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Tax-Planning Tips to Keep in Mind before Year-End January 1 is just around the corner, and before year-end you may want to consider some home improvements and business tax enhancements that could minimize your tax liability. Also, if you purchased a home this year, you may qualify for a homebuyer tax credit as well. Tax Credits for Energy Efficiency Improvements to Your Home Homeowners are entitled to a federal income tax credit on 2009 and
2010 tax returns for certain energy efficiency improvements to their primary residence. The credit applies to improvements such as insulation, energy efficient exterior windows, skylights and doors and energy efficient heating and air conditioning
An Apple a Day Can Do More than Keep the Doctor Away
Honey Crisp, Red Delicious, Macintosh and Gala are just a few favorite apple varieties that dominate Michigan and Wisconsin orchards. Fall is one of the best times to enjoy fresh apples or other products made with this abundant fruit. Crisp, tasty, and handy, apples not only provide satisfaction for your taste buds, but also offer several health benefits. Apples are rich in antioxidants, loaded with flavonoids, and conveniently provide many lifestyle enhancements. Continued on page 2...
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systems. The manufacturer or retailer of the energy efficient items should certify that the improvements qualify for the tax credit. The credit is 30% of the cost of the energy efficient improvements up to a $1,500 nonrefundable cumulative credit for 2009 and 2010. This credit is available only for improvements to your primary residence – new home construction does not qualify. Tax Credits for Alternative Energy Equipment Homeowners also qualify for a 30% nonrefundable federal income tax credit for installing alternative energy equipment using solar, wind or geothermal technology. There is no cap on this federal income tax credit, which is effective for alternative Continued on page 2...
The Country Minute is brought to you by your local country living lender.
Unveiling the Fresh
greenstonefcs.com GreenStone has re-launched its newly designed website to meet the progressive needs of its customers. Make sure you take a minute to check it out and review the many new and improved features— including the country living focused areas. And don’t miss the inaugural company blog aimed to provide you with commentary focused on country living, the agricultural industry, health and well-being, and GreenStone. We’ve dedicated a considerable amount of time and research into making sure the new website will best suit your needs, so don’t miss this opportunity to let us know how we did; comment on our blogs, email us at marketing@greenstonefcs.com, send us a tweet, or leave us a message on our Facebook page. Happy browsing!
...Apple a day continued REDUCE RISK OF HEART DISEASE: Naturally fat-free, cholesterol-free, and rich in fiber, apples help to lower blood cholesterol levels and reduce the risk of heart disease. REDUCE CANCER RISK: Experts believe that chemicals and nutrients found in apples may fight cancer and prevent or slow the growth of certain cancerous cells. REDUCE HIGH BLOOD PRESSURE: Apples are naturally sodium free and may reduce the risk of high blood pressure or the development of hypertension. AID IN WEIGHT LOSS: The fiber in apples helps to fill you up faster so you eat less and feel fuller longer. A tennis ball-sized apple is only about 80 calories and can be a satisfying snack. BRIGHTENS YOUR SMILE: An apple’s rough fibrous texture and natural tannins can act as nature’s toothbrush keeping teeth clean and helping to remove stains over time. MAINTAINS ENERGY: Apples can help maintain blood sugar levels and act like an energy time-release machine. Their soluble fibers cause natural sugars to be released more slowly and evenly, preventing peaks and valleys in blood sugar. Aside from providing undeniable health benefits, apples are also important from an economical and cultural standpoint. Apples are one of the largest and most valuable fruit crops in Michigan and Wisconsin. Taking the family to visit an apple orchard or farmers market is a great way to support local agriculture and load up on tasty, healthy treats. Source: www.michiganapples.com
...Tax planning continued energy equipment installed January 1, 2009 through December 31, 2016. Any unused alternative energy credit can be carried-forward to future years. Unlike the energy efficient improvement credit referenced earlier, new home construction qualifies for the alternative energy credit. Both the energy efficiency improvement credit and the alternative energy credit are computed on IRS Form 5695. Business entities also qualify for a similar alternative energy credit. Homebuyer Credits If you signed a purchase agreement to purchase a home before May 1, 2010, and actually closed on the home purchase before October 1, 2010, you may qualify for a homebuyer credit. If you did not own a home for three years before purchasing the home, you may qualify for up to an $8,000 refundable new-homebuyer credit. If you owned the same home for any five consecutive years in
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the past eight, you may qualify for up to a $6,500 refundable long-time homeowner credit. Rather than waiting to claim the homebuyer credit on your 2010 return, which is filed in 2011, you may amend your 2009 tax return to claim the homebuyer credits. Recent Tax Enhancements for Businesses President Obama recently signed the “Small Business Jobs Act.” A few of the major business tax enhancements include: • Increasing the Sec. 179 depreciation expense deduction from $250,000 to $500,000 for 2010 and 2011. • Extending the 50% bonus depreciation on the purchase of qualifying new assets to 2010. • Allowing the self-employed health insurance deduction to reduce self-employment tax as well as income tax for 2010 only.
