Helpful Websites & Phone Numbers Oklahoma Society of CPAs www.KnowWhatCounts.org (800) 522-8261 Find Your CPA www.FindYourCPA.com Tinker Federal Credit Union www.TinkerFCU.org (800) 456-4828 OKC Estate Lawyer (Donna Jackson, CPA) www.OKCEstateLawyer.com (405) 840-1874 Quail Creek Bank www.QuailCreek.bank (405) 755-1000 Weokie Credit Union www.Weokie.org (800) 678-5363 Retirement Investment Advisors www.theretirementpath.com (405) 842-3443 360 Degrees of Financial Literacy from AICPA www.360financialliteracy.org Oklahoma Jump$tart Coalition www.OklahomaJumpstart.org Oklahoma 529 College Savings Plan www.ok4saving.org (877) 654-7284 Financial Education, Oklahoma Money Matters www.OklahomaMoneyMatters.org Speakers, Assistance Speakers, Oklahoma Council on Economic Education www.EconIsOK.org (405) 513-6315 Federal Student Aid www.fafsa.ed.gov (800) 433-3243 InvestEd www.investedok.org IRS www.irs.gov (877) 777-4778 Oklahoma Tax Commission www.tax.ok.gov (800) 522-8165 Tax Help Oklahoma Society of CPAs www.KnowWhatCounts.org (800) 522-8261 FindYour CPA www.FindYourCPA.com Federal Trade Commission www.ftc.gov (202) 326-2222 Government-Authorized Free Credit Report www.AnnualCreditReport.com (877) 322-8228 Equifax www.Equifax.com (800) 685-1111 Experian www.Experian.com (888) 397-3742 Help TransUnion www.TransUnion.com (855) 681-3196 Consumer Quizzle www.Quizzle.com (800) 784-9953 America’s Small Business Development Center-OK www.oksbdc.org (580) 745-2877 Oklahoma Department of Commerce okcommerce.gov (800) 879-6552 Help U.S. Small Business Administration www.sba.gov (800) 827-5722 Small Free CPA referral in Oklahoma www.KnowWhatCounts.org (800) 522-8261 Business Oklahoma Department of Veterans Affairs odva.ok.gov (855) 701-6382 Military Hub www.militaryhub.com National Resource Directory www.nrd.gov (800) 827-1000 Help Military OneSource www.militaryonesource.mil (800) 342-9647 Miliatry Troops to Teachers (Okla.) sde.ok.gov/sde/troop-to-teachers (405) 522-0217 Money as You Grow www.MoneyAsYouGrow.org Rich Kid Smart Kid www.RichKidSmartKid.com H.I.P. Pocket Change www.USMint.gov/kids/ for Biz Kids bizkids.com/ Children Junior Achievement of Oklahoma www.jaok.org Education American Red Cross www.redcross.org (800) 733-2767 Federal Emergency Management Agency www.fema.gov (800) 621-3362 Oklahoma Office of Homeland Security www.ok.gov/homeland (405) 425-7296 Disaster Recovery Resources http://bit.ly/2m6iFOJ Disasters Emergency Emergency NAME phone number YOUR DOCTOR: YOUR LAWYER: YOUR CPA: YOUR INSURANCE AGENT: About the Financial Fitness Kit Oklahoma TABLE OF CONTENTS Society of Certified Public Chapter 1: Family Financial Matters .............................................................. 2 Taking care of those who mean the most to you is a priority. This Accountants chapter is sponsored by Tinker Federal Credit Union. Learn more at TinkerFCU.org. The Oklahoma Society of Certified Public Accountants (OSCPA) is Chapter 2: College & Young Adults .............................................................. 13 the only statewide professional Taking steps into adulthood means taking on more financial responsibilities. organization for Oklahoma CPAs. Formed in 1918 with a charter Chapter 3: Credit & Debt ................................................................................. 23 membership of 31, we unite more than Clean up your credit act! Learn ways to climb out of debt and build 6,000 CPAs in public practice, private your credit score. This chapter is sponsored by Quail Creek Bank. industry, government and education. Learn more at QuailCreek.bank. All members hold certificates issued pursuant to the laws of the state of Oklahoma or of other states and Chapter 4: Protection from Scams .............................................................. 30 subscribe to the Code of Professional Crooks are everywhere and they are constantly updating the tricks Conduct embodied in the bylaws up their sleeves. Learn how to protect yourself. of our organization. The OSCPA works with the Association of Chapter 5: Taxes .................................................................................................. 35 International Certified Professional Crooks are everywhere and they are constantly updating the tricks Accountants (AICPA) to promote up their sleeves. Learn how to protect yourself. This chapter is financial education, as part of the CPA profession’s nationwide 360 sponsored by Peters & Chandler, P.C. Learn more at P-CCPA.com. Degrees of Financial Literacy program (360FinancialLiteracy.org). Chapter 6: Retirement Planning ......................….......................................... 