News from Center for Financial and Consumer Outreach

An Outreach Center of the Sam and Irene Black School of Business at Penn State Behrend

February 2011

Welcome to the Center for Financial and Consumer Outreach's e-newsletter! The CFCO is an applied outreach unit of Penn State Erie, The Behrend College's Sam and Irene Black School of Business. Our mission is to conduct outreach to educate the public, from kids to adults, on financial literacy issues. The Center's outreach programs focus on financial management and literacy, as well as college preparation and workforce development.

Saving Money on Taxes

Are you tax savvy? If you earn money, you are required to pay taxes on it. However, even when it comes to taxes you can save money by taking advantage of legal deductions. For example, you can have taxes withheld from your paycheck to enable you to pay taxes a little at a time so you're not hit with a big bill in April. Also, when you file your taxes, you can choose between itemized and standardized deductions. Choose whichever is greater. Itemized deductions-those that you add up yourself-might be
worth more. Common tax deductions include:

Tuition and fees
Student loan interest
Mortgage interest
Charitable donations
Medical expenses (if they are more than 7.5 percent of your adjusted gross income)

Don't know how to prepare your tax return? It's always an option to hire someone to do it for you. However, if your tax return is simple, you can file it yourself using an IRS Form 1040. As a student, you may qualify for the easy tax form, 1040EZ, which can be found at www.irs.gov.

For more information, visit our CashCourse website.

Tax Preparation Resources

Filing taxes can be stressful and confusing. Hiring a tax preparation company isn't always a bad idea, especially because they may know about credits and exemptions that you wouldn't have! If you live in the Erie area, www.ErieFreeTaxes.Org is a website complete with all the information you need to understand EITC and prepare your tax filing needs.

If you live outside the Erie Area, our partners organization, the Penn State Cooperative Extension also has a website that contains valuable information to consider while doing your taxes.

The deadline for filing 2010 income taxes is April 18, 2011.

America Saves Week

America Saves is a nationwide campaign, started in 2001, in which a broad coalition of nonprofit, corporate, and government groups helps individuals and families save and build wealth. Through information, advice, and encouragement, we assist those who wish to pay down debt, build an emergency fund, save for a home, save for an education, or save for retirement. Many believe that low- and moderate-income families cannot afford to save and build wealth. Yet research shows that there are "savers" and "spenders" in all income classes. The goal of the campaign is to convince all Americans that they can build wealth and to assist them to do just that. This year's America Saves Week is slated for the week of February 20-27, 2011. For more information on America Saves Week, please visit http://www.americasaves.org.

National Consumer Protection Week

On March 8th, 2011 a Consumer Fair will be held at the Millcreek Mall in Erie, PA. The event will feature consumer resources for every stage of life. View the event flier by clicking here, or visit the NCPW website for more information.

Mindful Money

Check your inbox later in the month for the newest edition of Mindful Money entitled Keeping The Financial Winds at Your Back by Kathryn Nusbaum.

High School Symposium

Penn State Erie, The Behrend College is partnering with the National Financial Educators Council to offer a High School Symposium on Financial Literacy and College Success. Over 500 underserved/first generation high school sophomores and juniors throughout Western PA, NY and OH will have the opportunity to attend this free event being held on the Penn State Behrend Campus on May 18th and 25th.

Activities for the day include a Real Life Simulation that will deliver practical financial literacy and life skill lessons that engage students through live interaction with volunteers, a tour of the campus, speakers, educator workshops and lunch.

Students visit 14 different stations and make life decisions that will impact them when they graduate from high school. Upon entering the event, they choose a career and make education choices that effect their income. Participants quickly become aware of the ongoing expense of each decision as they learn about insurance, dry cleaning and utility costs.

The hands-on booths will include: