Number Crunchin' News
October 2006
Dear SBBA Members,
I can’t believe October is here already and we need to start planning our Holiday Event! If you are interested in being on the committee, please let me know. I hope many of you have registered for our upcoming Non-Profit Seminar on October 28th, as it’s going to be a very informative event and you don’t want to miss it!
I have been busy over the last month evaluating and renewing my company insurance policies and it’s been very enlightening. I decided to get quotes from three companies this time, and I asked each agent to inform me of all the potential additional insurance I should consider. What I learned will not only benefit my company, but my client’s companies, as I will now remind my clients to review their policies each year, not just allow automatic renewal. I added additional coverage for my office equipment, document replacement in case of disaster, and cash replacement, for a reasonable cost. I also revised other coverages that are not so reasonable, but very important for my company. As you businesses grow and change, you should re-evaluate your insurance needs each year.
I hope to see everybody at this month’s meeting!
Karen Ziegler-Mora
Please email your RSVP for the October 17th Monthly Meeting to Karen Mora at: scubaz@cox.net
SECRETARY’S MINUTES
The September meeting of the Santa Barbara Bookkeepers’ Association was held at Milligan’s Café on Tuesday, September 19, 2006.
Meeting was called to order by Karen Mora, President.
Guest and New Members introduced themselves.
The SBBA Non-Profit Seminar on Saturday, October 28th was announced.
The slate of officers for the next year was presented by Paula Mauro as follows:
President - Karen Mora
Vice President – Sue Starlin
Treasurer – Patti Karr
Secretary – Rosemary Chidester
Directors – Vicki St. Martin, Pam Allman and Jennifer Loren
Caron Garliepp - Webmaster and List Server Administrator
The slate was approved by a vote of attending members.
The guest speaker at the meeting was Susan Frazier, CPA from MacFarlane Faletti & Co. speaking about Trusts, how they work, and the different kinds of trusts.
The winner of the free lunch drawing was Coleen Van Nostrand.
Rosemary Chidester, SBBA Secretary
SBBA Non-Profit Seminar
Mark your calendars now for Saturday, October 28th from 9AM to 1PM for an SBBA seminar on non-profit organizations. Brad Stolti, CPA will be our speaker, and the topics will cover important details you need to know to setup and do bookkeeping for non-profits. Specific seminar details will be emailed soon. You won’t want to miss this! Please RSVP and mail your check no later than October 20th.
QuickBooks Users Group Meeting
Monday, November 13, 2006
Santa Barbara City College.
West Campus – Business & Communications Building
721 Cliff Drive, Santa Barbara
Room BC214 – Conference Room
6:00 – 8:00 p.m. - $20.00 (Snack included)
To reserve a seat, send check payable to:
QB Users Group, P.O. Box 3302, Santa Barbara, CA 93101
Topic: Year-end related issues – Bring your questions
The Group is for ALL levels of QuickBooks users and is open forum to share experience, knowledge and support. PLEASE JOIN US!
For further information, please email: Bonna Hamilton at Bonna@silcom.com
ERASE YOUR HARD DRIVE:
USAA Magazine, Fall - 2006
Before you dump your old computer, wipe out your hard drive to make sure no one can steal personal data. Here's how:
1. Erase it with disk-cleaning software. USAA's Internet security folks like Active@KillDisk, which allows you to destroy all DOS data on floppy disks and hard drives. You can download a free sample at killdisk.com/downloadfree.htm. Among Macintosh users, MacBurn, SuperScrubber, and Drive Genius are popular. Experts recommend running disk-erasing products multiple times to completely wipe out the data.
2. Hire an expert. If you're not comfortable erasing the hard drive yourself, ask a reputable computer retailer to do it for you.
3. Remove your hard drive from your computer. You can add it to your new system for access to old files or erase it for extra storage. If you need help, most computer stores have technical-support available for hire.
GIFT TAX UPDATE:
also from - USAA Magazine, Fall - 2006
Feeling particularly generous? You can give an extra grand this year without the lucky recipient having to pay federal taxes on it. Why? In 2006, the annual gift tax exclusion went from $11,000.00 to $12,000.00 a person, per calendar year. (Gifts you make above $12,000.00 generally must be reported to the IRS and could subject you to the gift tax.) For details, see IRS Publication 950,
"Introduction to Estate and Gift Taxes" at irs.gov, or consult a tax advisor.
Money Tips:
Source: 2006 Retirement Confidence Survey
Rely on retirement savings, not Social Security:
The 2006 Social Security Trustees Report projects that the Social Security system will run out of money in 2040. If you’re counting on Social Security for a significant share of your retirement income, you may need to think again.
Among current retirees, 43 percent say that Social Security is their largest source of income. Another 22 percent cite personal savings, including individual retirement accounts and 401(k) plans. But looking ahead, only 20 percent of current workers expect Social Security to provide the bulk of their retirement income. Nearly half (48 percent) say their main source will be personal savings.
Lawmakers are considering several proposals to help fix Social Security's problems, but for now the system's future remains questionable. In the face of this uncertainty, you'd be wise to rely more on yourself rather than Social Security to fund your retirement.
Working longer, phasing in your retirement or taking a part-time job after you retire may be appropriate, depending on factors such as your health and the employment situation at the time. An even better course of action: Save and invest more for retirement with the goal of having enough to live comfortably ----- with or without Social Security.
NOTE FROM THE EDITOR:
October's Newsletter was prepared by Jo Rogers..........Happy Halloween everyone!!!!!!
The Not So Fine Print