Financial and Tax Guide 2012

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Debunking financialplanning myths

(NAPS) – These simple tips can help you breakthrough common misperceptions and achieveyour personal financial goals.Myth No. 1: Keeping track of everyday spend-ing is tricky and time consuming.

For many people, the thought of planning forhow to spend money every day is overwhelming,but it doesn’t have to be. Save yourself theheadache by making your plan simple – start withone category of expenses, such as groceries.Myth No. 2: Once you make a plan, you are allset.

Once you have a plan, youshould always track it againstyour goals. Knowing where youstand will allow you to identifyany areas of opportunity andhelp you learn how you can im-prove your spending, borrowingand saving habits to reach yourfinancial goals. Myth No. 3: Using a creditcard isn’t the same as borrow-ing money.

You should view using acredit card and carrying a bal-ance on that card the same wayyou view money you would bor-row from a bank. And as withany loan for a car, home or edu-cation, you should be mindful ofwhat exactly you’re borrowingmoney for and always have aplan for how to pay it back be-fore you make the purchase. Myth No. 4: Everyone views fi-nancial goals the same way.

Research shows that womentend to focus on the long-termgoal, plan and time frame,whereas men tend to be focusedon the monthly payment amount.

4 - Paulding County Progress Financial & Tax Guide Wednesday, February 8, 2012

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Worried About Your Investments? Losing sleep over the stock market? Retiring soon?

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Chris R. Johnson

Investment Advisor Representative (419) 399-5568 or (419) 399-2311

115 North Main Street, Paulding, OH 45879

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COUNTRY HAVENTAXES

“CHANGE ON THE HORIZON”

By Appointment or Drop-offs

Talk to your partner and put achieving goals – suchas succeeding in finishing a payment plan – at the topof the list of things to discuss.Myth No. 5: Financial planning should be limitedto regular expenses.

While it is always important to have a good finan-cial plan, major life events like weddings, having ababy and raising children elevate the importance ofpersonal finances. Be proactive and take a few min-utes to think about any expected – or unexpected –events and fit them into your plan.

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Dianne T. JonesVice PresidentPaulding Sales [email protected]

Karen A. VarnerAssistant Vice PresidentMortgage Loan [email protected]

Oakwood Banking Center218 N. First StreetOakwood, OH 45873419.594.3333

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$imple mean$ to $aving moneyIf the ongoing recession has

taught people anything, it’s theneed for saving money. Many peo-ple were caught off guard by the re-cession, and studies have shownjust how little men and women hadsaved before the bottom fell out onthe economy.

In a 2011 poll from the NationalFoundation for Credit Counseling,64 percent of respondents admittedthey would not be able to rely ontheir savings account if a $1,000unplanned expense suddenlypopped up. And the problem of notsaving enough is not exclusive toAmericans. A 2011 survey from theCanadian Payroll Association indi-cated that 57 percent of the nearly2,100 respondents admitted theywould be in financial trouble if theirpay was delayed by just one week,while 40 percent expect to delaytheir retirement due to lack of sav-ings.

Such figures should be enough tomotivate men and women to startsaving, not only for retirement butfor an unforeseen event like a layoffthat could put finances in seriousjeopardy. There are ways men andwomen can save money that don’trequire too much sacrifice.

• Pay extra each month onloans. If paying extra moneyeach month sounds like an oddway to save money, keep inmind that paying ahead onloans can substantially reducethe amount of interest that ac-crues over the course of theloan. Some loan agreementsinclude prepayment penaltiesthat actually penalize cus-tomers for paying ahead. But ifthe loan agreement has no suchpenalties, sending a little extraeach month reduces the loan’sprinciple faster, meaning bor-rowers will pay less in interestand pay off their loans faster.

• Shop sales. Shopping salesis a simple way to save, yetmany people still don’t takeadvantage of sales. Whethergrocery shopping, shoppingfor home furnishings or addingon to your wardrobe, shoppingsales is a great way to savesubstantial amounts of money.When visiting the grocerystore, sign up for the store’sclub membership, which inmany cases automaticallyearns you sale prices as long asyou remember to swipe theclub card before paying. When

shopping for clothes, peruse theclearance racks, especially at theend of the season, when stores sim-ply want to get rid of items and, asa result, mark them down heavily.The items will still be wearable nextseason, and you will have saved alot of money without doing muchwork.

• Re-examine existing insurancepolicies. An insurance company isnot liable to call you and offer lowerrates. However, a consumer oftenfinds his or her company is willingto lower rates for those who initiatethe conversation. For example, mo-torists who have gone a significantamount of time since their lastspeeding ticket or traffic accidentcan often renegotiate their auto in-surance policies and earn a lowerrate. Some companies will automat-ically lower these rates, while othersneed some prodding. Oftentimes,the threat of cancellation is enoughto motivate a company to reduce in-surance costs. But policy holderswon’t know unless they try. If thecompany claims there’s no wiggleroom, start shopping around for anew company, and don’t hesitate to

jump on a more affordable policy,even if it can be a hassle to changecompanies and policies.

