C2 NOVEMBER 25-DECEMBER 1, 2009 BUSINESS NEW PITTSBURGH COURIER
Calculate your
BUSINESS
entrepreneurial profile
Don’t leave valuable
CALENDAR
Community marketplace
NOV. 28—Hosanna House will
CONTINUED FROM C1 manner will they be re-
tax breaks on the table
host a Community Marketplace
vestors, suppliers, and so solved perhaps using a
from 10 a.m.-4 p.m. at 807 Wal-
on); view every contact as a legal mediator instead of
by Jason Alderman
Life, Visa’s free personal financial man-
lace Ave., Wilkinsburg. The Mar-
business opportunity (mar- expensive court proceed- agement site (www.practical-
ketplace is to develop a venue
keting sales, PR); know ing.
For New Pittsburgh Courier
moneyskills.com/benefits).
where people bring their families
your strengths and limita- Don’t put all your eggs in In the midst of the holiday hustle and Charitable contributions. If you item-
to visit and be entertained while
tions. Ask for assistance, it one basket. Keep the bustle, try to carve out a few moments ize deductions on your taxes, charitable
shopping and networking. The
avoids early burnout. Re- sources of revenue bal- for some year-end financial housekeep- contributions made to IRS-approved or-
marketplace creates an opportu-
member, it’s a long dis- anced by not relying on one ing. You may be able to save enough ganizations by Dec. 31 are generally
nity for economic development
tance race, use balanced customer. If their business money using available tax breaks to tax deductible. (See Publication 78 at
and cultural exchange. The mar-
routine habits both per- falters, it puts your hard pay for all your holiday needs—and www.irs.gov for a complete list of orga-
ketplace will also be held Dec. 5,
sonal and business in your work and dedication at more. nizations.) By accelerating donations
12 and 19. For more informa-
approach. risk-through no fault of Here are a few suggestions: you planned to make in 2010, you can
tion, call 412-243-7711.
If you’ve got a great new your own. In the early Boost 401(k) savings. You can con- beef up your 2009 deduction, thereby Business luncheon
idea and no competition in years, most successful en- tribute up to $16,500 to your 401(k) lowering your tax bill.
DEC. 2—The Board of Directors
sight, you must be sure that trepreneurs reinvest much plan in 2009, plus an additional $5,500 Tax credits for energy-efficient home
of the African-American Chamber
the product or service will of the revenues back into if you’re over age 50. Making pretax improvements. You can claim a tax
of Commerce of Western Penn-
be of value to customers at growing the business tak- contributions reduces your taxable in- credit for up to 30 percent of the pur-
sylvania will host their Annual
a price that also yields a ing as little as possible in come, which in turn lowers your chase price of certain home improve-
Business Luncheon at 12 p.m. at
profit. If your aim is to compensation until the taxes—not to mention the boost em- ments to existing homes (including cen-
the Omni William Penn Hotel,
enter a field with estab- venture has achieved sig- ployer-matching contributions, when of- tral air conditioning, furnaces, windows
530 William Penn Place, Down-
lished competitors, you nificant financial mile- fered, can give to your account balance. and water heaters), up to a maximum
town. The keynote speaker will be
should realize your own stones. Remember, you are Online calculators (like the one at of $1,500 over 2009 and 2010. Check
Robert P. Kelly, chairman and
strengths and weaknesses, passionate in building a vi- www.kiplinger.com/tools/401kadd.html) out the government’s Energy Star web-
CEO, BNY Mellon. Reservations
as well as those of your sion or legacy that remains can help you estimate the impact addi- site for details
are requested by Nov. 27 and the
competition. Calculate first well into the future. tional contributions will have on your (www.energystar.gov/taxcredits).
cost is $65 for members and $75
whether you can provide a Strive for leadership in taxes. If you’re not already maxing out, Sales tax deduction for new cars. If
for non-members. For more in-
better product or service market share positions by ask your benefits department if you can you’re already planning to buy a new
formation, call 412-392-0610.
over a competitor’s price. taking educated risks in make additional contributions before vehicle in the coming months, doing so
Develop a thorough market launching new brand op- Dec. 31. before Dec. 31, may allow you to deduct
Marketing makeover
research plan based on mul- portunities without incur- Use up flexible spending account state and local sales and excise taxes
DEC. 2—Bynums Marketing &
tiple reliable sources. Get ring significant debt. Study (FSA) balances. If you participate in on up to the first $49,500 of the cost,
Communications will host a “Mar-
critical feedbacks, remain- the competition carefully to employer-sponsored health care or de- even if you don’t itemize deductions.
keting Makeover” Workshop from
ing open to new ideas. Find discover what works for pendent care FSAs, which let you use The deduction gradually phases out for
4:30-6 p.m. at the Cardello Build-
trustworthy friends, men- them and what doesn’t. pretax dollars to pay for eligible ex- those whose adjusted gross income is
ing, 2nd floor, Conference room,
tors and other business Stay flexible in your ap- penses, make sure you spend the full over $125,000 ($250,000 for married
701 N. Point Dr., North Side. This
owners to gain advice or po- proach by seeking new balance before the plan-year deadline couples filing jointly).
