Junior Achievement of the Eastern Shore 
#4
December 9, 2014



About our Sponsor

PKS & Company, P. A. is a full service accounting firm with offices in Salisbury, Ocean City and Lewes that provides traditional accounting and tax services as well as specialized services in the areas of personal financial planning, individual retirement planning, estate and trust services, fraud and forensic services, payroll services and offers financial planning and investments through PKS Investment Advisors, LLC.

 



What Would You Have Paid to Save Your Younger Self This Reality Check?


give them the chance you didn't have
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17.4%

the percentage of a year's charitable donations that occur in the month of December*


*blackbaud.com
Wrap up the Season,
Wrap up the Year

sponsored by:

 

 

Giving during the holidays makes us feel as if the new year and the new start will help rejuvenate our souls, and keep us feeling that good-will-to-mankind imperative throughout the year. Letting that charitable urge slip past may not only diminish seasonal cheer, however, but may potentially diminish your tax refund as well. A donation to a 501(3)(c) non-profit up until December thirty-first can be taken as a deduction on on your 2014 tax return, even if the check is cashed in the New Year. Waiting until after January first means waiting all year to take that deduction earned from your generosity.

 

Below are a few more ways to help you to financially wrap up 2014, and plan your year-end contribution.

 

Gather your Papers

Be sure you have all of the documents you will need when it comes time for tax preparation. Give yourself time to locate or obtain copies of papers such as proof of all income (wages, retirement/social security payments, winnings, jury duty, and state tax refunds); additional income deductions (business, farm or rental income); receipts for itemized deductions; and any expenses that may give you a credit, such as dependent care and energy efficiency home upgrades. Ensuring you have all of these papers in your possession and organized now instead of when you are facing a filing deadline in the spring will save you time, frustration, and help you avoid pitfalls in your tax return.

 

Talk with a Financial Advisor

 

When it comes to your money, nothing makes more sense than getting professional advice on how to manage it. Just as we should not try to perform major surgery on ourselves, we should not attempt to navigate the complex world of money management without a competent professional in our corner. A financial planner can assess your individual financial needs and goals and design a personalized strategy to get your hard earned money where you want it to be, when you want it to be there. Having a plan to get the most out of this year's money and do even better next year will only serve to help you grow your wealth even faster. An upcoming Reality Check will discuss more with you about financial planning.  


 

Plan your year-end contributions

 

If you have a tendency to procrastinate in your giving, you're not alone. According to Blackbaud's 2013 Charitable Giving Report, over one-third of all charitable donations occur in the last three months of the year, 17.5% of them in December alone.

 

Be sure your chosen charity qualifies. Charitynavigator.org reminds us that even if it is a tax-exempt organization, the donation will not be eligible if it is gifted to a foreign government or charity, or even to certain private foundations. Lists of eligible charities exists all over the Internet. An extensive list can be found at the IRS website. Also, it is essential that you know if you can take deductions in the first place. If you are filing a 1040Ez, then you must claim the standard deduction and not submit an itemized deduction, which means you will not be able to claim your charitable giving. Bankrate.com further explains this difference and which would better suit your needs. For more information on how to maximize your charitable giving, the IRS has an in-depth page on the rules of donating. Of course, checking with your tax professional or financial advisor will always get you the correct guidance.

 

If you take a moment out of the year-end celebration chaos to prepare for the financial closure of the year, you will find an easier time of it come April 15. And taking stock of what you have now, and what others need now will help you realize the best time to give--is nowWith online donations so convenient in this modern era, giving in the last days of the year is as simple as a button click. Go ahead. See if we're right: 

 

 

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by Christina Williams, Junior Achievement of the Eastern Shore
From all of us at Junior Achievement of the Eastern Shore, Happy Holidays!


Junior Achievement of the Eastern Shore (JAES) is a nonprofit organization committed to giving young people in all communities the knowledge and skills they need to own their economic success, plan for their future, and make smart academic and economic choices. Through its hands-on, age-appropriate programs JA inspires our youth to live within their means, prepare for the world of work, and understand the free enterprise system. Today, JAES teaches more than six-thousand students across the Eastern Shore. To volunteer or donate, email JAES at [email protected], phone at 410.742.8112, or log on to  www.ja.org.

It is through supporters like you that we change the futures of thousands of children across the Eastern Shore.

Thank you.
Jayme Hayes
President, Junior Achievement of the Eastern Shore