Another thing to consider whenexamining insurance policies if thelevel coverage is still necessary. Forinstance, men and women whoopened an auto policy when their

car was brand new might not wantfull coverage now that the car hasgotten older. Reducing coverage cansave significant amounts of money.

• Contact your credit cardprovider. Credit card holders ingood standing almost always havethe means to saving money at their

disposal. That’s because the creditcard company will likely be willingto lower your interest rate if you area customer in good standing. Low-ering the interest rate can save cardholders significant amounts ofmoney, but it’s still ideal for cardholders to pay off their balanceseach month and avoid interest ac-cruing in the first place.

When speaking with a represen-tative of your credit card company,discuss any additional benefits thecompany might provide. For exam-ple, some cards have an incentiveprogram that provides cash back onqualifying purchases, which mightinclude groceries or airline tickets.If your card offers such incentives,take full advantage of them, just besure to pay off the balance in fulleach month.

Saving money is somethingmany people insist they will startdoing tomorrow. But it’s the littlechanges you make today that canadd up to significant savings downthe road.

2 - Paulding County Progress Financial & Tax Guide Wednesday, February 8, 2012

It’s likely that your retirement income may come from many sources, such as Social Security, pension distributions, a 401(k) or IRA withdrawals. That’s why, if taxes are a concern for you, it’s important to choose the right investments for your portfolio. At Edward Jones, we have many options that can give you more control over your taxes, so you can enjoy what you’ve worked so hard to achieve. Edward Jones, its employees and financial advisors cannot provide tax advice. You should consult with a qualified tax specialist for professional advice on your specific situation.

SO MUCH PLANNING GOES INTO RETIREMENT. HAVE YOU THOUGHT ABOUT TAXES AS WELL?

Call today to see how our unique, face-to-face approach makes us best-suited to help long-term investors meet their current needs and future financial goals.

www.edwardjones.com Member SIPC

Philip J Recker, AAMS®Financial Advisor.

121 N Main StPaulding, OH 45879419-399-3767

Renegotiating existing insurance policies is one way men and women cansave substantial amounts of money each month.

Changes impacting your tax return this year(NAPS) – Three out of four taxpayers re-

ceived a refund from Uncle Sam last year,averaging $2,805. This year’s amount shouldbe about the same, thanks to a few major taxlaw changes expiring or added during 2011.

Although your bottom line may change lit-tle, there are changes you should be aware offor this year’s tax return.

“Unless lawmakers extend them, this willbe the last year to claim several well-knowntax breaks,” according to TaxACTspokesperson Jessi Dolmage. “Take advan-tage of them while you still can. With 2012

being an election year, it’s anyone’s guess asto what changes could be in store for nextyear’s return.”

Before you do your taxes, read this sum-mary of the more notable changes that mayaffect your federal return this year.

• The filing deadline is Tuesday, April 17,2012, because April 15 is a Sunday andWashington, D.C., is recognizing Emancipa-tion Day on April 16. Don’t use the laterdeadline as an excuse to procrastinate,though. When you rush, you’re more likelyto make mistakes that could cost you money

and time. Furthermore, filing, paying or pro-viding information late will result in IRSpenalties that have increased this year.

• Your 2011 tax return could be your lastchance to claim one of the credits for energy-efficient home improvements as well as de-ductions for tuition and fees, educatorexpenses, mortgage insurance premiums,and the option to include your state and localsales taxes paid as an itemized deduction (inlieu of state and local income taxes paid).

• The Making Work Pay Tax Credit andAlternative Motor Vehicle Credit (unless it

was a new fuel-cell vehicle) that you couldclaim last year have expired. The MakingWork Pay Tax Credit was essentially re-placed by the payroll tax holiday for 2011,which employees and the self-employed al-ready received in 2011 paychecks through areduction in FICA-OASDI Social Securitytaxes. Unlike the Making Work Pay TaxCredit, employees who benefited from thepayroll tax holiday don’t need to claim it onthis year’s tax return.

• The amount of the Health Coverage TaxCredit decreased to 72.5 percent for qualifiedhealth insurance coverage received betweenMarch and December 2011.

• If you converted a traditional IRA to adesignated Roth IRA in 2010 or rolled overa qualified retirement plan to a Roth IRA, butdid not report the taxable amount on your2010 tax return (due April 2011), you mustreport half the amount on this year’s returnand the other half on your 2012 return. De-tails are available in IRS Publication 575 atwww.irs.gov

• Amounts for standard mileage, standarddeductions, personal exemptions and the Al-ternative Minimum Tax have increased. Notethat there are different standard mileage ratesfor miles driven before July 1 and after June30. Details about all increases and other taxlaw changes can be found in IRS Publication17.

Online and downloadable tax preparationprograms make navigating tax law changeseasy. When choosing your software, Dol-mage reminds you to carefully weigh youroptions, especially if you’re using a free so-lution. “Make sure it covers your tax situa-tion. Many free federal products only coversimple returns, like Form 1040EZ returns.Most taxpayers need forms and schedulesthat are only included in overpriced solu-tions.”

Wednesday, February 8, 2012 Paulding County Progress Financial & Tax Guide - 3

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The filing deadline isn’t the only notablechange that may affect your federal tax returnthis year.

Financial and Tax Guide 2012

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