Admin

The tax filing deadline is only a month away. If you are like many Americans, you haven’t filed your taxes yet. But do not delay. April 15^th will be here before you know it. What can you do now in order to stop procrastinating? Listed below are some quick tips to help you meet the deadline:

Organize your receipts in envelopes in order to easily categorize them.
Visit the IRS website www.irs.gov and be familiar with your specific filing requirements.
Efile your return to safely and securely file your taxes.
April 15^th is the deadline to pay your taxes. However an extension to file can be requested using Form 4868 Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.

What are some of your tips for meeting the tax deadline?

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Posted in personal finance, Taxes | Tagged personal finance, tax preparation | Comments Off

America Saves Week 2010

Posted on February 22, 2010 by FCA Admin

Join First Capital Advisors along with several organizations across the county as we participate in America Saves Week, February 21 – 28, 2010. The purpose of America Saves Week is to encourage, individuals and families to set savings goals and to improve their financial goals and financial education. Several organizations across the country will be participating and will be hosting various financial literacy programs. A full list of participants can be found on the America Saves website at www.americasavesweek.org.

The America Saves Week Website has some unique features to get participants started on their savings goals. Some of the unique features include:

Short financial survey
Listing of participating organizations and events
Downloadable Financial literacy materials
Savings messages
America Saves Week Build Wealth Not Debt e-mails
Access to the In Charge® Education Foundation Mind Your Finance program

This is a critical time for everyone to participate and become encouraged and empowered. Our nation is still struggling and unemployment is still very high. It is my hope that participants in the program will be enlightened and encouraged to save for the future.

Will you be participating in America Saves Week? If so, what activities do you have planned?

Posted in education, investing, personal finance, Savings | Tagged debt management, education, investing, personal finance | Comments Off

New Credit Card Application Procedures

Posted on February 8, 2010 by FCA Admin

Within a few weeks, credit card companies will start verifying your income before they process your credit card applications. This will also apply for credit limit increases. The companies will go as far as asking for pay stubs and copies of your prior year tax return.

Companies such as the major retailers are using another tool called the Income Estimator. This helps them to estimate your income based on data compiled from your tax return. The income estimator has both pros and cons. It provides a convenient way for retailers to process instant credit requests. On the flip side is that the income estimator may not be too accurate.

So what can you do to prepare for this change? The first step is to gather the tax return and pay stub data. Additionally, check your credit report to ensure that all of the data is accurate.

Your credit report can be obtained by contacting the credit bureaus or by visiting the site below:

www.annualcreditreport.com/cra/index.jsp

Follow us on Twitter.: http://twitter.com/1stCapAdvise

Posted in credit cards | Tagged credit report, personal finance | Comments Off

Let’s Celebrate Global Entrepreneurship Week!

Posted on November 14, 2009 by FCA Admin

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Global Entrepreneur Week (GEW) is from November 16^th-22^nd. The movement is a collaborative effort between countries across six continents to encourage young adults to pursue careers as entrepreneurs. I am very excited about this movement. There is no better time like the present to grow and harness our ideas. Entrepreneurship is the cornerstone of our economy in the United States and many other countries. Additionally entrepreneurship teaches young adults to be creative and to come up with ways to improve their community.

Throughout the week of November 16^th, countries across the globe will host various events on line or in person to celebrate and encourage entrepreneurship. Global Entrepreneurship week has four main goals: to inspire, connect, mentor, and engage. Let’s get started today by encouraging our youth to think big and to serve and improve their communities. In the United States schools children have the opportunity to think like entrepreneurs through programs such as Junior Achievement, DECA, or Future Business Leaders of America. Let’s continue to encourage our youth’s continued participation in these activities. If you are an entrepreneurial parent, speak to your children about why you went into business. Encourage your children to think outside the box and go into business for themselves. For more information on Global Entrepreneurship Week visit: www.unleashingideas.org.