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F&M Newsletter - December 2002
Year-End Tax Saving Opportunity!
Review your investments. If you have capital gains distributions from a mutual fund or from a sale of individual stocks, take offsetting losses to make them tax free. If you have a loss, offset it with an equal amount of gain. Ideally, end up with a net capital loss of $3,000 for the year, since a loss of up to that amount is deductible against ordinary income in the current year. Charitable Gifts. When you make year-end charitable contributions, make sure your checks are mailed and postmarked by December 31st. If you are gifting shares of stock or a mutual fund, allow several weeks for the transfer as they must be credited to the new owner by year-end. Monetary gifts. In 2002 you can give up to $11,000 to anyone you wish free of gift taxes. Gifts made by check must clear the bank by December 31st for the gift to qualify as a 2002 gift. Estimated tax payments. Make sure you pay in enough taxes to avoid federal and state underpayment penalties. Taxes withheld from salaries, pensions, etc. are treated as if paid evenly throughout the year. Therefore, it’s possible to increase withholding late in the year to compensate for your increased tax liability if you incur a taxable gain or unexpected taxable income. Required minimum distributions. You are required to take distributions from your IRA after you reach age 70½, typically about 4% of the account value. If you fail to take your required distribution, the IRS penalty is 50% of the amount that should have been taken. If you are still actively employed at age 70½, and participate in a 401K or other employer-sponsored retirement plan, you are not required to take distributions from that account. However, the year you retire and are no longer an employee you must begin taking minimum distributions from the company retirement plan as well.
For additional information stop by Trust-Mart® at Farmers & Merchants State Bank and visit with Connie, Betsy or Shirley.
The 2002 silver commemorative ornaments available at Farmers & Merchants are engravable and will shine for a lifetime of Christmases. They sell for less than $18, come in a protective airtight case with a ribbon for hanging on your tree, a certificate of authenticity, and are wrapped in a Christmas box.
Need stocking stuffers? How about a genuine leather checkbook cover (personalized) for $10? Or a U.S. flag keychain for $6.95? Ask the tellers in the main bank lobby (Peggy, Missy, Erin or Taryn) or in the drive-in (Phyllis or Janelle) at the F & M Bank to help you with your purchases. We’ll be open until noon on December 24th for the last-minute shoppers, too!!
If you have not yet “seen” us, wwwe invite you to check us out. WWWe update our site regularly. You can obtain F & M information, stock market quotes, wwweather, travel and lots more. You can even read the newsletter wwwithout wwwaiting for it to arrive in your statement!!
Please visit us daily at www.bushnellbank.com and let us know how wwwe can improve our site!
Arriving too late for trick or treating, but in time for Thanksgiving, Cooper Blaine was born on November 1, 2002, to our very own Doug (and Brandy) Allaman, of Bushnell. Congratulations on your new tax deduction, “Daddy”! Our own Peggy (and Glenn) Weiss is also a proud mom! Her daughter Charity was a recipient of the Voice of Democracy award, presented by the VFW Post #1422. She is now eligible to compete at the next level. Good luck Charity!!
Brian Hart of Marietta recently entered four head of Suffolk sheep in the 29th annual North American International Livestock Exposition, the world’s largest purebred livestock show. This year the expo is held at the Kentucky Fair & Exposition Center in Louisville, Kentucky, with more than 21,000 entries. Over 225,000 people will attend the event held Nov. 9-22. Good luck Brian!
Lou was born in Colchester to Joseph and Suzie Powell, one of ten children. She graduated from Colchester High School in 1966 and Gem City Business College in 1967. Lou and husband, Phil, recently celebrated their 33rd wedding anniversary, and enjoy spending time with their daughter, Erin (age 14), dog, Sissy, and two turtles, Sophie and Timmy! When Lou isn’t working at the bank you may catch her bowling, golfing, gardening, doing lawn work, walking or exercising (to burn off the results of that ‘sweet tooth’!!) She also takes pleasure in reading to children, taking photos at the community children’s Christmas party, and collects plates and old miniature pencil sharpeners. Some of Lou’s favorite recipes are: CHOCOLATE CHIP PEANUT BUTTER COOKIES
In large bowl, blend together the butter, shortening, peanut butter, white and brown sugars, and eggs. Stir together the flour, baking soda, baking powder and salt; add to butter mixture, beating until well blended. Stir in chocolate chips and drop by rounded teaspoons onto ungreased cookie sheet. Bake 8 to 10 minutes at 375º. Cool on wire rack. ELECTRIC SKILLET LASAGNA
In an electric skillet, brown hamburger in butter. Sprinkle half of the spaghetti sauce mix over meat, then layer the cottage cheese, half the noodles, remaining spaghetti sauce mix, salt, tomatoes, water, remaining noodles and top with tomato sauce. Simmer for 35 minutes. Turn off heat, top with cheese.
CHEX PARTY MIX
Melt margarine in open roasting pan in 250º oven. Stir in seasonings. Gradually add cereals, nuts and pretzels; stir to coat evenly. Bake 1 hour, stirring every 15 minutes. Cool on absorbent paper and store in zip-lock bag.
Your friends at Farmers & Merchants State Bank wish each of you a happy, healthy and safe holiday season. We thank you for your loyalty and business and look forward to serving your financial needs in 2003.
Ms. Claus recently commented that she feels “left out in the cold” by Santa’s lack of public recognition for her tireless work for the Christmas company. “I bake the cookies and make the candy canes. Then Santa takes one ride on the sleigh on Christmas Eve and he gets all the glory,” Ms. Claus stated. She continues, “Also, Santa is a big baby. When he gets a cold he whines and mopes around, lays on the couch in front of the TV flipping channels with the remote, while I’m in the kitchen laboring over a hot stove making his chicken soup.” And, the elves really raise Ms. Claus’s ire; “Not only do I feed old Mr. Jelly Belly, but those elves eat like reindeer!”
The mere mention of reindeer brought up several other touchy issues. “I clean up all of the reindeer stalls, and scooping frozen reindeer poop is not my idea of equal treatment. Dasher, Dancer and Prancer et al are grossly overpaid and overfed!” Ms. Claus even insinuated that the story of “Rudolph the Red-Nosed Reindeer” was a myth. “Actually Rudolph and Santa had a long night of Christmas cheer together that left Rudolph with his very red nose. They barely made it home in the fog, and Santa could have received an SUI (Sleighing Under the Influence).”
Ms. Claus also takes care of the checkbook and claims Santa writes checks like it is his last Christmas. In addition, she is dreadfully weary of mending the big man’s red suit. “I think he needs a new suit, perhaps an Armani, in a taupe color that doesn’t show the spots from sliding down those chimneys.”
When asked for comments, Santa claimed that he never realized Ms. Claus was so upset with their partnership. “I love her dearly,” Santa stated, “and will try to warm up our relations. Perhaps I’ll spend less time drinking coffee with the elves at the North Pole Café, and remember to send her flowers to show her my true appreciation for all her hard work. I don’t want this thing to snowball.”
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WWWe’re turning one December 19th! Yes, the Farmers & Merchants State Bank wwwebsite has now been open for business for one year, and you helped make it a huge success.
The Winter What?
Richard (Dick) and Roberta (Bertie) Chambers of Bushnell recently celebrated their 50th wedding anniversary, former F & M employee Lorraine and husband Floyd Ridle celebrated their 57th and Larry and Patti Riden of LaHarpe celebrated their 40th. Congratulations!
Lou Reno, of Bushnell, has been part of the F & M family for thirty years, serving as a bookkeeper, drive-in teller, loan secretary, and currently as administrative assistant in the loan department.
