AAA Tipsy Tow Program

We are now just days away from the New Year, which means many of us will be attending New Year's Eve parties. This comes with obvious risks of drunk driving, which can be avoided with proper planning.

A program sponsored by AAA, called Tipsy Tow, will gladly give you a ride AND your car a tow home for FREE. You do not need to be a AAA member to use this service! Just call 800-AAA-HELP and ask for a Tipsy Tow. You and your ride will be transported up to 10 miles free of charge, and then a fee per mile after that. This program varies in availability and terms by state (the info presented prior is for the state of Texas), so call the number in advance to learn the specifics for you.

TIPSY TOW Program

• Call 800-AAA-HELP [222-4357]
• FREE Service
• DO NOT need to be a AAA member
• Starts 6pm New Year's Eve, ends 6am on January 1
• Includes a free ride and tow - up to 10 miles in some states (including TX)

Retirement Plan Options for the Self-Employed

Congrats, you are self-employed! While it means that you get to call the shots, it also means that you likely have more to worry about. If one of those many worries is, "How can I save for retirement?" then you have landed in the right place. Fortunately for small business owners, there are some fairly sweet deals that the IRS allows you to use in order to build your retirement funds.

Aside from and in addition to the normal IRA/Roth IRA contributions ($5,000 can be socked away in either, regardless of income...using the rollover technique), there are three main options that self-employed individuals should be aware of.

1. SEP IRA - For the self-employed and contractor, this is an attractive and easy option. 
• Best Features - Easy, cheap to set up/administer, high contribution limits, and can be used in conjunction with a salaried job and 401(k).
• Who Can Use - Any employer or self-employed individuals. 
• Keep In Mind - If you are an employer, you must make equal percentage contributions to all of your employees (not applicable if you only hire contract workers).
• Contribution Limits - 25% of your net self-employed income, or $49,000, whichever is less. The limit is scheduled to increase to $50K in 2012. 

The Obligatory Year End Tax Tips

It is not exciting or fun for me to put out articles that are covered in excess, unless I have a crazy new spin on a common topic or can add value in some unique way. Unfortunately, I fear that this article will go against the grain in that regard, BUT it is something that could benefit many of you out there.

Below are a number of tax tips that you can still take advantage of before year end.

1. Top off your retirement accounts to the maximum allowed if you can afford to. These amounts are per person for tax year 2011. 
• 401(k) type plans - $16,500 ($22,000 if you are over 50)
• IRA and Roth IRA plans - $5,000 ($6,000 if you are over 50)
• Simple IRA - $11,500 ($14,000 if you are over 50)
• SEP IRA and Solo 401(k) - $49,000 ($54,500 for 401(k) if over 50)
2. Max out your HSA plan (if you have one) - $3,050 for individuals or $6,150 for families. Those over 55, but not yet enrolled in Medicare, can put in an additional $1,000. Contributions are counted as pre-tax, earnings are tax-free, and distributions for qualified medical expenses are also tax-free. 
3. Empty your flexible spending account, before the money is forfeited. HSA funds can be carried forward year to year, but flex-spending accounts cannot. Employers can dictate whether this deadline is December 31, or as late as March 15. Find out when your deadline is and make sure you don't forfeit your cash. 
4. Make the most of taxable stock gains. If you would like to make a donation to a non-profit this year, consider donating appreciated stock instead of cash. This allows you to give more to charity, take a larger deduction for it, and skip out on paying what would be a taxable gain on the stock.
5. Make the most of stock losses. You are allowed to sell out of losing positions to capture losses and carry them forward to use against future gains. In addition, you can deduct up to $3,000 against ordinary income in 2011. Just be cognizant of the wash-sale rule, and don't repurchase the same security within the next 30 days. 

Should I Buy Green Bay Packers Stock?

Today begins what will be the fifth stock sale in the Green Bay Packers ninety-two year storied franchise. For $250 (plus $25 shipping and handling) you can own a piece of an NFL team. I won't lie, when I first heard about this, I was pretty excited. You mean, I can own a piece of the Green Bay Packers...whose quarterback is MY quarterback in fantasy football?? Well, yes, anyone with a US address can own a piece of the team, but you should know a few things before you pull the trigger.

What perks come with ownership?
     ~ A nice stock certificate on fancy paper
     ~ The ability to attend annual shareholder meetings in
        Wisconsin
     ~ Access to purchase a special line of shareholder
        apparel


Things you cannot do with your new-found ownership.
     ~ Sell it or transfer it to anyone not directly related to you
     ~ Collect dividends or distributions of any form
     ~ Get special ticket deals or better access to game tickets
     ~ Negotiate any free-agent deals in the works
     ~ Propose any trades or assist in the upcoming NFL draft

All in all, you get the satisfaction of knowing you supported the Packers and you get a fancy piece of paper to prove it. The Packers will use these new funds to help offset the cost of renovations to Lambeau Field. By 2013, the plans call for an additional 6,700 seats, new HD video boards, and a new entrance. If you are a Packer fan, that just might be an investment worth making. Invest well!