Page 20 – North Central News, January 2013
TAKING CARE OF BUSINESS MONEY MATTERS
Review pros, cons of DRIPs By Harvey Amwake, C.P.A.
Appropriately enough, investors may notice a slow trickle in earnings from “dividend reinvestment plans” (DRIPs). But these investments may end up providing a steady stream of income over the long run. The concept is relatively simple. More than 1,000 companies and closed-end mutual funds around the country offer DRIPs to their shareholders. These programs enable shareholders to purchase stock directly from the company by automatically reinvesting dividends in additional shares. Many DRIPs also allow you to voluntarily make cash payments directly into the plan to buy even more shares. Here are some of the main attractions of DRIPs.
· • Most DRIPs don’t charge any fee, or only a nominal fee, for purchasing shares. · • Participants may be able to purchase stock at a discounted price. The discount usually ranges from 3 to 5 percent and could be as high as 10 percent. · • The DRIP may allow you to send optional cash payments (OCPs), often for as little as $10, directly to the company to buy additional shares. OCPs are often used to purchase fractional shares, thereby enabling investors to acquire blue chip stocks they might not otherwise be able to afford. · • It’s easy to join in. Once you’ve chosen a particular stock, check to see if it has a DRIP. The company will furnish the specifics, including a prospectus and the appropriate application forms. But that’s not to say that investing in DRIPs is without drawbacks. There is a growing trend within the industry to charge a small fee for acquiring shares. Minimum amounts for purchases may be required. Also, the dividends
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TAKING CARE OF BUSINESS
that are reinvested are treated as taxable income, even though you don’t currently receive any cash. Consider all of the implications of investments in DRIPs before including DRIPs in your portfolio. This article is for general information only and does not constitute financial advice. If you have any questions about financial matters, consult a professional tax adviser. Harvey Amwake, CPA, is a tax and small business consultant with the accounting firm of Harvey E. Amwake, PLLC., at 6232 N. 7th St., Suite 105. He can be reached at 602-753-0377 or by e-mail at Harvey@AmwakeCPA.com.
Business Briefs City’s new bid process inclusive of local biz Local First Arizona recently praised the city of Phoenix for its inclusion of Arizona-owned companies bidding in new contracts for the city’s towing. A new contract proposes that Phoenix be divided into four zones, with local companies All City Towing and DV Towing being recommended for three of the four zones. The fourth zone is expected to go to an out-of-state company, Western Towing. The Phoenix City Council is reviewing staff ’s recommendation that supports local businesses and will ultimately vote on the matter. Previously, the towing contract went to United Towing, a company based in Chicago. Phoenix is making an effort to make sure more tax dollars spent on city contracts go to Arizona-based companies. Mayor Greg Stanton has implemented a policy to encourage more contracts valued at $50,000 or less go to local companies, which is expected to generate an estimated $18-$20 million in new business in the local community each year. According to officials from Local First Arizona, this will keep more dollars, jobs and economic impact in the community due in large part to the fact that the locally owned towing companies being considered are rooted in Arizona. They use local accountants, payroll service providers, web developers, attorneys and more local businesses. Those dollars stay here and re-circulate, retaining jobs and creating additional tax revenue for other city services.
A change in the (h)air at Mane Attraction Mane Attraction Salon, located at 32nd Street and Camelback Road, welcomed three new stylists: Christina Toth, Randee Miller and Josey Yingling.
From left: Christina Toth, Randee Miller and Josey Yingling recently joined the staff at Mane Attraction salon (submitted photo).
Toth attended the only Bumble and Bumble school in the country—the Penrose Academy in North Scottsdale— and received instruction at the Revlon Institute in Paris. Miller, an outdoor enthusiast from Idaho, went to the Paul Mitchell School in Phoenix. Yingling, another Paul Mitchell School alum, is the last addition to the stylist team. Mane Attraction is open on Sundays, taking appointments from 11 a.m. to 4 p.m. For more information, including regular weekday hours, visit www.maneattractionsalon.com. For an appointment, call 602-956-2996.
