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November 2009 Your Business Matters

Annual Business Meeting, A Grand Event!

  

Our 2009 SK Chamber Annual Meeting was full of fellowship and Chamber spirit at a new level. The meeting was full of great food, provided by “Becoming Italian Today “ and plenty of wine from Geaber’s Liquor. Thanks to Kelly Thomas and her Family and Steve Clegg and his staff for making it a memorable evening. Thanks also to LIlliana’s Resturant,  Schartner Farms and Kenyon Ave Floral Co., and Weedweavers in assisting in the evening’s festivities.

 

Congratulations to our new Chairman-Joseph M. Viele. Under Viele’s leadership, the Board will continue to work on behalf of the membership, knowing that together, there is no limit to what we can accomplish.

 

Join us as we welcome Mr. Viele and the new Executive Board and Board Members for the upcoming exciting 2009-2010 Chamber year. They are committed to our future success.

 

Our “team approach” in 2009 has led us to new and improved initiatives, programs and events. Because of all this, our Chamber has become the leading business link in South County as we continue to serve our membership, over 575.  Now in its 76th year, the Chamber was founded as a result of a serious pollution of the Saugatucket River in 1933 by President Grafton Kenyon of O.P. Kenyon Store with only 89 members. 

We are also proud to belong to the U.S. Chamber of Commerce and the New England Association of Chamber of Commerce Executives.

This year- my first, has been like no other in our Chamber’s history.  It’s been a challenge for me because of the shrinking resources.  Our entire board, staff and volunteers have worked harder than ever to maintain our high level of membership, producing monthly events and extending many new services added to those offered in the past.

Local businesses are beginning to rely on and utilize our chamber more than ever.  Our website and our business directory are second to none.  Our welcome/tourist information center is the lifeblood of so many businesses in our greater SK area.  We have provided quality service to many visitors to our facility, especially from Memorial Day to Labor Day with heavy visitor traffic and the directions they need to move around town.  Our referrals are meeting the needs of many.  Our elected and appointed community leaders are beginning to put a priority on economic development in our community and are beginning to recognize that our Chamber is the driving force for fostering local businesses.  Enhancing the short and long term health and vitality of our business community is at the very core of our Chamber’s efforts.  If it’s important to your business, it’s important to us, and we will be there to help you.  

The day-to-day circulation of Chamber Gift Certificates is a way we are trying to make cash registers ring for our members.  The money stays local.  It doesn’t go to Warwick Mall, Providence Place Mall, surrounding communities, or even eBay.  “Every business matters.” “Every job matters.”  “Every sale matters.”

Our efforts have become the lead story for daily news for all our members in our South County Area.  As I mentioned earlier, our new and improved programs are beginning to enhance our image in Southern Rhode Island, led by our 2009 “34 day event”, South County Golf Ball Drop, the first of its kind here in Rhode Island. As our accomplishments continue, so have the standards we set for Chamber Social Networking.  They have exceeded our expectations.  Our website, our Facebook page, our weekly e-newsletter, known as Chamber Chatter, and the unveiling just this week of SK Chamber Twitter.  All have helped enhance our delivery and performance since April.  This success would not have been possible without your tremendous support.  We have enhanced the local economy drastically through our “Local Dine, Shop, and Stay” Campaign that many area businesses have embraced, and many more are expected in 2010. 

In 2010 we will continue to focus on our events, namely the support of our new hometown semi-pro hockey team, the Rhode Island Storm, and the excitement being generated for next Thursday night’s SK Chamber Opening Night, November 5th, at the Boss Arena. 

Other events include our signature event, the Annual South County Golf Ball Drop in July, our “New and Improved” Gift Certificate Program, the continuation of our newly initiated Chamber Channel to be sponsored by Buckley Heating & Oil as of November 1st.  It has been led by led by Mike Martin and Clay Johnson back in March and the many networking articles written by our new board member Jeremy Walsh, along with Student Government Day, our recently announced new event, “Dancing With the Stars” to be held in April 2010, and of course the continuation of our exciting partnership with the URI ----Curriculum and Athletics.  All of this is being done with one full time person and a part-time membership services coordinator, Pegin McDermott.  

