For most of us, income tax calculations don’t change much from year to year. But thanks to the roller coaster economy of the past few years, many people have undergone major life changes that can have a significant impact – good or bad – on their taxable income and how they should file taxes.

Even though April 17 (this year’s tax-filing deadline) is a ways off, it’s never too soon to start planning your strategy, particularly if you experienced financial hardships in 2011 that could affect your taxes. The IRS has a handy guide called “The What Ifs of an Economic Downturn” (search www.irs.gov) that reviews the tax impacts of different scenarios such as job loss, debt forgiveness or tapping a retirement fund.

Here’s a roundup of common economic challenges you may be facing and their possible tax implications:

You lost your job. Remember that unemployment benefits, severance pay and payout of accumulated vacation or sick leave are all considered taxable income, so if you didn’t have taxes withheld from these payments, be prepared for a potentially nasty tax bill.

If you withdrew money from your regular IRA or 401(k) account to cover expenses, you’ll owe income tax on the amount, plus an additional 10 percent penalty unless you’re over age 59 ½ or meet special circumstances. Also, outstanding 401(k) loans must be repaid (usually within 60 to 90 days of termination) or they’ll be counted taxable income – plus be subject to the same 10 percent penalty.

The good news is that many public assistance benefits such as welfare, food stamps and disaster relief payments don’t count toward taxable income. Read the IRS’s “Tax Impact of Job Loss” for details (www.irs.gov/pub/irs-pdf/p4128.pdf).

Lowered income. If you took a big pay cut or lost your job in 2011, it might lower your adjusted gross income (AGI) enough to qualify for the Earned Income Tax Credit (EITC). EITC is a “refundable” tax credit, which means that if you owe less in income tax than your eligible credit, you’ll not only pay no tax, but actually get a refund for the difference. To learn more, search EITC at www.irs.gov.

Forgiven debt. Many people don’t realize that when you borrow money from a bank or other commercial lender and the lender “forgives” the debt, you generally must count the forgiven amount as taxable income.

There are several exceptions to the rule, however: For example, the Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude up to $2 million in forgiven mortgage debt ($1 million if married filing separately) on their principal residence if it came through mortgage restructuring, foreclosure or a short sale. The mortgage exclusion is set to expire at the end of 2012 unless Congress intervenes.

Other exceptions include: Debts discharged through bankruptcy; or, if you are insolvent when the debt is cancelled, some or all of it may not be taxable. (Insolvency means your total debts are greater than the fair market value of your total assets.) For more information, search for Mortgage Debt Forgiveness at www.irs.gov.

Taxes are the last thing you want to worry about when facing financial hardships. Just be sure you’re prepared for the possible tax implications if your income or debt situation has changed in the past year.

Jason Alderman directs Visa’s financial education programs. To Follow Jason Alderman on Twitter: www.twitter.com/PracticalMoney

The recent back and forth in the Richmond Times-Dispatch’s Letters to the Editor section concerning marriage has been interesting. There are not many absolutes regarding sociological cause and effect. However, there is evidence from social science that individuals, businesses, governments and organizations should consider.

The presence or absence of family structure influences education, work-force development, transportation and a host of other critical areas of a community. One thing is clear: No relationship is perfect. No mom, no dad, no husband, no wife, no partner. Yet we would all like to pursue perfection in our role.

Step away from the social science and just about anyone would say there is so much value in a child growing up in a home with a loving mother and father who are in a healthy, committed relationship.

This doesn’t always happen. There are adults across the country who have had a parent who was not around, not engaged — or worse. While a large number of these individuals have found contentment and success, if given the chance to have lived in the same home with a better connection with this parent, many would probably jump at the chance.

To revisit the social science: Youth who grow up with an engaged father are more likely to succeed in school, to make better social decisions, to be sound emotionally and to stay away from criminal activity. This doesn’t mean those with engaged dads are perfect and without problems, just like it doesn’t mean those without an engaged dad are doomed.

