Author Archives: extolmag

mm-feature-image-todd

Money Matters | Retirement Plans Can Be SIMPLE

Sponsored Post by Todd Harrett

If you own a small business (or are self-employed), there are many retirement plan alternatives available to help you and your employees plan your financial future. One popular option for organizations such as sole proprietorship’s, partnerships, corporations, and non-profit organizations to consider is the SIMPLE (Savings Incentive Match Plan for Employees) Individual Retirement Account (IRA).

Unlike some retirement plans, there are specific criteria a business must meet to participate in a SIMPLE IRA plan. Here are the answers to some commonly asked questions about this type of retirement plan:

Can any business establish a SIMPLE IRA plan? Self-employed individuals and employers with fewer than 100 employees may adopt a SIMPLE plan. However, the business must not maintain any other employer-sponsored retirement plan where contributions are made or accrued during the calendar year in which the SIMPLE plan is effective. (This does not apply to plans that cover only union employees who are excluded from the SIMPLE plan.)

What is the deadline for establishing such a plan in order for it to qualify for the 2018 tax year? The IRS deadline for establishing SIMPLE IRA plans for the current year is October 1. After October 1, plans can only be established for the next tax year. An exception to October 1 exists if the business is a newly established company and has never sponsored a SIMPLE IRA plan.

Which employees are eligible to participate in this type of plan? An eligible employee is one who has received at least $5,000 in compensation from the employer during any two prior calendar years (does not need to be consecutive years) and who is reasonably expected to receive at least $5,000 compensation during the current year. In the plan’s initial agreement, the employer is able to reduce the amount of compensation and the number of years required. However, there is no required participation for this plan – eligible employees can choose whether or not they want to participate and contribute.

How much can employees contribute to the plan through salary deferral? The maximum salary deferral limit to a SIMPLE IRA plan for 2018 cannot exceed $12,500. If an employee is age 50 or older before December 31, then an additional catch-up contribution of $3,000 is permitted.

What are the maximum employer contribution limits for a SIMPLE IRA? Each year the employer must decide to do either a matching contribution (the lesser of the employee’s salary deferral or 3% of the employee’s compensation) or non-matching contribution of 2% of an employee’s compensation (limited to $275,000 for 2018). All participants in the plan must be notified of the employer’s decision. 

When must contributions be deposited? Employee deferrals should be deposited as soon as administratively feasible, but no later than 30 days following the last day of the month in which the amounts would otherwise have been payable to the employee. These rules also apply to self-employed individuals. The employer contributions deadline is the due date of the employer’s tax return, including extensions.

Can there be a vesting scheduled with a SIMPLE IRA? There is no vesting schedule with this type of plan – both employer and employee are immediately 100% vested.

How are withdrawals from SIMPLE IRAs taxed? Withdrawals from this type of account are taxed as ordinary income. However, if a participant is younger than age 59½ and makes a withdrawal within the first two years of plan participation, he or she will owe a 25% IRS penalty and ordinary income taxes on the amount withdrawn.  After the initial two years of plan participation, the 25% IRS penalty is reduced to 10% for pre 59½ withdrawals.  Exceptions to the 10% penalty on traditional IRAs are also exceptions to the 25% penalty for SIMPLE IRAs. Direct transfers to another SIMPLE IRA will not be subject to this penalty.

Can the assets in a SIMPLE IRA be rolled over? Participants are able to roll over funds from one SIMPLE plan to another at any time. After two years of participation, employees may roll assets to a traditional or SEP IRA without tax penalties.

As with any investment alternative, you should check with your Financial Advisor to evaluate the best option for your financial situation.

Wells Fargo Advisors does not provide legal or tax advice. Be sure to consult with your tax and legal advisors before taking any action that could have tax or legal consequences. Please keep in mind that transferring or rolling over assets to an IRA is just one of multiple options for your retirement plan. Each option has advantages and disadvantages, including investment options and fees and expenses, which should be understood and carefully considered.