This success in 2009 would not have been possible without your tremendous support.  Despite the fragility of the economy our balance sheet remains strong.  You as members can find your Chamber in a better financial position than it was last year at this time. 

Thank you for the honor of allowing me to serve as your executive director here in South Kingstown.  I feel that I am working in one of the better communities in Rhode Island and am looking forward to assist in the growth of this Chamber in the years to come.  We are a “Championship Chamber”.  For your Chamber needs, give us a call or email us anytime.  We are ready to serve our business community daily in the next upcoming FY 2009/2010, and continue the tradition of proactive and dynamic leadership in our community.

Your Executive Director

Joe Iacoi

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Programs & Events 


Business Calendar

November

 5th  SK Chamber Night at the Rhode Island Storm Pro Hockey Season Opener at Boss Arena
6-7 Networking in the Boss Banquet Room

7:05 Game time against the NE Pharoahs

Post Game Celebration at the Mews Tavern. Bring your ticket stub for a free drink! (Limit 1 per customer) 

Tickets on sale at your Chamber for only $12 each! Call to reserve yours today!783-2801 or email pmcdermott@skchamber.com.
  6th  People's Credit Union
8-9 a.m.
150 Old Tower Hill Road Wakefield
$5 Members/$10 Guests

11th  Happy Veteran's Day - Chamber Office Closed. 


 
18th  Hanson's Pub      5:00- 7:00 p.m. 
210 Salt Pond Road, Wakefield
$5 Member/$10 Guest

24th  BACK BY POPULAR DEMAND "Chamber Power Group" Initiative
You can save up to 17% on your electricity supply...Just bring your latest electricity bill to this workshop, so you can see how participating in this group would benefit you.
 RSVP 783-2801 or email
pmcdermott@skchamber.com
8 a.m. at SKCC Chamber Conference Room
230 Old Tower Hill Road 

See article below with links to more information

 
24th  PJ's Pub                  12 - 1:30 p.m. • $12 
Boon Street, Narragansett
 

26th  - 27th

 Happy Thanksgiving
Chamber Office is closed.


December 2nd SAVE THE DATE

Your Chamber's Holiday Party at the Elks Club
Details to come.
 

 

Board of Directors: New Faces, New Talents

 

  At the Annual Business Meeting Friday night we installed of our new Board Members for the Class of 2012. As executive director it’s nice to see a strong “Senior” group of board members returning for another 2-year term.  Their support along with the remaining Board Members has provided this organization the strength to weather the storm during these difficult times. Returning Members: Richard Pike,  Terry Simpson,  Joshua Sroka, and  Joe Viele.

  We are proud to present our 3 newly elected board members at this time; Nina Luchka, Jamie Palmer and Jeremy Walsh. 

Councilwoman Ella Whaley had the honor of installing the South Kingstown Chamber of Commerce Executive Board Officers for 2009-2011: Secretary, Ms. Jeanne Abate, WCCU; Treasurer, Mr. Robert Countie, Landmark Realty; 2nd Vice Chair, Mr. David Tetrault, Citizens Bank; 1st Vice Chair, Attorney Joshua Sroka, Law Offices of Joshua Sroka; Chair Elect, Mr. Clay Johnson, The Goddard School and Chair, Mr. Joseph M. Viele, Co-Owner, Liberty Rentals.

  We would also like toto recognize the following three board members whose terms expired per our bylaws on October 31, 2009: Noelle Brousseau, Sue Ann Votta and Paula Spirito.