President Obama stresses the importance of a father’s role through his efforts at www.fatherhood.gov. Our president is a great example of finding success without an engaged dad, but social science tells us too many others aren’t so fortunate.

The latest data suggest 24?million kids in the U.S. are growing up without their father in the home. This is the result, in part, of death, incarceration, divorce and a high percentage of non-marital births.

There is not enough space to analyze all of these issues, but consider statistics from the Richmond Region (Planning District 15): In the last four years 20,244 children were born to single moms, and 6,054 kids saw their parents divorce.

Imagine for a moment if non-marital pregnancies and divorce were reduced because individuals made better decisions related to sex, chose to marry with adequate preparation and worked to make marriages last. Fewer kids in Richmond would be living without both parents. More kids would be in situations with an in-home, mom-and-dad team approach to love, learning, accountability and discipline.

Is marriage important? Important enough that virtually all faith backgrounds highlight it in ceremonial ways. Important enough to take seriously when choosing to marry. Important enough to acquire skills to make the marriage last.

Nobody is forcing anyone to get married. If an unmarried couple lives together and has children, that’s a lot better than the kids not having dad around. However, research shows that cohabitating couples are (1) more likely to break up than are married couples, (2) less likely to invest in education and (3) less likely to allocate finances to raising their child.

When your child is born, you are responsible. If you walk away from your commitment, the state will hold you accountable. The same thing happens with marriage. Unfortunately, marriages are falling apart at increased rates. The problem isn’t marriage; the problem rests in the unprepared choice of getting married and the lack of investment in marital health.

Car owners take their cars into the shop for a tune-up so the car will run better. But how often do people get a tune-up for their marriage? We invest time and energy into jobs, friends, cars and hobbies, but we often lose sight of the most important thing, our marriage.

Research here in Virginia shows why marriage is valuable to a community. I encourage you to read Dr. W. Bradford Wilcox’s collaborative research at www.virginia.edu/marriageproject for a firm understanding of why it is so important to our community and why groups like the Richmond Family & Fatherhood Initiative and First Things First are working to strengthen families to help build an even better Richmond.

Jeff Ukrop is executive director of First Things First of Greater Richmond, a not-for-profit organization dedicated to strengthening families through education, collaboration and mobilization.

Reprinted with permission from the Richmond Times-Dispatch

There are many reasons to seek legal and financial advice before tying the knot. But before you bring in the professionals, there are a few steps you can take to better know where you stand:

First, catalog each person’s preexisting assets and debts. Include assets like income from paychecks, Social Security, investment accounts, bank account balances, retirement benefits and equity in homes, cars and other major purchases. Debts might include ongoing expenses such as child support, insurance premiums, rent or mortgage payments, credit card balances, outstanding car loans and medical bills.

Use this information to launch discussions about:

• What are your plans for sharing expenses and living arrangements?
• Whose medical insurance will you opt for – your own employer’s plan vs. spousal coverage?
• How long until each of you qualifies for Medicare, and how will you pay for coverage until then?
• How do you want your estates to be distributed? For example, how much of your pre-marriage assets should go to children from previous marriages?

You’ll probably want to amend your wills, financial and medical powers of attorney, life insurance policies, retirement accounts, investment funds and any other accounts where beneficiaries or people who control your health or finances are named.

You also might want to draft a prenuptial agreement (prenup) – a written contract that basically outlines who gets what if you divorce or one of you dies. Having a prenup might prevent your spouse from challenging terms of your will or preexisting trusts after you die (it happens).

