Dollars And Nonsense

River Ridge High School ninth-graders Jonathan Shaw, 14, standing, son of Beth and Steve Shaw, Robert Curley, 15, sitting foreground, son of Wendy Baker and Robert Curley, and Gage Rhoden, 15, son of Angela and Dale Rhoden, all of Woodstock, demonstrate the stock market game on Friday morning. five students from Samantha Fraser’s 4th period class placed first in Cherokee County in the Stock Market Game. The game is sponsored by the Georgia Council on Economic Education and teaches students how to invest in the stock market.
Photo by Samantha Wilson slideshow a team of five students from River Ridge High School won the spring 2010 Stock Market Game.

The ninth-grade team was made up of students Gage Rhoden, Jonathan Shaw, Jacob Gaddis, Austin Kohler and Robert Curley, all of whom are in social studies teacher Samantha Fraser’s fourth-period class.

A game continues to catch on in county schools.

The game, that teaches students how to navigate the tricky waters of the stock market continues to cath on in county schools. Sponsored by the Georgia Council on Economic Education, students go through a simulation of stock trading for 10 weeks.

Each student starts out with a hypothetical $100,000 portfolio and begins research on publicly traded companies online to select stocks.

The team from each school district with the highest value portfolio at the end of the 10 weeks wins the game.

River Ridge High School’s team will be recognized by the Council on May 4. The students, Ms. Fraser said, finished with a portfolio worth $109,096, netting them the win in the county.

“I was just proud of them,” she said. “I knew how hard they worked.”

Last semester, a team of 4th-grade students from Liberty Elementary won the fall 2009 game.

The students, Anna Adas, Kammann Brown, Claudia Chu, Abigail Harris and Derrek Woodworth ended with a portfolio worth $120,096.76.

Anna Mixon, fourth-grade teacher at Liberty, said her students enjoyed playing the game.

“I think that all the students had a great time and learned what the stock market actually is,” she said. “Most of them did not really understand what they were getting into.”

Ms. Fraser said while her students were playing the game, they factored in the all-too-real economic recession in deciding which stocks to purchase.

Ms. Fraser said she noticed the students would analyze which industries were suffering and would base their decisions on that.

Ms. Mixon said the same thing. also, she said, her students played the game between October and December and took into account the holiday shopping season.

When the H1N1 flu was getting widespread coverage, the students also considered investing in pharmaceutical companies that would be manufacturing vaccines.

The River Ridge students said they were not expecting to win the game.

“We were all relaxed about it,” said Gage, the 15-year-old son of Dale and Angela Rhoden of Woodstock.

Gage added he and his team of students decided to invest in stocks such as Apple, eBay and Lifetime brands.

“We went with things that were safe,” he said, adding the students avoided anything related to the home building and automobile industries.

Jacob, the 14-year-old son of Keith and Carol McNeese of southeast Cherokee County, said the students didn’t do much trading and held onto stocks for as long as they could without hurting their portfolios.

Jonathan, the 14-year-old son of Steve and Beth Shaw of Woodstock, added he was glad he participated in the game because he’s learned how the market operates.

Ms. Fraser said she believed her students enjoyed playing the game and they also learned a sense of “autonomy.”

“They were motivated to do the research,” she said.

Taking stock

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A very important part of personal financial planning is tax planning. this article will help you take the mystery out of personal tax Planning by providing a financial planning perspective for your overall tax situation.

1. Be aware of the different types of taxes

Many people are not aware of the different types of tax systems that we have. Income: Federal, State and Local. Real estate tax. Tax on Investments: Dividends, interest, capital gain, and passive income on stocks, bonds, mutual funds, and investment real estate. Estate or Inheritance Tax: Federal and state tax due on the estate or the inheritor. Gift tax: tax on giver of large gifts. Entitlement Tax: Social Security and Medicare (FICA), Federal Unemployment (FUTA). Sales, self employment, and corporate taxation.

2. Consider working with a Qualified Tax Professional

Tax planning can be complex for many people, therefore it may be wide to work with a trusted professional tax advisor.

Tax advisors not only prepare your taxes but can help make decisions that will affect your future. They can serve as advisors for a whole host of matters and they can represent you if you face the dreaded audit. Consider the following when selecting a tax professional:

- Local: Someone that you can easily meet with face to face

- Personable: Someone that you can interact with and who cares about you

- Proactive: Some tax preparers simply look at your previous year’s return and plug your current numbers into last year’s format. this of course assumes that last year’s preparer knew what he/she was doing. Try to find a preparer who knows your situation. A proactive professional will ask questions that will help you anticipate changes in your tax situation to help you properly plan in advance

- Reputable: Find a professional with a good reputation. Ask people you admire for a referral.

- Skilled: look for an accountant that is very competent. You have to be smart to obtain a degree in accounting or law.

