NEWSLETTER
PAGE 13, OCTOBER, 1975
"JWd" Sabo ~C(YS:
Just returned from a couple of weeks d own at the old fishing hole in Arkansas. Just
loafing 'cause it rained quite a bit while I was there and, when it was clear, the bass
just didn't want to cooperate. But it was cool and enjoyable. Had a few with friends who
held a couple of real Southern fish fries for me with all the trimmings.
Sad to report that Mark Beasley, 22, son of Stan Beasley and grandson of E. G. "Hap"
Nowell, was killed in an auto accident in Phoenix, Aug.9. Hap and Stan were owners of
Garrison Sales Co., here, prior to its sale to Rowe Int'l a year ago. Also sad to report
that Kris Kaufman, 15, son of Joe Kaufman amd grandson of prominent coinrnan, Art Kaufman,
head of Valley Vendors in Phoenix, was killed in an auto accident July 30.
Distribs are beginning to mark down phonos to try to move more music before end of
model year so as to clear their inventory for the new '76 models and also to meet their
'75 quotas. Might be a good time to buy those new jukes if you have been waiting.
Your reminder, Bill, that it's only a short time to the annual sojourn to Chicago
should help make this year's gathering the largest ever because now, as never before,
we need to work together, to seek and heed advice and be conscientious of the fact that,
by working together, we can all benefit. Of course, the need to be very selective in the
purchase of new equipment is more important now.
It would be very interesting to know how many coinmen are covered by some kind of
pension plan other than Social Security. I know that many of the large firms have pen-
sion plans for their employees but how about the small operators, the ones either self-
employed or with a small number of employees? It isn't too often we can have our cake
and eat it, too, especially where Uncle Samuel and the IRS are concerned.
f
There are two laws on the books that seem to be tailor-made for our industry. The
Keogh Law allows self-employed people to put up $7,500 a year, tax deductible, into a
pension fund. Now it's supplemented by the new 1975 pension law which allows employees
not covered by a company pension plan to deposit up to $1,500 a year in an Individual
Retirement Account (IRA) and take the deposits as a tax deduction. The figures mentioned
are maximum and subject to percentage limitation as well as other rules, regulations,
approvals, etc., that any government a.ct usually has.
Income tax is paid on the pension deposits only upon withdrawal when, presumably,
you will be in a lower tax bracket. There are too many details for this space. More
information can be had at your IRS office . For the self-employed operator - the Keogh
Law. For the employee not covered by a pension plan - the new IRA. They sure look good
to me.
By the way, things may not be too bad. A quarter goes further today. You can carry
it for weeks without finding anything you can buy with it.