Meet Your Newly Elected Board Members 

Nina Luchka joined Washington Trust in 1989 in the Franklin Street Office, as a teller. She moved into the Consumer Credit Department in 1990. In 1991, Nina moved into the Merchant Services Department and was promoted to Sales Manager in 2000. In 2004, she was promoted to Assistant Vice President of Merchant Services. In 2007, she was named Branch Manager of the Wakefield Office. There, she is responsible for the daily operations of the branch and growing the branch’s deposit base and loan portfolios. Nina holds an Associates Degree and Bachelor’s Degree, both from Providence College. She has been serving on the board of the South County Conservancy, Charlestown’s Land Trust since October of 2008. Nina is also a member of the RI Raised Livestock Association and is a 4H volunteer. She lives in Charlestown.

 

 Jamie Palmer is a graduate of RI College- 2005 in accounting, and then with her desire to enhance her professional career she enrolled in the Art Institute in Boston and graduated in 2007 with a degree in Web Design and Development.  Since 2007, Jamie is the proud owner of Palmer Web Management .  They specialize in web design and search engine optimization for entrepreneurs and small businesses helping to create that bond between clients, prospects and your website, with custom gorilla glue ingredients.  They understand that the right combination of video, pictures, and content, and using color and your brand consistently, along with a call to action on your website, can make the difference between a little bit of profit on and off the web and a LOT of profit on and off the web. Jamie's strengths will be a welcome addition to the board of directors.

 

Jeremy Walsh is the owner of The Right Click – a computer support and networking company.  The company’s world headquarters are right here in South Kingstown located in the South County Commons.  Although his dad brought home his first computer for him when he was 10 years old, Jeremy has only been officially working in the computer industry since 1996 when he graduated from the University of Connecticut with a degree in Philosophy.  He started his IT career working for Oxford Health plans but quickly decided that the small business community was where he wanted to be.  He worked for a small consulting company in the New York area for close to 5 years before migrating to Rhode Island in 2002 and starting The Right Click.  In just a few short years, he has grown his company from 1 person working out of his house to a company that employs 9 people, has 1 retail store (soon to be 2) and should have their “first million dollar year” this year.  Jeremy makes his home in South Kingstown, on the rotary in Peace Dale, with his wife Mary, 5 year old daughter Olivia, and 3 year old son Owen.  They also have a 9 year old rescued cat named Pina.  Jeremy’s main interests are: his family, computers, networking and BNI. One thing very few people know about him is that while at UCONN, he managed 5 on campus restaurants including 2 pizza places, a coffee shop, a sandwich shop and a McDonalds style restaurant. Jeremy’s key to success is to look for opportunities to surround himself with talented business professionals so that even if he can’t directly solve a problem, he will always have someone on hand that he can refer.


Justin Desjardins named 

Chamber Volunteer of the Year! 

We would like to recognize Mr. Justin Desjardins, our year-long volunteer. Every Monday, rain or shine, Justin volunteers at the Chamber. His dedication is outstanding and he is so very supportive to us.  The entire board and staff would like to recognize Justin at this time as our VOLUNTEER of the year.


"HAT TRICK" OR TREAT!!!

In an effort to promote our new professional hockey team, Connor McDermott dressed up as the Rhode Island Storm this Halloween. Decked out in an official game jersey and his homemade "storm" (hurricane ensemble) he passed out flyers urging the community to come support our hometown pro team this Thursday night at their season opener. November 5th is South Kingstown Chamber night  at Boss Arena!

Reserve your tickets by calling the Chamber at 783-2801 and enjoy a networking hour before the game in the Boss Banquet Room. Game time is 7:05 against the NE Pharoahs with a post game celebration at the Mews Tavern! Bring your ticket stub for a free cocktail - limit one per customer.

The South Kingstown Chamber of Commerce, Mews Tavern and Newport Storm

are proud sponsors of the Rhode Island Storm!



Member News




  

NEW MEMBER BENEFIT!!! SAVE UP TO 17% ON YOUR ELECTRIC SUPPLY!!!

 

WHO BENEFITS
Chamber members of all sizes and in all industries - the larger the group the greater the savings for business. Companies with locations in multiple states can participate - all locations are eligible (in deregulated states).

