A NEW CHRISTMAS TRADITION

I received this from someone and thought maybe you might be interested.

Christmas 2011 -- Birth of a New Tradition

As the holidays approach, the giant Asian factories are kicking into high gear to provide Americans with monstrous piles of cheaply produced goods -- merchandise that has been produced at the expense of American labor.

This year will be different. This year Americans will give the gift of genuine concern for other Americans. There is no longer an excuse that, at gift giving time, nothing can be found that is produced by American hands. Oh.... Yes there is! It is time to think outside the box, people. Who says a gift needs to fit in a shirt box, wrapped in Chinese produced wrapping paper?

Everyone -- yes EVERYONE gets their hair cut. How about gift certificates from your local American hair salon or barber?

Gym membership? It's appropriate for all ages who are thinking about some health improvement.

Who wouldn't appreciate getting their car detailed? Small, American owned detail shops and car washes would love to sell you a gift certificate or a book of gift certificates.

Are you one of those extravagant givers who think nothing of plunking down the Benjamins on a Chinese-made flat-screen TV? Perhaps that grateful gift receiver would like his driveway sealed, or lawn mowed for the summer, or driveway plowed all winter, or games at the local golf course.

There are a gazillion owner-run restaurants—all offering gift certificates. And, if your intended isn't the fancy eatery sort, what about a half dozen breakfasts at the local breakfast joint.

Remember, folks this isn't about big National chains—this is about supporting your home town Americans with their financial lives on the line to keep their doors open.

How many people couldn't use an oil change for their car, truck or motorcycle, done at a shop run by the American working guy?

Thinking about a heartfelt gift for mom? Mom would LOVE the services of a local cleaning lady for a day.

My computer could use a tune-up, and I KNOW I can find some young guy who is struggling to get his repair business up and running.

OK, you were looking for something more personal. Local crafts people spin their own wool and knit them into scarves. They make jewelry, and pottery and beautiful wooden boxes.

Plan your holiday outings at local, owner operated restaurants and leave your server a nice tip.

And, how about going out to see a play or ballet at your hometown theatre. Musicians need love too, so find a venue showcasing local bands.
Honestly, do you REALLY need to buy another ten thousand Chinese lights for the house? When you buy a five dollar string of lights, about fifty cents stays in the community.

If you have those kinds of bucks to burn, leave the mailman, trash guy or babysitter a nice BIG tip.

You see, Christmas is no longer about draining American pockets so that China can build another glittering city. Christmas is now about caring about US (We the People), encouraging American small businesses to keep plugging away to follow their dreams. And, when we care about other Americans, we care about our communities, and the benefits come back to us in ways we could not imagine.

THIS could become the new American Christmas tradition!!

HOBBY WINNINGS

Q. Last year I was pretty lucky at golf. I actually won $2,800 in cash and about $4,000 in clubs, shoes, and golf clothes. Someone told me that this was taxable. Tell me it is not so.

A. Sorry, bad news. You must report your winnings on your income tax return.

Since this is most likely considered a hobby rather than a business, you would report winnings as “other income” on line 21 on your federal form 1040. If that’s the case, you can claim deductions – like entry fees, equipment, lessons, and other related expenses against your winnings but only if you itemize. This would be under the classification of “miscellaneous itemized deductions” on your Schedule A. Those miscellaneous itemized deductions are limited to those in excess of 2% of your AGI (adjusted gross income).

Additionally, if you treat golf as a hobby, your deductions are limited to the amount of your winnings. You also can’t carry excess deductions forwards or backwards.

In summary, the income is taxable and any deductions you have are only good if you itemize and if your miscellaneous deductions are greater than 2% of your adjusted gross income (found on the bottom of page one of your 1040).

ACCOUNTANTS IN THE MOVIES

In Hollywood, accounting can seem like a pretty glamorous profession, or not.

Ben Kingsley played compassionate accountant Itzhak Stern in the Oscar-winning 1993 Steven Spielberg movie, "Schindler's List." Stern was a real-life accountant who worked for German industrialist Oskar Schindler, played by Liam Neeson. The accountant typed and maintained the list of names of his fellow Jews who were hired to work in Schindler's factories, preventing them from being sent to the Nazi death camps. The real Itzhak Stern appeared in the movie, along with the surviving people on Oskar Schindler's real-life list.

HAPPY THANKSGIVING

Most of All

Thanksgiving Day brings to mind
the blessings in our lives
that usually go unnoticed:
a home that surrounds us
with comfort and protection;
delicious food, for pleasure
in both eating and sharing;
clothes to snuggle up in,
books and good entertainment
to expand our minds;
and freedom to worship our God.
Most of all we are thankful
for our family and friends,
those treasured people
who make our lives extra special.
You are part of that cherished group.
On Thanksgiving, (and every day)
we appreciate you.

Happy Thanksgiving
From Kopsa Otte

NEW ADDITION!

We are excited to announce that

Megan had a beautiful little girl yesterday.

Adelynn Lauren

7lbs 8oz. and 20 inches long

ACCOUNTANTS IN THE MOVIES

In Hollywood, accounting can seem like a pretty glamorous profession, or not.

Jack Lemmon plays an accountant in the 1954 comedy "Phffft!" who decides to split with wife Judy Holliday after eight years of marriage. He met her while doing her taxes, and even after they break up and start seeing other partners, he continues to keep her as a client. The unusual title is supposed to be the sound of a marriage losing steam. Lemmon also played an accountant in Billy Wilder's 1960 comedy, "The Apartment," in which he lends his apartment to boss Fred MacMurray for assignations with girlfriend Shirley Maclaine. The movie was later the basis of the musical "Promises, Promises."

529 PLAN FOR COLLEGE

Q. When I was in for my pretax appointment, I mentioned the 529 Plan for college funding. You mentioned that you were not excited about the 529 Plan because of the fees charged and because the only real tax advantage is that the interest is not taxable. Do you have any more information on the plans? Thank you.

A. It was great to visit with you at your pretax appointment. Here is some more information about 529 Plans.

· As I mentioned you don't get a federal income tax deduction for the contribution, but the earnings on the account aren't taxed while the funds are in the program. You can change the beneficiary or roll over the funds in the program to another plan for the same or a different beneficiary without income tax consequences.

· Distributions from the program are tax-free if they don't exceed the student's qualified higher education expenses. These include tuition, fees, books, supplies, and required equipment. Reasonable room and board is also a qualified expense if the student is enrolled at least half-time.

· There is some confusion about computer technology. For 2010 computer technology or equipment, or Internet access or related services, was a qualified expense. They changed that and those costs are not longer eligible.

· Distributions in excess of qualified expenses are taxed to the beneficiary to the extent that they represent earnings on the account. A 10% penalty tax will also be imposed.

· Eligible schools include colleges, universities, vocational schools, or other postsecondary schools eligible to participate in a student aid program of the Department of Education. This includes nearly all accredited public, nonprofit, and proprietary (for-profit) postsecondary institutions. A school should be able to tell you whether it qualifies.

· The contributions you make to the qualified tuition program are treated as gifts to the student, but the contributions qualify for the annual gift tax exclusion, which is $13,000. If your contributions in a year exceed the exclusion amount, you can elect to take the contributions into account ratably over a five-year period starting with the year of the contributions. Thus, assuming you make no other gifts to that beneficiary, you could contribute up to $65,000 per beneficiary in 2011 without gift tax.

· Depending on the plan, there may be some state benefits.

· Check out the website which provides more information: 529 Plans

Let me know if you have any questions.