a monthly e-newsletter of the Young Professionals Network   |   MARCH 2011

TAX TIPS for Young Professionals As you prepare your patriotic duty to file your taxes this year, tax professional Kent Schmidt of H&R Block offers some tax tips for young professionals regarding various situations. I’m an entrepreneur who started a business in 2010. Are my start-up costs deductible? With unemployment hovering at 9.5 percent for much of 2010, many created their own jobs by starting their own businesses. Taxpayers who opened a business in 2010 can deduct up to $10,000 of eligible start-up costs, up from $5,000 in 2009. Qualifying expenses include advertising, business property rent, supplies, taxes and licenses. I have a full-time consulting assignment. How is my income tracked? Form 1099-MISC is sent to the IRS to report income, royalties and other types of income paid to independent contractors. For independent contractors who work from home, often freelancing or consulting, Form 1099-MISC commonly is used to report contractor compensation. Are my college tuition costs reported to the IRS? Eligible educational institutions submit Form 1098-T to report information about their students to the IRS as required by the Taxpayer Relief Act of 1997. The 1098-T includes the student's enrollment status, qualified tuition and related expenses, scholarships and grants – taxable or not. I was married in the summer of 2010. Do I file as a single or as married? Marriage, re-marriage and the times before and in between can make taxpayers ponder their IRS tax filing status, which determines tax rates and standard deduction amounts. Filing status for the entire year is determined by the status as of Dec. 31 of the current tax year. The options are single, married filing jointly, married filing separately, head of household or qualifying widow(er). On March 3, the Indiana Department of Revenue announced that as of March 1, 2011, claims toward the Energy Star Heating & Cooling Equipment Credit had reached the state's $1 million limit, which the legislature assigned to cover claims toward this credit. Any claims received after the cap was reached will be denied. A denial of the claim will result in a manual adjustment to the taxpayer's return. This could cause a slight delay in processing those returns. Those taxpayers whose claims have been denied will be notified in writing from the Indiana state revenue agency. Tax year 2010 was the last year to claim the Energy Star Heating & Cooling Equipment Credit. Kent Schmidt is a Tax Associate at the H&R Block in Indian Ridge Plaza. He can be reached at 574.968.1942. Book Review: Brain Rules by Dr. John Medina Most of us have no idea what’s really going on inside our heads. Yet brain scientists have uncovered details every business leader, parent, and teacher should know—like the need for physical activity to get your brain working its best. John Medina’s fascinating stories and infectious sense of humor breathe life into brain science!   How do we learn? What exactly do sleep and stress do to our brains? Why is multi-tasking a myth? Why is it so easy to forget—and so important to repeat new knowledge? Is it true that men and women have different brains?   In Brain Rules, Dr. Medina, a molecular biologist, shares his lifelong interest in how the brain sciences might influence the way we teach our children and the way we work. In each chapter, he describes a brain rule—what scientists know for sure about how our brains work—and then offers transformative ideas for our daily lives.   In addition, for all you parents of young children, Medina has published another book called Brain Rules for Baby. Through fascinating and funny stories, Medina unravels how a child’s brain develops – and what you can do to optimize it. In it he shares what the latest science says about how to raise smart and happy children from zero to five. This book is destined to revolutionize parenting.   Dr. Medina will be in South Bend on April 27 to give a free lecture from 6:00 - 8:00 p.m. at Bendix Theater, Century Center. For tickets call: 574.647.6628 or e-mail: brainworks@memorialsb.org. Medina is in the area as the keynote speaker for The Public Education Foundation’s Annual Great Friends of Schools luncheon on April 28. For tickets call: 574.283.8039 or go to edfo.org.   