Other financial considerations:

• By federal law, you can bequeath an IRA to anyone you like, but spouses are entitled to inherit other non-IRA retirement benefits such as 401(k) and pension plans unless they sign away their rights.
• Amounts accumulated in 401(k) plans during a marriage typically are considered marital property, so if you were previously divorced, the court should have divided your accounts through a qualified domestic relations order as part of the divorce settlement.
• Division of pension benefits can be even more complicated, so make sure your attorney reviews prior divorce settlements very carefully when drafting your prenup.
• If you were widowed, or married at least 10 years before divorcing, you can draw Social Security benefits based on your dead or former spouse’s earnings if that’s more favorable than your own accumulated benefit. However, if you remarry before age 60 (50, if disabled), that option goes away.
• Prenups don’t supersede Medicaid rules. The government considers your combined income when determining eligibility to receive Medicaid benefits, including long-term nursing home care.
• Alimony payments from ex-spouses will almost certainly end when you remarry, so factor that into your new budget.
• Widowed spouses of public employees often lose some or all of their survivor benefits upon remarriage, so research survivor annuity or health insurance policies carefully.

Congratulations on finding love later in life. Don’t be put off by all the important financial decisions you’ll need to make together, but do get sound legal and financial advice.

Jason Alderman directs Visa’s financial education programs. To Follow Jason Alderman on Twitter: www.twitter.com/PracticalMoney.

State treasuries and other government agencies are sitting on more than $33 billion in unclaimed assets. And that doesn’t include billions of dollars in unredeemed U.S. savings and treasury bonds, unclaimed pensions and income tax refunds returned to the IRS as undeliverable.

Here’s a guide to locating unclaimed assets that may belong to you:

Money winds up in government lost-and-found agencies for many reasons, including:
• People move and don’t leave accurate forwarding addresses; or, they forget to update companies where they do business, hold investments or have earned retirement benefits.
• Dying without a will leaves it up to the court to assign assets.
• You could unknowingly be named as beneficiary of an insurance policy or other account.
• Forgotten utility deposits, bank accounts or product rebates.
• Overpaid mortgage payments after a home sale.
• Name changes after marriage or divorce.

Start your search with the nonprofit National Association of Property Administrators (NAUPA), which provides tips on finding your money, as well as links to unclaimed property programs maintained by each state (www.unclaimed.org). Many individual state programs also participate in MissingMoney.com (www.missingmoney.com), a free, centralized database endorsed by NAUPA.

Companies are required to surrender balances from accounts that have been inactive for one year or longer to the state government of your last known address; also check with other states where you’ve lived or done business, just in case. To improve your chances, search using different variations of your name (such as first name and middle initial, first and middle initials, last name first, etc.), as well as common misspellings.

NAUPA also provides a handy round-up of links to other sources for unclaimed property such as unclaimed veteran’s benefits, refunds from HUD/FHA-insured mortgages and unclaimed foreign bank accounts.

Other helpful sites include:

• The IRS’ “Where’s My Refund?” page, where you can track down an expected federal tax refund you never received – or check the status of your current filing (www.irs.gov).

• The Treasury Department’s “Treasury Hunt” search engine can help you find and redeem matured, uncashed Series E savings bonds issued since 1974 (www.treasurydirect.gov).

• The Public Benefit Guaranty Corporation (www.pbgc.gov) can help you track down forgotten pension benefits you’ve earned. Other helpful sites include PensionHelp America (www.pensionhelp.org), and the Department of Labor’s Employee Benefits Security Administration (www.dol.gov/ebsa).

• The National Registry of Unclaimed Retirement Benefits can help you find an unclaimed defined contribution plan, such as a 401(k) or profit-sharing plan (https://www.unclaimedretirementbenefits.com).

Many legitimate companies use states’ freedom of information acts to obtain owner information for unclaimed accounts. They contact individuals and offer to help find lost property for a fee (often a percentage of the total). This is the same information you can find yourself, for free.

Also, beware of emails or letters purporting to be from the state treasurer asking you to supply personal information – either by mail or by logging into a link provided. This is how many cases of identity theft begin. If in doubt, contact your state treasurer or controller’s office to ensure the contact was legitimate.