workshop will teach individuals
tential startup funding. cost-efficient ways to im- (sometimes up to 75 days into the fol- Other strategies that help some tax-
how to avoid marketing choke-
Entrepreneurs may de- prove the business, profit lowing year); otherwise, you’ll forfeit payers include:
points that can sabotage one’s
cide to share the startup margins and new product what’s left over. •Prepaying 2010 property taxes by
success, how to get higher re-
venture with partners each developments. You can use your surplus health care Dec. 31, 2009
sponse rates, how to grow one’s
focusing on segments of (Farrah Gray is author of “The FSA balance for things like over-the- •Prepaying January 2010 mortgage
business in any economy and
the business, i.e. market- Truth Shall Make You Rich: The counter medications, glasses or con- payment by Dec. 31, 2009
how to outsmart one’s competi-
ing, finance, R&D, etc. New Road Map to Radical Pros- tact lenses. Conversely, if your ac- •Making annual gifts of up to $13,000
tion. The cost for the workshop is
Consider how much of the perity,” “Get Real, Get Rich: Con- count is empty, consider postponing ($26,000 for married couples) per recip-
$65. For more information, call
business and control over quer the 7 Lies Blocking You from non-critical medical expenses until ient without triggering estate taxes
412-471-4332 or e-mail crystal-
the startup are you willing Success” and the international early next year so they can count to- Check with your financial adviser or a
bynum@ymail.com.
to share. Is it 50-50, one- best-seller “Reallionaire: Nine ward your 2010 FSA. See IRS Publica- tax specialist before taking these ac-
Business series
third or quarters such deci- Steps to Becoming Rich from the tion 502 for a complete list of allow- tions to ensure they will work for you.
sions will impact the devel-
DEC. 3—The Carnegie Library
Inside Out.” He is chairman of able and non-allowable expenses (Jason Alderman directs Visa’s financial edu-
opment process and re-
of Pittsburgh will host their
the Farrah Gray Foundation. Dr. (www.irs.gov). cation programs. To sign up for a free monthly
sults. It is important to
Business Program Series from
Gray can be reached via e-mail at To learn more about 401(k) plans and personal finance e-Newsletter, go to www.practi-
have a written partnership
12:15-1 p.m. at the Downtown
fg@drfarrahgray.com or his web- FSAs, visit Practical Money Skills for calmoneyskills.com/newsletter.)
agreement. For example, if
business branch, 612 Smithfield
site at http://www.drfar-
conflicts arise in what
St. The topic is “Doing Invest-
rahgray.com/.)
ment Research? Find Out How
New twist on reverse mortgages
Our Library Can Help!” Jeffrey
Fortescue, manager of Business
and Reference at the Carnegie
Library Downtown branch, will
CONTINUED FROM C1
•They aren’t cost-effective if you plan to be the presenter and will discuss
home, the greater the available loan. move in a few years. how our resources can help you
•You needn’t repay the loan until you •You are responsible for homeowner’s become a better investor. This
move out permanently, sell the property fees, property taxes, insurance and re- event is free and open to the
or die. Any money left after the sale goes pairs. If you don’t pay them, you risk loan public. For more information,
to you or your estate. cancellation or foreclosure. call 412-281-7141.
•The repayment amount never exceeds •The longer you carry a reverse mort-
Professional networking
the home’s final sale value, so you (or your gage, the more it will decrease your home
heirs) are never liable for more than you equity, and thus, your estate. However,
DEC. 3—Jessica Lee will host
originally borrowed. weigh that and living in your own home
“Entrepreneurial Thursdays”
•Reverse mortgages have no minimum against the expense and possible inconve-
from 5:30-8 p.m. at Little E’s,
income or credit score requirements. nience of an assisted living facility.
949 Liberty Ave., Downtown.
•You can take the money as a lump AARP’s comprehensive overview of re-
This is a professional networking
sum, a line of credit, fixed monthly pay- verse mortgages includes a free online
event with live jazz/R&B music.
ments or any combination. seminar and a loan calculator
“Life Balance Entrepreneurs.”
•It’s not considered taxable income so (www.aarp.org/money/revmort). HUD also
There is a $10 cover charge with
Social Security and Medicare benefits provides valuable information, including a
a full bar and dinner selections.
usually aren’t impacted. search engine to find HUD-approved
Business casual is the attire. No
Observe these cautions, however: housing counselors who can help you
jeans or tennis shoes. For more
•Reverse mortgages can be expensive: weigh the pros and cons for your particu-
information, call Sandy Marshall
An origination fee up to $6,000, initial in- lar situation (www.hud.gov).
at 412-802-6780 or visit
surance premium of 2 percent of the (Jason Alderman directs Visa’s financial educa-
www.jessicaleesong.com.
home’s value, a monthly insurance fee tion programs. To sign up for a free monthly per- First step
and other miscellaneous charges may sonal finance e-Newsletter, go to www.practical-
DEC. 4—University of Pitts-
apply. moneyskills.com/newsletter.)
burgh Small Business Develop-
ment Center will host “First Step:
Discontentment: An impediment
Mechanics of Starting A Small
Business” from 7:30-10 a.m. at
the university’s Mervis Hall,
Roberto Clemente Dr., Oakland.
