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F&M Newsletter - December 2003
We have a monthly publication, which we send to our customers. If you'd like to receive our newsletter by regular mail, let us know. Otherwise, we'll keep the latest version here. These are the articles from December 2003.
What tax law changes can you expect from the Jobs and Growth Tax Relief Reconciliation Act of 2003? In a nutshell… Reduction of Regular Income Tax Rates. For 2003 and after, regular income tax rates are reduced: 27% to 25%, 30% to 28%, 35% to 33%, and 38.6% to 35%. 10% Regular Income Tax Rate. The taxable income level for the 10% tax bracket goes to $7,000 for single individuals; $14,000 for married taxpayers filing a joint return. Reduced Capital Gains Rates. The 10% and 20% rates on net capital gains will become 5% and 15%, respectively. This applies to assets held more than one year, for sales and exchanges on or after May 6, 2003. Dividend Tax Relief. Dividends received by an individual shareholder are generally taxed at the same rates that apply to capital gains: 5% and 15%. Increased Child Tax Credit. This credit increases to $1,000 per qualifying child. Many of you already received part of this credit in advance, based on your 2002 return. MFJ Relief. For married taxpayers filing a joint return, the basic standard deduction will be twice the amount of that for single individuals. The 15% bracket for joint returns will increase to twice the size of the 15% bracket for single returns. Depreciation and Section 179 Increases. An additional first-year depreciation deduction of 50% of adjusted basis is allowed on qualified property acquired after May 5, 2003. Maximum dollar deduction under Section 179 increases to $100,000. (Phase-out does not occur until at least $400,000 of property has been placed in service.)
For more information on these or any other tax law changes, see Connie, Betsy or Shirley, the tax professionals at Trust-Mart®, a full-service trust department, at F & M Bank.
John Havens of Bushnell recently turned 90, while Bertha Pensinger of Marietta turned 91. Happy birthday to both John and Bertha!
Hannah Hogan, 8th grader from St. Joseph, (former Bushnell resident and great-niece of our own Becky and Bob White) became the 2003 girls Class A State Cross-Country champion in Normal, IL recently. Never before in the history of St. Joseph have they had the privilege of having the Individual State Champion attend their school! Congratulations, Hannah, on making history for your school, and bringing them a real trophy this year!
Farmers & Merchants State Bank celebrated their 90th anniversary in 2003, thanks to loyal customers like you. Like you, we live and work in our home town, and we will continue to bring you the best quality service to fit all your financial needs. We do (and always will) appreciate you, our customer.
A great stocking-stuffer for the grown-ups on your list would be our genuine leather checkbook covers (personalized) for $10 or a U.S. flag keychain for $6.95. Ask any of the tellers in the main bank lobby (Peggy, Missy, Jodi, or Rachel) or the drive-in (Janelle or Jennifer) at Farmers and Merchants State Bank to help you purchase these items. Buy early and ease your holiday shopping stress. We will be open until noon on December 24th for last-minute shoppers!!!
The newest member of the Farmers and Merchants State Bank family is Jodi Berger. Jodi was previously employed at Hardee’s for 7 1/2 years, and you’ll see her smiling face in the teller line upon completion of her training period. Jodi was born to Walter and Sandra Richey in Marietta, Illinois, and graduated from Cuba High School. She and her husband, Bill, and two sons Tyson (16) and Bradley (14) remain residents of Marietta. When Jodi is not working at the bank, she loves relaxing and spending time with her family, and especially likes going on nature walks in the timber or fishing. She also admits she loves to perform karaoke with her friends — but don’t come into the bank and ask her to sing!!! (I guess we’ll have to try to catch her performance some evening when she’s not aware of her audience!) Jodi’s favorite recipe is: CHICKEN & GREEN BEAN CASSEROLE
Where's My Refund? The IRS recently released its annual list of taxpayers throughout the country who either moved or had some type of life change that caused their refund checks to be undeliverable. In Illinois alone there are 3,120 regular income tax refunds (worth $2.1 million) that couldn’t be delivered. The Illinois list also includes 4,018 advance child tax credit checks worth $1.8 million. Are you one of those people? An IRS spokeswoman for central and southern Illinois stated that the reason checks can’t be delivered varies. Most often it’s because the taxpayer has moved after they filed their tax return and before the refund was received. A marriage or name change may also cause an address change, and if you fail to notify either the IRS or the U.S. Postal Service, a check sent to the last known address will be returned to the IRS. Taxpayers who move should notify the IRS by filing Form 8822, “Change of Address.” This form is available on the IRS website at www.irs.gov or by calling 800-829-3676. To help prevent this problem, taxpayers could arrange to have their income tax refunds deposited directly into their personal bank accounts. Direct deposits also guard against theft or lost checks
If you think you may have a refund due you, you can look up the list of undelivered monies (broken down by state) at www.irs.gov, then access “Where’s My Refund?” or “Where’s My Advance Child Tax Credit?” You will need to enter your Social Security number, filing status, the amount of refund showing on your 2002 tax return, and possibly the number of exemptions on your 2002 tax return. If you do not have Internet access, call the IRS at 1-800-829-1040 to check for you. (Note: If you owed back taxes, your refund was applied to that figure.)
by Michael Steelman © 2003
We rush about the crowded streets,
We linger in our time
When midnight comes to all of us,
Christmas morning wakes us up,
 Past Newsletter Issues Interested in reviewing a past issue? Here are the past year's!
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Friends in Motion
One of F & M’s retired employees, Lorraine Ridle, and her husband, Floyd, will celebrate their 58th wedding anniversary this month. Congratulations to both of you, and our best wishes for many more happy and healthy years together!
Two souvenirs commemorating Bushnell’s sesquicentennial are also available for purchase at F & M. The 10-inch pottery crock with the sesquicentennial logo emblazoned on the side (made by Monmouth Pottery) and the coffee mug with a 3-D logo etched on the side, sell for $10 each (or four mugs for $38).
Preheat oven to 375º. Place thawed chicken breasts in 9” x 13” casserole pan. Cover with foil and bake for 30 minutes. While the chicken is baking, mix together the green beans, mushroom soup, onions and half of the onion rings. After the chicken has baked 30 minutes, pour the green bean mixture evenly over the chicken and bake another 15 minutes covered. Spread remaining onion rings on casserole and bake 15 minutes uncovered. Let stand 15 minutes before serving. Serve with mashed potatoes and your favorite dinner roll to complete the meal. Enjoy!
