MONEY MATTERS

Health carelaw changes

By Harvey Amwake, C.P.A.

Now that President Barack Obamahas been reelected, the 2010 health carelegislation he championed is likely toremain the law of the land. Althoughsome provisions have already kicked inand many others are slated for 2014,here’s an overview of the key changestaking effect this year.• Medicare surtaxes. Two new

Medicare surtaxes might affect high-income taxpayers. (1) A 3.8-percentsurtax applies to the lesser of “netinvestment income” or the excess above$200,000 of modified “adjusted grossincome” (AGI) for single filers and$250,000 for joint filers. (2) A 0.9-per-cent surtax applies to earned incomeabove $200,000 for single filers and$250,000 for joint filers.

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• Medical deductions. The “floor”for deducting qualified medical expens-es is raised from 7.5 percent of AGI to10 percent in 2013, but remains at 7.5percent of AGI through 2016 for thoseaged 65 or over.• Flexible spending accounts.

Previously, there was no limit on con-tributions to a flexible spendingaccount (FSA) used for health careexpenses. Now the limit on contribu-tions to health care FSAs is capped at$2,500.•W-2 reporting. For the first time,

W-2s issued in 2013 for wages paid in2012 must show the benefit employeesreceive from employer-sponsoredhealth plans. 2012 reporting is option-al for employers issuing fewer than 250W-2s.• Health care tax credit for small

businesses. Less than half of the smallbusinesses that qualify are takingadvantage of a new tax credit. Underthe health care reform law, small busi-nesses may qualify for a tax credit if

Page 22 – North Central News, February 2013

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they pay at least 50 percent of theiremployee’s health care premiums. Toqualify the business must employ fewerthan 25 employees (special treatmentfor less than full time employees), withaverage annual wages of less than$50,000. The maximum credit for taxyears 2010 through 2013 is 35 percentof the premiums paid. For 2014 thecredit increases to 50 percent.If you have failed to take the credit in

prior years, you can still file an amendedtax return and claim the credit.There’s much more to come. For

details and planning guidance, talk toyour financial adviser or contact ouroffice.

This article is for general information only anddoes not constitute financial advice. If you haveany questions about financial matters, consult aprofessional tax adviser. Harvey Amwake, CPA, isa tax and small business consultant with theaccounting firm of Harvey E. Amwake, PLLC, at6232 N. 7th St., Suite 105. He can be reached at602-753-0377 or by e-mail atHarvey@amwakecpa.com.

North Central News, February 2013 – Page 23www.northcentralnews.net

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Bank employees gussyup homes for homelessMore than 100 local volunteers

with BMO Harris Bank recently read-ied 54 new apartment homes for indi-viduals to move into—a key step inending their long-term, or chronic,experience with homelessness.As a permanent supportive housing

facility, Encanto Pointe at 4175 N. 9thSt. will provide residents with the sup-port they need to overcome issues relatedto long-term homelessness. BMO HarrisBank employees volunteered three week-ends in a row to outfit the apartments, inaddition to a $50,000 gift in support ofValley of the Sun United Way’s efforts toend homelessness.The Encanto Pointe facility is oper-

ated and developed by NativeAmerican Connections. It will be openfor free public tours from 10 a.m. to 1p.m. on Tuesday, Feb. 5. Bring a non-perishable food item for donation.

Tree company earnsAngie’s List awardNorth Central-based Mike

Macchiaroli Tree Company recentlyearned a 2012 Angie’s List SuperService Award, an honor given outannually to approximately 5 percent ofall the companies rated on Angie’s List,a leading provider of consumer reviewson local service companies.Mike Macchiaroli Tree Company

also was featured as one of the best con-tractors in Phoenix in the JanuaryAngie’s List publication.Service company ratings are updat-

ed daily on Angie’s List. Companies aregraded on an A through F scale in areasranging from price to professionalismto punctuality. For more information,visit www.angieslist.com.

