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Show Page 8 The Ogden Valley news Volume XXII Issue IX April 15, 2014 The AmaZing Deals Mobile App Helps Weber Spend Your Tax Refund Wisely down loans (mortgage, auto, personal, etc.). By Jason Alderman County Businesses Promote “Buying Local” Ask the lender to apply your extra payment to Last year the IRS doled out over 110 mil- the loan principal amount, which will shorten In Ogden, over 400 Weber County busi- more than 2,600 merchants in Utah and Idaho. nesses are turning to the popularity of mobile apps to encourage consumers to buy local. Lifestyle and shopping app usage grew 77 percent between 2012 and 2013, according to Flurry Analytics. Now, these Ogden area merchants can be found in the Zions AmaZing Deals mobile app. “This is a great way for us to let people know what we have to offer as a local business,” said Randy Anderson, owner of Ogden’s Love to Cook kitchenware store. “The deals are a definite incentive to stop by.” Local businesses return four times more to the Utah economy than chain retailers, according to Local First Utah. The AmaZing Deals app offers users pointof-sale coupons and cash rewards for purchases from participating merchants, giving local businesses visibility alongside national chains. Users have earned nearly $1.5 million in cash rewards since the app launched in November of 2012 (originally under the name Zions Cash Rewards). The first-of-its-kind app is available for Zions Bank Visa credit- and debit-card holders and includes many bonuses. No-clip coupons, users can access “show your phone” coupons at Cash back rewards offers include up to 50 percent cash back at nearly 1,500 merchants in Utah and Idaho. There are no caps on savings, but debit card participants must select a credit transaction and sign for their purchases instead of using their PIN. Participating businesses can be found by category, GPS location, maps, recent searches, or a user-designated favorites list. Other features include a savings tracker and text alerts for new merchant offers. A list of participating rewards merchants is available at <www. zionsamazingdeals.com> Plus, app users can also be entered for a chance to win a trip to Hawaii. Between March 17 and April 30, those who download the Zions AmaZing Deals mobile app to an Android or Apple device and register it with their Zions Bank Visa credit or debit card are entered for a chance to win. The trip includes a five-night stay at the Koloa Landing Wyndham Grand Resort on the island of Kauai. and a $2,000 airline travel voucher. No purchase is necessary to enter. For complete contest rules, see <www.zionsbank.com/in-our-community/ amazing-deals-hawaii.jsp> If Utah’s Economy Reflects Utah’s Consumer Attitudes Things are Looking Up . . . Including Prices! Utah consumers are optimistic about business conditions but are wary of price increases which are here and still coming. The Zions Bank Consumer Attitude Index (CAI) increased 2.4 points to 99.2 from February to March marking a fifth consecutive month of increases. For comparison, this month’s national Consumer Confidence Index® (CCI) increased 4.0 points to only 82.3. Consumer attitudes have markedly improved over the last year, as the CAI is up 20 points year-over-year. Swelling confidence in business conditions led to this month’s increase. Fortyone percent of Utahns think business conditions are good, compared to only 8 percent who think conditions are bad and 51 percent who believe conditions are normal. The percentage of Utahns who believe current business conditions are good has increased 12 points over the last twelve months, with an increase of another four percentage points from February to March alone. Preventing the CAI from moving even higher are consumer expectations for both general business conditions and the labor market. Twenty-eight percent of Utahns think business conditions will be better six months from now, down three percentage points from February. Just 27 percent of Utahns believe the number of available jobs in their area will be higher six months from now, down from 29 percent last month and 34 percent in January. Declining expectations about the trajectory of the economy are not necessarily a negative indicator, as they may simply mean that more Utahns believe the economy has peaked and that it will not further expand or improve. But Utahns are becoming more concerned about rising prices, and the subsequent impact rising prices may have on their income. Eighty percent of Utahns think prices for consumer goods in general will go up over the next twelve months, up from 73 percent in February. Consumers are becoming increasingly confident that gasoline prices will go up over the next twelve months as well, as 85 percent of Utahns think gasoline prices will be higher twelve months from now —a 14-percentage point increase from February. Those who think gasoline prices are going up expect an average increase of $0.41 over the next twelve months. At the same time, consumers are less confident that their household income will rise at a higher rate than inflation. Fifty-one percent of Utahns think it is unlikely their household income will increase more than the rate of inflation during the next two years, up from 46 percent in February and 42 percent in January. Utahns are still largely much more optimistic than the rest of the nation. The Zions Bank Present Situation Index — an assessment of confidence in current business and employment conditions — increased 5.8 points to 99.3 from February to March, and now sits 18.9 points higher than the national Present Situation Index. The Zions Bank Expectations Index — an estimate of consumer confidence in the economy six months from now — increased marginally, up 0.1 points, from February to March and now sits at 99.1, which is 15.6 points higher than its national counterpart. These metrics almost certainly take into account current conditions in the state of Utah that help engender increased optimism and confidence. For instance, Utah’s unemployment rate sits at 3.9 percent, while the national unemployment rate is at 6.7 percent. Utahns also think our state government is doing a much better job managing the economy — only 34 percent of Utahns believe that the federal government is doing a good or fair job with its economic policy compared to 80 percent of Utahns who think the state government is doing a good or fair job with its economic policy. “Utahns’ confidence in the economy has been trending upward for quite some time now,” said Scott Anderson, president and CEO of Zions Bank. “This should not come as a surprise to many, as our state economy benefits from low unemployment, a strong housing market, and a thriving business community. This year is off to a great start, and we expect the economic recovery to continue to move forward with vigor.” Additional information is available at <www.zionsbank.com> lion income tax refunds averaging $2,803 each. Another way to look at it is that, collectively, Americans overpaid their taxes