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Joyce Bethea Couponing Class Is A Success
Joyce Bethea (left) and Sara Anderson, Lee Town Manager, (right) hosted the couponing class at Lee City Hall.
By Kristin Finney
Greene Publishing, Inc.
On July 12 at 6:30 p.m., Joyce Bethea hosted a couponing class at Lee City Hall. The class was open to the public, free of charge. The class allowed those who attended to learn about the basics of couponing and to learn about different ways to save money when shopping.
Bethea taught the group about stacking coupons by using both store coupons and manufacturers coupons. She gave the group a list of some websites that offer coupons to local stores. She also told the group which stores had coupon dispensers and sales papers.
Throughout the class, Bethea spoke of the importance of keeping shopping local. Shopping locally allows people to keep their jobs and supports the local economy. She stated, “I would love to see people shop more in Madison and keep money local.”
The two winners of the prize drawing for the coupon binders were Tammy Webb and Maryanne Wicker.
Forty-two people attended the class. Due to the high attendance, the group even discussed beginning a monthly meeting where couponers could trade coupons and discuss new sales. Trading coupons would allow people who don’t use some coupons to share them with those who need them, as well as getting some that they may need from others who don’t want them.
How Much Does County Pay Greene Publishing For Legal Advertising?
How much does Greene Publishing, Inc. receive in money for legal advertising from Madison County? The answer below is from each different department in Madison County:
Tax Collector: Tax Collector Frances Ginn paid $112.50 for one legal ad. The ad was to advertise the opening of tax rolls. Her office also collected $70,640 for delinquent taxes. These were NOT paid for by her office or by Madison County. According to Ginn, these were paid for by the taxpayers at who were late in paying their property taxes at the time they did pay the taxes. She also collected $187.20 in late charges for personal property taxes.
Sheriff’s Office: $1,143.30
Supervisor of Elections: $3,147.30
Property Appraiser: $50
Road Department: $1,161.41
Clerk of the Court: $1,148.57
Board of County Commissioners: $2,652.93
The total that Madison County paid for legal advertising last year was $9,416.01.
These numbers only reflect dollars received for legal advertising and do not reflect the amount received for non-legal advertising.
Retirement Contribution Limits Largely Unchanged
By Jason Alderman
You’ll probably hate me for bringing this up, but it’s time to begin planning for your 2011 taxes – or at least, about the tax implications of your retirement account contributions.
For the second year in a row, one widely used inflation measurement, the Department of Labor’s Consumer Price Index for Urban Consumers (CPI-U), remained flat for the quarter ending September 30, 2010, compared to the same period a year earlier. That’s important because the IRS uses this measurement to determine whether dozens of tax-related numbers will stay the same or increase from year to year.
Bottom line: In 2011, most contribution levels remain unchanged. Here’s an overview of common retirement savings plans:
Defined contribution plans. The maximum annual contribution to 401(k), 403(b), 457(b) and federal Thrift Savings plans remains unchanged at $16,500 (plus an additional $5,500 if you’re at least 50). Other factors to remember:
- Your plan may limit the percentage of pay you can contribute so, depending on your salary, your maximum contribution may actually be less.
- Company-matching contributions don’t count toward your maximum contribution.
- With pretax contributions, your account grows tax-free until withdrawn, at which point withdrawals are taxed at the rate then in effect.
- With after-tax contributions, you pay income tax on the money now, but your contributions and their earnings will not be taxed at retirement.
Individual Retirement Accounts (IRAs). The maximum annual contribution to IRAs remains unchanged at $5,000 (plus another $1,000 if 50 or older). Contributions to a regular IRA are not impacted by your income, but if your modified adjusted gross income (AGI) exceeds certain limits, the maximum contribution to Roth IRAs gradually phases out:
- For singles/heads of households the phase-out range is $107,000 to $122,000 in AGI (up from $105,000 to $120,000 in 2010).
- For married couples filing jointly, it’s $169,000 to $179,000 (up from $167,000 to $177,000).
A few rules on deducting IRA contributions on your tax return:
- If you’re single, a head of household or married and neither spouse is covered by an employer-provided retirement plan, you can deduct the full IRA contribution, regardless of income.
- If you are covered by an employer plan and are single/head of household, the tax deduction phases out for AGI between $56,000 and $66,000 (unchanged from 2010); if married and filing jointly, it’s $90,000 to $110,000 (up from $89,000 to $109,000 in 2010).
- If you’re married and aren’t covered by an employer plan but your spouse is, the IRA deduction is phased out if your combined AGI is between $160,000 (s/b $169,000) and $179,000 (up from $167,000 to $177,000).
- For more details, read IRS Publication 590 at www.irs.gov.
A final note: As an incentive for low- and moderate-income workers to save for retirement through an IRA or company-sponsored plan, many are eligible for a savers credit of up to $1,000 ($2,000 if filing jointly). This credit lowers your tax bill, dollar for dollar, in addition to any other tax deduction you already receive for your contribution.
Qualifying income ceiling limits for the Retirement Savers’ Tax Credit increased in 2011 to $55,600 for joint filers, $42,375 for heads of household, and $28,250 for singles or married persons filing separately. Consult IRS Form 8880 for more information.
Jason Alderman directs Visa’s financial education programs. To Follow Jason Alderman on Twitter: www.twitter.com/PracticalMoney.
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