Thanks to the following SCACPA members who have recently helped or expressed interest in advancing our cause:
Richard T. Livingston, CPA, CFE, CVA
Volunteered for service per SCACPA President Sylvia Kitchens' request in the Jan/Feb CPA Report
Pam Turner, CPA and Katherine Swartz, SCACPA Membership & Chapter Relations Manager
Presented February 22 at SC Business Educators Conference in Myrtle Beach
Mark T. Hobbs, CPA
Presented February 26 at a financial seminar for the SC Association of Nonprofit Associations in Columbia
Lesley H. Kelly, CPA
Volunteered to present April 11 at Dent Middle School's Career Fair in Columbia -- needs a partner!
Penny A. Lewis, CPA
Actively seeking media opportunities with the Post & Courier in Charleston
Rebecca Lee-Duke, CPA
Expressed interest in presenting at Heritage Community Bank in Hartsville
Allison H. Ford, CPA, CFE
Volunteered to present on April 23 at SC Department of Education Financial Literacy Summit in Columbia
Bob Baldwin, CPA
Received media coverage as an AICPA expert in USA Today online
http://www.usatoday.com/money/perfi/taxes/2008-03-06-nonresident-state-taxes_N.htm
To the following Ambassadors, for a positive response to Chairman Bob Baldwin's letter re: 2008 commitments:
William R. Barefoot, CPA
Mark T. Hobbs, CPA
Catherine Stoddard, CPA/ABV, CVA
Michael J. Targia, CPA
Walda Wildman, CPA
Send news of your Ambassador activities to SCACPA Communications Manager Allison Caldwell at acaldwell@scacpa.org -- we want to give credit where credit is due! Thanks for your service, and keep up the good work!
P.S. Got a great idea? Encourage others to join the cause by posting comments on what you're doing to increase financial literacy with clients, coworkers or in your community. We want to hear from you!
Tuesday, March 11, 2008
Ambassador Resources: Tips to Help Others
BEST WAYS TO SPEND YOUR TAX REFUND
As the April 15 tax filing deadline nears, many people will be in the enviable position of receiving a tax refund. It’s a nice surprise to get back some of the money you paid in taxes during the year. It’s also a great opportunity to make some sound financial decisions that will reap benefits now and in the future, according to the South Carolina Association of CPAs. So before you splurge all of your newfound funds, consider some of these money-wise alternatives.
PAY OFF YOUR BILLS
If you have high-interest credit cards, hefty student loans or any other debts looming over your financial landscape, CPAs recommend that you use some if not all of your refund to pay them down as much as possible. If you pay off a credit card with a 16 percent interest rate, you’ve just gotten yourself a 16 percent return on your money—an added bonus that compares very well with most investments. Once you’ve wiped the slate clean of outstanding debt, you can use your hard-earned money to save up for dream purchases. But if you don’t lower your debts, you will instead end up wasting money on interest charges.
SAVE FOR THE FUTURE
Would you like to further your own education or send a child to college? Or are you planning to buy a home during the next year or two? Perhaps you have been hoping to take a truly memorable vacation sometime down the road? No matter what your dreams, the best way to make them come true is to save regularly so that you have the cash ready when you need it. Use your tax refund to open a savings account or deposit it into an existing account. Then let the money grow until you’re ready to follow your dream.
GET A HEAD START ON RETIREMENT SAVINGS
Do you have a retirement account where you build up cash for the future? Use at least some of your refund dollars to start one or add to an existing account if you do have one. That way, your refund can grow tax free and provide a firm foundation for your retirement.
CREATE AN EMERGENCY ACCOUNT
We all know it’s a good idea to set aside some money to cover unexpected emergencies, such as loss of a job, an injury or hospitalization or another unforeseen crisis. However, after paying your regular monthly bills, it can be difficult to earmark funds for an emergency. That’s why it’s a great idea to use your windfall from Uncle Sam to do it.
SPLURGE, BUT DO IT WISELY
If you don’t have any high-interest debts and you do follow a regular savings plan and set aside money for retirement, then go ahead and splurge your refund. When you’re deciding how to spend the money, though, CPAs recommend that you consider indulgences that might be a good investment, such as updating your kitchen or bath or taking other steps that will improve your home’s resale value. They are fun choices but they will also pay you dividends in the future.
CHECK YOUR WITHHOLDING
Finally, remember that while it’s great to get an unexpected cash windfall, if you regularly receive large refunds every year you may be having too much money withheld for taxes from your paycheck. And that’s a bad idea, because you could be using that cash all year as part of your regular budget. If you think this may be the case, speak to your CPA about whether you need to adjust your withholding amount.
Copyright 2008, The American Institute of Certified Public Accountants.
As the April 15 tax filing deadline nears, many people will be in the enviable position of receiving a tax refund. It’s a nice surprise to get back some of the money you paid in taxes during the year. It’s also a great opportunity to make some sound financial decisions that will reap benefits now and in the future, according to the South Carolina Association of CPAs. So before you splurge all of your newfound funds, consider some of these money-wise alternatives.
PAY OFF YOUR BILLS
If you have high-interest credit cards, hefty student loans or any other debts looming over your financial landscape, CPAs recommend that you use some if not all of your refund to pay them down as much as possible. If you pay off a credit card with a 16 percent interest rate, you’ve just gotten yourself a 16 percent return on your money—an added bonus that compares very well with most investments. Once you’ve wiped the slate clean of outstanding debt, you can use your hard-earned money to save up for dream purchases. But if you don’t lower your debts, you will instead end up wasting money on interest charges.
SAVE FOR THE FUTURE
Would you like to further your own education or send a child to college? Or are you planning to buy a home during the next year or two? Perhaps you have been hoping to take a truly memorable vacation sometime down the road? No matter what your dreams, the best way to make them come true is to save regularly so that you have the cash ready when you need it. Use your tax refund to open a savings account or deposit it into an existing account. Then let the money grow until you’re ready to follow your dream.
GET A HEAD START ON RETIREMENT SAVINGS
Do you have a retirement account where you build up cash for the future? Use at least some of your refund dollars to start one or add to an existing account if you do have one. That way, your refund can grow tax free and provide a firm foundation for your retirement.
CREATE AN EMERGENCY ACCOUNT
We all know it’s a good idea to set aside some money to cover unexpected emergencies, such as loss of a job, an injury or hospitalization or another unforeseen crisis. However, after paying your regular monthly bills, it can be difficult to earmark funds for an emergency. That’s why it’s a great idea to use your windfall from Uncle Sam to do it.
SPLURGE, BUT DO IT WISELY
If you don’t have any high-interest debts and you do follow a regular savings plan and set aside money for retirement, then go ahead and splurge your refund. When you’re deciding how to spend the money, though, CPAs recommend that you consider indulgences that might be a good investment, such as updating your kitchen or bath or taking other steps that will improve your home’s resale value. They are fun choices but they will also pay you dividends in the future.
CHECK YOUR WITHHOLDING
Finally, remember that while it’s great to get an unexpected cash windfall, if you regularly receive large refunds every year you may be having too much money withheld for taxes from your paycheck. And that’s a bad idea, because you could be using that cash all year as part of your regular budget. If you think this may be the case, speak to your CPA about whether you need to adjust your withholding amount.
Copyright 2008, The American Institute of Certified Public Accountants.
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