Thanksgiving Turkey–Three Ways to Slice It
Turkey, the centerpiece of the Thanksgiving meal, can be prepared a number of ways, but we want it to be tender and succulent with the meat practically falling off the bone. Here are some unique ways to cook a moist, juicy turkey: Martha Stewart’s Roast Turkey Martha’s traditional recipe involves stuffing the bird, sealing it closed, trussing it, and basting it throughout the cooking cycle. For her recipe go to www.marthastewart.com and search “how to roast a turkey”. Adobo Turkey with Red-Chile Gravy This is no ordinary turkey. Toasted guajillo and ancho chilies are blended with spices and aromatics to create a brick-red adobo sauce that seasons both the bird and its gravy. After a long marinate, the adobo permeates the bird's juicy meat during roasting. The turkey’s flavor is heightened by the accompanying red-chile gravy. Find the recipe at www.Epicurious.com by searching for “Adobo Turkey”. Smoked Turkey with BBQ Gravy With this recipe, you use bourbon and apple juice in the brine, hickory wood chips for cooking, and the bird is smoked on a grill for southern style flavor. Visit www.foodnetwork.com for the recipe and search for “smoked turkey with bbq gravy”. Have a festive Thanksgiving and bon appétit.
GreenStone FCS Moves to New Corporate Office It wasn’t too far of a move, but GreenStone FCS did recently open the doors to its new corporate headquarters in East Lansing, Michigan. Located along the U.S. 127 corridor just north of Lake Lansing Road at 3515 West Road, the new 78,000 square foot building has replaced GreenStone’s former corporate office located on Abbey Road just a ¼ mile south of the new facility. The new West Road facility has allowed the association to consolidate its corporate staff into one location, rather than operating out of two separate buildings as it was previously. With more than double the square footage than the association had been utilizing, the new corporate office also provides the opportunity for the organization to increase staff in accordance with its long-term strategic plan.
“Everyone, from the staff, to management, to the Board of Directors, is not only very excited, but also feels extremely fortunate for the opportunity to have our operations headquartered in such a wonderful facility,” said GreenStone President/CEO Dave Armstrong. “As we begin to settle into our new surroundings, one thing that will not change is the commitment and dedication that all of us at GreenStone have towards serving the financial needs of the agricultural industry and our rural communities.” The general contractor for the new building project was The WielandDavco Corporation, based in Lansing, Michigan. The architectural design was provided by Landry + Newman Architecture of Birmingham, Michigan.
Recipe Corner Serve up this tasty treat at your next holiday gathering. Creamy Pumpkin Dip
INGREDIENTS: • 2 (8 ounce) packages cream cheese, softened • 1 cup powdered sugar • 1 (15 ounce) can pumpkin puree • 1 teaspoon ground cinnamon • 1 teaspoon ground ginger • 1 teaspoon ground nutmeg
DIRECTIONS 1. Beat cream cheese and sugar at medium speed with an electric mixer until smooth. 2. Add pumpkin puree and spices, beating well. 3. Cover and chill 8 hours. 4. Serve with gingersnaps and apple slices. Source: www.squidoo.com
• 1 teaspoon ground cloves
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Brought to you by your local GreenStone FCS lender
Inside this issue: - Tax Planning for Year-End - New GreenStone Corporate Office - The Benefits of an Apple a Day
GreenStone Member notes...
Customers who receive The Country Minute do not receive GreenStone’s agricultural member publication, Partners. Therefore, the following is a snippet of news and feature stories found in the most recent issue of Partners. More information and complete articles can be viewed at www.GreenStoneFCS.com by selecting “Publications” found under the news and media drop drown.
Vote “No” on MI Prop 1 GreenStone FCS is among numerous organizations and individuals who oppose Michigan’s Proposal 1. Though many believe Michigan government needs change, we believe this can happen in a more fiscally responsible way. A political convention to rewrite the state constitution is not the preeminent solution. To join the opposition, or to find out more, visit www.nomichiganconcon.com. MI GreenStone PAC GreenStone recently created a state-level Political Action Committee (PAC), officially known as the MI GreenStone PAC, for the purposes of getting more involved in the local political landscape and to be able to
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help support those candidates that are favorable towards the agriculture industry. If you are interested in making a contribution to our new state PAC, please make your check payable to MI GreenStone PAC, include a separate piece of paper with your full name, address, including county and phone number, and send to MI GreenStone PAC, attn: Jamie Miller, 3515 West Road, East Lansing, MI 48823. 2010 Scholarship Recipients GreenStone awarded $2,000 scholarships to five Michigan State University students: Katie Kauffman, Scott Weiss, Katie Jo Gentner, Tara Oomen and Anthony Finkbeiner; and one University of Wisconsin-Madison student, Kyle Laplant.