Bank Magic Event Announcement

On  Saturday, June 16, 2018 at 11:15 am Mount Vernon Public Library is hosting TaxAssurances’ Founder Kolonji Murray  to talk about his book, “Bank Magic: Financial Literacy for Young People.”

In inviting him to present the library believes, “This program gives children sound advice about managing finances and they will learn some tools to prepare them for today and the world ahead tomorrow.”

In reflecting on the opportunity Mr. Murray commented that, “this is a great opportunity to return to my home library and give back a piece of what it has given me.”

The event is scheduled for 45 minutes.

 

About Mount Vernon Public Library

The mission of the Mount Vernon Public Library is to provide a safe, accessible facility where people, information, and ideas come together to enrich lives and build community, and where lifelong habits of learning, self-improvement and self-expression are championed. As the Central Library of Westchester, the Mount Vernon Public Library focuses on developing unique and current collections that build on technological advances, and serving the diversity of patrons throughout the county.

The Mount Vernon Public Library is guided by the following principles to achieve excellence: support for intellectual freedom, literacy promotion, respect for and inclusion of the entire community, fostering a healthy democracy, forming strong partnerships, adaptability, innovation, and a professional and skilled staff that serves people of all ages, interests and abilities with fairness and equality.

For more on TaxAssurances, check out our reviews, photos and links on Yelp.

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An Excerpt from, “Bank Magic: Financial Literacy for Young People”

Here is an excerpt from, “Bank MagicFinancial Literacy for Young People,” written by TaxAssurances’ owner, Kolonji Murray. The full book can be purchased on Amazon for Kindle and in paperback.

“Your piggy bank can become your magic tool for saving money for all the special things you want. Using a piggy bank is a great way to start saving money. You can start by collecting your spare change and adding your coins to your piggy bank every day or every week. Pretty soon, you will have a nice collection of coins that you can put towards a future purchase. Ask your parent, guardian, or a trusted adult to allow you to open your piggy bank every month or so to count how much you have saved.

Joining a Money Club

You can create a larger piggy bank by starting a money club with a few friends or classmates. Creating a money club can go a long way in helping you understand how to earn, save, and invest money. You can plan monthly meetings to talk about your money plans and schedule time to go to a bank together.

Opening Up a Savings Account

Once you’ve filled a piggy bank (or two!), you can now open up a savings account. You can still use both your piggy bank and savings account. You can use your savings account to store money from your piggy bank, allowance, and birthday and holiday money. Once you start building your savings account, you can begin saving for a special purpose like a summer program or money toward your college savings fund.”

For more on TaxAssurances, check out our reviews, photos and links on Yelp.

President Trump’s 2017 Executive Branch Personnel Public Financial Disclosure Report

Every year, the President of the United States and all other executive branch employees have to prepare a financial disclosure form. Here is President Trump’s for 2017.

https://oge.app.box.com/v/Trump2018Annual278

For more on TaxAssurances, check out our reviews, photos and links on Yelp.

Couples & Money: Do Whatever Works for the Relationship

I’ve worked in financial services since 2000. During that time, I’ve had a chance to see how couples handle money together. It’s been insightful. Why?

Because when I first started helping clients manage their money I thought that EVERYTHING should be handled together. Helping them ACTUALLY manage their money changed that idea.

What I came to realize and what should have been obvious from the beginning, is that everyone is different. And that includes how people think and feel about money. Some people don’t care that much about it. Others see it as the ultimate form of security. Again, everyone is different.

What has also emerged from these experiences with couples and money is that there are 3 types of money relationships that couples have. Here they are:

  • Everything together
  • Everything separate and
  • Some joint and some separate

I’ll give a quick summary of each.

The first couples’ relationship type is the type that handles everything together. They have nothing but a joint bank account. They do their taxes together. They have joint investment accounts. The home is in both of their names. They see separate anything as almost “hiding” something from the other and could result in problems in the relationship.

The second couples’ relationship type is the type that handles everything separately. They bank separately, they file taxes separately. One doesn’t know what the other has in credit card debt or student loans or anything else. They just allow each other to handle what they are responsible for.

And finally, there are couples that mesh the two prior ideas. They not only have a joint account for shared bills and responsibilities but they also have separate accounts to handle their responsibilities.

But no matter what type of money couple a couple is, I’ve come to realize that as long as the relationship works for them, that’s all that matters.

So when it comes to handling money, couples just need to see what works for them.

For more on TaxAssurances, check out our reviews, photos and links on Yelp.

An Excerpt from Bank Magic: Financial Literacy for Young People

Here is an excerpt from Bank MagicFinancial Literacy for Young People written by TaxAssurances’ owner, Kolonji Murray. The full book can be purchased on Amazon for Kindle and in paperback.

QUESTION: Why are budgets so important?

ANSWER: Budgets help to ensure that you cover all of your expenses, pay your creditors on time, and save, invest, and make money for the future. You will be surprised at just how fast money can go through your pocket without a plan for how you will spend, save, and invest it. So often, people think of budgets as being restrictive, but budgets actually give you the freedom to track how much you spend and to adjust your habits so that you can make better financial choices in the future.

QUESTION: What happens if I go over my budget?

ANSWER: it’s OK! Fortunately as a young adult, you don’t have to worry about big financial responsibilities, like a mortgage or car payment, for now. If you spent a little more than you expected, find out where you can cut back or adjust your expenses until you receive your next allowance or paycheck. Maybe you can cut out one day at your favorite pizzeria or a drink at Starbucks. Little things add up. You can also download spending apps to help you track your expenses.

For more on TaxAssurances, check out our reviews, photos and links on Yelp.

Get to Work Wednesdays: Kolonji Murray ’95

Hampton University Pirates' Post

Kolonji Murray Headshot

Introduction:

My name is Kolonji Murray and I’m a 1995 graduate of our ‘Home by the Sea,’ with a degree in accounting. I’m also the owner of TaxAssurances, LLC, based in New Rochelle, New York – a business I started in 2011. Those accounting classes in Buckman Hall paid off nicely.

What is Your Business?

TaxAssurances provides individuals and business owners with the following services:

  • Tax preparation
  • Payroll Processing
  • Business Advisory
  • Bookkeeping
  • IRS & State tax relief and resolution

Background:

Even before attending Hampton, I knew that I wanted to study Accounting, with a focus on finance and investing. In high school, I had taken Accounting classes, and I loved following the stock market and business. I knew that Accounting provided a baseline understanding of the two.

I also knew that with a degree in Accounting I could always go into the tax preparation business, if need be. A lot…

View original post 639 more words

Co-Parenting and Tax Returns

I’ll say this in my experience with tax refunds and parents with children. Most cases, the mother takes care of the child(ren) most if not every day. New clothes, colds, doctors visits, bedtime stories, homework, sleepovers, school trip money, juice in the middle of the night etc. Also, daycare is not cheap Usually, because of all of this, the mother gets most if not all of the tax refund money.

Depending on the relationship, some mothers may share a portion of the refund. Especially, if the father is very involved but the child(ren) doesn’t live with him.

Some may even trade who claims the child(ren) for a particular year. Even year is for the mother and odd year is the father. If there are multiple children, they may split who claims which child.

But for the most part, mothers claim the child(ren) and keep the refund to use for the remainder of the year or so.

Now every so often, the couples hate each other and they race to the tax preparers’ office to file the return.

Here’s how the IRS decides who gets to claim the child(ren) and get the refund.

For more on TaxAssurances, check out our reviews, photos and links on Yelp.

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