DOLLARS & SENSE : MONEY MATTERS.THE TAX MAN COMETH COMETH The European Conference of National Ethics Committees : To ease the pain of filing, the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. offers extended service hours and electronic alternatives. The toll-free help line, (800) 829-1040, is now open Monday to Saturday from 7 a.m. to 11 p.m. Tele-Tax, at (800) 829-4477, an automated service with pre-recorded tapes of common tax topics, is available 24 hours everyday. Order forms and publications through (800) 829-3676 Monday to Saturday from 7 a.m. to 11 p.m. On the Internet, download them at www.irs.ustreas.gov. WORK SMART MAKE AN ENTREPRENEUR: What moves a person to become an entrepreneur? A Roper poll says that entrepreneurs are inspired by personal satisfaction and the ability to control their own lives, create something new and be their own boss are the main reasons. While many said making money was important, it wasn't the driving factor. Three-fourths said they risked their own money and 66 percent risked economic security to start a business. The biggest challenge: Cash flow and funding. INVESTOR SPOTLIGHT Name: David Shadovitz Residence: Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. Occupation: Computer programmer in Van Nuys Age: 34 How he got started: After he left Hughes Aircraft Hughes Aircraft Company was a major aerospace and defense company founded by Howard Hughes. The group was based near Ballona Creek, in Culver City, California, USA, on the Pacific Coast. Hughes Aircraft was acquired by General Motors in 1985. , Shadovitz rolled over his retirement account to a self-directed IRA Self-directed IRA An IRA that the account holder can after appointing a custodian manager to carry out investment instructions. self-directed IRA in 1992. The first stocks he bought were American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. , Union Carbide Union Carbide Corporation (Union Carbide) is one of the oldest chemical and polymers companies in the United States, and currently has more than 3,800 employees. , Merck, Philip Morris and Dupont. He now has 11 stocks and five mutual funds. Shadovitz learned the value of saving from his parents, who suffered through the Depression. He is passing on the legacy to his two young sons, ages 4 and 3, by buying them shares in Johnson Controls, Procter & Gamble and Dial. He shows them products made by the companies they hold and tells them they are part owners. Best stock pick: Baan. He first held shares of software maker Aurum, which was bought by Baan. His adjusted cost for the Baan shares was $20 each. It closed at 44 on Friday. Worst stock pick: Rational Software. He bought it at $37.50 a share in October 1996 and it closed at 12 5/8 on Friday. philosophy: ``I look around for some bad news that doesn't affect the company's fundamentals ... that would be a good buying opportunity. Also, I look at products my company and colleagues like. Often, other people like them too and it would be a good thing to invest in such companies.'' CAPTION(S): Photo PHOTO (Color) no caption (David Shadovitz) |
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