MONEY MATTERS

Consider anS corp election

By Harvey Amwake, C.P.A.

S corporations have certain taxadvantages that you might consider foryour small business in 2013—beforeit’s too late.

An S corporation is a regular corpo-ration that has opted to have all incomeor loss passed down to the personal taxreturns of its shareholders rather thantaxed at the corporate level. This avoidsthe dreaded double-taxation scenario—income first taxed at the corporate leveland then taxed again as dividendincome to the shareholders. Thus, Scorporations provide the legal liabilityprotection of a corporation, but havethe tax characteristics of a partnership.

S corporations also have uniqueflexibility on how shareholder-employ-ees are compensated. For example, if

TAKING CARE OF BUSINESS

more income is distributed as dividendsand less as salaries, the corporation canpotentially save on social security,Medicare, and unemployment taxes.However, certain rules govern how faryou can go with this strategy, so under-stand the requirements to avoid prob-lems.

Another S corporation advantage isthat charitable deductions are not lim-ited to 10 percent of income as they arewith regular corporations. And S cor-poration shareholders can potentiallydeduct the company’s losses againstother personal income.

So what’s the downside? S corpora-tions can have only one class of stockand are limited to 100 shareholders.Shareholders cannot be partnerships,corporations, or nonresident foreign-ers. S corporations have a narrowerrange of tax-deductible fringe benefitsavailable to their employees.

If you are considering an S corpora-tion election for this year, you betterhurry. Corporations with a calendar

Page 22 – North Central News, March 2013

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year-end have until March 15, 2013, tofile their intentions with the IRS forthe current tax year. New corporationshave until the 15th day of the thirdmonth after incorporation to make theelection.

The decision to become an S corpo-ration is an important one. Don’t go italone. Talk to your financial adviser orcontact our office to discuss this elec-tion in your own tax situation.

This article is for general information only and doesnot constitute financial advice. If you have any ques-tions about financial matters, consult a professionaltax adviser. Harvey Amwake, CPA, is a tax andsmall business consultant with the accounting firm ofHarvey E. Amwake, PLLC., at 6232 N. 7th St.,Suite 105. He can be reached at 602-753-0377 orby e-mail at Harvey@AmwakeCPA.com..

Half Pint Library Book Drive throughMarch 31. This program collects anddistributes children’s books to familiesand children in need through localnonprofit and community organiza-tions. The drive accepts any type ofchildren’s book, including Spanish lan-guage books, as long as they are in goodcondition.

Located at 2102 E. CamelbackRoad, Half Price Books is openMonday through Saturday 9 a.m.-10p.m. and Sunday 10 a.m.-8 p.m. Thestore also purchased gently used books,DVDs, CDs and more, for cash ortrade credit. For more information, callthe store at 602-954-4653.

Lieb is HomeSmart’stop producer for 2012

Bobby Lieb with North Central’sHomeSmart office was named the win-ner for 2012 as the No. 1 producingagent for HomeSmart worldwide, withmore than $47 million in sales. Liebalso won the award in 2011, as well asthe award for most sales in HomeSmartwith 110 sales for 2011.

Business BriefsBallinger receivesarts advancement award

Jim Ballinger, The Sybil Harringtondirector of the Phoenix Art Museum,will receive the 8th annual ShelleyAward at the 32nd Governor’s ArtsAwards. Ballinger is considered anationally respected arts advocate andvisionary who has guided the museum’sphysical growth and extensive reach,

The award, named in honor of for-mer Arizona Commission on the ArtsExecutive Director Shelley Cohn, ispresented to an individual who hasadvanced the arts through strategic andinnovative work in creating or support-ing public policy beneficial to the artsin Arizona.

B a l l i n g e r ’ saward will be pre-sented at the2013 Governor’sArts Awards onW e d n e s d a y ,March 6, whenhonorees will berecognized in sixcategories for their substantial and out-standing contribution to arts and cul-ture statewide. The event takes place atthe Herberger Theater Center, 222 E.Monroe. Tickets are $150 and includehors d’oeuvres, silent auction, theawards ceremony and dessert.

For more information and to regis-ter visit www.governorsartsawards.org.

Half Price Booksholds book drive

Half Price Books, the nation’slargest family-owned new and usedbookstore chain, is hosting its annual

Jim Ballinger

Page 24 – North Central News, March 2013

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North Central UpdateHome Sales in the North Central Corridor

January 1, 2013, to February 20, 2013

Ronda Cronin602-541-2410

rondacronin.com

Shelly Lane602-319-4942

ShellyLane.com

By the NumbersNumber of homes sold: 36Average Sold Price: $301,302Average Price per Sq. Ft.: $147Average Days on Market: 84

For the purpose of the above averages, the lowest-pricedproperty and highest-priced property were deleted.

The North Central Corridor is defined as Dunlap Avenueto Camelback Road and 15th Avenue to 16th Street.

Homes over $150,000 were considered for this analysis.

Properties shown were listed andsold by various brokers.

Information deemed reliable but not guaranteed.

