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Greater Hammonton Chamber of Commerce PO Box 554, 10 S. Egg Harbor Rd. Hammonton, NJ 08037 www.HammontonNJ.us info@HammontonNJ.us 609-561-9080 Newsletter Design-Concepts Advertising APRIL 2012 N E W S L E T T E R Volume 2 - Issue 5 Board Meetings - Second Thursday of the month at Annata Wine Bar - 12 Noon Next Board of Directors Meeting is Thurs. April 12 - 12 Noon at Annata Wine Bar Upcoming Meetings: May 10 and June 14 • Wine from Canal’s BottleStop • Beer and Ale from Kramer Beverage • Assortment of Cheese from Bagliani’s Market • Sweet Treats from Sassy Sweets • Carving and Pasta Stations • Plus Live Music Featuring a special musical performance from the cast of CSP’s Production of... TED Tickets are $50.00. LIMI ER Please contact the B NUM KETS Chamber Office at IC OF T ABLE! 609 561-9080 for L AVAI tickets and information Wed., April 25, 2012 • 7:00pm This Great Evening is Graciously Sponsored by Tomasello’s Winery, 225 N. White Horse Pike, Hammonton, NJ Special Thanks To Canal’s Bottlestop, Kramer Beverage Co., Bagliani’s Market & Sassy Sweets | NJ STATE ABC #12006670 Chamber honors Pignatelli, New Jersey Manufacturers, Landolfi, Marinella W e are proud to announce that our annual Installation and Awards Banquet will be held on Tuesday, May 15, 2012 at the Villa Manor on Hay Street in Winslow. This evening celebrates the area’s economic vibrancy by honoring new and established businesses, as well as those in special award categories. 2012 honorees include Sam Pignatelli - Nice Going Award; New Jersey Manufacturers Insurance and Banking – Industry of the Year; and the Landolfi Funeral Home and Marinella Funeral Home, both – Golden Legacy award winners. Said Chamber President PJ Pullia, “It is a night that highlights the vitality of the area’s business community. We are delighted to put this spirit on display.” The evening begins with the popular business expo displays and cocktails/hors d’oeuvres from 5:30PM-7PM, with dinner and awards following. For tickets and display information, pleased contact John at the Chamber Office (609) 561-9080 or email firstname.lastname@example.org Get to know one of our members OCEAN CITY HOME BANK I n 1887, Ocean City Home Bank was founded to serve the financial needs of families, business owners and visitors in the new seaside resort known as Ocean City. The community bank’s philosophy of offering superior banking products and exemplary personal service has allowed it to thrive for 125 years, withstanding two World Wars, the Great Depression, and a range of economic highs and lows. The bank has witnessed moments of great financial and historical significance, including the enactment of the Federal Reserve Act, as well as the establishment of the Securities and Exchange Commission and the Federal Deposit Insurance Corporation. Since its founding, Ocean City Home Bank has been dedicated not only to providing exceptional banking products and exemplary personal service, but also to supporting customers, business associates and the community with financial support and volunteer efforts. From serving as the title sponsor of a concert enjoyed by hundreds of families to awarding a scholarship that will help one deserving student continue his or her education, Ocean City Home Bank actively seeks opportunities to offer improvement, enrichment and assistance where it is needed most. From its beginning as the bank by the sea, Ocean City Home Bank has grown to a publicly owned financial institution with twelve branches and 200 employees. Despite the changes of the past twelve decades, the economic upheaval of recent years, and the tremendous growth of this community bank, one fact is just as true today as it was in 1887: Ocean City Home Bank is the bank people trust. Attention MeMbers this area is for you! Chamber to Participate in Heart Walk on May 19th Hammontonian Vince Maione, Atlantic Electric's Region President is leading the American Heart Association's annual Heart Walk this year. As a group we would like to coordinate a Team from the Greater Hammonton Chamber to show our support. Check below for Information concerning this year's Heart Walk on Saturday, May 19th. If you would like to join the Chamber's team, please email Joanne Pullia at email@example.com or call 609-561-1200 x116. Members can participate by walking or even by simply giving a donation. There are no minimum donations required. Let's work together to make our workplace, families and communities healthier! Mark your calendar and add your business today. 2012 Southern NJ Spring Heart Walk Saturday, May 19, 2012 Rain or Shine Ocean City Sports & Civic Center - 6th St. just off the Boardwalk, Ocean City, NJ Envelope Drop-Off, Team Photos & Pre-Walk Activities . 