Common Cents
Unify Your Goals, Unify Your Family, Unify Your Life.
November 2016 * Issue 1, Vol 40
Good Deeds, Good for Taxes
The holidays are the time of giving
and when many people choose to
help those in need by making donations to favorite charities. Did you
Shelby County
Federal Credit Union
Routing Number:
284085197
know that these contributions can
actually reap benefits for you?
You’ve probably heard the phrase
“write off” or “deductible expense” but
many people don’t fully understand
what that means. Simply put, the pur-
BOARD OF
DIRECTORS
Lisa Wimberly, Chairman
Ray Sides, Vice Chair
pose of tax deductions is to decrease
David Pontius, Treasurer
your taxable income, thus decreasing
Dolly Bugg, Secretary
the amount of tax you owe to the
federal government.
Mary Jane Bevill, Director
Jerome Carr, Director
Teresa Mason, Director
Any charitable contribution is tax deductible up to 50 percent of your income. And you can
get tax savings with non-cash donations as well. Eligible deductions include the purchase
of a new coat for a coat drive or food for a food drive, or making a donation to Goodwill,
Gordon Neighbours, Director
Bobby Simmons, Director
Salvation Army or other charities that accept gently used items. Follow these tips to make
the most of your charitable deductions:
•
Get a receipt from the charitable organization, even if it is a cash donation.
•
Check the IRS website to see what type of organizations qualify as eligibile charities.
•
Be prepared to itemize your gifts on your 1040 form so keep a list of all of your donations.
•
Consider donating appreciated assets, like stock, which can result in a double benefit.
•
While voluteer time is not eligible, expenses associated with volunteering, like travel
time, supplies, uniforms, etc, may be eligible.
•
Talk with your accountant to make sure you are making the most of your charitable
contributions before tax season.
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Source: Forbes.com and CNBC.com
What is a Christmas Club Account?
Who doesn’t want to shower their loved ones with gifts during the
holidays? Unfortunately gift giving can lead to large credit card
bills with hefty interest. Christmas Club Accounts can help you
save up for a grand holiday season without getting broke come
January 1. How does it work? You just put aside a little bit of
money on a regular basis, it adds up during the year and you get
that money in a lump sum just before Christmas. Fund it via direct
deposit with money deducted from your paycheck starting now,
and over the next few months you won’t miss what you never
had. Just think, by saving $5 per week, you’ll have almost $250
load up gifts under the tree!
And you’re likely to leave your money in there all year because
penalties for early withdrawal, while they’re not hefty, are a good
deterrent.
Contact your Shelby County Federal Credit Union to set
up your Christmas Club Account for 2017!
Don’t Let Thanksgiving Gobble Up Your Budget
Budgeting for a Thanksgiving meal doesn’t mean your guests have to go home hungry! Here are some ways to save and
still serve up a holiday meal fit for a king.
Go Potluck
Ask guests to participate in the meal
by bringing their favorite Thanksgiving
dish. More than likely they will be happy you asked!
Natural Decor
Buy squash, pumpkins and use pretty
fall leaves and acorns to adorn your
table instead of expensive centerpieces.
Contact a Loan Officer to see if you are eligible!
Small
Household
*Annual
PercentageSharing
Rate
If you are only cooking for your immediate family, find a friend in the same
situation and split your groceries. You
save money by getting only the ingredients you need
Buy In Bulk
Stock up on non-perishables and paper
goods at Sam’s or Costco for big savings.
Frozen vs. Fresh
Fresh turkeys are great, but a frozen
bird is the way to go if you’re trying to
stay within a budget.
Skip the Appetizers
Let’s face it ... who needs dip when a
huge meal is in store?
Forget the FoodNetwork Recipe
It’s tempting to try a fancy new
recipe but if it’s going to break your
budget, stick to the classics. Save
that fancy recipe for another time
when it can really shine.
Remember that Thanksgiving is not
about impressing by overserving a
feast. Rather, it’s about enjoying the
bounty you’ve been blessed with
among the people you love the
most.
Are you paying too
much interest on
your car loan?
Check with SCFUC to see
how we can lower your
monthly payment!
Downtown Main Branch
150 Washington, 3rd Floor, 222-1900
Sycamore View
1160 Sycamore View, 377-8929
ShelbyCountyCU.com