Address Sale Price Sq. Ft $/Sq. Ft311 E. Rose Ln. $1,100,000 4,000 $2788025 N 11th Ave. $580,000 3,269 $177540 W Royal Palm Rd. $420,000 2,653 $158611 W Glenn Dr. $415,000 2,342 $17741 E Colter St. $410,000 2,333 $1761549 E Las Palmaritas $363,000 2,821 $129227 W Georgia Ave. $360,000 3,249 $111128 E Royal Palm $356,500 2,172 $164342 W Harmont Dr. $356,000 1,766 $202512 W Seldon Ln. $335,000 1,892 $1778430N. 15th Str. $330,000 2,163 $1536014 N 5th Pl. $322,000 2,700 $1191321 E. Luke $315,000 2,738 $115101 E El Caminito Dr. $307,000 2,172 $141522 E Glendale Ave. $297,859 2,760 $108529 W. Las Palmaritas $295,000 2,922 $1011315 E Gardenia Dr. $295,000 2,268 $1307202 N. 12th Ave. $280,000 2,545 $110

Address Sale Price Sq. Ft $/Sq. Ft6504 N. 14th Pl. $269,000 2,129 $126314 E El Caminito Dr. $252,500 1,993 $1271004 W Palo Verde $249,500 1,530 $1636225 N. 9th Pl. $234,900 1,140 $2067228 N. 12th St. $227,500 2,053 $1111007 W Bethany Home $226,000 2,149 $1051318 W Bethany Home $221,000 1,391 $159702 W Flynn Ln. $220,000 1,454 $1516102 N 9th St. $218,000 1,311 $1667004 N 12th Way $209,500 2,402 $871142 E Lawerence Rd. $200,000 1,870 $1071137 E. Fern Ln. $194,000 1,754 $111715 E Claremont St. $180,600 1,104 $164106 E Orchid Ln. $165,000 1,393 $118826 E Flynn Ln. $162,000 1,319 $1231136 E Ocotillo Ln. $160,000 1,226 $1311142 E Lamar $160,000 1,114 $1441013 E Oregon Ave. $150,000 1,152 $130

Ronda Cronin and Shelly Lane are Realtors with HomeSmart Elite Group.They live and sell real estate in the North Central Corridor.

Call Ronda or Shellyfor all of your

Real Estate needs!

Lieb opened the Central Phoenixoffice, located at 5225 N. Central Ave.,in 2011 and the office now totals 117independent agents. HomeSmart is thelargest Real Estate agency not only inArizona but also in the southwest, withmore than 4,700 agents. The companyjust opened a new franchise in Chinaand now has 10 locations there.

Lieb also was named as one the top-10 producing Agents by Homes and LandMagazine in Maricopa County for 2012.He can be reached at 602-761-4646, orgo online to www.centralphx.com.

Sandau brings expertiseto autism resource center

The Southwest Autism Research &Resource Center (SARRC) has hiredLaurie Sandau as its development direc-tor. Sandau brings with her an extensivebackground in nonprofits, businessdevelopment and strategic marketing.

She previously served as the execu-tive director of the NeurofibromatosisAssociation of Arizona and held busi-ness development roles at Lawyers Title

National Commercial Services andGrand Canyon Title Agency.

Sandau has been involved withmany community organizationsthrough the years including NationalAssociation of Industrial and OfficeProperties, Arizona Commercial RealEstate for Women, Valley Partnershipand Urban Land Institute.

Visit www.autismcenter.org or call602.340.8717 to learn more.

Erquiaga to leadRoosevelt Row CDC

Dale Erquiaga, a local writer andcultural planner, has been named thenew executive director of the RooseveltRow Community DevelopmentCorporation.

Erquiaga recently returned to theValley of the Sun after serving as senioradvisor to Nevada Gov. Brian Sandoval.He has worked in government at thefederal, state and local level and has abackground in nonprofit consultingand strategic planning.

Long active in the arts, he is theimmediate past chair of the WesternStates Arts Federation (WESTAF), and

North Central News, March 2013 – Page 25

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For more than 110 years, the Phoenix Country Club has been a tradition for families seeking the very best in outdoor sports and a variety of dining and social experiences. In every way, it is a breathtaking refuge from the everyday, where golf and the good life have been enjoyed for generations. Phoenix Country Club is a private club and membership is accepted through sponsorship by current members. Please contact Colette Bunch to inquire about introductions and the membership committee process.

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a former board member of ArizonaCitizens for the Arts. He has workedwith many local organizations includ-ing Valley Leadership, the ArizonaCommission on the Arts and theArizona Humanities Council.

Roosevelt Row CommunityDevelopment Corporation is a non-profit organization established to fur-ther the unique cultural character andcreative assets of the Roosevelt RowArts District, to advocate for the con-tinuing presence and role of the artsand small business in the revitalizationof the district, and to foster a dense,diverse, and walkable urban communi-ty. For more information, visitwww.rooseveltrow.org.

Breier joins staff atMurphy Karber PLC

William H. Breier has joinedMurphy Karber PLC, a Phoenix realestate and construction law firm, as anassociate. Breier graduated from thePhoenix School of Law and holds aBachelor of Science from Arizona StateUniversity’s Del E. Webb School ofConstruction. Prior to law school, Breier

worked in the Phoenix and Las Vegascommercial construction industry forseven years, including five years as a pro-ject manager.

Breier is a member of the State Barof Arizona Construction Section as wellas the Maricopa County BarAssociation Construction Section andYoung Lawyers Division.

Goodman joinsFennemore Craig

Gail N. Goodman has joined thePhoenix office of Fennemore Craig ascounsel practicing in the areas ofERISA and Employee Benefits.

Goodman has extensive experienceworking with companies in design,implementation and administration ofvarious employee benefit and compen-sation matters ranging from qualifiedretirement plans and deferred compen-sation to equity compensation, fringeand welfare benefit arrangements. Shealso has extensive experience in compli-ance and reporting related to compen-sation and benefits issues.

For more information, call 602-916-5000 or visit www.fennemorecraig.com.

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