HOW IT WORKS
- Simply call the South Kingstown Chamber of Commerce 401-783-2801 or Tony Parente your
  Teknikor Action Energy Chamber representative direct on his cell 401-265-1284
- Your electricity is still delivered by National Grid
- There are no fees for Chamber members to join the energy buying group nor does Action
   Energy or its suppliers charge any additional fees to switch suppliers.
- There is no minimum usage to participate.
- The Decision Is Yours...YOU DECIDE IF YOU WANT TO PARTICIPATE
- Companies can enroll or leave the group and return to National Grid on any billing period*
- You save money by combining your purchasing power with other local businesses

ELIGIBILITY
- Companies with a business electric account
- Companies must be a member in good standing of
  South Kingstown Chamber of Commerce.

WHY NOW
So you can start saving money on your electric bill as soon as possible. The Standard Offer Service from National Grid in Rhode Island expires on December 31, 2009. Business customers who have not selected a competitive supplier by the expiration date will still be supplied electricity from National Grid. Rates however may fluctuate more with market prices and businesses should be prepared for more volatile electricity markets.

FOR YOU
The South Kingstown Chamber of Commerce is dedicated to its members by providing opportunities for savings and benefits over and above what they are able to receive on their own, truly providing profits to their bottom line. This program underscores our commitment to our members, and ultimately the strength of the Rhode Island Business Community.

*Actual time to become effective is based on the number of days from the meter read. There are no guarantees.  Individual results will vary.  All companies subject to credit approval.  The Chamber Power Group is one group comprised of participating chambers of commerce.

Teknikor is a combination of four technical businesses that joined together to provide more comprehensive services for our customers and consolidate systems and internal services to reduce operating costs.

All Four of the companies are owned primarily by the Pelletier Family and have approximately 100 employees.

Action Energy has been in business for 6 years. Action Energy is a Comprehensive Energy Solutions Provider.  This is accomplished by first providing their customers lower energy costs. In addition they provide Demand Side Management, Power Factor Correction, Engineering and Consulting Services, Energy Conservation Measures consistent with utility rebate programs and by installing renewable energy projects such as wind, solar and geo-thermal.  www.actionenergyusa.com

ECS (Engineered Controlled Systems) has been in business 25 Years.  ECS is a premier provider of systems integration and automation services for a variety of industrial and commercial applications.  They offer their customers fully designed, fabricated, tested and documented control systems.  www.ecsinco.com

GEMCO (General Electrical and Mechanical Contractors) has been in business 45 years. They are a leading electrical and mechanical national contractor, specializing in industrial facilities and production.  Services include: Electrical, Plumbing, Pipefitting, Rigging, Fabrication and Motors.  www.gemcoelectrical.com

PFP (Power and Fire Protection) has been in business for 2 years. PFP provides thermal scanning and testing of critical power systems for Financial Institutions, Hospitals, Universities and Pharmaceuticals Manufacturers.  

Welcome to our Newest Members!

At Home in Rhode Island

CKC Consulting

Environmental Planning & Surveying Inc.

Fayerweather Craft Guild

Jan/San Direct

Mastors & Servant LTD

Perryville Bible Church

RI Storm Pro Hockey Team

Robin Co. LLC

Smoothy Booty Cafe


      Meet Your New Fellow Member      

 

The Smooty Booty Cafe is a sister business to the popular Bluebird Cafe in Wakefield, featuring Wi-fi and a relaxed island atmosphere on the South County bike path. Our menu offers delicious Caribbean and island-influenced delights, soups, breakfast sandwiches, hot Cuban sandwiches, freshly baked pastries, real fruit smoothies, espresso, cappuccino, latte, and iced and flavored coffees. Be sure to bring your SK Chamber member card to receive 10% off your order!

213 Robinson Street, Wakefield  783-4013


 

 


Congratulations to Tippy Larkin for winning our Rhody Ram Quiz in last week's Chamber Chatter! Meade Stadium was the correct answer. 

 

Caught on Chamber Camera

Click on camera
to enter the
Chamber Photo Gallery Slideshow


 


 


Chamber News 


New "Bigs" at Your SK Chamber!