This article was written by/for Wells Fargo Advisors and provided courtesy of Todd Harrett, Financial Advisor with Axiom Financial Strategies Group of Wells Fargo Advisors in New Albany, IN at 812-948-8475.

Investments in securities and insurance products are: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company.

© 2018 Wells Fargo Clearing Services, LLC. All rights reserved.    Car 0118-00640

square-icon

A LETTER FROM JASON APPLEGATE: Candidate for Floyd County Commissioner

Sponsored Post:

commissioners-meetingSince announcing my candidacy for Floyd County Commissioner, I have attended every County Commissioner’s meeting. I have gone to the County Council meetings (the county’s fiscal branch) and only missed one of those because I had a fundraiser I couldn’t reschedule. I also have attended Planning Commission and Zoning Appeals meetings as well as Storm Water and Solid Waste meetings, in addition to the two Special Session Workshops the commissioners and council jointly held to go over funding details for the jail project.

Last week, after attending the National Day of Prayer in New Albany, I met Sheriff Frank Loop at the jail to go on a tour. Why? Because he offered, and I wanted to know exactly what is proposed, why the renovation project was proposed and what it is all about.

But before any of this, I spent nearly a year researching the role of county commissioner and speaking with people from all over the county: politicians, business owners and residents alike. I asked questions and listened. Sought input and investigated concerns. Then, I declared my candidacy and continued to get to work understanding the role and interacting with the community I wish to serve.

mvi_2145-00_00_25_04-still003I grew up in New Albany the youngest of four boys with parents who valued hard work. We didn’t have much, but we had enough and each other. When we fell in love with golf – our late father’s passion – we worked at the New Albany Country Club so we could play for free. That valuable lesson learned at a young age helped develop my work ethic today. So did the relationships we cultivated at the golf course: No matter what someone’s background is, their financial means or political affiliation, we all want to see our community thrive.

I have a long history in working for and owning businesses in Southern Indiana. Today, my wife and I own Extol Magazine, a business we started after scratching out our plan on a napkin while sitting at Tucker’s in the fall of 2014. We invested everything we had in what we called “a magazine on a mission” with the goal of celebrating the people and places of our burgeoning region. Now, I want to do more and help my fellow Floyd County residents by getting to work and affecting change, which is why I’m running for office.

The county commissioner seat that I seek is one of great responsibility. Smart growth is imperative. So is putting aside politics for the good of the people. I thank you for the support and please remember: Every vote matters.

Sincerely,
Jason Applegate

www.AppelgateForOffice.com

s-menton-dinner-ad-sized

sc-election-guide-banner

Sam Charbonneau For Indiana State Representative, District 72

SPONSORED POST:

Sam Charbonneau is a leader who will put countless hours in at the capital to assure our children, families and veterans get what they need in order to fulfill their greatest potential. He is a lifelong resident of Floyd County and was raised in a military family where his father retired as a Master Sergeant for Kentucky Air National Guard. Sam also spent a lot of time in his childhood working on his grandparent’s farm in Kentucky.  It was through this work that he learned at a young age that working every day and never giving up is the foundation of success. He also learned giving back to the community is essential in assuring the success of the community.

25396154_506796863040890_6289433277542359019_n-1Sam attended St. Mary’s Catholic School, New Albany High School and obtained his college degree at Indiana State University. He has been married for 21 years to his wife, Kristi (Ward) Charbonneau. They have two sons, Michael and Logan. Both children attended New Albany High School and moved on to public universities.

Sam has an untethered passion to lead the community in developing a community-based comprehensive program to fight opioid addiction. He has witnessed first-hand the devastating toll this crisis has had on the community through his 15 years of work for Indiana Department of Child Services where he is a supervisor. Sam also served as the residential director of Providence House for Children in Georgetown, Indiana, where the Sisters of Providence made sure every penny earned or given was used wisely.

