The Deer Creek Chamber membership has benefited my business in many ways from being an advocate for small businesses with local government to helping me build strong personal and professional relationships with other chamber members. These relationships have lead to referrals and contacts that have allowed me to continue to grow my business and offer increased exposure for my new location.

The Edmond Avis Budget has been in business since 2001 and has recently relocated to a much larger facility to meet increased customer service demands and is now located at 509 E Memorial Road. We conveniently serve the North Oklahoma City and Edmond customers with our location on East Memorial between Broadway Extension and Santa Fe avenue at the intersection of Lincoln and Memorial.

We currently feature gas saving economy cars from the fun to drive Ford Fiesta advertised at 40 mpg highway to premium and luxury vehicles like the all new Buick Lacrosse advertised at 36 mpg. Taking your family to Orlando? Then save the money and hassle of airport delays do to the governments “sequester” and rent a seven or twelve passenger van. Our Avis and Budget car rentals come with unlimited nationwide coast to coast free miles with no restrictions to get you to your destination.

Why rent a Budget Truck? Our box trucks have more storage capacity than our competitors with a newer fleet and over 6000 dealers nationwide. All our vehicles come with an assessable 800 number for 24-hour roadside assistance.

Please join us for our open house and business networking event to learn more about us and share your business information with other Deer Creek Chamber Members. Come enjoy food and beverages while networking with other local business members. This event is sponsored by Deer Creek Member RelyLocal Promotions on Tuesday May 7^th from 5:30pm to 8:30pm at Edmond Avis Budget. Please RSVP to First Tuesday on facebook at EdmondAvisBudget or text 405.255.1755.

When you need a vehicle call 405.748.5923, ask for Don Hopper and for the “Friends and Family” discount to receive up to 20% off your rental. At Edmond Avis Budget your quoted price is guaranteed when you return your vehicle undamaged, on time, clean, and full of fuel. And when you rent from Edmond Avis Budget your dealing directly with a locally owned and operated business owner that understands and appreciates the Deer Creek Chamber and the local business community.

Hear from experts, ask questions and lay your groundwork for successful entrepreneurship. Sessions include business start up basics, the elements of a business plan, legal issues, financing, marketing vs. selling, and much more. As a special incentive, there is no charge offered for veterans active in the last 10 years.

Small Business Boot Camp is scheduled Friday-Saturday, April 19-20, 8:00 a.m. – 4:00 p.m. each day. Registration begins at 7:30 a.m. on Friday. Sessions will be held at Francis Tuttle Technology Center, 12777 N. Rockwell Ave., Room D1870, in the Corporate Training building.

Registration is $99 online at www.reiwbc.org, and includes lunch and materials. For more information contact Jennifer Edwards at (405) 319-8190.

Whether you want banners, interior and exterior building signs, vehicle graphics, or signs for your windows, walls, doors or floors, FastSigns® uses the latest sign-making systems and techniques to create high-impact signs that get you results.

Their newest and innovative signage solution is the Standup Kiosk. Replace your old back-lit printed signs with a new dynamic high definition Standup Kiosk. Captivate your customers with stunning graphics in 1080p full resolution. After connecting with a digital signage media player and digital signage software, AVNU digital posters can access a web-based server from any location, and update the contents by LAN, WIFI or 3G. Wall mount and touchscreen versions are also available.

Our professional LCD displays offer continuous, reliable operation 24 hours a day, 7 days a week.  This Kiosk and other digital signage are available on their website at www.fastsigns.com/251 in the View Product Catalogs section.  Just click on Digital Signage or contact Karen McCaslin at the Edmond store located at 1712 S. Broadway in the Edmond Plaza Shopping Center on the SE corner of 15^th & Broadway for pricing on purchases or rental options.  Contact Karen or their other helpful staff by emailing 251@fastsigns.com or call 844-8844.

The new year began with some political drama, as last-minute negotiations attempted to avert sending the nation over the “fiscal cliff.” Technically, we actually did go over the cliff, however briefly, as a host of tax provisions and automatic spending cuts took effect at the stroke of midnight on December 31, 2012. However, January 1, 2013, saw legislation–retroactively effective–pass the U.S. Senate, and then later the House of Representatives. The American Taxpayer Relief Act of 2012 (ATRA) permanently extends a number of major tax provisions and temporarily extends many others. Here are the basics.