9:00am Walk 1, 3 or 5 Warm Up and Program .............................................................10:00am Boardwalk Miles Ribbon Cutting & Official Start ...............................................10:30am You Choose the www.snjspringhw.org Distance! Call Today! Join us... 2012-13 Hammonton Installation & Awards Installation & Awards Banquet May 15, 2012 Banquet The night we celebrate business in our community. An Information Guide... evening of fine dining and good fellowship. Red, White & Blueberry Festival July 1, 2012 will be published in May 2012. The Crown Jewel of Family Festivals, honoring New Jersey’s Everything you wanted to know official state fruit. Where else, but in the Blueberry Capital of about Hammonton - and more. The World? On the grounds of Hammonton High School. F E S T I VA L You and your business can The John W. Mazzeo Memorial Golf Tournament participate at reasonable rates. Fall 2012 Date to be determined Advertising space is still available! It’s a great day of golf and camaraderie. Benefits Chamber DEADLINE IS Scholarships and Activities. White Oaks Country Club. Business Mixers Check our website APRIL 16, 2012 and local newspapers for date. For more information email For more information on any of these or events, visit firstname.lastname@example.org or call John 609-561-9080 www.hammontonnj.us or call John at 609-561-9080 Welcome and Good Luck to new businesses who opened recently in Hammonton Sunrise Cafe held their grand opening and ribbon cutting at on March 9. Pictured are MaryLou Klein, Anthony Mortellite, Mayor Stephen DiDonato, Marie Mortellite, Helen Sims, Henry Mortellite, Givanni DePalma, Dante DePalma, owners Lisa and Lou DePalma and Executive Director of the Hammonton Chamber of Commerce John Runfolo. Sunrise Cafe is located at 414 North Third Street. INFORMATION AND PHOTOS COURTESY OF THE HAMMONTON GAzETTE sage Advice From our expert Members How to clear out the clutter and streamline your recordkeeping to clear personalthe clutterand your home’staxes due.cost plus improvements will help your out financial and reduce any original HowaOrganizingtask, and it’s sure to saverecords need not streamline your recordkeeping be difficult you time money in the long run. A well-organized need not be Organizing your personal financial records system will a difficult task, and it’s sure to Investment Real Estate save you time retain important paperwork and well-organized system will help you retain help you and money in the long run. A reduce the important paperwork and reduce of paper. The first step in Keep all documents relating to purchases of clutter of keeping every scrap the clutter of keeping every scrap of paper. The first property, along with substantiation for improvements step in getting organized is deciding which records to keep and for how long. Use legal getting organized is deciding which records to keep made to the on to records. requirements and your common sense as guidelines for how long to hold property. Keep written appraisals and tax and for how long. Use legal requirements and your depreciation schedules. common sense as guidelines for how long to hold on to TAx RECORDS records. Investment Records You should keep tax records for at least as long as it is possible for tax authorities to audit your return. is later, to examine your Generally, the IRS has three years after the return is due or filed, whichever Investment records generally should be kept until returnTax Records the investment a totally liquidated, plus a period of and assess additional tax. This is called the “statute of limitations.” If you’ve made ismajor error You (defined as omitting more than least as long as income), the IRS has six years to on your returnshould keep tax records for at25% of your grossit seven years. Keep any records for taxable accounts is your return. There is no statute audit your for fraudulent filing or for returns that are not examinepossible for tax authorities to of limitationreturn. that a tax reinvested dividends. You can usually toss filed at all. To be on the safe side, keep yourafter the return is years after showreturn is filed. Generally, the IRS has three years tax records for seven monthly or quarterly investment statements if you due or filed, whichever is later, to examine your particular The IRS does not require that you keep your records in any return way. The only requirement is that receive a comprehensive annual statement. and assess you and the IRS to determine your correct of your records allowadditional tax. This is called the “statutetax liability. Keep checks, receipts, and limitations.” If you’ve made a major deductions you your tax return. Copies