Diamond Jim’s earnseBay seller awardDiamond Jim’s, a jewelry store fea-

turing custom jewelry and repair,opened its doors in 2008, just as theeconomy was beginning to slump. Inorder to counter the sluggish economy,owner Jim Kufeldt was inspired to takeadvantage of the Internet.He created an eBay store with

almost 2,500 items listed for sale, bothnew and consignment. The storeincluded everything from watches andcoins to fine jewelry and more.Not only did the eBay store create a

please see AWARD on page 24

BMO Harris Bank employees Teresa Avelar,left, and Angela Gustafson unpack kitchenitems inside an apartment at the newlyopened Encanto Pointe that will house a pre-viously homeless family (photo courtesy ofValley of the Sun United Way).

Page 24 – North Central News, February 2013

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Long Realty opensnorth Phoenix branch

Long Realty Camelback has openeda new branch office at the northwestcorner of 7th Street and ThunderbirdRoad in north Phoenix. Franchise co-owner and Branch Manager Dave Dixsays, “We have been working withDunkin’ Donuts to open this office forover a year. They are leasing a formerbank building and we are leasing a por-

tion of the space and sharing a lobbywith them. It’s an appealing model foran office in the area and we have greatexpectations as this gives local home-buyers and sellers an easy option toexplore their real estate options.”

The new office is located at an inter-section southwest of Lookout Mountainand will service adjacent communitiesacross the northern areas of the Valley.

As a branch office, Long RealtyCamelback–Moon Valley will operateunder Designated Broker MikeBianchi. For more information, call602-297-4000 or visit www.LongRealty.com.

Sprouts set toopen on Feb. 13

North Central residents whobemoaned the closing of the Bashas’store at 16th Street and GlendaleAvenue can take heart, as SproutsFarmers Market is readying to openthere at 7 a.m. on Wednesday, Feb. 13.

Sunflower Markets originally nego-tiated the deal to take over the vacantspace near the I-51 freeway entrance,but thanks to a May 2012 merger withSprouts, the new store will bear theSprouts name.

Grand opening details were sketchyat press time. For more information, goto Sprouts.com, click on Find a Store,and select “Phoenix–E. Glendale Ave.”or call the store at 602-385-2150.

MultiTable.com givesback to community

During continued tough economictimes, many businesses have had to cuttheir philanthropic activity. For oneValley company, however, this chal-lenge just enforced its determination tohelp those in need.

MultiTable LLC, located at 4501 N.22nd St., Suite 220, has only nineemployees yet managed to raise anddonate more than $17,500 for localcharities in 2012.

MultiTable LLC manufacturesheight-adjustable desks and tables forthe office and home office and makesthem available for purchase through e-commerce site MultiTable.com. Formore information, call 602-773-6911.

Learn to use socialmedia for marketing

Local business owners can learnhow to better publicize their companieswith “Social Media Marketing MadeSimple,” 2-5 p.m. Tuesday, Feb. 26, at

AWARD continued from page 23

North Central News, February 2013 – Page 25

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Heinrich joins chamber,will lead lobbying efforts

Chad Heinrich has joined theGreater Phoenix Chamber of Commerceas vice president of public affairs andeconomic development. Heinrich willspearhead the chamber’s lobbying efforts

at the state capitol, oversee the chamber’spublic affairs and seven issue commit-tees, and provide leadership for thechamber’s internal public affairs and eco-nomic development team.

“Chad is respected in the legislativecommunity and has a strong lobbyingtrack record,” says Todd Sanders,Greater Phoenix Chamber ofCommerce presi-dent and CEO.“We are confi-dent his exper-tise, guidance,and leadershipwill result inmany successfullegislative cyclesfor the chamberand our member businesses.”

Prior to joining the chamber,Heinrich served as government relationsofficer at the city of Tempe, where herepresented the city’s interests at all levelsof government. He has more than adecade of experience in state and localgovernment, including a stint as theDeputy Secretary of State for the State ofSouth Dakota.

Chad Heinrich