Watching families and children face overwhelming losses in our community has taken its toll on our community, our schools and our neighbors. Sam has witnessed unspeakable devastations to families. He has seen too many children left parentless. At the same time, our community’s resources are being drained of life. It is time to start investing in Hoosiers who, in turn, invest in our community and our financial well-being.

On top of that, Sam remains passionate about supporting traditional public education. Having a wife who is an educator allowed him to gain a great deal of insight of the importance of providing a quality education to students. He would like to see a decrease in the student loan debt. Sam believes, “Doing this would allow students who are trying to better their future to have the ability to be self-sufficient and contribute to the community.”

Sam also has a passion in seeing to it that every person is employed and has the ability to increase their wages by participating in vocational training that is supported through Union apprenticeships and local training. We have to go back to the foundations of teaching strong work ethics and gaining a skilled trade in order to increase the well being of themselves and the entire community. www.charbonneauforstaterep72.com

fb-banner-family

carrie-klaus

Elect Carrie Klaus to the New Albany Township Advisory Board

SPONSORED POST

Carrie KLAUS is a local downtown business owner and resident, as well as the founder of SoINdivisible, an organization founded after the 2016 election to resist the Trump Agenda and promote progressive values. She is also a wife and mother of two.

Carrie and her husband moved their family from the suburbs to downtown New Albany partly to expose their children to a more diverse population in the community, so that her kids will grow up recognizing that regardless of socioeconomic class, race or history, we all have a shared humanity.

Carrie has a vision of our community as one that centers that shared humanity over anything else, a community where each individual is treated with dignity and respect. Carrie believes that a community can thrive when we lift each other up. She believes that a community can thrive when we don’t prioritize resources over people.

Carrie has the passion and drive to bring this vision to life and make New Albany a thriving community.

Connect with Carrie by emailing her at carrie@isyoga.me or via her campaign page on Facebook, www.facebook.com/Carrie4NA/.

impact-100

Are You A Woman Who Wants To Transform Our Community?

Impact 100 invites you to help transform our community.

Based off of a proven national model, last year alone, the Impact 100 local Southern Indiana chapter awarded a $50,000 grant to St. Elizabeth Catholic Charities.

To learn more about Impact 100, the members and how you can help transform our community, RSVP now and join them at one or both of their upcoming meet ‘n’ greets.

impact-100
Meet and Greet #1
5-7 p.m. April 12
The Pepin Mansion
1003 E Main St.
New Albany

There is no cost to attend. Please RSVP.

Meet and Greet #2
5-7 p.m. April 24
Parlour
131 W. Chestnut St.
Jeffersonville
There is no cost to attend. Please RSVP.

Impact 100 Southern Indiana | Empowering women to transform our community

Impact 100 Southern Indiana is the initiative of the Women’s Foundation of Southern Indiana, which is a component fund of the Community Foundation of Southern Indiana. We operate with an independent Board of Advisors.

Founded in 2005, the governing principles of WFSI are as follows:

Vision: We are Southern Indiana’s philanthropic leader for creating a community where women thrive.

Mission: The Women’s Foundation of Southern Indiana engages women to raise awareness and resources to advance the quality of life for women.

spin-a-round-sound-wedding-deejay-giveaway-sidebar-ad-rules-and-finalists

Spin-A-Round Sound Wedding Deejay Giveaway OFFICIAL RULES & Meet the Finalists!

THE SPIN-A-ROUND SOUND WEDDING DEEJAY GIVEAWAY OFFICIAL RULES & Meet the Finalists

Official Rules: PRINTABLE/PDF VERISON

Learn about the Finalists:  (Click on names to read their stories)

Option 1: Danielle Nicole Ramser & Nolan Edward Taylor | Engaged December 3, 2017

Option 2: Chelsea Hargis & Michael Heater | Engaged December 25, 2017

Option 3: Jasmine Mullins & Benjamin Preston | Engaged January 1, 2018

NO PURCHASE NECESSARY TO ENTER OR WIN & ALL ENTRIES HAVE EQUAL CHANCE OF WINNING

How to Enter:  All entrants must be 18 years of age or older and be able to provide proof of an accepted engagement on or between the dates of Friday, November 17, 2017 through Monday, January 1, 2018. All entrants must submit their engagement details in writing along with the engagement date, full legal name(s), contact number, email address and city of residences of both of the engaged to todd@spinaroundsounddj.com. Employees, officers, directors of sponsor, parents, spouses, contractors, vendors and immediate family of Spin-A-Round Sound or Extol Magazine are not eligible to participate.