Tax rates
For most individuals, the legislation permanently extends the lower federal income tax rates that have existed for the last decade. That means most taxpayers will continue to pay tax according to the same six tax brackets (10%,15%, 25%, 28%, 33%, and 35%) that applied for 2012. The top federal income tax rate, however, will increase to 39.6% beginning in 2013 for individuals with income that exceeds $400,000 ($450,000 for married couples filing joint returns).

Generally, lower tax rates that applied to long-term capital gain and qualifying dividends have been permanently extended for most individuals as well. If you’re in the 10% or 15% marginal income tax bracket, a special 0% rate generally applies. If you are in the 25%, 28%, 33%, or 35% tax brackets, a 15% maximum rate will generally apply. Beginning in 2013, however, those who pay tax at the higher 39.6% federal income tax rate (i.e., individuals with income that exceeds $400,000, or married couples filing jointly with income that exceeds $450,000) will be subject to a maximum rate of 20% for long-term capital gain and qualifying dividends.

Alternative minimum tax (AMT)
The AMT is essentially a parallel federal income tax system with its own rates and rules. The last temporary AMT “patch” expired at the end of 2011, threatening to dramatically increase the number of individuals subject to the AMT for 2012. The American Taxpayer Relief Act permanently extends AMT relief, retroactively increasing the AMT exemption amounts for 2012, and providing that the exemption amounts will be indexed for inflation in future years. The Act also permanently extends provisions that allowed nonrefundable personal income tax credits to be used to offset AMT liability.

Married filing jointly                         $45,000                                 $78,750

Unmarried Individuals                     $33,750                                 $50,600

Married filing separately                  $22,500                                 $39,375

Estate Tax

The Act makes permanent the $5 million exemption amounts (indexed for inflation) for the estate tax, the gift tax, and the generation-skipping transfer tax–the same exemptions that were in effect for 2011 and 2012. The top tax rate, however, is increased to 40% (up from 35%) beginning in 2013.

The Act also permanently extends the “portability” provision in effect for 2011 and 2012 that allows the executor of a deceased individual’s estate to transfer any unused exemption amount to the individual’s surviving spouse.

Phaseout or limitation of itemized deductions and personal exemptions

In the past, itemized deductions and personal and dependency exemptions were phased out or limited for high-income individuals. Since 2010, neither itemized deductions nor personal and dependency exemptions have been subject to phaseout or limitation based on income, but those provisions expired at the end of 2012.

The new legislation provides that, beginning in 2013, personal and dependency exemptions will be phased out for those with incomes exceeding specified income thresholds. Similarly, itemized deductions will be limited. For both the personal and dependency exemptions phaseout and the itemized deduction limitation, the threshold is $250,000 for single individuals ($300,000 for married individuals filing joint federal income tax returns).

Other expiring or expired provisions made permanent

• “Marriage penalty” relief in the form of an increased standard deduction amount for married couples and expanded 15%    federal income tax bracket

• Expanded tax credit provisions relating to the dependent care tax credit, the adoption tax credit, and the child tax credit

• Higher limits and more generous rules of application relating to certain education provisions, including Coverdell education savings accounts, employer-provided education assistance, and the student loan interest deduction

Temporary extensions

• Provisions relating to increased earned income tax credit amounts for families with three or more children are extended through 2017

• American Opportunity credit provisions relating to maximum credit amount, refundability, and phaseout limits are extended through 2017

• The $250 above-the-line tax deduction for educator classroom expenses, the limited ability to deduct mortgage insurance premiums as qualified residence interest, the ability to deduct state and local sales tax in lieu of the itemized deduction for state and local income tax, and the deduction for qualified higher education expenses are all extended through 2013

• Charitable IRA distributions (IRA holders over age 70½ are able to exclude from income up to $100,000 in    qualified distributions made to charitable organizations) are extended through 2013; special rules apply for the 2012 tax year

• Exclusion of qualified mortgage debt forgiveness from income provisions extended through 2013

• Exclusion of 100% of the capital gain from the sale of qualified small business stock extended to apply to stock acquired before January 1, 2014

• 50% bonus depreciation and expanded Section 179 expense limits extended through 2013

The article is written by Broadridge Investor Communication Solutions, Inc., but is provided by Kevin Nichols.  It is meant to be used for informational purposes only and should not be construed as investment or financial advice.  Waddell & Reed does not provide tax or legal advice. Please consult with your tax, legal and financial advisor prior to making financial decisions.  

