Business July 15, 2009 THE VILLADOM TIMES II • Page 13 Summer tax tips from the Internal Revenue Service Summer may be getaway time, but you can’t get away from the tax implications that accompany most financial matters. “Enjoy the summer, but be careful not to miss out on tax breaks and address any tax issues now,” said New Jersey’s IRS spokesperson Gregg Semanick. Tips for teachers, small business owners, and wage earners follow. Educators should save receipts. School may be out, but the IRS wants to remind teachers and other educators that are purchasing school supplies for the fall to save their receipts. They will be able to deduct up to $250 of non-reimbursed expenses this year. The Educator Expense Deduction allows teachers and other educators to deduct the cost of books, supplies, equipment, and software used in the classroom based on their receipts. Eligible educators include those who work at least 900 hours during a school year in an elementary or secondary school. Worth up to $250, the deduction is available whether or not the educator itemizes deductions. The small business section of provides a one-stop resource for information on starting, operating, and closing a business. Whether a person is just opening a business or has years of small business experience, IRS provides a wide range of resource tools and educational assistance. The IRS also offers an “A-Z Index for Businesses” to assist small business owners in readily locating desired information. For more information, go to the Small Business and Self-Employed Tax Center on at Check your federal tax withholding. With 2009 half over, the Internal Revenue Service reminds taxpayers that there is no better time to check their 2009 federal income tax withholding levels to make sure they do not face any surprises when tax returns are due next spring. he IRS withholding calculator on IRS. gov can help a taxpayer compute the proper tax withholding. If the result suggests an adjustment is necessary, the taxpayer should submit a new Form W-4, Withholding Allowance Certificate, to his or her employer or adjust the amount of quarterly tax paid. For more information, go to IRS. gov and keyword search “withholding calculator” to access the IRS withholding calculator. Gambling winnings are taxable and must be reported on your tax return. Gambling income includes winnings from lotteries, raffles, horse and dog races, and casinos, as well as the fair market value of prizes such as cars, houses, trips or other non-cash prizes. If you itemize deductions, you can deduct your gambling losses. You cannot deduct gambling losses that are more than your winnings. For more information on tax tips, visit the IRS website at Atlantic Stewardship helps women ‘Dress for Success’ Members of the Atlantic Stewardship Bank’s BEACH (Bank Employees Assisting Charities) Committee recently coordinated a Business Suit Drive to assist local, lowincome women who are entering the workforce. This effort is sponsored by “Dress for Success,” an international, non-profit organization offering services designed to help women find jobs and remain employed. Atlantic Stewardship Bank associates donated gently used business attire to be given to women making the transition into the working world. Founded in New York City in 1997, Dress for Success is an international not-for-profit organization offering services designed to help clients find jobs and remain employed. Each Dress for Success client receives one suit when she has a job interview and can return for a second suit or separates when she finds work. Since 1997, Dress for Success has served almost 450,000 women around the world. Each year they reach more than 40,000 women in the United States, Canada, the United Kingdom, New Zealand, and the Netherlands. Dress for Success serves clients by referral only, and women must have an interview scheduled before receiving clothing. Clients come to Dress for Success from a continually expanding and diverse group of nonprofit and government agencies, including homeless shelters, immigration services, job training programs, educational institutions, and domestic violence shelters, among many other organizations. “Atlantic Stewardship Bank is proud to support an organization that enables women to enter or re-enter the workforce,” said ASB Vice President of Human Resources Gail Tilstra. “Dress for Success provides these women with the confidence they need to move forward with their lives.” Atlantic Stewardship Bank, a subsidiary of Stewardship Financial Corporation, maintains banking locations in Midland Park, Montville, North Haledon, Pequannock, Ridgewood, Waldwick, Westwood, Wyckoff, Hawthorne, and in Wayne. Established in 1985, Atlantic Stewardship Bank Stewardship Bank is a fullservice community bank serving both individuals and businesses. 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