Jason Alderman directs Visa’s financial education programs. To Follow Jason Alderman on Twitter: www.twitter.com/PracticalMoney.

If you have access to employer-granted stock options, you may already understand that a stock option is the right to purchase a company’s stock in the future at a fixed price. And you also may know that in order to exercise an option, you must purchase shares of the company’s stock directly from the company at the grant price – a price set by the company at the time the stock option grant is made. In the best-case scenario, the price of the stock would appreciate beyond the grant price you will pay, which would allow the value of your option to also appreciate.

In order to become well versed in this unique benefit, you should also understand the various types of options. Below, we will explore the different types of stock options that may be available to you.

Stock options come in one of two forms: incentive stock options (ISOs) or nonqualified stock options (NSOs). The primary difference between the two types is how you will be taxed upon exercising the option.

Incentive Stock Options (ISOs): ISOs are not taxed at exercise but rather when the shares are sold. When you are granted incentive stock options there are no immediate tax consequences. The notable exception is that the exercise may cause you to be subject to the alternative minimum tax or AMT. When you eventually sell these shares, the difference between the selling price of the stock when sold and the cost basis (grant price) is the income you must consider for tax purposes. As long as you have held the stock for the required holding period, which is at least one year from the date of exercise and two years from the grant date, the entire difference between the selling price for the stock and your cost basis will be taxed as long-term capital gains. It is important to note that the rates for long-term capital gains are very favorable when compared to the tax rates for ordinary income.

Nonqualified Stock Options (NSOs): As the most common type of options granted by companies, you will probably become more familiar with NSOs. Like ISOs, there is no taxable event created when NSOs are granted, however, a taxable event does occur when you exercise NSOs. And unlike the ISO, this taxation occurs whether you sell the resulting shares immediately or continue to hold them following exercise. When an NSO is exercised, you must recognize that the taxable spread – which is the stock price on date of exercise minus grant price – will be taxed as ordinary income. So, this income will be considered as part of your total compensation and will be included in your W-2.

Once shares are exercised, your cost basis for the NSO shares will be equal to the stock price on the date of exercise. If you elect to hold the shares following exercise, this cost basis will be critical to computing your future gains or losses when you eventually sell the stock. At the time of a sale, you will recognize a capital gain or loss equal to the difference between your cost basis and the price at which you sell the shares. If you sell within one year of the date of exercise, the capital gain or loss will be considered short-term. But, if you sell the shares more than one year after the exercise date, a long term capital gain or loss will result.

Your employer-granted stock options can be a valuable benefit if you put together a well thought out plan for exercising them. Just remember the ins and outs of your company’s plan so you may continue to enhance your portfolio in the future.

Our firm does not give tax or legal advice.

This article was provided courtesy of K. Jason Pryor, Registered Representative with Dominion Capital Partners in Norfolk & Richmond at 804-986-1121. Securities offered through Prospera Financial Services, Inc., Member FINRA/SIPC. Accounts carried through First Clearing, LLC, Member NYSE / SIPC.

Many companies offer their employees benefit programs that include everything from medical insurance to a 401(k) retirement plan. But, if you belong to a select group of leaders in your company, you may also have another benefit that could prove to be extremely valuable. For the first time in your career, you could have access to employer-granted stock options.

A stock option is the right to purchase a company’s stock in the future at a fixed price. When you exercise an option, you purchase shares of the company’s stock directly from the company at the grant price, a price set by the company at the time the stock option grant is made. The timing and strategy used when exercising stock options is tied to four primary variables: vesting, expiration, taxes and stock price. While you may be able to make big profits on your options if the stock price appreciates substantially beyond the grant price you will pay, there are other things like vesting schedules, expiration dates and the rules guiding the various types of options you may want to consider before taking any leaps. Below, we will explore the specific rules regarding vesting schedules and expiration dates.