Copyright 2013 – Broadridge Investor Communication Solutions, Inc., all rights reserved.  Waddell & Reed and Broadridge Investor Communications Solutions, Inc. are not affiliated companies.

Kevin Nichols is a Financial Advisor with Waddell & Reed can be reached at 405.341.4771 x 118 or 1425 South Fretz Avenue, Edmond, OK 73003.  Securities offered through Waddell & Reed, Inc., Member FINRA and SIPC

We install video surveillance (also known as security camera systems), business phone systems and structured cabling.  Chad started in this business about 25 years ago and is well respected in this industry.  We are very community minded; we both coach youth sports and volunteer for our church and other community organizations.  We even offer free workshops on home safety and security. We believe it is our responsibility to give back to the community!

Right now, video surveillance is in high demand.  It seems that we cannot go a week without someone calling us because they were burglarized, the victim of employee dishonesty or some other type of crime.  We have a true passion for this business and helping people.  Nothing is more satisfying than one of our customers calling us to say that we helped them avoid loss or catch a bad guy!

Video surveillance is so much more affordable now than it was just a few short years ago.  In addition, the technology has really advanced!  Now, a person can be in another country and can keep an eye on their home or business in real time on their smart phone.  With 5 kids ranging in age from 9 to 19, we have put our cameras to good use!

If you have every though about having a security camera system installed in your home or business, please give us a call.  We offer great service, great products and a great price! And, we are right down the street from you!

Proud members of the Deer Creek Chamber of Commerce,

Chad & Leslie NesSmith
Owners of Chief DataCom
http://www.chiefdatacom.com/
(405) 708-6510

Come join us in evening of Networking and Holiday fun at Fast Signs Meridian Location, Thursday, December 6 2012 between 6:30-8:30 pm benefiting Toys For Tots. Local celebrity and announcer of our NBA Thunder team, Brian Davis will be joining us as we enjoy the evening with food, drinks and fun! You will receive 3 free drink tickets as well as a raffle ticket upon arrival.  Those who bring a new unwrapped toy to donate will receive a second ticket to double the chances to win an Ipad or many other great prizes!

If you are unable to attend, please drop by any of Fast Signs locations to donate a toy.

Sponsored by Rely  Local, Full Cup, Sweet Peace, Bottle Shop, Comfort Inn and Suites at Quail Springs.

Fast Signs
1401 S Meridian Ave,
73108
405-943-3278

What is the “fiscal cliff”? It’s the term being used by many to describe the unique combination of tax   increases and spending cuts scheduled to go into effect on January 1, 2013. The ominous term reflects the belief by some that, taken together, higher taxes and decreased spending at the levels prescribed have the potential to derail the economy. Whether we do indeed step off the cliff at the end of the year, and what exactly that will mean for the economy, depends on several factors.

Will expiring tax breaks be extended?

With the “Bush tax cuts” (extended for an additional two years by legislation passed in 2010) set to sunset at the end of 2012, federal income tax rates will jump up in 2013. We’ll go from six federal tax brackets (10%, 15%, 25%, 28%, 33%, and 35%) to five (15%, 28%, 31%, 36%, and 39.6%). The maximum rate that applies to long-term capital gains will generally increase from 15% to 20%. And while the current lower long-term capital gain tax rates now apply to qualifying dividends, starting in 2013, dividends will once again be taxed as ordinary income.

Additionally, the temporary 2% reduction in the Social Security portion of the Federal Insurance Contributions Act (FICA) payroll tax, in place for the last two years, also expires at the end of 2012. And, lower alternative minimum tax (AMT) exemption amounts (the AMT-related provisions actually expired at the end of 2011) mean that there will be a dramatic increase in the number of individuals subject to AMT when they file their 2012 federal income tax returns in 2013.

Other breaks go away in 2013 as well.

• Estate and gift tax provisions will change significantly (reverting to 2001 rules). For example, the amount that can generally be excluded from estate and gift tax drops from $5.12 million in 2012 to $1 million in 2013, and the top tax rate increases from 35% to 55%.
• Itemized deductions and dependency exemptions will once again be phased out for individuals with high adjusted gross incomes (AGIs).
• The earned income tax credit, the child tax credit, and the American Opportunity (Hope) tax credit all revert to old, lower limits and less generous rules.
• Individuals will no longer be able to deduct student loan interest after the first 60 months of repayment.