Store has custom funeral products ‘Til We Meet Again, a new retail concept specializing in the sale of custom-made, personalized, lifestyle, licensed and private label caskets, urns, jewelry and funerary products, opened Dec. 15 in the Christown Spectrum Mall, 1703 W. Bethany Home, Suite D005. It is the first store of its kind in Arizona. The franchisees for this new retail concept include Paradise Valley residents Pat and Cheryl Kerivan. ‘Til We Meet Again offers a large selection of custom and personalized caskets, urns and other memorial products. The store offers a non-threatening connection between the consumer and the funeral home, featuring a comfortable friendly atmosphere. ‘Til We Meet Again has an exclusive license agreement with the Vatican Observatory Foundation and offers other licensed memorial products. The store also carries a complete line of military, firefighter and custom-designed products and remembrances. ‘Til We Meet Again is open 10 a.m. to 9 p.m. Monday through Saturday and 12 to 6 p.m. on Sundays. Customers also will have the option of scheduling private appointments. For more information, call 602-242-6700 or visit www.tilwemeetagain.net.
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Page 22 – North Central News, January 2013 TAKING CARE OF BUSINESS
CPA moves to new digs
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Harvey Amwake, formerly with Arthur Spoon & Co., Ltd., recently announced that he has set up his own CPA practice located in the Tropic Gardens office building at 6232 N. 7th St., just north of Bethany Home Road. “I have spent my entire 25-plus year career in public accounting working at local CPA firms assisting small- to medium-sized closely held businesses with their accounting, business and income tax planning needs,” Amwake explains. Some of the industries he serves are construction, real estate, publishing, light manufacturing and professional service businesses such as architects, engineers, attorneys, marketing, consulting and medical and dental practices. “My business philosophy has been to remain a smaller-sized firm so that I can maintain personal contact with my business clients to better serve their particular needs,” he says. Originally from Buffalo, N.Y., Amwake received his bachelor’s degree in accounting from Indiana State University and a master’s degree in taxa-
tion from Golden Gate University. He is a Charter member and past officer of Phoenix El Puente Rotary Club and has served on advisory boards to two community college business departments. Call 602-753-0377 or e-mail Harvey@amwakecpa.com for more information,
Printer moves to new location JC Printing has been a fixture in its current location on the northwest corner of 32nd Street and Indian School Road for more than 17 years and locally owned since 1976. This month, the print shop will move to a larger facility on the southeast corner of the same intersection. Along with the move will come an expanded line of products and services. “We bought and are refurbishing a blighted building with a new industrial look so that we can improve the neighborhood while also delivering more services to our customers,” said Tom Rich, owner of JC Printing. “It has been fun to work with the construction crew on the new look. I am trying not to use any
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TAKING CARE OF BUSINESS
paint on the interior of the building.” The JCP Graphic Imaging Center will add vehicle wraps, large format printing and promotional items to the existing printing and mailing services already offered by JC Printing. The new center is located at 4029 N. 32nd St. For more information, call 602955-8130 or visit www.jcprinting.net.
Workshops offer tips to help businesses The Greater Phoenix SCORE offers workshops to help small business owners operate more efficiently and effectively, even in a down economy. Upcoming workshops include: • The Buzz About Your Business, 10 a.m.-1 p.m. Saturday, Jan. 5 at the Burton Barr Central Library, 1221 N. Central Ave. This free seminar is designed for those who want to learn about what is going on in today’s marketplace when you are looking to start a new business. How do you compete? • Budgeting and Saving, 3-5 p.m. Tuesday, Jan. 22, NMBA/SSC Boring Building, 1951 W. North Lane. This class will show you how to create a per-
sonal spending plan and identify ways to decrease spending. Cost is $25, or $20 for NMBA members. For more information or to RSVP for either program, call 602-745-7250 or visit www.greaterphoenixscore.org.
Two promoted at Realty Executives Jennifer Ridenour recently was named managing broker for Realty Executives Phoenix. Ridenour was selected after a two-month search process, which included highly qualified internal and external candidates. Ridenour replaces Gerry Russell, who has long been a part of the brokerage team at Realty Executives Phoenix and who was promoted to the position of designated broker. Both Ridenour and Gerry service all Realty Executives offices in Arizona, including the three central Phoenix offices. Realty Executives Phoenix is one of the largest real estate brokerages in the United States with 11 branch offices and dozens of satellite offices throughout Arizona. For more company information, visit www.RealtyExecutives.com.
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