by nearly $310 billion in 2012. Part of that is understandable: If you don’t have enough tax withheld throughout the year through payroll deductions or quarterly estimated tax payments, you’ll be hit with an underpayment penalty come April 15. But the flip side is, that by over-withholding, you’re essentially giving the government an interestfree loan throughout the year. If you ordinarily receive large tax refunds, consider withholding less and, instead, putting the money to work for you, by either saving or investing a comparable amount throughout the year, or using it to pay down debt. Your goal should be to receive little or no refund. Ask your employer for a new W-4 form and recalculate your withholding allowance using the IRS’ Withholding Calculator (at www.irs. gov). This is also a good idea whenever your pay or family situation changes significantly (e.g., pay increase, marriage, divorce, new child, etc.). IRS Publication 919 can guide you through the decision-making process. Meanwhile, if you do get a hefty refund this year, before blowing it all on something you really don’t need, consider these options: Pay down debt. Beefing up credit card and loan payments can significantly lower your long-term interest payments. Suppose you currently pay $120 a month toward a $3,000 credit card balance at 18 percent interest. At that pace, it’ll take 32 months and $788 in interest to pay it off, assuming no new purchases. By doubling your payment to $240, you’ll shave off 18 months and $441 in interest. Note: If you carry balances on multiple cards, always make at least the minimum payments to avoid penalties. The same strategy will work when paying the payoff time and reduce the amount of overall interest paid. Just make sure to ask whether there’s a prepayment penalty before trying this strategy. Boost your emergency fund. As protection against a job loss, medical emergency, or other financial crisis, try to set aside enough cash to cover six to nine months of living expenses. Seed the account with part of your refund and then set up monthly automatic deductions from your paycheck or checking account going forward. Increase retirement savings. If your debt and emergency savings are under control, add to your IRA or 401(k) accounts, especially if your employer matches contributions; remember, a 50 percent match corresponds to a 50 percent rate of return—something you’re not likely to find anywhere else. Finance education. Enroll in college courses or vocational training to gain additional skills in case you lose your job or want to change careers. And ask whether your employer will help pay for job-related education. You can also set money aside for your children’s or grandchildren’s education by contributing to a 529 Qualified State Tuition Plan. As an incentive, the government allows your contributions to grow tax-free until they’re withdrawn. And, finally, to check on the status of your refund, go to the IRS’s Where’s My Refund site. You can usually get information about your refund 24 hours after the IRS acknowledges receipt of your e-filed return or about four weeks after filing a paper return. LEGISLATIVE SESSION cont. from page 1 Amendments — I named this bill after Charlee Nelson, a 6-year-old girl who passed away one week after the bill was passed. This bill allows those families with children fighting epilepsy to have access to hempbased extracts for control of seizures. • House Bill 102: Assessment Area Amendments — This bill prohibits a governing body from designating an assessment area without first circulating a petition for citizens and property owner’s permission. • Senate Bill 54: Election Amendments — This bill amends provisions of the election code to allow nominations for public office to come from a qualified political party, or allows a candidate to have their name placed on a primary election ballot by obtaining a certain number of signatures on a petition. • House Bill 132: Youth Homeless Shelter Amendments — This bill allows homeless youth to spend additional time (up to 48 hours), than was previously allowed (only 8 hours), at licensed youth homeless facilities. I sponsored this bill after talking and working with youth facilities in Ogden and recognizing that the additional time allowed for the child to spend in the facility was in the best interest of the youth and their family. In conclusion, it is my honor and privilege to represent the good folks in Ogden Valley and District 8. I believe it is my job to represent your issues to the State, and ensure that government’s role in our lives is limited in both regulation and taxation. that were reallocated to higher priority uses. As the chair of the Infrastructure and General Government Appropriations Committee, I was able to fund the State’s building needs by paying cash for buildings while continuing to pay down our debt. Several of the projects funded from my Committee impacted Weber County, including the new Science Building at WSU, land acquisition for Weber County, and funds for the Ogden City airport. Utah’s steadily growing economy delivered $253 million in new ongoing revenue in addition to $144 million in one-time surpluses in current and past budgets. My goal, as always, is to generate income by creating a businessfriendly Utah—not by raising taxes. The decisions we have made over the past few years place us in a position to be named the most fiscally well-managed state in the Union, an honor that we have held in year’s past, also. This year the legislature, in my opinion, was able to pass several pieces of significant legislation that may impact you or your family members directly. I include in this list the following: • House Bill 74: Energy Efficient Tax Vehicle Tax Credits — This bill extends tax credits for electric, natural gas, and other alternative-fuel vehicles. • Senate Bill 224: Renewable Energy Tax Credit Amendments — This bill extends a tax credit for power, heating, and cooling systems based on renewable energy. • House Bill 105: Charlee’s Law - Plant Extract Note: Jason Alderman directs Visa’s financial education programs. To participate in a free, online Financial Literacy and Education Summit on April 2, 2014, go to <www.practicalmoneyskills.com/ summit2014> Don’t put those lift tickets away . . . Use them for a $10.00 discount on green fees at Wolf Creek during April & May . . . Wolf Creek Golf Course kicks off the 2014 Golf Season April 1st. During the months of April and May, present a 2013-2014 season lift ticket from one of the local Ogden Valley Ski areas and receive $10 off your green fees and a 10% discount at The Patio Grill at Wolf Creek. This is the Season to ReDISCOVER the enjoyment of playing one of Utah’s Most Scenic Golf Courses. For more information or to book a Tee time, call (801) 745-3365 or visit www.wolfcreekutah.com Discount only good with original ticket. Only one discount per player per day. Lift ticket offer is not applicable to additional discounted offers. The Patio Grill at Wolf Creek is under new management with a new menu. |