CONTINUED FROM C1
Brand names don’t neces- do all that their heart de-
This workshop will discuss how
up to a bigger and better sarily make it better. It’s sires. Being content is
to get the financing one needs to
car every three years thus the marketing behind the about being grateful for the
start a business, learn about
increasing the size of their brand names that makes good things and people in
business structures, how to ac-
mortgage and car loan and you think its better. It’s your life right now. It’s
cess helpful resources and un-
extending the time they’re okay to seek quality in about enjoying and loving
derstand the forms that will allow
in debt, this family mar- every purchase that you on those people and things
one to establish their business.
veled at the idea of spend- make—even if you have to in this moment and time.
The event is free. For more infor-
ing the rest of their living pay a premium price. The Because right now, this is
mation, call 412-648-1542 or e-
years in a paid for home. problem arises when you’re all that you have and you
mail ieeregistration@katz.pitt.edu.
They reasoned that they seeking brand name for have to make the best of it.
Business basics
should be able to get an- status purposes. Being content will impose
other five or more years out
Dec. 5—SCORE will host their
Being content isn’t being self-discipline and self-re-
their current vehicles.
Small Business Workshop from 9
void of ambition. One spect. Being content will
Lesson learned: Con-
a.m.-1 p.m. at DeVry University,
should strive to obtain and erase envy.
stantly chasing bigger and
210 Sixth Ave., Downtown. This
better can lead to poverty
highly interactive workshop is
and void of happiness. Big-
ger and better can make October home sales rise
geared to aspiring and existing
small business entrepreneurs.
you feel good for a mo-
Business professionals cover the
ment. After the novelty
CONTINUED FROM C1
topics of small business planning,
last week. Nationwide, a
wears off, you’re left with a
recordkeeping, taxes, financing,
But the government sup- record 14 percent of home-
big bill and a feeling of
marketing and legal aspects. The
port can’t last forever. For owners with a mortgage
emptiness. You end up
cost is $45 and registration is re-
example, the Federal Re- were either behind on their
back on the grind chasing
quested by Dec. 5. For more infor-
serve is likely to curtail its payments or in foreclosure.
bigger and better seeking
mation, call 412-395-6560, ext.
effort to push down mort- And in areas where fore-
the temporary joy and hap-
130 or e-mail infor@scorepitts-
gage rates next year. If closures have hit hard,
piness the next bigger and
burgh.com.
rates then rise too high, it housing remains depressed,
better thing will bring you would make home pur- despite low prices and
Awards ceremony
only to repeat this cycle chases less affordable and mortgage rates and the tax DEC. 7—Jennifer Antkowiak of
time and time again. dampen housing demand. credit. KDKA and Pittsburgh Profes-
Lesson No. 3: They were “When we do kick those Cleveland real estate sional Women will host the 2010
not concerned with brand crutches out from under the agent Colleen Rock notes Women of Integrity Awards Lun-
names. I recall the wife housing market, will it be that the city’s economy is cheon from 1-3 p.m. at the
getting visually excited as able to stand on its own?” still struggling with job Sheraton Station Square, W. Sta-
she talked about the good said Mark Fleming, chief losses. Another round of tion Square Dr., Station Square.
deals and quality items she economist with real estate foreclosures could depress The Women of Integrity(tm)
was able to purchase at information company First prices again. award is presented to four well-
various discount and thrift American CoreLogic. “It’s “Just because we’re stabi- respected businesswomen in the
stores. I’m reminded about really hard to tell.” lizing, I can’t comfortably Western Pennsylvania region
how shocked they were at Another concern is that tell you we’re back to a nor- each year. The mistress of cere-
the price of the tennis job losses are pushing once mal market,” said Rock, an monies will be Allison Morris of
shoes their son’s basketball creditworthy homeowners agent with Re/Max Cross- KDKA. Business formal attire is
team decided to buy. Prior into default. Borrowers roads. “It might be another required. The cost is $39 for
to that purchase, they’d with prime, fixed-rate loans year.” members and $49 for non-mem-
only bought shoes that accounted for one in three (Associated Press Writers bers. For more information, call
were marked down. new foreclosures in the sec- David Twiddy, Alex Veiga and Beth Caldwell at 412-928-3663
Lesson learned: Good ond quarter, the Mortgage Adrian Sainz contributed to this or e-mail bethcadwell@com-
enough is good enough! Bankers Association said report.) cast.net.
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