Fitness Times Newsletter: 2019 Q1

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Fitness Times Newsletter

Volume 52 :: Q1, 2019

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Announcements

As a friendly reminder, your 2018 taxes need to be filed by Monday, April 15th, 2019.

- Financial Fitness Association

Elder Financial Exploitation Quadrupled From 2013 to 2017

Financial institutions are seeing vast numbers of their older customers fall prey to financial exploitation by perpetrators ranging from offshore scammers to close family members. They’re filing hundreds of thousands of reports with the federal government about these suspicions.

The Office for Older Americans released a report about key facts, trends, and patterns revealed in these Suspicious Activity Reports—or SARs—filed by banks, credit unions, money transmitters, and other financial services providers.

Click here to learn more and read the full report on the Consumer Financial Protection Bureau's website.

Podcast: Filing Your First Tax Return

In this podcast, we are going to discuss filing your first income tax return.

Filing your income tax return may sound frightening, but it’s not as bad as it may sound. It is something that everyone has been doing since 1913 and is something you will be doing for the rest of your life. You may decide to use a professional to prepare your return or prepare it yourself with or without the help of income tax software.

Fundamentals of Income Tax

Our federal income tax system was implemented in 1913 simply as a way for the government to collect revenue. Since then, the laws have been expanded and revised dozens, if not hundreds of times.

Read now >>

How Long To Keep Your Tax Records?

Knowing what information to keep and how long to keep it can help you organize your taxes and save space in a closet or file cabinet.

The Internal Revenue Services (in Publication 17) says that you must keep records so you can prepare a complete and accurate income tax return. They go on to indicate that you must keep your records for as long as they are important to the federal income tax law.

What Does "Tax Bracket" Mean?

The income tax laws are complex and constantly changing. Yet, there is one theme that is constant and its understanding may help you identify ways to reduce your tax bill.

The U. S. tax laws are built around a progressive, marginal rate structure. Simply speaking, this means the higher your income, the higher the rate of tax you pay on your incremental income.

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Do you want additional articles or resources that could make you more financially fit?

Click here to contact us today and let us know how we can better serve you.

Thank you for your valued membership,

Financial Fitness Association

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About

Financial Fitness Association is a non-profit on mission to help our members avoid financial distress, establish personal financial control, and achieve individual financial goals by providing information and resources in the areas of personal finance and money management. Learn more about us now.

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