p14, v6.46 — Business News & Trends

Business News & Trends

Mountain Views News Saturday, November 17, 2012

MVNews this week: Page 14

BUSINESS NEWS & TRENDS

Mountain Views News Saturday, November 17, 2012

OMG! OH MY GOSH DID YOU
KNOW…………….. By Patricia Richardson, M.B.A

DOLLARS AND ENTS

By Carl Davis, CIMA

COUPLES: Combining Finances.....

IRS ANNOUNCES 2013 PENSION LIMITS

The IRS has announced the 2013 pension plan limits. Taxpayers may contribute
up to $17,500 to their 401(k) in 2013.

Social Security Wage Base to Increase in 2013

The Old Age Survivor›s and Disability Insurance (OASDI) taxable wage base will increase to $113,700
in 2013. The 2012 wage base is $110,100. The 4.2 percent employee Social Security rate now in effect
for employees is scheduled to expire at the end of 2012 and will revert back to the 6.2 percent rate
for 2013, unless the federal government extends or changes the rate. The employer OASDI rate will
remain at 6.2%.

Outstanding Federal Loans Increase 2012 FUTA Costs for Several States

As of this writing, twenty states, including California, have outstanding loan balances from the
federal unemployment account. If outstanding balances are not repaid by November 10, 2012, these
states will become «FUTA Credit Reduction» states for 2012. Employers in FUTA credit reduction
states will be charged an additional 0.3 to 0.9% on the first $7,000 of employee wages for 2012.

Several states have already announced that they will be unable to pay their loans, and have been
deemed as 2012 FUTA credit reduction states:

What else is happening this month?

Thanksgiving is almost here and it is a great time to spend with family and friends. Renew all those
relationships that are dear to you, but seem to get put on the back burner because life is so busy. I’m
hosting family dinner at my house and I hope you all are too.

New workshops:

Check www.QBworkShop.com for on-line QuickBooks workshops.

Patricia Richardson the owner of Monrovia Computerized Business Service and is a local accountant, educator and
trainer working to help business owners realize their business mission and vision by empowering them with tools
and training in areas that may not be their core competency. For additional information, patti@qbworkshop.com
or www.QBworkShop.com

… OR NOT

If you’re married, engaged or in a relationship where you share day-to-day expenses with a partner,
broaching the topic of how to blend your finances is essential. It’s a subject every couple should
discuss and revisit from time to time. For couples thinking about combining their finances for the first
time, learning to communicate about money, sharing in bill paying, pooling incomes and discussing
savings and retirement plans are financial steps that should not be overlooked.

Co-mingling finances works differently for every couple, and there are many ways to go about it.
Making the decision about whether to share everything, maintain independent accounts – or
something in between isn’t always easy. To avoid confusion about who pays for what and arguments
over differences in money habits, couples should consider the following while discussing their
financial choices.

Start with Understanding

A candid conversation about money habits and styles is a great first step to identify how to manage
funds in a new relationship. If two individuals have very different philosophies when it comes to
money, keeping some independence may help maintain a healthy relationship and protect your joint
financial wellness. If you’re on the same page – both savers, for example – togetherness in all things
financial can create a stronger relationship and financial efficiency. It’s also important to discuss
different “what if” scenarios. Talk with each other about how much each partner would spend on
a new furniture purchase or vacation, for example. And remember to discuss how you each would
approach an unexpected financial event such as a job relocation.

Establish a Working Budget

Relationships bring many shared expenses – monthly rent or mortgage payments, groceries, gas,
clothing and more. It all adds up. Couples should pencil out their fixed shared expenses together and
talk about how each expense will be paid. Once an agreement is reached, revisit the monthly budget
plan periodically to ensure all the bases remain covered. As you work on the budgeting process
together, you will each gain a better understanding of how your partner approaches money.

Agree on a Plan

In addition to careful budgeting, couples should agree on how they will combine money to manage
certain expenses. A good compromise is to establish a joint checking account in which you each
deposit a portion of your income. Some couples may agree to also maintain individual accounts that
can be used as each person wishes – no questions asked. Agree on how much money you will save
together, and to establish an auto-transfer from the shared pool so that saving is easy and automatic.

Communicate Frequently

Equally important to the budget creation and planning process is ongoing, honest communication
about money – saved and spent. Couples likely won’t enjoy a healthy financial relationship if secrets
are kept about money. Set aside time each week to pay bills and talk about money together. These
planned “money talks” will keep any financial mistakes from affecting other areas of your relationship.

While there may not be a one-size-fits-all solution for blending finances, having regular conversations
about it is important for all couples – whether newlyweds or retirees. Couples should consider sitting
down with a financial advisor who can help them talk about different options and determine what
might work best.

Carl H Davis, CIMA®, CRPC® is a Financial Advisor and Vice President with Ameriprise Financial
Services, Inc. in Los Angeles , CA He specializes in fee-based financial planning and asset management
strategies and has been in practice for 36 years. To contact him at 310-954-2566 or via email @
carl.h.davis@ampf.com, or at 10880 Wilshire Blvd, Los Angeles CA 90024

Brokerage, investment and financial advisory services are made available through Ameriprise
Financial Services, Inc. Member FINRA and SIPC.

This communication is published in the United States for residents of California only

Saturday,
November 24, is designated
as Small Business Saturday.
American Express created
this special day as a way to
encourage people to do their
holiday shopping at local
businesses. #SmallBizSat is
the Twitter hashtag to use in
November. Large national
companies are promoting it so
why not jump in and encourage
folks to buy local?

If you are offering special
promotion for Small Business
Saturday, use your social media
channels to get the word out
and make it happen.

• Ask people to share
your posts and pictures on
Facebook
• Join the conversation
on Twitter –use keywords and
hash tags like #smallbiz and
#SmallBizSat
• Leverage the buzz
American Express, Constant
Contact and other large
companies are creating around
Small Business Saturday
• Tell your existing
customers. Maybe there is an
incentive for them to spread
the work or even offer them a
special “insider deal”
• Use language like
“Shop Small on 11/24 and help
the small businesses in your
community.” “Support Small
Business Saturday.”
• Collaborate with other
small businesses
• Make sure to build
your email list from the traffic
you get from Small Business
Saturday. Encourage people
to stay connected with you by
“Liking” your Facebook page or
following you on Twitter.

Have a game plan for follow-
up after 11/24:

• Follow up with an email
to those people who shopped
with you, thank them for
supporting small businesses.
• Encourage repeat
business with special offers or
coupons
• Take advantage of the
interest in your business that
comes from Small Business
Week. Leverage it to build
a longer campaign that
encourages customers to keep
coming back.

About MJ: MJ and her brother
David own HUTdogs, a creative
services business that specializes in
Social Media Education for business
owners. Join their conversation on
Facebook and get good tips and
tricks about social media, www.
facebook.com/hutdogs.

PROMOTE SMALL BUSINESS SATURDAY

jimleveque@yahoo.comaleve91007@aol.com1-626-305-9490CALic.#B-599887LeVequeConstruction122AEastFoothillBlvd.Suite2Arcadia,CA91006Anthony&JimLeVequeCONSTRUCTIONLEVEQUEServingSouthernCaliforniafor25years.
SpecializinginQualityResidentialRemodeling&Construction.
Emailorcallustoday!