45 Are you daydreaming of the day when you can quit the daily grind? The OSCPA is offering general Here are ways to make your retirement a reality. information for managing money and does not recommend specific actions. Please note the time of this book’s publication and that tax laws change frequently. For financial advice tailored to your situation, please contact a CPA. For a free referral and For more financial tips, follow us on social: 30-minute consultation in Oklahoma, please visit FindYourCPA.com. In @KnowWhatCounts compliance with Treasury Department Circular 230, unless stated to the contrary, any federal tax advice contained here was not intended or written to be used and cannot be used for the purpose of avoiding penalties. The 2019 Financial Fitness Kit is brought to you by the Oklahoma Society of Certified Public Accountants in cooperation with the Oklahoma Jump$tart Coalition and Money Smart Week. Download the full 2019 kit at www.KnowWhatCounts.org. 1900 NW Expressway, Ste. 910 Oklahoma City, OK 73118-1898 (405) 841-3800 www.KnowWhatCounts.org CHAPTER family financial : matters 1 HSAS Multi-generational family Teen driver Aging parents Kids Summer jobs Divorce Day care Loaning money Car insurance First car This chapter is sponsored by Tinker Federal Credit Union. Learn more at TinkerFCU.org. Tinker Federal Credit Union has been helping profits to its members through higher dividends, their members achieve their goals and realize lower loan rates and many no-fee or low-fee their dreams since 1946. Oklahoma’s largest services. TFCU keeps our members’ finances credit union, TFCU offers its members the latest secure, so they can focus on what makes them technology that gives them access to their happy. To find out more about the benefits of accounts anytime that’s convenient for them. As a membership with TFCU, visit TinkerFCU.org. Visit not-for-profit financial cooperative, TFCU returns www.tinkerfcu.org/education-empowerment. Chapter 1 Family Financial Matters TinkerFCU.org • (800) 456-4828 The rising cost of day care: 5 options for managing costs The cost of child care in the U.S. has climbed dramatically over the last three decades. Unfortunately, wages aren’t keeping pace with the • An au pair: An au pair is a nanny who lives with you in skyrocketing increases, and working parents are struggling to keep up. exchange for room, board and a small fee. If you have space in According to a report released by ChildCare Aware of America, the your home, this can dramatically reduce your child care costs, average annual cost of full-time child care for an infant in a day care especially if you have multiple children. center in Oklahoma was $6,572, which was nearly the average cost for public college tuition in the state ($7,450). • Flexible work arrangements: Talk to your The annual cost of child care represents a significant expense and employer. Adjusting your work schedule—or your spouse’s, or paying for it is a challenge for many families. It’s important to analyze both—might help reduce the need for child care. how much you’re paying for child care. There are tax credits you might be able to use and you also want to ensure you’re using your child care • Telecommute: Working from home even one day a budget in the best way for your family. week can also help cut costs. Approach your employer with a Don’t assume that the local day care center is the only option for proposal that benefits both of you. child care. A variety of alternatives exist that provide great care—and Multi-generational family HSAS possibly savings. What works best for you? • Stay home: At some point, you need to crunch the numbers to see if it makes sense for either you or your • A nanny: Depending on where you live, a nanny’s hourly spouse to stay home instead of paying for child care. It’s not a Teen driver Aging parents Kids rate to look after two or more children may actually be more straightforward decision that can be made simply by looking at affordable than enrolling each child in a day care, preschool how much you’ll save on child care. Other expenses to consider or an after-school program. Sharing a nanny might be another are clothing, gasoline, parking, car maintenance and even taxes Summer jobs Divorce Day care option if you have a friend who is in a similar situation. if your family’s second income pushed you into a higher tax bracket. The flip side is you might have less money to set aside for retirement, savings or luxuries like vacations. You’ll need to Car insurance Loaning money decide what trade-offs you’re willing to accept. First car 9 tips for teaching kids about sensible spending Have you talked to your children about the value of money and the 2. Make it fun. There are lots of apps available to help your importance of managing it wisely? All parents hope their children will kids learn the joy of earning, saving and spending. If you don’t grow up to make prudent use of their money, yet few actually spend want to use apps, help your children create colorful charts that time talking to them about how to accomplish these goals. According monitor their progress or illustrate the chores they can do around to the AICPA, parents are more likely to have talked with their children the house to earn money. By working and contributing to the about good manners, smart eating habits, the importance of good family unit, they will begin to understand how money works and grades, the dangers of drugs and alcohol and the risks of smoking than its value.