The wedding venue must be within 50 miles of New Albany, Indiana (anything over 50 miles, will require additional fees).  Venue must allow outside deejay services unless pre-approved by venue owner/manager. Additonally, the date of services rendered must be agreed upon by winning party and Spin-A-Round Sound.  Only one entry per email address will be considered. All entries become the exclusive property of Spin-A-Round and will not be returned.

The Prize: Grand Prize is full wedding night deejay package including four-hour reception or wedding/reception service, two deejays’, DMX controlled light show – which includes four DMX moving head lights, twelve par lights with two eight-feet truss stands, two four-feet truss stands and ten uplights – total package valued at $2,000. Winning party is not limited to the above package and could add additional items upon request for additional pricing. Additional items offered: more up lighting, staging, projector options or whatever is needed to make your dream wedding a reality. (Winner will have to complete a prize validation and will be responsible for any taxes that may result from winning.)

Effective Date of Entries: Deadlines for all entries starts 12 p.m. January 5, 2018, and ends 11:59 a.m. January 12, 2018; no exceptions.

Selection of Finalists: Members of Spin-A-Round Sound and Extol will select three (3) finalists who will then be announced, along with their story, and sent to public vote via www.Extolmag.com. Final selection of finalists will be made on or before January 14, 2018.

Notification of Finalists and Grand Prize Winner: The three (3) finalists will be contacted by Extol Magazine or by representatives of Spin-A-Round Sound and may be asked additional engagement details and/or to answer questions regarding their dream wedding.

A Grand Prize Winner will be selected through public voting* and a panel of professional judges. Voting begins at 12 p.m. January 15, 2018 and end at 11:59 p.m. January 19, 2018.  The Grand Prize Winner will be contacted by a representative of either Extol Magazine and/or Spin-A-Round Sound on or before January 20, 2018.

Other conditions:  All entrants, by submitting their entry, agree to participate, at no additional or out of pocket costs to Spin-A-Round Sound or Extol Magazine, in any and all public relations, social media, marketing or advertising of the DeeJay Giveaway. This may include the use of your name, your likeness or current photographs and descriptions of your Deejay Giveaway entry and any supplied engagement photos. These conditions also apply to the Finalists and Grand Prize Winner selected.

Names, addresses and email addresses that are gathered through this sweepstakes will not be used for solicitation or sold to a third party for solicitation or released to a third party for any purpose other than that of the giveaway itself.

Indemnification: Entrants, by submitting their entry, agree to release and hold Spin-A-Round Sound and Extol Magazine, its employees, directors, shareholders, representatives, advertising, promotion and fulfillment agencies harmless for any and all losses, damages, rights, claims and actions of any kind in connection with the Sweepstakes, including without limitation, personal injury, death and property damage and claims based on publicity rights, defamation or invasion of privacy.

* Public Voting limits votes to one vote per person (tracked by IP address). The highest public vote count counts only a percentage of the overall criteria by which a winner is ultimately selected, with professional judges having the final say. (Percentage of vote: Public Vote 49%, Extol Magazine 25.5%, & Spin-A-Round Sound 25.5% = 100% of final vote)

 

2017-money-matters-feature-generic-for-articles

Money Matters | Focus on Year-End Tax Planning

 

Michelle Floyd, CFP, Financial Consultant

Michelle Floyd, CFP, Financial Consultant

Our company is committed to helping you succeed across all areas of your financial life.  Here are five considerations to think about when it comes to tax planning.

