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Show A-12 The Park Record Saturday, January 4, 1997 it's time to think State wages up, but lag U.S. aoout taxes again Continued from A-11 pager for most people filing." He added that most people who had to use a second page for their Utah taxes were those who lived in the state for only a portion of the year, or those who claimed a retirement income tax credit. The Internal R e v e n u e Service put their forms in the mail between Christmas and New Year's, planning on delivery to taxpayers tax-payers shortly after the holidays. holi-days. New for the IRS this year is the nationwide expansion of their "TeleFile" program. The program allows anyone with a relatively simple income tax return to file their federal tax return using a touch-tone telephone. tele-phone. According to IRS estimates, 26 million Americans could use the TeleFile program. The agency also claims that 92 percent of those who used the filing system in test areas expressed satisfaction with it, and that 99 percent said they intended to file by phone again. Other than TeleFile's expansion. expan-sion. Druffner said that there are no large revisions at the federal taxing level. "We"re talking about some" minor revisions and changes." he said, '"certainly nothing noth-ing big." He also gave some pointers to help ease preparation for figuring and filing taxes: - Designate a location for tax-related tax-related documents, and put them there as they arrive in the mail. Something as simple as an envelope enve-lope or a folder could suffice. The key is knowing where to find the documents when you need them. - Start segregating receipts and cancelled checks which have a tax effect, and set them aside. Proof of payment can be a cancelled check, a receipt for funds paid, a bank statement which shows the date and payee's name or similar document. - Fund your individual retirement retire-ment account or similar retirement plan. For IRA's, funding can come as late as April 15, 1997, and still receive credit for 1996's taxes. Deadline dates on other retirement retire-ment plans vary, so check with a tax professional. - If you prepare your own tax returns, check to see what forms you will need. and make sure you have them on hand. Post offices and libraries will have many of the common forms available. avail-able. For federal fed-eral forms, call the IRS at (800) 829-3676. To help you decide which forms you require, ask for IRS Publication 17, which offers a brief description of most tax forms used by individual filers. State forms can be obtained from the same locations which offer the federal forms, or they will be mailed to you if you call the Utah State Tax Commission at (801) 297-6700. - If you use the services of a tax preparer, check to see what kind of documents they will need to figure your taxes, and when they will need your information. This is the rush season for CPA's and tax preparers, pre-parers, so being prepared ahead of time will help. - As a rule of thumb, early filers usually encounter the quickest processing times. Returns processing process-ing will take longer as April 15 approaches and more people file their returns. Druffner said he and most tax professionals spend a lot of time getting ready for the tax-filing season. sea-son. "I usually attend five or six days of seminars in getting ready." he said. The seminars are designed to prepare the preparers for tax code changes which affect their clients. "We also have a computer program pro-gram which allows us to prepare even the most complicated federal return, and the program can also help prepare state-level returns for all the states which charge income tax," Druffner said. SALT LAKE CITY (AP)-The average pay of Utah residents rose 3.6 percent last year but it was still below the national average, aver-age, according to economic reports. Utah's average pay was $23,626, compared to the nation's $27,845 a difference of $4,219. The Governor's Office of Planning and Budget synthesized economic reports from a variety of public and private sources to compile the Utah Data Guide. Based on average pay, Utah residents do not fare well compared com-pared to other states. But a report by the Census Bureau indicates 1995 median household was $36,480, some $2,404 more than the national average implying No single key ingredient for success of small biz Common traits found in thriving entrepreneurs Like the "snake oil" salesmen of the 1800s peddling ped-dling secret miracle elixirs or the alchemists of the middle ages who promised they could turn common materials into gold, we in the twentieth century have been subjected to an ever-increasing barrage of guaranteed formulas for small business success. Why does small business fail? The often-quoted statistic that 80 percent of small businesses fail within the first ten years of operation opera-tion is intimidating, but is simply not true. A review of the U.S. business tax returns from 1981 to 1993, compared against the U.S. bankruptcy bank-ruptcy rates for the same period of time, illustrate that American business has a better than 95 percent per-cent chance of success for any given year. Snake oil formulas for success are not needed. Successful small business operation is not a mystery. Successful American small business men and women can recount many a perilous event or period of time when their entire business hung on the edge of disaster, but with a subtle smile, they will tell you how they focused and overcame the obstacles in their paths. Their business backgrounds and educations vary widely, yet they all share the same key ingredient ingre-dient of success. This ingredient is the Entrepreneurial Personality. It cannot be bottled or reduced to a scientific formula to be sold. However, the careful observer finds these qualities quali-ties in common: Committed. The entrepreneur is always tenaciously tena-ciously committed to the success of the business. It may appear as pure stubbornness to some, but it is this element that keeps the entrepreneur on course. Hard-working. Successful entrepreneurs consistently con-sistently demonstrate unusually high energy levels lev-els born from their love of