Vesting Schedules: Most options are granted subject to a vesting schedule, which refers to the dates on which options can be exercised. This schedule may significantly affect the timing of your option exercises so you should be well versed on your company’s rules. By instituting a vesting schedule, an employer may require you to complete a period of service after the option has been granted before it can be exercised.

Most often the schedule will either be on a graduated or cliff-vesting format. If it is a graduated vesting schedule, some percentage of the options become exercisable at regular intervals over a certain period. For example, a common vesting schedule requires that employees wait one year from the grant date before any of the options are exercisable. On the first anniversary of the grant date, 20 percent of the options can be exercised. Under this type of schedule, the remaining options will continue to vest at the rate of 20 percent per year for the next four years until all of the options are fully vested.

The cliff vesting schedule stipulates that the options will all become available at some future time. A common cliff-vesting schedule provides that none of the options granted can be exercised within the first three years following the grant date. On the third anniversary of the grant date, all of the options are immediately available for exercise.

Expiration Dates: Expiration dates refer to the end of the option’s life. Stock options are usually granted for a specific period and must be exercised within that period. A common option term is 10 years, after which, the option expires. You should be aware of the terms of your stock option plan with respect to any changes in these dates.

Employer-granted stock options can be a very valuable addition to your compensation package and your portfolio. Just remember to remain well-versed in the rules of your company’s plan so you can continue to benefit for many years to come.

This article was provided courtesy of K. Jason Pryor, Registered Representative with Dominion Capital Partners in Norfolk & Richmond at 804-986-1121. Securities offered through Prospera Financial Services, Inc., Member FINRA/SIPC.

Accounts carried through First Clearing, LLC, Member NYSE / SIPC.

by Jason Alderman

According to Gail Cunningham, spokesperson for the National Foundation for Credit Counseling, we live in a credit-dominated society. “Without a checking or savings account,” she says, “it’s difficult to cash payroll, Social Security and unemployment checks; you need a credit or debit card to shop online, book a flight or rent a car; and you may be forced to carry large amounts of cash to pay bills.”

One increasingly common money management tool for people in this situation is prepaid cards. These cards look and work much like regular debit cards except that instead of funding them through a checking or savings account, you load money on the card by cash, check, funds transfer or direct deposit by an employer or government entity.

COMMON PREPAID CARD FEATURES INCLUDE:
• You don’t need a bank account or solid credit rating to obtain one.
• They start out with a zero balance until you add
money. Purchases or ATM withdrawals will
diminish the card’s balance until it reaches zero
and you discard it (as with gift cards) or you reload
the card.
• Spending is limited to the amount loaded on the
card, so you can’t buy more than you have.
• Cards can offer “Zero Liability” protection if you
promptly report loss, theft or fraudulent charges.
• Most allow ATM cash withdrawals and online or
phone purchases.
• They’re safer to carry than large amounts of cash.

COMMON TYPES OF PREPAID CARDS INCLUDE:
• Reloadable cards – to which more money can later
be added.
• Gift cards – used until their balance is depleted;
they’re not reloadable.
• Teen cards – where parents can reload the cards
and monitor purchases online or by phone
(allowing teens a chance to manage spending and
budgeting in a controlled environment).
• Travel cards – a safe alternative to cash and
travelers checks.
• Payroll cards – wages are loaded into the card’s
account for immediate access (similar to checking
account direct deposit).
• Government agency-provided cards – benefits such
as Social Security and unemployment are loaded
into your card account.
• Healthcare cards – allow point-of-service access
to funds in your Flexible Spending Account or
Health Savings Account to pay for qualified medical
expenses.

Prepaid cards may come with fees and restrictions, so it’s important to read the card’s terms and conditions carefully and to shop around for the best deals. Good comparison sites include www.bankrate.com and www.creditcards.com.