Five areas to consider at year-end:

  1. Analyze your investment portfolio.
  • Review your portfolio to help ensure your allocation still aligns with your goals.
  • Assess tax consequences if you have sold assets earlier in the year.
  • Review tax-loss selling strategies if you have capital gains but wish to keep exposure to a depreciated sector or security.
  1. Manage your taxes.
  • Evaluate the pros and cons of deferring taxable income, if you expect to be in the same or a lower tax bracket next year.
  • Talk to your CPA about increasing your tax deductions.
  1. Maximize your tax-saving opportunities.
  • Consider increasing your retirement savings for the year.
  • Find the right type of IRA for you.
  • If suitable for your circumstances, consider consolidating your assets.
  • Take advantage of an FSA or HSA for health care expenses.
  1. Protect what matters.
  • Review your insurance coverage to help make sure it is adequate for your needs.
  • Review your beneficiary designations and make any necessary adjustments due to life changes (i.e., marriage, divorce, birth of child/grandchild, death, etc.).
  1. Leave a legacy.
  • Review your estate plan to help ensure it is aligned with your wishes.
  • Think about creating or adding to a tax-advantaged college savings plan.
  • Consider developing a plan to complete charitable and family member gifts by year-end.

Taking the time to create, review, or update your investment plan can help you reach your short-term and long-term financial goals. Contact us to schedule a review of your financial situation.

Wells Fargo Advisors is not a legal or tax advisor. However, we will be glad to work with you, your accountant, tax advisor, and/or attorney to help you meet your financial goals.

This article was written by/for Wells Fargo Advisors and provided courtesy of Michelle Floyd, CFP®, Financial Consultant with Axiom Financial Strategies Group of Wells Fargo Advisors in New Albany, IN.  She can be reached at 812-948-8475.  Visit our website at www.AxiomFSG.com.

Investments in securities and insurance products are: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company.

© 2017 Wells Fargo Clearing Services, LLC. All rights reserved.   0817-02327

 

feature-image

Falls City News and Brews | Episode 8: Who’s the New Guy?

Who’s the New Guy?  Well, he’s only the new brewer so he’s kind of a big deal. Listen to the guys interrogate him and find out who’s now making your favorite Falls City Beer.
Thanks for listening and please drink responsibly.
Falls City’s heritage as one of Louisville’s enduring breweries – we were founded in 1905 – has given way to our vision for the future. Since the brewery was re-imagined in 2010, the focus by our small team has been singular: Simply make great craft beer.
available-on-itunes-logo
feature-image

Falls City News and Brews | Episode 7: Check Out These Cans

Falls City sure has some nice cans. In this episode, the Falls City fellas talk about what went into the creation of what have to be among the best cans in the industry and treat listeners to another round of “This or That?” Listen now to find out what you need to do to get one of these guys to buy you a can at their upcoming release party at Molly Malone’s.

Thanks for listening and please drink responsibly.

Falls City’s heritage as one of Louisville’s enduring breweries – we were founded in 1905 – has given way to our vision for the future. Since the brewery was re-imagined in 2010, the focus by our small team has been singular: Simply make great craft beer.

 

available-on-itunes-logo

Subscribe to Falls City News and Brews Podcast

feature-image

Falls City News and Brews | Episode 6: Beer Fests, Pretzel Necklaces and Brian has NO Notes

Beerfest season is coming to a end and the Falls City Guys talk about what the many beerfest have become and simply, what they think of them. Host Brian came with no notes, which does make for some interesting conversation…. Goats on a Motorcycle, ‘the prez’ Shane talks boardgames – that no one knows – and they ask you, what is your favorite bar snack. Thanks for listening and please drink responsibly.

Falls City’s heritage as one of Louisville’s enduring breweries – we were founded in 1905 – has given way to our vision for the future. Since the brewery was re-imagined in 2010, the focus by our small team has been singular: Simply make great craft beer.