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Summer 1998 

Volume 1 Number 4


It Takes A Plan

Would you embark on your long awaited vacation by simply getting in the car, starting the engine and seeing where it took you?

Of course not; you decide well in advance where you want to go, what you want to do, the best route to take to get there, etc.

The same is true for your retirement. Whether you are 25, 45, or 65 "It takes a plan." Social Security was never intended to provide 100% of the funds necessary for our retirement years. These funds must be supplemented by personal savings and investment.

There exist today a wide variety of retirement programs and investment alternatives that without careful planning can, just like your car on vacation, lead you down some treacherous roads.

Just in the area of "retirement savings" there are Individual Retirement Accounts (IRAs), Simplified Employer Pensions (SEPs), Savings Incentive Matched Plan For Employees (SIMPLE Plans), Keogh Plans, Roth IRAs, 401(k) Plans, 403(b) Plans, etc.

Determining how one will make the trip through retirement requires many similar choices to that of vacation planning.

  • When will I retire?
  • What will my lifestyle needs be?
  • How much will I receive in Social Security & related benefits?
  • How comfortable am I with the level of risk in my investment choices?
  • What assets do I own now and what funds will they be able to provide?
  • How much must I save each month to reach my goal?

The list goes on...

Planning for retirement is not a simple task. We at Van Tassell and Paegel offer no investment products. Our services assist in setting the goals and direction without trying to "pitch you" on the latest investment. Call Randy at 760-872-1122.

Direct Deposit of Pay Checks...
provides the employee with more immediate use of funds and frees the employer from replacing lost checks while simplifying the bank reconciliation process.

Payroll Service offered by Van Tassell and Paegel allows the client the ability to provide the direct deposit of employee pay checks. The employee can direct a portion of the check to his savings account, a portion to the "Christmas Club" account and the balance to his checking account. 

Direct deposit eliminates the "I washed my check with my uniform, can I get a replacement?" The work load in tracking the uncleared checks is also eliminated.

Payroll Service of Van Tassell and Paegel offers an extensive selection of payroll reports and options at fees below those of ADP and Paychex. Please call Marlene at 760-872-1122 for additional information.

Bankruptcies Spiraling

Personal bankruptcies are up over 16% from last year; more than $50 BILLION will be written off by businesses this year!

These records are being established during good economic times; seven straight years of economic growth. Why?

Easy credit, no down payment loans, accelerated credit card and frequent-flyer mile promotions, etc.

Bankruptcy has allowed 70% of the debtors to walk away without paying; the balance pay a reduced obligation via a payment plan.

What should your business be doing to protect itself from the losses?

  1. Monitor payment patterns of even your best customers; watch for late payments, postdated checks, etc.
  2. Maintain verbal contact and meet with problem accounts.
  3. Establish reasonable credit limits and use them!

For an evaluation of your credit and collection procedures call Tony at 760-872-1122. We are here to help!

Payroll Tax Deposit Changes

  1. Employers with quarterly payroll tax obligations of over $500 have previously been required to deposit those funds at least monthly. The IRS has increased the threshold to $1,000 for all payrolls paid after July 1. This means employers whose payroll taxes exceed $500 but are less than $1,000 may remit the funds quarterly with the Form 941. 
  2. The often postponed Electronic Funds Tax Payment Service (EFTPS) which was to be effective July 1 has again been postponed; this time to January 1, 1999.

Call Marlene (or email payroll@sierracpa.com) at 760-872-1122 with any payroll questions.