Upcoming Events   YPN Power Lunch: Is South Bend Really Dying? Thursday, March 24   |   11:30 a.m. - 1:00 p.m. ITT Technical Institute $10/person   Newsweek magazine listed South Bend as #8 in its list of dying cities but is it really? Join other YPs in learning about the challenges our area faces as well as exciting things to look for in the future! Guest speakers Karl King (who recently completed the Benchmarking South Bend Report) and executive director of Project Future, Pat McMahon, will focus on where South Bend stacks up compared to other cities. They will provide an update on where South Bend is headed as well as some of the real opportunities we have as a community in the future.   REGISTER   South Bend Mayoral Candidate Forum Thursday, March 29   |   6:30 - 9:00 p.m. Bendix Theatre, Century Center Free. No registration required. It's a job interview for the candidates running for South Bend Mayor. The Chamber of Commerce of St. Joseph County and the Young Professionals Network (YPN), in partnership with the South Bend Tribune and WSBT Stations, will present a South Bend Mayoral Candidate Forum on Tuesday, March 29. All candidates running for South Bend Mayor are invited to participate in the Forum upon completion of application and interview. Get to know the candidates and how they stand on important issues. This may be your only chance to see the candidates at one time. Event sponsored by Barnes & Thornburg and Martin's Super Markets.   Apples to Apples Networking Event Wednesday, April 13   |   5:30 p.m. - 7:00 p.m. Waterford Estates Lodge Free   The Young Professionals Network is hosting a networking night with Apples to Apples, the award-winning card game. The game will give instant conversation starters and plenty of laughs. It’s a great way to meet new people and make connections with other young professionals in the area. There will be complimentary appetizers, a cash bar, prizes, open networking, and time to play Apples to Apples.   This program is for YPs, ages 21-39, who want to continue to build relationships for personal and professional success. This event is complimentary.   REGISTER   Community Center  U93 Green Party – Celebrating St. Patrick’s Day at Heritage Square March 17, 2011 - First 93 people get an official Green Party t-shirt. Alligator Blackbird and Mack Pherson and the Struts will perform live. The party is from 4:00 p.m. to midnight. Admission into the tent is $6 with proceeds going to the Center for the Homeless. Must be 21 or older to attend.   Mom & Son Dance March 23, 2011 (6:00 p.m. - 8:30 p.m.) - The Annual Mom-Son Dance is a special night of fun for Moms and Sons (ages 3 to 12) held at Palais Royale. Enjoy dancing and light refreshments, and preserve your memory with a keepsake photo. This year's theme is Pirates, so make sure to dress up as your favorite buccaneer. Reserve your spot here.   Downtown South Bend First Fridays: April 1, 2011 - Explore downtown South Bend’s art galleries, restaurants, museums, shops, boutiques, salons and more. For a complete list of participating businesses and their specials during DTSB First Fridays, visit dtsbfirstfridays.com. Homeward Bound April 2, 2011 - Homeward Bound is a Walk and 5K Run that benefits eight non-profit agencies around the area in order to provide housing and fight homelessness in Indiana. Registration is at 8:00 a.m. The 5K Walk starts at 9:00 a.m. and the 5K Run starts at 9:30 a.m. Register and find more info at homewardboundindiana.org. Silver Hawks Baseball – Come Play April 11, 2011 – Cheer on our hometown sluggers as they start their first home game of the season against the Lansing Lugnuts at 6:30 p.m. Come play and find out more info here. Egg Stravaganza April 16, 2011 – Families can take part in celebrating the arrival of spring by participating in various egg-citing events downtown such as: egg hunt, creating loveable teddy bears, take a photo with the Easter Bunny, wagon rides, etc. Visit dtsbeggfun.com for more information. SHARE YOUR PERSPECTIVE ON BICYCLE NETWORK NAME The City of South Bend, northern Indiana’s only Bicycle Friendly Community, is seeking feedback on four proposed names for its 92-mile bicycle network now being implemented. Click here to take a brief online survey.

Young Professionals Network
The Chamber of Commerce of St. Joseph County
401 E. Colfax Ave., Suite 310, South Bend, IN 46617