Page 6 - The Shores of Jupiter - June '23

Page 6, The Shores
Financial Focus

New Law May Offer Financial may be of interest to you, depending on your situation: If you’re a business owner …
If you’re a retiree …
• Increased tax credit for starting a retirement plan – If
Opportunities • Higher age for RMDs – The age at which you you have 50 or fewer employees, you can now claim a startup
must take withdrawals — known as required minimum credit covering 100 percent — up from 50 percent — of the
By Sally Sima Stahl distributions, or RMDs — from your traditional IRA and administrative costs of opening a 401(k) plan, up to $5,000
Your own decisions and 401(k) has increased from 72 to 73, effective this year. (If for each of the first three years of the plan.
actions typically determine you turned 72 in 2022, but still haven’t taken your first • Employer contribution credit – You may now be able to
your financial strategies. RMD, you will need to do so this year.) And in 2033, the get a tax credit based on employee matching or profit-sharing
But outside events can RMD age will increase again, to 75. You don’t have to contributions. This credit is capped at $1,000 per employee
affect your choices, too. wait until these ages before taking withdrawals, but the and phases out gradually over five years.
And that may be the case new age limits may affect your withdrawal decisions. • Military spouse tax incentive – If you have 100 or fewer
with the recent passage of • Lower penalties for missed RMDs – If you don’t employees who earn at least $5,000 annually, you can earn a
the SECURE 2.0 Act. take at least the RMD for a given year, you could face tax credit of up to $500 for three years if you make military
This piece of legislation tax penalties. Previously, this penalty was 50 percent of spouses eligible for a retirement plan, such as a 401(k) or
covers many areas. But the amount you were supposed to have taken but now it’s SEP IRA. You can receive the credit for the year in which
here are some changes that reduced to 25 percent. the military spouse is hired, plus the next two taxable years.
• New options for qualified charitable distributions – If These aren’t the only provisions in the SECURE 2.0
Act that may be relevant to you, and some parts of the new
you’re 70½ or older, you can make a one-time qualified
FPL Storm Tips charitable distribution (QCD) of up to $50,000 to entities law go into effect in the future. You may want to contact
your financial and tax advisors to see just how you might
that previously couldn’t receive these QCDs, including
Keep Your Family And charitable remainder annuity trusts, charitable remainder ultimately be affected by this legislation, and how you could
unitrusts and charitable gift annuities that meet certain
take advantage of it.
Home Safe During criteria. Because QCDs are typically excluded from This article was written by Edward Jones for use by
your local Edward Jones Financial Advisor, Edward Jones,
your taxable income and could satisfy some or all of
Hurricane Season your required RMDs, which are otherwise taxable, these Member SIPC.
Edward Jones is a licensed insurance producer in all states
expanded opportunities may prove beneficial from a tax
At FPL, safety is the cornerstone of our commitment standpoint. Consult with your tax advisor to determine and Washington, D.C., through Edward D. Jones & Co., L.P.,
to customers and employees. The destruction caused by if and how QCDs make sense for your situation. and in California, New Mexico and Massachusetts through
Hurricane Ian less than a year ago shows the importance If you’re still working … Edward Jones Insurance Agency of California, L.L.C.;
of proactively planning for the upcoming hurricane • Roth contributions to retirement plans – Starting this Edward Jones Insurance Agency of New Mexico, L.L.C.; and
season. FPL urges Floridians to be prepared and to be year, if you participate in a 401(k) or similar plan, you can Edward Jones Insurance Agency of Massachusetts, L.L.C.
aware of potential safety hazards at all times – before, take your employer’s matching and other contributions Edward Jones, its employees and financial advisors
during and after severe weather. on a Roth basis. While these contributions will count as cannot provide tax advice. You should consult your qualified
Below are tips to help you and your family stay safe taxable income, they can ultimately be withdrawn, along tax advisor regarding your situation.
during hurricane season. with any earnings they generate, tax free, provided you Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
Before A Storm Threatens meet certain conditions. 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
• Determine if your home or business is in a flood and/
or evacuation zone and review evacuation routes.
• Develop your emergency plan and review it with
your family.
• Photograph or record your home – inside and out –
for insurance purposes.
• Determine your backup power source or make
arrangements to relocate if a storm warning is issued and
someone in your home is dependent on electric-powered,
life-sustaining medical equipment.
• Clear tree and vegetation debris quickly. Trash pickup
will be suspended when a hurricane warning is issued.
Visit FPL.com/trees for more information on our tree
trimming policies. 747-PALM
• Do not attempt to trim any vegetation growing on
or near any overhead power lines. Only hire qualified 747-7256
professionals to trim trees and other vegetation near power
lines.
Preparing For An Approaching Storm
• Turn off and unplug any unnecessary electrical
equipment.
• Turn off all swimming pool pumps and filters and
wrap them in waterproof materials. CAMPBELL AND KARLIK, P.A.
• Set your refrigerator and freezer to their coldest
settings ahead of time to keep food fresh longer in the ATTORNEYS AT LAW
event of a power outage.
• Look up and note the location of power lines before
you begin working on a ladder. Be sure that ladders or
Wills • Trusts • Estate Planning • Probate
FPL Storm Tips on page 7
Taxation • Real Estate • Corporations

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