Page 4 - Jupiter West - August '18
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Page 4, Jupiter West
      Financial Focus



      You Can Still Gain Tax Benefits                    to provide support to a worthy                    from your generosity. In fact, you may be able to move up to

      From Charitable Donations                          organization and you received                     $100,000 from your IRA per year to an eligible charity and have
                                                         some valuable tax benefits. But
                                                                                                           it count as your RMDs, even if the amount donated is more than
                                                         with the passage of the new tax                   the required minimum withdrawal.
      By Sally Sima Stahl                                laws, things may have changed                       Even if you aren’t 70½ yet, you might still gain some tax
        Like most people, you probably know several organizations   considerably for many people.          benefits from certain types of charitable donations. When you
      worthy of your philanthropy, and you may well have contributed   Are there still tax benefits to     itemized, and you donated appreciated stocks, you were generally
      to them, perhaps on an annual basis. In the past, when you’ve   making a charitable donation?        allowed a charitable deduction for the full fair market value of
      made charitable donations, it’s been a win-win: You were able     Here’s some background:            the stocks on the date of the transfer, even if your original cost
                                                         Previously, you may have been                     was only a fraction of that value. Now, if you don’t itemize, that
                                                         able to deduct your charitable
                                                                                                           charitable contribution is not deductible, but you can still avoid
        Chief’s Corner                                   donations if  you  itemized                       the capital gains taxes you’d have to pay if you sold the securities,
                                                         deductions on your income tax return. So, for example, if you
                                                                                                           rather than donating them.
                                                         were in the 25 percent tax bracket and you gave $1,000 to a     Finally, you could name a qualified charity as a beneficiary
        Dear Resident,                                   qualified charity, you may have been able to deduct $250.  of your IRA or 401(k). This can allow the assets to pass free of
          As your new Chief                                But under the new tax laws, the standard deduction is   income tax to the charitable group.
        of Police, I look forward                        almost doubled for 2018, to $24,000 for joint filers, and     Given the increased standard deduction resulting from the
        to serving the Jupiter                           $12,000 for single filers. As a result, far fewer people are   new tax laws, many charitable groups are worried about the
        Police Department and                            likely to itemize their deductions. If you’re in this group,   potential loss of contributions. Nonetheless, as we’ve seen,
        the residents of the Town                        you may find that you have less incentive, at least for tax   you can still find ways to get some tax benefits from your own
        of Jupiter.                                      reasons, to make charitable gifts.                charitable gifts. And you’ll still get the same satisfaction from
          I  am  excited  about                            However, receiving a tax deduction is not the only tax benefit   supporting a good cause.
        the future of our police                         of making a charitable gift. If you own an IRA and you’re 70½ or     This article was written by Edward Jones for use by your local
        department and the new                           older, you generally must start taking withdrawals – technically   Edward Jones financial advisor. Edward Jones, its employees
        programs and services                            called required minimum distributions, or RMDs – from your   and financial advisors cannot provide tax or legal advice. You
        we will offer to our                             traditional IRA. (Roth IRAs are not subject to RMDs until after   should consult your attorney or qualified tax advisor regarding
        community. Establishing and maintaining close relationships   the death of the owner.) If instead of withdrawing the money, the   your situation.
        with the residents, visitors, and stakeholders that make   IRA owner decides to transfer the funds directly to a qualified     Call me for a free portfolio review at (561) 748-7600, Sally
        up our Town is a strategic priority for the Jupiter Police   charity, the distributed amount can be excluded from the IRA   Sima Stahl, AAMS, 1851 W. Indiantown Road, Ste. 106, Jupiter,
        Department. These strong partnerships not only build trust,   owner’s income. So, in effect, you can get a sizable tax benefit   FL 33458.
        but contribute to the prevention and reduction of crime.
          Organizational excellence is our goal and we will
        continue to provide the highest level of customer service   Introductory Massage
        while protecting the neighborhoods and businesses that                                                   $59
        make up our community.                              End Of SuMMEr
          I hope you are having a safe and enjoyable summer.
        Please continue to visit us on our website, Facebook,
        Instagram, and Twitter to learn about new and happening   SpEcIal
        events within the Town of Jupiter.
                                             Sincerely,
                                         Daniel J. Kerr,
                                         Chief of Police



      BallenIsles Charities from page 1
                                                                561/328-0172
      residents, more than $2.3 million has been awarded in
      financial grants to local nonprofits and civic organizations.  654 West Indiantown

                                                                Road, Jupiter, FL 33458
                                                                 www.drlaruffa.com


















      BallenIsles Charities Foundation President Mark Freeman
      (center), BallenIsles Country Club Executive Chef Gregory,
      and BallenIsles Assistant General Manager Peter Serena
      join other volunteers in filling arriving vehicles with food.

        As a Distinguished Club, BallenIsles Country Club is
      renowned for its superb level of service. It will soon feature
      a newly-renovated 114,900-square-foot clubhouse and a
      62,000-square-foot sports complex with a spa, salon, fitness
      center, world-class tennis facilities and swimming pools.
      The award-winning club has three 18-hole championship
      golf courses, including its famed East Course where Jack
      Nicklaus and other golf legends originally qualified for the
      PGA Tour. Managed by Troon Privé, BallenIsles is a fully
      private, member-owned club with an array of best-in-class
      amenities. For more information visit www.BallenIsles.org.

        Steve’s Cleaning Plus




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                          561-352-0157
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