Jill Russo Foster

Tips for Successful Personal Finances

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Lowering Your Taxes

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It’s this time of year when we are all getting our income taxes done – from gathering our documents to meeting with your accountant.

Don’t forget it’s not too late to make your IRA contribution for last year.  You actually have until April 15 to

make your contribution for last year, if you haven’t maxed out your contribution for the previous year.  This is turn could lower your income and may turn owing on your taxes to a refund.  As your accountant to do this to see if you can benefit from this.  It never hurts to ask.

Make 2018 Your Best Year Possible!

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Yes, I know it’s a busy time of year to add anything to your do to list.  As the year begins, it’s important to make time to complete this check list of items to make 2018 the best year possible.

Investment Accounts
Think about maxing out your 2018 contributions, especially if you have an employer match. You don’t want to miss out on the free matched funds. If you can’t max out, then add as much as you can. Now is the time to look at your investments, it may be time to re-balance and/or make changes to your accounts.

Health Insurance
Understand what your health insurance covers and what it doesn’t.  If you have a deductible to meet,if possible schedule your appointments so that you can afford the bills.  Remember you may be able to use your FSA (Flexible Spending Accounts) or HSA (Health Savings Account) to plan for some or all of these expenses. Your plan has a list of eligible items you can use the money towards.

Charitable Giving / Donations
If you itemize your taxes, make sure to discuss your charitable giving with your tax preparer as the new tax rules are in effect.

Starting the new year off right will help you throughout the year.

Tax Season Officially Begins

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Today is the first day to file your 2017 income tax.

Remember that companies have until January 31 to mail out W-2, 1099 etc.  So you may have documents that haven’t arrived yet.

Both VITA (Volunteer Income Tax Assistance) and AARP’s Tax Aid may be able to file you taxes for free.  Click on the links to see if you meet the income requirement, what documents to bring with you and where the closest location to you is.

 

You May Want To Do This Before The Year Ends

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I hope you enjoyed your holidays.  Now back to finances.

You may want to consider these steps and do them in this calendar year:

  • If you pay estimated taxes, consider making your January payment before Dec 31.
  • If possible, you can prepay your January installment of your real estate taxes before Dec 31.  This may be difficult to do if your taxes are escrowed in your mortgage payment.  You will need to check with your tax assessor to details in your city / town.

These two steps may work to your advantage with your income tax.  Always check with your tax preparer about your individual situation.

 

Fact Checking Charities

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Fact Checking Charities

My heart breaks with all the information and photos from hurricane Harvey and now Irma. We all want to help and these people need our help. but you want to give where your money will do the best and not go to scammers. If you choose to give, and I’m sure you do, make sure your money goes to those in need through a charity that you have researched.

Unfortunately, it’s fairly easy to set up a charity, and fundraisers can legally keep most of the money donated to the cause. Not to mention the scammers who are out there to take your money. Before you donate, find out whether the charity is legitimate. You should also find out how your money will be spent.

You can start your research at www.Give.org (associated with the Better Business Bureau). This organization researches charitable organizations to find out how they use the funds they receive.

Here are some tips to help in your research:
•  Find out if the charitable organization has a 501(c) status (IRS code for non-profit organizations). Non-profits have stricter requirements, and your donation will be deductible on your tax return.

•  Find about how much of each dollar is being used for the cause versus administration costs. The more administrative costs, the less of each dollar is being used for those in need. Look for the lowest administrative costs.

•  For cash donations, request a receipt to use as documentation on your tax returns. All donations over $500 will require additional paperwork, so speak with your tax preparer  ahead of time.

•  When donating non-cash items such as food, clothing, furniture, etc, you will need an itemized list of the items you donated and the total value. Most charities will ask you to value your own items.
Make sure you get a receipt for your donations with the charity’s information on it.

Do your research and chose the organization(s) wisely. This is a great way to help out others who are less fortunate than you during this hurricane season.

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Getting Rid of the Clutter

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It’s summer and wedding season for us.

Our dilemma, what to wear.  You may be thinking we have a closet full of clothes to choose from and you are mostly right.  Lately, we have been getting rid of stuff.  So here’s what we have done so far this year:

Gowns and cocktail dresses – donated to our local high school for the prom

Suits – Men’s and Women’s – lots of peoples in need for clothing in good condition

Clothing – Check out your local shelter or other organizations that are in need.

Cleaning out and giving back all in one tiny action.  All this has streamlined our closets and hopefully made a difference in the life of someone else.

For more suggestions, view my resources page.

Getting Rid of the Clutter

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As we continue to clean out, we have donated several electronics (old computers, printers, scanners, cameras and more) to great local organizations in need.

This is really easy to do with the help of the Cristina Foundation.  They have a website that you can search local non-profits in your area and see what they are in need of.  If you have the item(s), you connect with them for the drop off and/or pick up.  It ‘s a great way to donated and help out others in need.

For more suggestions, view my resources page.

Getting Rid of the Clutter

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As we clean out stuff from our home, I wanted to share with you some great resources.  I like to give items to people or charities that can make good use of the items, instead of just tossing.

We had too much luggage.  Yes, we travel and need both small and large suitcases as well as carry-ons, but we had too much!  eBags has this great program called Trade In Trade Up.  You can donate two suitcases in good condition and in return you get a $25 credit at eBags.  We donated two suitcases in June and recently received our credit.  This weekend, we received our new eBags items.  eBags isn’t only luggage, it much more including has back to school items.

For more suggestions, view my resources page.