 

 It’s amazing to think that we’ve made it through the majority of 2009 and are already approaching the holiday season.  It’s almost time to start making plans with family, friends, coworkers and loved ones to celebrate the season.  As you look forward to the next two months, we have exciting news for you from your South Kingstown Chamber of Commerce!

 If you find yourself beginning to think about gifts and gatherings, feel free to come by our visitor/information center at 230 Old Tower Hill Rd in Wakefield to take a look at brochures and information on things to do, restaurants, events and more.  While you’re here you can pick up some gift certificates as well.  Our improved gift certificate program just began and is already becoming popular.  Gift certificates come in denominations of $10, $25, and $50, can be used at a numerous member businesses that increase daily.  They are the perfect gift for anyone in South County!

  2009 has marked a big year for the Chamber, and we’re back in full force with new and improved programs, services and initiatives.  One of which we are very proud to announce that we are the first Chamber of Commerce in RI to offer one annual membership price for your business, no matter the size!  Our annual membership fee for all businesses is only $185.  Because of this price, we are also able to offer advertising packages in addition to the website listing, regular referrals, and space in our visitor/information center for your brochures, etc.  These packages offer ads and inserts in our e-newsletter and printed newsletter, website advertising, and ribbon cutting/grand opening or promotional packages.

NETWORKING DISCOUNT PACKAGE NOW OFFERED - $AVE THROUGHOUT THE YEAR!

  Our SK Chamber also plans and organizes a number of networking events during each month throughout the year.  As a member you have have the option of purchasing one or more “networking cards” (a value of $270), transferrable within your company, that allow members of your business to attend all of our networking events for a year.  We are offering these cards for only $175! See flyer below for all of the details on our discount packages!

TECHNOLOGY, TECHNOLOGY, TECHNOLOGY!

  As you can see, this fall has been a busy one for your SK Chamber.  If you want to stay on top of what is happening in the SK area, make sure to stop by our website: www.skchamber.com, join the group on Facebook: South Kingstown Chamber of Commerce, or follow us on Twitter: @SKChamber!  Our social networking has begun recently and we are excited as it continues to grow!  Hop on the wave and come for a ride with your SK Chamber!

Protecting Assets During Challenging Business Times

 

Small businesses are the engine of the economy, and when the economy sputters they often feel it first. In the current climate of uncertainty, many small businesses have cut expenses to the bone and tried to make their operations as lean and efficient as possible.

 

But even if a small business owner can't control the marketplace, he or she can take steps to protect their key assets: the people the business relies upon.

 

Details Matter To Customers

A recession tests customer loyalty, as people cut back on spending and carefully weigh their options for even necessary purchases. For businesses that are strapped themselves, it may be easy to let attention to the details of customer service slip. But this is the time that details matter most, whether it's taking the trouble to send a holiday note to your mailing list or offering special deals to prize patrons. The key to their loyalty is to let them know they matter to you.

 

Appreciate Your Employees

Of course, you want your employees to know they're important, too. You need their knowledge and experience to navigate the uncertain times. The recession might mean sacrifices for everyone, but it is also a time to make sure valued workers know how much they are appreciated. Even small gestures, like movie tickets or a night at a local restaurant, can keep morale steady.

 

Supplement Benefits, Not Costs

You may want to consider “beefing up” your employee benefits package. A “Voluntary Payroll Deduction” (VPD) program is one of the most popular ways employees can purchase additional, personally-owned buy life insurance. A VPD program can usually be set up using your existing procedures for payroll deduction. A life insurance agent would then meet individually with each employee to explain the benefits of life insurance and the ease with which it can be purchased. All products purchased through VPD are employee-owned and paid for, with no direct out-of-pocket cost to you except the cost of administration. The VPD offerings can be a smart way to supplement your overall benefits package, without draining your budget.

 

Note: Employee participation in a payroll deduction insurance program is completely voluntary. Since this program is not intended to be subject to the Employee Retirement Income Security Act of 1974 (ERISA), employers cannot contribute to, or endorse, this program.

