Financial Focus Still time for year-end financial moves The holiday season is always a


busy time of year, so you’re prob- ably pretty busy. But it is impor- tant to take some time now to evaluate year-end financial moves that may be beneficial in prepar- ing for your financial future. Which year-end moves should


you consider? You will want to talk to your financial advisor and tax and legal professionals first, but here are a few ideas to get you started: • Boost your IRA contribu-


tions. You have until April 15, 2011, to fully fund your IRA for the 2010 tax year, but the sooner you finish with your 2010 contri- bution, the quicker you can get started on your 2011 contribu- tion — and the earlier in the year you fund your IRA, the more time you give your account the opportunity to grow. • Put more money into college


savings plans. If you have a 529 college savings plan for yourself or someone else, consider put- ting more money in before year- end. You can gift up to $13,000 ($26,000 per married couple) per person per year without gift tax consequences. However, this must be accomplished by year- end. • Be generous. If you’ve been


thinking of making charitable gifts, don’t put them off any lon- ger. As long as you make a dona- tion to a qualified charity before the year ends, you can claim a deduction on your 2010 tax re- turn. For example, if you donate $100 to a charitable group [either a religious organization or one that has received 501(c)(3) sta- tus from the Internal Revenue Service], and you’re in the 25 percent tax bracket, you can de- duct $100 (with a tax benefit of


$25) when you file your taxes for 2010, providing, of course, that you itemize. If you donate stocks or other types of assets, you may also be able to save on capital gains taxes, because it will be the charity, not you, that eventually sells those assets. • Sell your “losers.” If you own


investments that have lost value since you purchased them, you can sell them before 2010 ends and then use the tax loss to offset capital gains you may have earned in other investments. If you don’t have any capital gains, you can use up to $3,000 of your tax losses to offset other ordinary in- come. If your loss is greater than $3,000, you can “carry over” the excess and deduct it from your taxes in future years. However, if you then want to repurchase the investment you sold, you’ll need to wait at least 31 days to avoid


Auto-Owners Insurance tops in customer satisfaction


Auto-Owners Insurance is ranked


highest in customer satisfaction with the auto insurance claims ex- perience by J.D. Power and Associ- ates for the third consecutive year. Auto-Owners Insurance is


ranked highest in providing a satis- fying claims experience, and scored 902 out of the 1,000 point scale J.D. Power and Associates uses for the study. Brank Insurance in Weaverville


is a local independent Auto-Own- ers Insurance agency. Auto-Owners attributes its suc- cess to the involvement of the in-


dependent agency system in the claims process. “Auto-Owners Insurance is ap-


preciative to receive this award again,” said Jeff Harrold, CEO. “It is good to know we can receive rec- ognition based on our policyhold- ers’ high satisfaction of the service provided by us and our agency partners at their time of loss.” Auto-Owners Insurance has pro-


vided the same high standards of service for over 90 years. Te com- pany’s tradition of keeping a small company attitude focused on the customers has earned them their


Erwin basketball off to good start Both Erwin’s varsity boys’ and girls’ basketball teams are off to a


great start this season with 5-0 wins. In last week’s games, both the boys’ and girls’ team won in match-


ups against Pisgah and Tuscola. Tuesday’s (Dec. 7) games against Brevard were rescheduled to


Wednesday (Dec. 8), and results were not available as of press time. Te Warriors will face Madison on Friday (Dec. 10) and Pisgah on Wednesday (Dec. 15).


reputation as the “No Problem” people. Auto-Owners Insurance, a For-


tune 500 company, currently holds the status of being ranked the 17th largest insurer in the country. Headquartered in Michigan, Auto- Owners Insurance employs more than 3,500 associates. Te com- pany is comprised of five property and casualty companies and the Life Company and writes business in 26 states through local indepen- dent agents.


Tis special to the Tribune.


Woodfin winter concert


Woodfin Elementary School stu-


dents are preparing for the winter concert that will be presented at 6:30 pm on Tuesday (Dec. 14) at the school on Elk Mountain Road.


Advertise in the Leicester Leader 252-5804


www.leicesterleader.com


p: 645-6300 f: 645-0065


9 Georgia Avenue “Just off Main Street” Weaverville, North Carolina www.brankinsurance.com


We insure mobile homes! December 9 - December 15, 2010 - THE TRIBUNE/LEADER 21


violating the IRS’ “wash sale” rules. • Take capital gains. In 2011,


the tax rate on long-term capital gains is scheduled to increase to 20 percent for most investors, up from the 15 percent rate it’s been the last several years. If you have stocks or other appreciated assets that you were thinking of selling in the near future, you might want to do so before the year comes to a close. However, it’s generally not a good idea to make investment decisions strict- ly because of tax consequences. If your appreciated assets are still a part of your overall financial strategy, you may be better off


holding them for the long term, even with a higher capital gains rate. Considering these moves be-


fore the year ends may help you better prepare to address your fi- nancial picture in 2011.


Edward Jones, its employees


and financial advisors are not tax advisors and cannot give tax advice. Please consult your qualified tax professional re- garding your situation.


This article was written by


Edward Jones for use by your local Edward Jones Financial Advisor.


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