There continues to be discussion about extending expiring provisions. The impasse, however, centers on whether tax breaks get extended for all, or only for individuals earning $200,000 or less (households earning $250,000 or less). Many expect there to be little chance of resolution until after the November election.

Will new taxes take effect in 2013?

Beginning in 2013, the hospital insurance (HI) portion of the payroll tax–commonly referred to as the Medicare portion–increases by 0.9% for individuals with wages exceeding $200,000 ($250,000 for married couples filing a joint federal income tax return, and $125,000 for married individuals filing separately).

Also beginning in 2013, a new 3.8% Medicare contribution tax is imposed on the unearned income of high-income individuals. This tax applies to some or all of the net investment income of individuals with modified adjusted gross income that exceeds $200,000 ($250,000 for married couples filing a joint federal income tax return, and $125,000 for married individuals filing separately). Both of these new taxes were created by the health-care reform legislation passed in 2010–recently upheld as constitutional by the U.S. Supreme Court–and it would seem unlikely that anything will prevent them from taking effect.

Will mandatory spending cuts be implemented?

The failure of the deficit reduction super committee to reach agreement back in November 2011 automatically triggered $1.2 trillion in broad-based spending cuts over a multiple year period beginning in 2013 (the formal term for this is “automatic sequestration”). The cuts are to be split evenly between defense spending and non-defense spending. Although Social Security, Medicaid, and Medicare benefits are exempt, and cuts to Medicare provider payments cannot be more than 2%, most discretionary programs including education, transportation, and energy programs will be subject to the automatic cuts. New legislation is required to avoid the automatic cuts. But while it’s difficult to find anyone who believes the across-the-board cuts are a good idea, there’s no consensus on how to prevent them. Like the expiring tax breaks, the direction the dialogue takes will likely depend on the results of the November election.

What’s the worst-case scenario?

Many fear that the combination of tax increases and spending cuts will have severe negative economic consequences. According to a report issued by the nonpartisan Congressional Budget Office (Economic Effects of Reducing the Fiscal Restraint That Is Scheduled to Occur in 2013, May 2012), taken as a whole, the tax increases and spending reductions will reduce the federal budget deficit by 5.1% of gross domestic product (GDP) between calendar years 2012 and 2013. The Congressional Budget Office projects that under these fiscal conditions, the economy would contract during the first half of 2013 (i.e., we would likely experience a recession).

It’s impossible to predict exactly how all of this will play out. One thing is for sure, though: the “fiscal cliff” figures to feature prominently in the national dialogue between now and November.

Waddell & Reed
Kevin G. Nichols
Financial Advisor
1425 South Fretz Avenue
Edmond, OK
405-341-4771 ext 118
405-249-9467
knichols@wradvisors.com
www.waddell.com

——————————————————————————————————————————————————-

The article is written by Broadridge Investor Communication Solutions, Inc., but is provided by Kevin Nichols.  It is meant to be used for informational purposes only and should not be construed as investment or financial advice.  Please consult with your tax, legal and financial advisor prior to making financial decisions.   

Copyright 2012 – Broadridge Investor Communication Solutions, Inc., all rights reserved.  Waddell & Reed and Broadridge Investor Communications Solutions, Inc. are not affiliated companies.

Kevin Nichols is a Financial Advisor with Waddell & Reed can be reached at 405.341.4771 x 118 or 1425 South Fretz Avenue, Edmond, OK 73003.  Securities offered through Waddell & Reed, Inc., Member FINRA and SIPC

The Deer Creek Chamber supports the passing of State Question 766. The taxing of intangible assets has the potential to put a stifling burden on all businesses and especially small businesses. A ‘Yes’ vote for SQ 766 will help business grow and succeed in Oklahoma. Please join us and help spread the word to vote ‘Yes’ to SQ 766.

SQ 766 Summary:

This measure amends Section 6A of Article 10 of the Oklahoma Constitution. At present that section exempts some intangible personal property from ad valorem property taxation. This measure would exempt all intangible personal property from ad valorem property taxation.

An ad valorem property tax is a tax imposed upon the value of property.

