April 15 2010

Main Street by Roger Allen, publisherro

April 15, 2010 // 0 Comments

The day is here! In this country we have what’s called a “volunteer” system of tax collection. However, if you don’t volunteer, trouble lies ahead. If you didn’t get to it yet, the IRS lets you send in an extension request (deadline, April 15) for filing your return. The catch is, your taxes must be paid in full, anyway. If you’re reading this during the day on April 15, and you don’t have time to fill out your income tax forms today, and you know you’ll owe money, here’s what to do: quick, write a big enough check and dash down to the post office and get it in the mail to the IRS before midnight. I know it’s a bit late to mention this. I feel bad that I didn’t start nagging you sooner. Last wolverine? “The Wolverine State,” that’s what we’re called. But that animal isn’t an official state symbol. We have a State Fossil (mastodon), and a State Reptile (turtle) and our State Mammal is the white-tailed deer. We got the nickname “Wolverine State” because people thought there were a lot of wolverines here in the old days. The last wild wolverine in Michigan died a natural death over in the Thumb just a few days ago, the last one seen here in ages. (Wild wolverines can still be found in Canada and other sub-arctic areas.) Now that our last wild example is gone, should we change our traditional state nickname? The Possum State? The Urban Deer State? The Old Rusty Car State? I’ll bet the readers can come up with better suggestions. Editorial commentary First guy: A couple years ago my cousin ran for state senator. Second guy: What does he do now? First guy:  Nothing. He got elected. Best quotes “Outside of the killings, Washington has one of the lowest crime rates in the country.”   Marion Barry (mayor, Washington, DC) “I don’t make jokes. I just watch the government and report the facts.”  Will Rogers (comedian) “When buying and selling are controlled by legislation, the first things to be bought and sold are legislators.”  PJ O’Rourke (author and satirist) Good lord As the storm raged, the captain realized his ship was sinking fast. He called out, “Anyone here knows how to pray?” […]

The Tax Attic with Jerry Coon

April 15, 2010 // 0 Comments

Last minute advice for filing The end of this tax season occurs on Thursday, April 15 for the approximately 80% of all taxpayers who file their tax returns on or before April 15. That still leaves, however, almost 20% who aren’t going to make the filing deadline. What are the consequences of not filing a return? The answer depends upon whether or not an extension is filed. The federal rules for extensions are slightly different than the Michigan rules so let me go over the Michigan rules first. Michigan only recognizes an extension as valid if the taxpayer pays any tax that may be due when the actual return is eventually filed. If there is a balance due when the return is filed, even if an extension was timely filed, Michigan will ignore the extension and access penalties from April 15 onward. Those penalties are 5% per month along with about 9% annual interest tacked on top. It’s very expensive to owe Michigan some money. We do everything possible to make sure taxpayers do not owe Michigan a cent after April 15. We recommend that they pay Michigan a safe amount of money when they file that extension. The federal rules are slightly more taxpayer friendly. If you file a valid extension, you will avoid a 4 1/2% per month penalty that would apply to the first five months a return is filed late. For those of us fuzzy on math, the total for a failure to file that extension amounts to 22.5% after five months. The federal government doesn’t like taxpayers to owe money when the return is finally submitted but they do seem to recognize that taxpayers don’t necessarily want to owe either. There are so many variables in some returns today, that a balance due happens sometimes. In the tax business, I call it having a lot of “moving parts”. The more moving parts, the more difficult it becomes to calculate a true bottom line. The Internal Revenue Service will not be happy there is a balance due. However, unlike Michigan, they will not ignore the extension. They will still assess a ½% per month cumulative failure to pay penalty along with about 5% annual interest, but this is a long way from […]

Birthdays — April 17–23

April 15, 2010 // 0 Comments

17th Fred Tiensivu 18th Jim Corstange, Melody Elder, Montie Woodard 19th Sandy Herrington, Deanna Richard, Wanda Smith, Anna VanderWall 20th Brooke Didion, Marie Taylor, L. TenHave Chapman, Kathy Wisebeck 21st Sally Armstrong, Nicole Clayton 22nd Kelsy Hackbardt

Women enjoy two special days in downtown Rockford

April 15, 2010 // 0 Comments

StayCation offers reasons not to leave town The HEART of Rockford Business Association invites women to grab their girlfriends and head to Rockford for the ultimate StayCation on Friday, April 23 from 5 to 9 p.m. and Saturday, April 24 from 10 a.m. to 5 p.m. Thirty downtown Rockford businesses will be offering free samples, prizes, take home gifts, unbeatable deals and specials, pampering galore, and much more. The two-day event is another example of how a business community can work together to promote a vibrant retail environment despite challenging times. Luckily for shoppers, there is plenty to do and experience and a great time to pick up some freebies and special pricing on unique items. In addition to sales and discounts, many participating shops offer free samples and activities. Baskets in the Belfry offers free samples of hand and body crème, and a drawing Friday evening at 8 p.m., and again on Saturday at 5 p.m. Dar’s Gems & Jewelry is giving a free ring cleaning to customers. Double Take ReSale is holding a drawing for a free Silpada jewelry piece. Great Northern Trading Company, celebrating its 33rd anniversary, is offering a free gift with purchase on Friday from 5 to 9 p.m. J. T. Stitchery & Frame Shop invites shoppers to learn a fun simple “short row” scarf on Saturday at 1 to 1:30 p.m. and 3 to 3:30 p.m. Saturday. You may sign up to win Potato Chip Scarf Kit as well. Learn what to do with your new scarf at Jade with a scarf tying demo from 1 to 3 p.m. on Saturday. Have a taste of imagination at Old World Olive Press where free samplies of exotic oils and vinegars will be available, and learn more about looking your best at Paperdoll with scarf demos and a free drawing. Treat your tastebuds at Poindexters Specialty Marketplace with food samples on Friday night and an Amish cheese demo on Saturday, and test your brain power with a Reading Books scavenger hunt. Take a break at Reds on the River, offering a free hummus and wings bar, from 4 to 7 p.m. on Friday, and don’t miss Rockford Dry Dock, with a specialty snack tasting for your pleasure. Rockford Flower Shop is […]

News Bits — April 15, 2010

April 15, 2010 // 0 Comments

Wolverine World Wide, Inc. announces $200 million share repurchase program, declares quarterly dividend Wolverine World Wide, Inc. (NYSE: WWW) announced that its Board of Directors approved a new share repurchase program at its regularly scheduled meeting February 11, 2010, authorizing up to $200 million in share repurchases. The share repurchases are to be made over a four-year period at times and amounts deemed appropriate by the Company, based on a variety of factors including price and market conditions. Over the last ten years, the Company has returned over $450 million to its shareholders through previously approved repurchase programs. In addition, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.11 per share of common stock. The dividend is payable on May 3, 2010 to stockholders of record on April 1, 2010. “Our continued active stock buyback program and dividend payout underscore the confidence we have in our business model, which is based on a portfolio of vibrant and dynamic global lifestyle brands,” said Blake W. Krueger, Chairman and CEO. “Even in challenging economic conditions, we continue to consistently generate solid operating results and significant cash flow. This financial strength and flexibility permits the Company to invest in new business initiatives, such as the Cushe and Chaco brands that we acquired last year, while continuing periodic share repurchases and paying quarterly dividends to our shareholders. These announcements illustrate our confidence in the long-term growth prospects of the Company and our commitment to return capital to our shareholders.”

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