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Everything is riding on education, according to Dan Piepszowski, senior director of Community Leadership Development at the Detroit Regional Chamber. Find out how he says CPAs can make an impact in education by becoming joining a public academy school board of directors
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Last December, the Michigan House passed HB 5190, a measure that would add personal finance courses to the required curriculum in public high schools. As the bill awaits its hearing in the Senate, the MICPA spoke with its author, Rep. Diana Farrington (R – Utica), about why personal finance education matters and when we might expect to see the bill considered in the Senate.
When people think about planning for emergencies, most focus solely on numbers but an emergency fund is just one facet of preparedness. According to MICPA Financial Literacy Task Force member Zach Simon, CPA, RFM Group, an emergency binder is the key to ensuring that when disaster strikes, access to important information, documentation and, yes, cash are easily accessible so that families can focus on what matters most in a worst-case scenario. Get started on creating your emergency binder today with this straightforward checklist.
The IRS has a relatively new tool for individual taxpayers: the IRS personal account using ID.me. This tool will allow you to view current payoff amounts, the amount due per year, two years of payment history, and other relevant information. The account is free to setup and should only take approximately 15 – 20 minutes, depending on whether one uses the self-service option or the live chat option.
The current cost of a college education and the projected future costs are quite staggering, not to mention the related costs of books, fees, supplies, equipment and other course materials. Thus, any effort to begin saving as early as possible should help put a dent in the cost. There are many ways to approach college savings and any one or combination of several may be used to accomplish goals in this area.
When it comes to mapping out your financial future, no habit is more important than that of saving. Securing a financial future is possible for everyone, regardless of income level, but it requires disciplined saving, which is the cornerstone of all good financial habits.
Beauty is in the eye of the beholder and when it comes to personal finance, sinking funds are beautiful. This straightforward tool will allow you to plan for future expenses and have the money to pay for them. If you have ever created a budget but got lost with items that are not paid on a monthly basis, then a sinking fund can help you close the gap.
New reports indicate that organizations are beginning to see the financial wellness of their employees as an area in which they can provide a benefit. While it may not be an organization’s responsibility to ensure employee financial fitness, reports indicate that those with financial wellness programs built into their benefit offerings experience higher productivity, engagement and loyalty among employees.
As we approach this year’s tax filing deadline of Apr. 18, even if you haven’t filed your return yet, you probably have a game plan in place for getting it done. That said, here are some last-minute filing tips and things you should do before you file your taxes:
Is access to resources the key to financial wellness? Find out why MICPA member Angel Stallings, CPA, accounting coordinator for the Detroit Pistons, says it’s important for students from all socioeconomic backgrounds to learn how to stretch a dollar. Plus, how exactly does one go about graduating debt free these days, anyway?