Page 22 - Abacoa Community News - Decembe '23

Page 22, Abacoa
Financial Focus ®

Can You Make Charitable those that qualify as 501(c)(3) organizations – can generally charitable organization, possibly satisfying your RMD,
which then may be excluded from your taxable income. You
be deducted, up to 60 percent of your adjusted gross income,
Giving Less “Taxing”? although lower limits may apply, depending on the nature of must start taking RMDs at 73 but you can begin making
your gift and the organization to which you’re contributing. QCDs of up to $100,000 per year as early as age 70½. (This
By Sally Sima Stahl Other, more long-term avenues also exist that combine amount will be indexed for inflation after 2023.)
Once again, it’s the season charitable giving with potential tax benefits. One such Establishing a donor-advised fund and making qualified
of generosity. In addition to possibility is a donor-advised fund, which allows you to charitable distributions are significant moves, so you’ll need
considering gifts for your make an irrevocable charitable contribution and receive an to consult with your tax advisor first. But if they’re appropriate
loved ones, you might want immediate tax deduction. You can give cash, but if you donate for your situation, they may help you expand your ability to
to think about charitable gifts appreciated assets, such as stocks, your tax deduction would support the charitable groups whose work you admire.
as well. But what should you be the fair market value of the assets, up to 30 percent of your This article was written by Edward Jones for use by
know before making gifts to adjusted gross income. Plus, you would not incur the capital your local Edward Jones Financial Advisor, Edward
charities? And what impact gains tax that would otherwise be due upon the sale of these Jones, Member SIPC.
might these gifts have on your assets. Once you establish a donor-advised fund, you have Edward Jones is a licensed insurance producer in all states
financial and tax situation? the flexibility to make charitable gifts over time, and you can and Washington, D.C., through Edward D. Jones & Co., L.P.,
First, you may want to contribute to the fund as often as you like. and in California, New Mexico and Massachusetts through
create a gift budget by deciding just how much you will give Another possible tax benefit from making charitable Edward Jones Insurance Agency of California, L.L.C.; Edward
to charitable organizations over the rest of the year. contributions could arrive when you start taking required Jones Insurance Agency of New Mexico, L.L.C.; and Edward
Next, look closely at the groups to whom you wish to minimum distributions, or RMDs, from some of your Jones Insurance Agency of Massachusetts, L.L.C.
contribute. You can find many reputable charities, but some retirement accounts, such as your traditional IRA and Edward Jones, its employees and financial advisors cannot
others may be less worthy of your support. One of the red 401(k). These RMDs could be sizable – and distributions provide tax advice. You should consult your qualified tax
flags of a questionable organization is the amount of money are counted as taxable income. But by taking what’s advisor regarding your situation.
it spends on administrative costs versus the amount that goes called a qualified charitable distribution (QCD), you can Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
to its stated purpose. You can check on the spending patterns move money from a traditional or Roth IRA to a qualified 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
of charitable groups, and find other valuable information
about them, on the well-regarded Charity Navigator website Dyslexia, ADD/ADHD,
(charitynavigator.org).
Once you’ve established a gift budget and are comfortable
with the groups you choose to support, you might turn your Gifted Testing
thoughts to another key issue connected with charitable giving:
tax benefits. A few years ago, changes in the tax laws resulted in a
large increase in the standard deduction, which meant that many NOW OFFERING: Dr. Jim Forgan & Associates
taxpayers found it more favorable not to itemize – and lost the • Jupiter & Stuart Offices
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School Psychologist
“Here we go again,
mom’s rocket launcher
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at me.” This statement
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with often describe how
their mom or dad deals
with them when they are
not acting right. “Yelling
is the only way I can get
him to listen and behave,” is a common parent response.
All agree, yelling does not contribute to a peaceful home.
Yes, at times we parents must raise our voices
and make it stern and serious. But yelling, shouting,
screaming, and threatening is parenting by instilling
fear into your child. Unfortunately, fear and intimidation
don’t produce lasting behavioral changes. Sure, your
child might behave when you’re around but leave
them with relatives or a sitter and prepare yourself for
a bad report. When you yell at your child to get him to
do what you want, he is learning that’s how he should
treat his peers or friends when he encounters someone
who doesn’t do what he wants. You are the example he
looks to for learning how to interact with others.
Do you yell at your child when he asks you to read
an unknown word from his homework? No, you teach
him how to pronounce the word. Try to maintain this
teaching mindset when it comes to his behavior. Keep
teaching him over and over how to behave appropriately.
Perhaps ask him questions instead of yelling
commands. “Are you being helpful? Is this good for the
family? What will happen if you don’t stop?” People
often tune out yelling, but a question has an implied
response requirement. Being asked a question requires
reflection and thought, and this helps your child’s mind
to shift and transition. Parenting requires us to modify
our behavior just like modifying our child’s behavior
so keep learning and practicing.
Maybe you’ve thought, “Why does he act like
that? Maybe there is something wrong with him. Is
he ADHD or maybe autistic?” Our testing process
provides information to help answer your questions.
Call to discuss your child as we test for autism,
dyslexia, dysgraphia, ADHD, depression, learning
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(561) 625-4125.