At the ZWIN November 14 meeting, Kim Storen of Storen Financial shared practical tips on how to minimize our taxes. Now that the new tax law has been in effect for over a year, she has insight into best practices for clients filing in 2020. Below are a few highlights from her talk.
- Keep an eye on your withholding–the IRS has made changes to the withholding tables, which has caused some taxpayers to owe at tax time.
- Be aware of the child tax credits ($2000 until he or she is 17, and $500 if the child is a full-time student up to age 23).
- Check into day care credits if you are paying for child care, or consider signing up for your employer’s flexible spending account for day care, if available.
- There are education credits for college and grad school, but the credit can be missed because the Form 1098-T is not mailed out and is only available at the student’s online account.
- Children may be taxed at a higher rate than before; track their unearned income.
- There is no longer a penalty for not having health insurance.
- Health Savings Accounts are a powerful tool for reducing taxes.
- Because rules pertaining to itemized deductions have changed, some people are “bunching” charitable giving into certain years.
- Track all your business expenses! Many business owners lose out on deductions simply because they are unorganized.
- Don’t spend a dollar to save 25 cents! In other words, don’t get rid of your profit to avoid paying taxes on it; don’t spend needlessly.
- If you buy a house, wait two years to sell it to avoid paying tax on the gains.
- Regarding gifting: you can gift money, and it’s not deductible for you or taxable by them. If the amount is more than $15,000, it has to be reported but is not taxable.
Kate Brazzale, Smart College Selection. Kate guides you and your student on the journey of selecting a college. Her business helps you stay on track, reduce stress, and save costs.
Kate Swanson, zWORKS. This coworking and entrepreneurial space now has two locations in Zionsville. They have over 200 members from all sorts of business ventures. They have brought millions of dollars of venture capital to our area.
Announcements and Upcoming Events
Member Allyson Gutwein is the new director of the Zionsville Chamber of Commerce. Congratulations on your new role!
Zachary, Director of Development and Marketing at Dove Recovery House for Women spoke about his organization. As stated in their materials, Dove “is committed to empowering women to become substance free, self-sufficient and healthy, by providing safe housing, quality programming, and — above all — hope for their future.” Their program is free to its clients, and is funded by grants, government sources, individual donations, and special events. They are proud of their 67% success rate. Currently, there is a waiting list for the 40 beds at Dove Recovery House.
ZWIN will be supporting Dove Recovery House this Christmas season. We will be collecting robes and creating gift baskets for the women at Dove. Charlotte Jessup and Ellie Paino, our service coordinators, will be compiling a Signup Genius of what to purchase for these women, including fuzzy socks, hot chocolate mixes, puzzle books, and more. We will collect these items at our holiday luncheon on December 12 at the Sullivan Munce Cultural Center.
Debbi announced that the ZWIN Town Hall Luncheon was a huge success last month. She said town employees loved it and were so appreciative. Many said it was their favorite luncheon of the year and that they look forward to it every fall.
Becki announced that Cronin Cleaning is offering giveaways for families in need. Please contact her if you know of someone that might benefit.
A Women of Impact meeting will be next Wednesday at the Golf Club of Indiana beginning at 5:30. It’s a free event! They will be awarding thousands of dollars in grants.
Visitors and Shout-Outs
We welcomed three visitors today:
- Terra Smith, Young Living Essential Oils
- Daniela Bianchi, Nested Spaces
- Nicole Laughrey, Herff Jones
We had many shout-outs and well wishes for our fellow members!
- Kathy W. to Debbi Kuller and other moms of the champion high school soccer team
- Amy C. to Erin DeBrota, whose son has medical concerns
- Debbi K. to Kristin Williams, whose son is ill
- Katie R. to Godby, Storen, and ZPT for supporting Z Gravy Chase
- Kim M. to Allyson Gutwein for jewelry assistance and repairs
- Kathy W. to Ingrid Cole on her new space
- Cindy A. to Nikole Robeson as winner of her cybersecurity book give-away