Welcome to Money Tips!
A publication of Johnson Financial Services

In This Issue                                                    June 2009

~A Note from JFS: How are your financial resolutions?
~Tax Information: Plan for the future – ease your tax burden
~JFS Recommends: GIVE to others
~Upcoming Events:  E-Book in the works….

~Need Help? Johnson Financial Services has a myriad of services to help you succeed!

A Note From JFS

It’s June!!!  Are you keeping up with your New Years Resolutions? --- ‘to save more money’, ‘eliminate debt’, etc. etc.  If you need a little guidance, please do not hesitate to call or email.  We can schedule one-on-one coaching sessions – suggest a list of ‘must read’ books – or even be your accountability partner.

Make 2009 YOUR year to be fiscally sound! 

Tax Planning

HSA Amounts for 2010
 The HSA amounts are indexed earlier in the year (normally released in May) than other indexed items (normally released in December).  IRS has now released the indexed amounts for HSAs.
 
** The CONTRIBUTION limitations are:
Single coverage is $3,050 (up from $3,000 for 2009)
Family coverage is $6,150 (up from $5,950 for 2009)
(The catch up amount for taxpayers reaching age 55 or older by the end of the year remains at $1,000)
 ** A HIGH DEDUCTIBLE health plan is a plan that has an annual deductible that is not less than:
$1,200 for self-only coverage (up from $1,150 for 2009)
$2,400 for family coverage (up from $2,300 for 2009)
 ** The annual OUT-OF-POCKET expenses (deductibles, co-payments, and other amounts, but not premiums) cannot exceed:
$5,950 for self-only coverage (up from $5,800 for 2009)
$11,900 for family coverage (up from $11,600 for 2009)
 A copy of the Revenue Procedure can be found at www.irs.gov/pub/ by clicking on irs-drop and then on rp-09-29.

Work Opportunity Credit (for businesses) -
Businesses planning to claim the newly-expanded work opportunity tax credit (WOTC) for eligible unemployed veterans and unskilled younger workers hired during the first part of 2009 have until Aug. 17 to request the certification required for these workers, according to the Internal Revenue Service.

New Credit Card Law - Caution!
New law went into effect May 22.  This legislation is intended to consumer disclosures and end some egregious practices in the credit card industry but stops short of capping interest rates and fees. Most of the provisions go into effect Feb. 22, 2010. 

There is a lot of controversy of this new law.  Those who pay off their balances diligently each and every month will have many negatives.  Experts predict issuers may charge annual fees, increase interest rates and other fees, lower credit limits, scale back rewards programs and even reduce grace periods. Hammer thinks grace periods will shrink from their 20-day average and eventually disappear. That means interest would accrue as soon as you made a purchase.

JFS Recommends

GIVE year round (not just for the holidays)!  Turn on the news for just 5 minutes and you will see many in need.  My mother has always taught me (and still reminds me today) that there is always someone in greater need than ‘me’! 

There are a variety of ways to help others out. You can make cash donations, help with fundraisers and donate your time.  Here are some examples:  Our parish volunteers one day each month to provide casseroles to the local food kitchen.  Our entire family participates in the preparation of a meal.  (There are six of us and our goal is feed a family our size.)  We make a casserole, veggies, send bread or crackers and make a dessert.  Some friends of ours have adopted an elderly neighbor.  The husband takes her to church or doctors’ appointments; the wife shops for her and makes sure she has her medication; and their kids do yard and housework.

Share with us the great things your family is doing!

Upcoming Events

E-book – Lesley is working on the first in a series of money e-books.  These books will be available soon on our website for purchase.  Please check in frequently for updates.  Please feel free to contact Lesley with any suggested topics for the books.

How Can We Help?

Are you struggling with the business books? Do you not have enough time to make sure that vendors are paid and business taxes are prepared correctly? Do you need a hand with organizing your personal finances? Or, are you in need of some guidance on how to start a family budget? Call or email us with your questions and we can help your business and your family succeed financially.

Johnson Financial Services 
phone: 816.289.0476

Mail: 

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IRS CIRCULAR 230 Disclosure: Under U.S. Treasury Department regulations, we are required to inform you that, unless expressly indicated, any tax advice contained in this email, or any attachment hereto, is not intended or written, to be used, and may not be used to (a) avoid penalties imposed under the Internal Revenue Code (or applicable state or local tax law provisions) or (b) promote, market, or recommend to another party any tax-related matters addressed herein.