 

Protect Yourself

As the owner of a business, you are the most important piece of the puzzle. And especially during difficult times, it is important to think about how the business would function without you. One thing that can provide a greater sense of security is a comprehensive life insurance policy. It can be tailored to fit your needs and ensure that those who rely on you every day would be provided for.

 

So when you think about protecting your assets in this economy, consider your human assets first.

 

 

This educational third-party article is being provided as a courtesy by James E. Less. For additional information on the information or topic(s) discussed, please contact Jim at 276-8770 or 255-2828.

 

James E. Less

New York Life Insurance Company


  _______________________________

SK CHAMBER GIFT CERTIFICATES NOW ON SALE AT YOUR CHAMBER OFFICE!

Great gift idea for teachers, coaches, employees, bus drivers... anyone!!!

_______________________________


Chamber News 


  

Jeremy’s Networking "Niche"

by Jeremy Walsh, The Right Click


My First Box of Business Cards... 

 

I remember my first box of business cards quite well.  I had spent countless hours poring over the design and layout taking each kerning of the font personally.  Internalizing the minute details about whether I would lose credibility with that potential client because my address was left justified instead of center justified or right justified.  Do I include my cell phone or not?  Of course, having just started my very own business, I couldn’t afford a graphic designer to work with me and quell my fears over the whole process.  But nonetheless, this was a big deal!  After all, it was my business card.  The first impression of what people would think of me.  The basis on which my entire business would be judged would be on this piece of heavy stock paper with tiny printing.  I visualized myself carrying them in a brass business card holder and gingerly handing one over when a prospect requested my information. 

Finally, my wife or some other equally level headed person said to me “Enough already just print the things!”  So I did.  I ceased all editing and just brought the design down to the printer and printed them.  And it was a big expense at the time, one that I had to agonize over which other thing I would sacrifice in order to invest into this part of my business.  When I finally got them, I carefully handed them out one at a time and was sure not to waste them.  I think it may have taken me a year or maybe even more to go through that first box of business cards.

Nowadays, I probably go through about 1,000 business cards every 6 months.  I give them out by the handful.  I don’t give people just one; I give them 2 or 3 and ask them to pass another on.  I leave stacks of them at my favorite businesses if they will allow me to.  I hand them out at networking events.  I give them to relatives.  What?  You forgot my number?  Here’s a card or two, the number is on there – cell, home, everything.  The printer loves me.

I look back on my miserly first few years and think how shortsighted I was.  The thing about business cards is they don’t do any good whatsoever if they are sitting in the box.  They need to be in the hands of people that might need my number to get in touch with me or to be able to pass along when they meet someone that might need me.

But, you didn’t really think this was about business cards, did you?

Something to think about is that YOU don’t do any good if YOU are stuck inside your box all day long.  You are your brand name, you are your company, you are your image and you need to share it with the world.  This is about networking and getting out there and meeting new people.  If you really want to do this networking word of mouth thing, you can’t be stingy with your visibility.  You really need to get out of your box – your home, cubicle, office, car or whatever other isolation you hide yourself in – and get out there to a networking event.  And not just one, go to as many as you can get to.  If you find that networking isn’t working for you, then it is because you aren’t working your network.  Did you ever notice that the same people that get a lot of business from networking are the same people that are always networking?  Coincidence?  I think not.

So go for it.  Get out there and network.  When I see you there, I would be happy to exchange a few business cards with you.

 


 

Congrats to NK Chamber Director

We at SK Chamber congratulate Karla Driscoll — As she was awarded the 2009 Chamber Executive of the Year at the recently held NEACCE Conference.

 

NOVEMBER 5TH IS CHAMBER NETWORK NIGHT AT THE RI STORM SEASON OPENER!


 

Year-End Tax Planning

As the end of the year approaches, now is a good time for you to start planning for taxes by taking various actions that may save taxes for this year, next year, or both years. Act quickly to reap the most benefits—these strategies will be of no use after December 31.

