Compass Financial's quarterly newsletter, The Navigator, Fall 2007

1. Fall 2007
The NavigaTor Financial Advice for the Adventures of Life
Putting into words
As you may know, one of our Passions at Com-
pass is the truth that Words are Sacred. In a culture
where words are so plentiful, it could be easy for Kurtis Pearson, CFP®
the language to lose its significance. We like words kurtis.pearson@lpl.com
that are large and full of mystery. Here are a few of
our favorites:
Journey
We are all sojourners. We are compatriots on
a path to discover our true purpose and calling. A Steve Conard, CFP®
Financial Consultant
path by definition will have twists and turns, mak- steve.conard@lpl.com
ing the way a real adventure. At Compass we offer
financial advice for the adventures of life. Money
Calling
is one of the necessary provisions for our life jour-
Vocation at its root
ney. We have a sense of awe and respect for the
comes from a latin word
life path you are traveling. Financial decisions at
meaning “voice”. Before
their best reflect a consistency with the fabric and Michele Bjorkgren
we can tell our lives what Director of Client Services
landscape of your life.
we want to do, we must lis- michele.bjorkgren@lpl.com
ten to what our lives are tell-
FaMily
ing us about who we are. We
We are all sons or daughters. We all have fa-
believe the world is aching
thers and mothers. This universal truth not only
for those who have the pa-
brings us together, but leads us to some important
tience and passion to make
clues regarding our thoughts and habits regarding Nancy Economos
the pilgrimage to their true Compliance Administrator
money. What is your earliest memory of money?
call in life. Investing your nancy.economos@lpl.com
The answer will hold significance to some para-
financial resources into your
digms you are still using to guide your finances.
true “call” is one of the wis-
Some of these paradigms are good and some may
est investments you will
need to be challenged. learning our history gives
ever make. The Compass
us some significant clues regarding our future.
Team is committed to ex-
Julie Greer
ploring our own calling. We Sales Assistant
are learning how to listen julie.greer@lpl.com
COMPASS
to life’s voice and we enjoy
hearing your life story.
FINANCIAL SERVICES
Angela Goodale
Ambassador

2. Tax Services Update
We are evaluating our ability to offer a tax tions of each scenario.
service that fits our fee based approach. We 2. Tax reports need to analyze a complicated tax
should have an announcement soon. Steve Co- code and present findings that are easy to under-
nard has been evaluating various software options stand.
that could be part of our toolbox. Kurt has been 3. you like the convenience of having tax ser-
meeting with CPA’s and exploring relationships vices in our office.
that could fit our advice oriented approach. Julie 4. Preparing tax forms is a commodity that is
is currently enrolled in a class about taxes. provided at every shop in town. Proactive tax
We are using the following information to advice is a rare value added service in our com-
shape our tax services: munity.
1. The transitions in life not only raise financial 5. It is our desire to have a CPA monitor our
issues, but they also present many tax questions. reports and offer you the necessary tax filing ser-
good tax advice will offer the ability to run hy- vices at a reasonable rate.
pothetical financial decisions and the tax implica-
IRS Tax Tip 2007
In a tax emergency, would you be ready? for 3 years from the date the return was filed.
Well–organized records not only help you pre- They could help you prepare future tax returns or
pare your tax return. They also help you answer amend a return.
questions if your return is selected for examina- For more information on recordkeeping re-
tion or prepare a response if you are billed for quirements for individuals, order Publication
additional tax. 552, Recordkeeping for individuals.
Fortunately, you don’t have to keep all tax If you are an employer, you must keep all
records around forever. There are laws known as your employment tax records for at least 4 years
statutes of limitations that impact how long you after the tax becomes due or is paid, whichever is
must keep receipts, canceled checks, and other later.
documents that support an item of income or a If you are in business, there is no particular
deduction on your return. method of bookkeeping you must use. However,
generally, for questioning the amount of tax you must clearly and accurately show your gross
you reported or making an assessment of addi- income and expenses. The records should sub-
tional tax, the IrS has 3 years from the date you stantiate both your income and expenses.
filed the return. For filing a claim for credit or Publication 583, Starting a Business and
refund, you generally have 3 years from the date Keeping records, and Publication 463, Travel,
the original return was filed, or 2 years from the Entertainment, gift, and Car Expenses, provide
date the tax was paid, whichever is later. For ei- additional information on required documenta-
ther purpose, returns filed before the due date are tion for taxpayers with business expenses. The
treated as filed on the due date. There is no statute publications are available at IrS.gov or by call-
of limitations when a return is fraudulent or when ing 800-TaX-FORM (800-829-3676).
no return is filed.
you should keep some records indefinitely,
such as property records. you may need them to
prove the amount of gain or loss if the property is
sold.
COMPASS
generally, income tax returns should be kept FINANCIAL SERVICES

3. Ice Cream Social
There is nothing better than a hot sunny evening, good friends and ice cream.
The excitement in the kids’ faces when Sydney Storm performed his magic tricks was
priceless. Thank you to all who attended the event at Kaleidoscoops in Ankeny
on Thursday, July 26, 2007.
Summerset Winery
Summerset Winery was the place to be on Sunday August 19th, 2007.
We enjoyed the music of Reverend Raven Band featuring RJ Mischo
on harmonica. The music sounded so good, it even instigated at little
dancing! Congratulations to Ron Mark and his family for
accomplishing their dream and letting us enjoy their
great wine and the beautiful scenery!
www.compassiowa.com
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