Intangible Personal Property is property whose value is not derived from its physical attributes, but rather from what it represents or evidences.

Intangible Personal Property which is still currently taxed but would not be taxed if the measure is adopted, includes items such as:

o patents, inventions, formulas, designs, and trade secrets;
o licenses, franchise, and contracts;
o land leases, mineral interests, and insurance policies;
o custom computer software; and
o trademarks, trade names and brand names.

If adopted, the measure would apply to property taxation starting with the tax year that begins on January 1, 2013.

The upcoming Presidential Election can be a great way to help children gain a basic understanding of how our country selects leaders. Voting is a key responsibility of citizenship that can be introduced in a way that children can understand. Here are several fun and engaging suggestions to make the election process less abstract for your child: 

• Read engaging age-appropriate books about voting and elections. Start the conversation with a good book like Duck for President by Doreen Cronin.  It is a very entertaining way to introduce children to campaigns and voting. After reading the story together, go back and review the pictures and discuss the parts that your child enjoyed most.  Here are a few more books related to the election topic that your family will likely enjoy: 

Ballot Box Battle, by Emily Arnold McCully (Ages 5-8)
Robin Hill School: Election Day, by Margaret McNamera (Ages 4-8)
My Teacher for President, by Kay Winters and Denise Brunkus (Ages 4-8)

• Conduct a family vote. Pose a voting question to your family. For example, ask them to nominate a meal to have for dinner one night along with an explanation of why their nomination should win.  Conduct a vote, and if the decision isn’t unanimous, discuss possible compromises. 
   
• Pose a “what if” presidential question. Ask your child to draw a picture of or write about (depending on the age of your child) what they would do to make the world a better place.
   
• Create a school to home connection. Chances are your preschooler or kindergartner is participating in election and patriotic-themed activities at school. Reach out to your child’s teacher to learn more about the age-appropriate activities that are being taught and extend the discussion or activity at home. 
   
• Take your child with you to vote. Discuss the roles of the president and other leaders on the ballot and explain in broad terms why you picked a certain candidate. To teach your child good citizenship, it’s a good idea to talk about the merits of your preferred candidate rather than criticizing the opponent. 
   
• Support your child’s interests. If your child shows interest in the election or the office of president, you can encourage this curiosity with child-friendly news sources.

To learn more about Primrose School of NW Oklahoma City, visit www.PrimroseNWOklahomaCity.com, or call 405.721.2200.

As a general rule, a discount point is equivalent to 1% of the loan amount. For example on a $100,000.00 loan, one discount point equals $1,000.00. Each discount point paid on a 30 year loan typically lowers the interest rate approximately 0.250%. That means a 3.00% rate would be lowered to 2.750% if you purchase one point.

Use these 4 steps to determine whether or not buying points makes sense for you.

1. Calculate the amount of your monthly payment at the interest rate you will be charged if you do not pay points. (This will be disclosed on page 3 of the loan application or can be found on the Good Faith Estimate.)
2. Calculate the amount of your monthly payment at the lower rate if you do pay points. (You can ask your lender to provide this information to help you see the difference.)
3. Deduct the lower payment from the higher payment to find the difference between the higher rate & lower rate to determine the amount saved each month.
4. Divide the amount charged for points charged at closing by the monthly amount saved. The result is the number of months you must keep the loan to break even on points.

Break Even Example:

3.000% Interest rate with no points = $546.59 monthly payment

2.275% Interest rate with 1 point bought for $1,000.00 = $533.23 monthly payment

Monthly savings =$13.36

$1,000.00 ÷ $13.36 = 75 months (approximately 6 years and 3 months break even)

Do you plan to stay in your house for over 10 years? If so then buying points might make sense for you. If you do not plan to stay in the house for 10 + years then it might not make sense for you. Utilizing a mortgage lender that can help you make these decisions is a critical part of your financial planning.

Lauren Layman

Lauren Layman is a resident of NW Oklahoma City, President-Elect of National Association of Professional Mortgage Women, a proud Deer Creek Chamber member and a licensed mortgage loan originator for Fairway Independent Mortgage Corp. NMLS ID# 857762. FIMC# 2289. You may contact Lauren at (405) 812-4742 or email her at lauren@myfairway.net. To learn more, please visit www.myfairway.net.  Fairway Independent Mortgage Corp. is an Equal Housing Lender.