of other records that document the income and error on your report onRetirement Accounts tax be retained permanently. returns themselves shouldomitting more than 25% of your return (defined as Keep copies of Forms 5498, 8606, and 1099R until HOME gross income), the IRS has six years to examine your all money has been withdrawn from your IRAs. Good Expenditures for your home fall into two categories: “repairs” (such as routine yard maintenance and you aren’t taxed on return. There is no statute of limitation for fraudulent records are necessary so that painting) and “improvements” (usually big-ticket items such as room additions). filing or for returns that are not filed at all. To be on nontaxable withdrawals. Discard repair receipts once the warranty period expires, but keep receipts for improvements indefinitely. Improvements add to the tax the safe side, keep your tax records for seven years basis of your property. Despite the $250,000 capital gain exclusion amount ($500,000 for joint filers), substantial increases in market value Insurance after a tax return is filed. Keep your of your policies and 12 months’ worth of could make you liable for capital gains tax when you sell your home. Complete recordscurrent home’s original cost plus improvements The IRS does not require that you keep your will help reduce any taxes due. records in any particular way. The only requirement is cancelled checks and statements. Ask your insurance INvESTMENT REAL ESTATE agent about discarding expired policies. Your liability that your records allow you and of IRS to determine Keep all documents relating to purchasestheproperty, along with substantiation for improvements made to the property. Keep written your correct tax liability. Keep checks, receipts, and appraisals and tax depreciation schedules. for prior years can vary. other records that document the income and Estate Planning Documents INvESTMENT RECORDS on your tax return. Copies of tax deductions you report liquidated, plus a period of seven years. Keep will, any Investment records generally should be kept until the investment is totally In your home, keep a copy of your currentany records returns themselves should be retained permanently. trusts, and any special directives. Give the originals to for taxable accounts that show reinvested dividends. You can usually toss monthly or quarterly investment statements if you receive a comprehensive annual statement. your attorney, and consult your attorney about Home RETIREMENT ACCOuNTS Expenditures for your home fall into two destroying all out-of-date documents. Keep copies of Forms 5498, 8606, and 1099R until all money has been withdrawn from your IRAs. Good records are necessary so that you aren’t categories: “repairs” (such as routine yard taxed on nontaxable withdrawals. Keep It Simple maintenance and painting) and “improvements” In most cases, you don’t need an elaborate INSuRANCE big-ticket items such as room additions). (usually recordkeeping system to keep agent about discarding expired Keep your current policies and 12 months’ worth of cancelled checks and statements. Ask your insuranceyour affairs in order. File Discard repair receipts once the policies. Your liability for prior years can vary.warranty period tax returns separately by year, and file investment expires, but keep receipts for improvements records by broker. For expenses, even an accordion file ESTATE PLANNING DOCuMENTS indefinitely. a copy of your current will, tax basis of your In your home, keep Improvements add to theany trusts, and any special directives. Give the works wonders.attorney, and consult your tabbed by category originals to your property. Despite the $250,000 capital gain attorney about destroying all out-of-date documents.exclusion amount ($500,000 for joint filers), substantial increases If you have any questions or need assistance in KEEP IT SIMPLE setting affairs in order. File tax returns separately by at In most cases, you don’t need make you liable for capitalsystem to keep your up a recordkeeping system, give us a call year, and file in market value could an elaborate recordkeeping gains tax when you sell your home. Complete an accordion (609)561-1555. investment records by broker. For expenses, even records of file tabbed by category works wonders. If you have any questions or need assistance in setting up a recordkeeping system, give us a call at (609)561-1555. This article has been reprinted from Alloy, Silverstein, Shapiro, Adams, Mulford, Cicalese, Wilson & Co.’s Winter 2009 issue of the Client Alert newsletter. If you are interested in subscribing to our quarterly newsletter, you can sign-up at www.alloysilverstein.com.
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