their business. They average 16 to 18 hours of work daily, and in the beginning, they bring home an income less than the average wage earner. Honest. Honesty is important to the purity of their business concept. Anything short of honesty would be a contradiction against their strong work ethic. The marketplace does not tolerate anything any-thing less than total honesty in the long run. Creative. Entrepreneurs have a highly developed devel-oped creative process, which enables them to meet each day's challenges armed with fresh ideas and innovative solutions that separate and define new products or market potentials. Expert Product Knowledge. The successful small business owner is an expert in his product and field of operation. He or she is s ferocious consumer of all new data which involves their product. They view their business operation as a scientist performing a wonderful, complex experiment, experi-ment, eager to learn and evolve with each new element of change. Confident. Successful entrepreneurs have a strong confidence in their own knowledge, skills, and abilities. They may appear to be arrogant, risk-prone or even reckless to others, but to them, they are simply performing what they know they can do. Self Awareness. Although entrepreneurs appear stalwart and convey an image of flawless success, they inwardly know their own weaknesses weakness-es and shortcomings. They seek timely outside expertise and assistance when needed. This is the blend of talents and traits comprising compris-ing the successful entrepreneurial personality. To some extent, the science of business can be learned, however the art of successful entrepre-neurism entrepre-neurism is best taught by practical experience. Would-be entrepreneurs would do well to study a broad base of successful business owners, then incorporate the elements of the entrepreneurial personality into their own. There is no magic elixir to be bottled and sold which guarantees success. Today's marketplace is unforgiving and does not allow many people a second chance to refine these skills. But, armed with the resilient entrepreneurial personality, per-sonality, the new business owner can minimize risks. Editor's note: R. ftent Moon is senior vice president presi-dent and manager of Zions Bank's Small Business Department. He has more than 25 years' experience experi-ence in commercial banking and Small Business Administration experience. Moon served as district director for the SBA for more than six years. He currently serves on the board of the National Association of Government Guaranteed Lenders, the country's largest association of small business lenders. Utah has a greater percentage of households with two wage-earners. Also contained in the guide is a 1993 study by Frank C. Hachman, associate director of the Bureau of Economic and Business Research at the University of Utah, which indicates indi-cates Utah has a low proportion of low-income households and an even lower proportion of high-income high-income households. Compared with other states, "Utah ranks highest among all states in the proportion of its households with mid-range incomes," the report stated. Nationally, household income adjusted for inflation increased 2.7 percent, while in Utah household house-hold income adjusted for inflation decreased 0.7 percent. Statistics from the Department of Labor indicate those living in San Jose, Calif., were faring the best with annual average pay of $42,409. Those in Jacksonville, N.C., were faring the worst with annual pay averaging $16,951. Utah's two metropolitan areas both experienced increases in earnings. In the Provo-Orem Metropolitan Statistical Area, the average pay last year was $22,848, up from $21,377. The 6.9 percent growth was the second fastest in the nation; however, the average pay of workers in the Provo-Orem area still ranked 225 out of 311 metropolitan areas. Average annual pay for those in the Salt Lake City-Ogden Metropolitan Statistical Area was $24,693, up from $23,462 the year before. That was a 3.6 percent growth rate, only slightly better than the 3.5 percent growth reported for all metropolitan areas nationally. The Salt Lake City-Ogden area ranks 151 out of the 311 metropolitan met-ropolitan areas in terms of average aver-age annual pay. A study by First Security Bank indicated only 30 percent of those who are married filing joint tax returns have sufficient income to qualify for an average-priced home in Salt Lake County. Typical home prices in Utah have risen 72.7 percent in the five-year period ending June 1996, according the Housing Price Index of the Office of Federal Enterprise Oversight. Economic indicators point to a decline in job growth to about 4.5 percent in 1997. R. Hill Contracting Specializing in Steel Framed Homes ""H9K1 p 'mi ff - n i ii STEEL FRAMED HOMES WILL LAST FOREVER I he Sttrl i Hiclosed with galvanized materinl. so the framing portion lats forever. It wont warp, it won't twist, it won't split and it is impervious to termites. It has a seismic "4" rating, seven times stronger than a wood house NOT PRE-FAB, BUILT 0 SITE. Raymond Hill or in. Mt- inioniiiMidii cull 801-273-8(521 fax: 801-273-1340 e-mail: K.(Ji nit mciiii" VCorldiict.att.net P.O.Box 17782 SLC. I T 84117 General Engineer & Builder Licensed Contractor in Utah & California n LfM U 1 1 STATE CERTIFIED shriving school 9 DAY COURSE Register January 6th 4-6 p.m. Park City Library 3rd Floor 801 -943-2525 UPPER r IfclllB FITO FUIX SCREEIJS OF SATBIXITB SPORTS NETWORK lira, ran. HBA COLLEGE GAMES Open : Monday through Sunday at 3pm til close Sunday's at noon Full mean frith appetizer specials Located on the third floor of the Radisson Inn 4 xj( O V-5UUU A Private dub for the Benefit of Member .. ..nWf MAM .kdQS "caa.. . "-"if fj,. 553 h.L IMIT - - - - - HU'Ptnentf Fitness Warehouse 3 Highest Quality, Low Prices, Best Service jJ5 NO. 1 CONSUMER DIGEST BEST BUY! 350 Homei f Gym '''it. I 'i - if-- I "HVM.il I -. " L no r , n If I s, US 2nd Stek Ophand ; I Optional 425 Home Gym Open 9AM - 6PM Mcn.-Fri.; 10AM - 5PM Sat. StmrtEMli&l' OREM-1345 South State SALT LAKE CITY (Mam (next door to Ultimate Electronics) 81 5 West 2400 South Gust off 9th West) v. 1 |