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?

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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 

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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 16th-22nd.  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 16th, 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.

 

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IRS Seeks to Return $123.5 Million in Undeliverable Refunds to Taxpayers; IRS Reminds Taxpayers to Use E-file and Direct Deposit

Posted on November 9, 2009 by FCA Admin

Source: IR-2009-101, Nov. 5, 2009

WASHINGTON — The Internal Revenue Service is looking for taxpayers who are due to receive a combined $123.5 million in the form of 107,831 refund checks that were returned to the IRS by the U.S. Postal Service due to mailing address errors.

“We are eager to get this money into the hands of taxpayers, so don’t delay if you think you are missing a refund,” said IRS Commissioner Doug Shulman. “The sooner you update your address information, the quicker you can get your refund.”

All a taxpayer has to do is update his or her address once. The IRS will then send out all checks due. Undeliverable refund checks average $1,148 this year, compared to $990 last year. Some taxpayers are due more than one check.

Average undeliverable refunds rose by 16 percent this year, which is in line with the 16 percent rise in average refunds for all tax returns in the latest filing season. Several changes in tax law likely played a role in boosting refunds, including the First-Time Homebuyer’s Credit and the Recovery Rebate Credit, among others.

The vast majority of checks mailed out by the IRS each year reach their rightful owner. Only a very small percent are returned by the U.S. Postal Service as undeliverable.

If a refund check is returned to the IRS as undeliverable, taxpayers can generally update their addresses with the “ Where’s My Refund?” tool on IRS.gov. The tool enables taxpayers to check the status of their refunds. A taxpayer must submit his or her social security number, filing status and amount of refund shown on their 2008 return. The tool will provide the status of their refund and in some cases provide instructions on how to resolve delivery problems.

Taxpayers checking on a refund over the phone will be given instructions on how to update their addresses. Taxpayers can access a telephone version of “Where’s My Refund?” by calling 1-800-829-1954.

The IRS encourages taxpayers to choose direct deposit when they file their returns because it puts an end to lost, stolen or undeliverable checks. Taxpayers can receive refunds directly into personal checking or savings accounts. Direct deposit is available for filers of both paper and electronic returns.

The IRS also encourages taxpayers to file their tax returns electronically because e-file eliminates the risk of lost paper returns. E-file also reduces errors on tax returns and speeds up refunds.

E-file coupled with direct deposit is your best option; it’s easy, fast and safe.

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SEC Launches Investor.gov

Posted on October 26, 2009 by FCA Admin

Have you heard about the new investor website by the Securities and Exchange Commission (SEC)?  This website is yet another great tool for investor education. I’m very excited about the launch of this new site and I’m sure you will be too.  For more information, visit: www.investor.gov.   Please share your thoughts with us after you’ve visited the site.

 

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How to Avoid Foreclosure Rescue Scams

Posted on October 12, 2009 by FCA Admin

Many homeowners are struggling to keep their homes. Unfortunately, there are companies out there who promise to help but only have their own interests in mind.  I recently read this great article from Stretcher.com.  This is a great article which provides useful tips on avoiding the scammers.  The full article can be found at www.stretcher.com/stories/09/09aug17e.cfm.

 

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Freebies and Savings Tips

Posted on September 20, 2009 by FCA Admin

During these difficult times, we are always looking for ways to save money.  I found two great articles with savings tips and more. The first is from Kiplinger’s and is a list of free, yes free items. The second is from SmartMoney.com and is list of ways to save.  Hope you enjoy these articles as much as I did.

Fabulous Freebies from Kiplinger:

http://www.kiplinger.com/features/archives/2009/08/freelist_2009.html

 

Old School Ways of Saving from SmartMoney.com:

http://www.smartmoney.com/spending/budgeting/6-old-school-savings-tricks-make-a-comeback/

 

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Five Facts about the Making Work Pay Tax Credit

Posted on September 12, 2009 by FCA Admin
Working taxpayers may be eligible for the Making Work Pay tax credit, a significant tax provision of the American Recovery and Reinvestment Act of 2009. This tax credit means more take-home pay for millions of American workers. Here are five things the IRS wants every taxpayer to know about the Making Work Pay tax credit:

1. This credit — available for tax years 2009 and 2010 — equals 6.2 percent of a taxpayer’s earned income. The maximum credit for a married couple filing a joint return is $800 and $400 for other taxpayers. Most wage earners have been enjoying a boost in their paychecks from this credit since April.

2. Eligible self-employed taxpayers can also benefit from the credit by evaluating their expected income tax liability. If eligible, self-employed taxpayers can make the appropriate adjustments to the amounts of their upcoming estimated tax payments in September and January.

3. Taxpayers who fall into any of the following groups should review their tax withholding to ensure enough tax is being withheld.  Those who should pay particular attention to their withholding include:

  •  Married couples with two incomes
  •  Individuals with multiple jobs
  •  Dependents
  •  Pensioners
  •  Social Security recipients who also work
  •  Workers without valid Social Security numbers

Having too little tax withheld could result in potentially smaller refunds or – in limited instances –small balance due rather than an expected refund.

4. The Making Work Pay tax credit is either phased out or unavailable for higher-income taxpayers. The phase out begins at $75,000 for single taxpayers and $150,000 for couples filing a joint return.

5. For those who believe their current withholding is not right for their personal situation, a quick withholding check using the IRS withholding calculator on IRS.gov may be helpful. Taxpayers can also do this by using the worksheets in IRS Publication 919, How Do I Adjust My Withholding? Adjustments can be made by filing a revised Form W-4, Employee’s Withholding Allowance Certificate. Pensioners can adjust their withholding by filing Form W-4P, Withholding Certificate for Pension or Annuity Payments.

For more information on this and other key tax provisions of the Recovery Act, visit the official IRS Website at IRS.gov/Recovery.

Source: IRS Issue Number:  Special Edition Tax Tip 2009-07

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Will the increase in minimum wage help or hinder workers?

Posted on July 26, 2009 by FCA Admin

The minimum wage increased to $7.25 on July 24th.  However, many are questioning whether this will be a boost to workers considering the current economic climate.  Some economists are arguing that this is another stimulus for the economy.  But is it really?  Consider that many states have their own minimum wage requirements.  Employers are required to pay whichever is higher. For workers in a state that is already at the minimum wage rate of $7.25, this is not exactly a stimulus.  On the other side of this argument are economists who claim that increasing the minimum wage will create fewer jobs for workers.  The argument behind this is that many companies can’t even afford to keep the current employees that they have.  With the increase in the minimum wage, these companies are being forced to pay their workers more and they don’t even have the money to do it.  What are your thoughts on this minimum wage argument?

 

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Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009

Posted on May 25, 2009 by FCA Admin

President Obama signed the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009.  The Act’s main purpose is to prevent credit card industry practices that significantly raise interest rates.  There are numerous provisions to this act.  Among the provisions are the following:

·         There is a provision for granting credit cards to individuals under the age of 21.

·         Promotional interest rates must be for at least a minimum of 6 months.

·         Credit card companies cannot raise the rates for new customers for at least a year.

·         A 45 day notice must be given to customers for rate increases.

·         Statements must be mailed within 21 days of the due date.

·         Interest rate increases will only be permitted for existing customers who are 60 days late on payments.

More information can be found at the following website:

http://www.govtrack.us/congress/bill.xpd?bill=s111-414&tab=summary

 

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