HERE ARE A FEW QUESTIONS TO ASK WHEN COMPARING CARDS:
• What identification do I need to buy this card?
• Where can I use it? (Certain retailers only? Online?
Phone?)
• Can I later add funds to it? For example, will it
accept direct deposit of payroll or Social Security
checks?
• Is there an expiration date?
• Will I receive monthly statements?
• Can I check balances by phone or online? What fees
apply? Common fees include those for card
activation, reloading funds, balance inquiries, ATM
or bank withdrawals and declined transactions.
• What happens if it’s lost or stolen?

Bottom line: Always make sure you fully understand the terms and conditions of any financial product or account before signing up.

Jason Alderman directs Visa’s financial education programs. To Follow Jason Alderman on Twitter: www.twitter.com/PracticalMoney

You probably read or hear about some “Top Ten” list nearly every day. But take a moment to read this one. This list is different, and probably not the kind of list you’d expect a Financial Advisor to write.

Reason #10: “I’m too busy”
I can’t tell you how often I hear this excuse. So many people want to plan for a better retirement, but they don’t have time. They think they’ll take care of it tomorrow, or the day after that … and before they know it, several years have gone by. The best advice I can give you is to stop procrastinating and start planning today.

Reason #9: “It’s too soon”
I don’t know how this happened, but many people have adopted the notion that you don’t have to start planning for your retirement until you’re almost there. This is totally incorrect. The truth is, the sooner you start planning, the better chance you stand of having the kind of retirement you want. It’s never too soon. Many people start planning in their early twenties!

Reason #8: “It’s too late”
If you’re already near or past your retirement eligibility date, you may think that whatever you’ve got is what you’re stuck with and it’s too late to do anything about it. Think again. If you’re unsure of what your options are, speak to a professional. Even if you’ve already retired, it’s important to consider how you’re receiving income and how long it will last. It’s never too late to revise your income distribution strategy.

Reason #7: “I don’t need to”
I’ve heard this excuse many times and it always baffles me. Many people think that because they’ve been diligent about contributing to a savings account, they’re all set. While saving for retirement is good, you also need a plan for income distribution once you enter retirement. Are you certain that what you’re saving will be enough? Have you considered your distribution plan? What about taxes? What about inflation? And are you sure your money will be properly invested? There may be other, better options for you and it may prove worthwhile to look into them.

Reason #6: “I don’t have enough money to get started”
This excuse seems marginal at first glance, but there is some truth behind it. You need to have money to save or invest money. However, unless your bills are exactly equal to or greater than your net income, you DO have enough to get started. Starting small is better than not starting at all, and if you plan well, you’ll eventually have more to work with.

Reason #5: “My finances are a mess”
This is all the more reason to seek out an advisor who can help you sort through and understand your assets. Perhaps you have a 401(k) from a former employer that has not been rolled over, a couple of savings accounts, a trust from a deceased relative, some stocks that your parents bought in your name when you were younger … a circumstance like this can be confusing, but leaving it as it is won’t improve the situation. Consider speaking with an advisor who can look at your complete financial picture, help you to understand it, and help you to develop a plan to make your “financial mess” work for you.

Reason #4: “The Government will take care of me”
The bottom line is this … there’s a chance Social Security may not be available when you retire, and even presuming it is, it may not be enough to provide your ideal retirement income. If you’re planning to retire on Social Security alone, I would advise you to create a back-up plan at the very least.

Reason #3: “Between my savings and my 401(k), I’ll be fine”
Saving for retirement without an income distribution plan can be a mistake. How will you use that money once you have it? And while you may think you’ll have everything you’re going to need, have you considered inflation? Taxes? And furthermore, some people are living past 90. Will your assets last that long? If you outlive your income, what then? It’s a good idea to look ahead and plan lifelong income.

Reason #2: “I don’t want to think about it”
Many people procrastinate simply because the thought of discussing financial matters (or growing old) is unappealing. I can certainly understand that. But consider this … if you bite the bullet now and put a firm plan in motion, you may not have to think about it again for quite some time.