 

Year-end tax planning may prove to be especially productive this year because of tax breaks that will expire at year end if Congress does not act to extend them. This includes both individual and business breaks. Those with high income have other considerations for year-end planning if top tax rates on ordinary income are increased after 2010, as some expect. Long-term rates could go up as well. But on the bright side, income-based reductions on most itemized deductions and phase out of personal exemptions will no longer apply. We’ve compiled a checklist of actions that, based on current tax rules, may help you to save taxes if you act before the year end. These are just some of the steps that can be taken to save taxes. Please review the list and contact us at your earliest convenience so that we can advise you on which tax-saving moves to make.

¨ Postpone income until 2010 and accelerate deductions into 2009 if you want to lower 2009 taxes. Doing this may allow larger deductions, credits, and other tax breaks that are normally phased out by income – especially if you expect to be in a lower tax bracket next year. Then again, doing the opposite may be more beneficial depending on the circumstance.

¨ Increase the amount you set aside for next year in your employer's health flexible spending account. Don’t forget about over-the-counter drugs, such as aspirin and antacids.

¨ Realize losses on stock while substantially preserving your investment position by, for example, selling the original holding and buying back the same securities at least 31 days later. It is advisable for us to meet to discuss year-end trades.

¨ If Roth IRAs are better for your financial situation than traditional IRAs, and you want to remain in the market for the long term, consider converting traditional IRAs that have plunged in value into Roth IRAs if eligible to do so. Just keep in mind that the conversion will be taxable.

¨ It may be advantageous to try to arrange with your employer to defer your bonus until next year.

¨ You may be able to save taxes this year and next year by applying a bunching strategy to ―miscellaneous itemized deductions, medical expenses and other itemized deductions.

¨ If you are facing a penalty for under-payment of estimated tax, you may be able to eliminate or reduce it by in-creasing your withholding.

¨ Save gift and estate taxes by making gifts sheltered by the annual gift tax exclusion before the end of the year. You can give $13,000 in 2009 to an unlimited number of individuals, but can’t carry unused exclusions from one year to the next.

¨ If you're thinking of donating a used auto to charity, be sure to inquire whether the charity plans to sell the car or use it in its charitable activities; the latter may yield a bigger deduction.

¨ Consider making credit-eligible energy saving improvements to your home, such as adding extra insulation or energy-efficient windows, to qualify for a tax credit. The largest credits are avail-able for geothermal and solar energy products.

¨ Thinking of buying a car? Do so before year end to assure a deduction for state sales and excise tax on the purchase.

¨ If you are receiving Social Security benefits, there are several steps you can take to reduce or eliminate tax on your benefits.

¨ If you are an employee, consider asking your employer to increase withholding of state and local taxes to pull the deduction of those taxes into this year.

 

¨ If you’re a business owner, consider making expenditures that qualify for the $250,000 business property expensing option and the 50% bonus depreciation. (The expensing limit will drop to $134,000 and the 50% bonus eliminated next year.)

¨ If you own an interest in a partnership or S corporation you may need to in-crease your basis in the entity so you can deduct a loss from it for this year.

¨ If a corporate liquidation is planned, delaying the distribution of assets until next year will defer a shareholder’s gain or loss.

¨ Consider establishing a retirement plan for your business before December 31. Employer contributions to qualified plans are deductible.

¨ Consider using a credit card to prepay expenses that can generate deductions for this year.

¨ Accrual method businesses should consider accruing year-end bonuses to employees who are not controlling shareholders. They are deductible even though paid in the following year, and the bonus won’t be taxable to the employee until next year.

¨ Estimate the effect of any year-end tax planning move on AMT for 2009, since many tax breaks allowed for regular taxes are disallowed for AMT. Examples include property taxes and state income tax. In some cases, deductions should be deferred in order to prevent their loss because of AMT.

This educational third-party article is being provided as a courtesy by Padgett Business Services. For additional information on the information or topic(s) discussed, please contact Peter at 783-4500.

 

Peter Evans

Padgett Business Services

 


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