Fees: Find out up front what they estimate their fees to be, what they charge to file electronically and whether they will represent you in an IRS audit. Avoid any ‘early refund’ ploys. Some well known tax preparation companies ‘provide’ this service which charges a hefty fee (with a lot of small print) and a lot of advertised hype for you to get your refund ‘early’. it is basically a high-interest loan. Just waiting for your actual refund will save you a lot of money.

3. Remember, tax preparation entails both art and science

The science involves the mathematical calculations that in most instances can be figured using calculators and software, and the infinite number of complex tax laws.

The art of tax planning comes into play with interpretation of any special circumstances. There are some areas of tax law that leave the government’s intentions unclear. no law can completely anticipate each person’s situation. You could call a dozen different IRS agents with the same question and get as many different answers. A proactive planner will research any unusual circumstances you may have and help you plan a course of action.

4. doing your Taxes Yourself?

I firmly believe in getting professional tax assistance. however, I realize that many people prefer to do their own taxes perhaps to save money, or perhaps you have cleaned up the mess a ‘store front’ preparer made of your taxes and vow to do your own. it has been my experience that often the professional tax preparer has saved us the amount of their fee in our taxes. The peace of mind that the taxes are done right has a value all its own.

However, people who have prepared their own taxes at least once with paper and pencil or software usually understand taxes much better. if you self-prepare your taxes, consider having a qualified accountant review them before you send them in. They may find things you or the software might have missed.

If you made less than $54,000 in 2007, you can file your taxes electronically for free through the irs.gov website irs.gov/efile/. if you use tax software and wish to e-file be aware of the fees so that you can budget and compare prices properly. for example, a download of Turbo Tax Home and Business Federal and State for 2006 cost just under $100 and the filing fees cost around $30. Some States allow you to ‘phone in’ your State return for free.

If you choose to mail your return, go to your local post office and send it ‘Certified Return Receipt’ mail to insure that you have a record that the IRS received your paperwork. this will cost around $10 or less and will be worth every penny should the IRS contest the receipt of your return.

5. Keep great records

If you are already very organized you may read this section just to feel great about your organization skills or skip to the next section. if, however you have heard ‘get organized’ many times before and if you are the type of person who balks at the idea of organizing that mess of receipts just remember how you felt last year as tax time approached. You could become organized in only one evening of television viewing with the right tools. Arm yourself with an accordion file with at least 16 sections. Label them according to your situation or use the following sections: Auto, Bank, Business, Credit Cards, Dental, Medical, General Receipts, Grocery, Income, Insurance, Mortgage, Utilities, School, and Taxes. now sort your receipts into these sections. Organizing your receipts will help you “Take the mystery out of…” your financial situation. Use a new accordion file every year. not only will this help you find needed information, it will also help you find a receipt in case you need to return an item you purchased. . your tax professional will be sending you a tax organizer the end of December or the first of January. In this organizer will be a list of information that you will need to gather. becoming organized will help you easily gather the information you need to fill out your tax organizer.

6. Start early

Do not procrastinate on your taxes. Tax professionals are unbelievably busy January through April. Firms who prepare business returns also have a crazy March 15 business deadline. We are providing this information because we want you to get the most attention from your preparer during their craziest season. as soon as you get your organizer, begin gathering the needed papers. if you are only missing one or two pieces of information return the organizer to your accountant with a note that says what is missing. They will begin entering the information in their software. Try to get a January or February meeting with your accountant. These months are the best to meet because they will have more time to spend with you and they will be able to think proactively. if you are looking for a professional, start looking now.

Another reason to start early is allowing yourself time to look for records, ask financial institutions for copies of lost information, or calling investment companies for statements.

7. Judicious Paycheck Tax Withholding

Many people like to overpay their taxes, so that they get a nice refund in time for vacations or other wants and needs – Kind of like a forced savings. Overpaying taxes is like a giving the government an interest free loan of your money.

Good financial management involves developing savings habits so that you set aside money in an interest bearing account from each paycheck for future needs, wants and emergencies. this helps you to avoid using credit cards for those things and not having to wait until refund time. Secondly it then allows you to manage how much you can afford or are able to put into 401(k) plans at work. this accomplishes two things, first you are managing your money better and you are saving for retirement. Saving for retirement in tax deductible retirement plans like 401(k)s will also lower your taxes, enabling you to save more for retirement and everyday needs and wants.

If you want to lower the taxes that are being withheld from your paycheck, file a new W-4 form with your employer to claim an additional withholding. make adjustment for getting married, divorced, having children and for increasing contributions to tax deductible retirement plans. your accountant will help you estimate this.

8. Tax planning is not the tail that wags the dog

Taxes consume a large if not the largest single percentage of your income, therefore good financial planning should strive to lessen them, by whatever means possible as allowed by law.

However, tax planning is not the only core issue of good financial planning. Tax planning works in concert with your overall goals and your individual situation.

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