Reason #1: “I don’t know how”
If you knew everything there was to know about financial planning, you’d probably be a financial advisor yourself. While it is possible to do everything on your own, that generally involves a great deal of research and a huge time commitment. If you’re putting off retirement planning because you don’t know how, consider speaking to a professional who does.

These are just some of the reasons why people don’t plan for retirement … but these are reasons, and not excuses. If you have retirement goals you want to reach, I would recommend you speak to a qualified Financial Advisor and set up an action plan. The sooner the better.

K. Jason Pryor is a Representative with Dominion Capital Partners Wealth Management and may be reached at dcpwealth.com, 804-986-1121 or jpryor@dcpwealth.com.

Accounts carried through First Clearing LLC, Member NYSE /SIPC
Securities offered through Prospera Financial Services Inc., Member Finra/SIPC

The Better Business Bureau (BBB) has urged consumers to be wary of offers from unscrupulous contractors who often surface following a hurricane.

“Slip-shod contractors prey on storm victims. They show up at the door following any disaster,” said Barbara Homiller, Senior Vice President of the Better Business Bureau serving Central Virginia. “It never fails.” She said storm victims will want to get their lives back to normal as quickly as possible, but they should know their contractor before signing on the dotted line.

Recognize the red flags. Beware of any contractor who uses high pressure sales tactics or requires full payment upfront. Also avoid contractors who require you to get the necessary permits.

Examine the contractor carefully. Verify the business meets all state and local requirements including being licensed, insured and bonded. Also ask the business for references from recent jobs. Confirm whether or not the contractor will be subcontracting the job or relying on their own employees.

Beware of storm chasers. In the wake of a storm, fly-by-night repair businesses will solicit work, often door-to-door, in unmarked trucks. They might require advance payment and make big promises on which they won’t be able to deliver.

Seek at least three bids. Beware of low-ball estimates that may potentially balloon over time or foreshadow shoddy work to come.

Make sure everything is in writing. Make sure that the full scope of the work is explained in the contract including cleanup and disposal of waste. All verbal agreements need to be included in the written agreement. Pay close attention to the payment terms, estimated price of materials and labor and any warranties or guarantees.

Homiller also warned consumers to be careful before writing a check to a charity whose name is unfamiliar. She said it’s not unusual for some so-called charities to “come out of he woodwork” following a disaster.
When looking to make a donation, be cautious about online giving, especially in response to spam messages and emails that claim to link to a relief organization. In response to the previous natural disasters, there were concerns raised about many Web sites and new organizations that were created overnight allegedly to help victims.

“Many of the appeals are legitimate, but some are not,” she said. “Be especially cautious with solicitations that are based on emotion and ask for an immediate contribution.”

Consumer information about contractors, builders and charities is available at the BBB at http://richmond.bbb.org or by calling the BBB at 804-648-0030.

Department store giant Macy’s is partnering with local charities to bring the sixth annual “Shop For A Cause” Day back to Richmond. The event, which has raised over $38 million for charities nationwide since its inception, is taking place Saturday, August 27.

The way Shop For A Cause Day works is simple. Customers can buy “shopping passes” from Senior Connections, which is the charity partnered with Macy’s to raise money. The $5 shopping passes can then be used by Macy’s customers to access deals and bargains all over the store. Meanwhile, Senior Connections keeps 100 percent of what they take in, making it a win-win situation for everyone involved.

“We applaud Macy’s for assisting older adults through an event that our entire community can support!” said Thelma Bland Watson, Executive Director of Senior Connections, in a press release. According to Watson, the money raised by the event will go to funding Senior Connection’s “Friendship Cafes,” which are scattered across the Richmond Metropolitan area. These Friendship Cafes provide older adults with a support system, giving them access to nutritional meals, social interaction, and activities to exercise their body and mind. There are currently 20 in Richmond, and all need your help to continue.

So, need to buy new clothes or accessories for the Fall? Why not do it for a good cause? You’ll save money and feel better about the money you spend!