Yorktown Indiana Chamber of Commerce
November 19. 2019
Mellott Family Center
INTRODUCTION AND WELCOME: Keith Gary, Jenny Hamilton, Matt Anderson, Tony Miller, Gay Nation, Bonita Ramirez, Tim Williams, Barb Baker, Leslie Baim, Carly Acree-King, Kristi Ingram, Brendon Comp, Rich Lee, Kallie Sulanke, Mitch Isaacs, Maureen Walby, Mary Ann Stroeh, Sarah McCord, Ed Armantrout, Greg Hinshaw, Rachel Tucker
QUESTION OF THE DAY: Will you be working or is your business open on Friday after Thanksgiving? Several businesses will be closed but most will be working or open on Friday.
BREAKFAST SPONSOR: LifeStream Services, Inc. – Jenny Hamilton and Tony Miller – Provided an overview of the services offered to seniors and people with disabilities in Blackford, Delaware, Fayette, Franklin, Grant, Henry, Jay, Madison, Randolph, Rush, Union and Wayne Counties. Also provided information about the AngelWish program which provides Christmas gifts for low income seniors being served by LifeStream many of whom have little or no family support. LifeStream is a nationally accredited, non-profit organization that provides programs and services for people at risk of losing their independence.
SECRETARY REPORT: Approved as submitted.
TREASURER REPORT: Approved as submitted.
LUMINARY REPORT: Luminary Festival will be held on December 14, noon to 7 p.m. There will be no parade this year but there are several other new events. Luminaries will be placed differently than in years past. All vendor slots have been filled and everything is on track.
AWARDS LUNCHEON: Luncheon is scheduled for December 17 at Westminster Village, 11:30 a.m. to 1 p.m. This year those wishing to attend can pay at the door, however reservations need to be made by December 10. Members were urged to submit nominations for the awards.
SCHOOL REPORT: Dr. Greg Hinshaw – School is currently between athletic seasons. Bids have been opened for the Middle School project, bonds will be sold for the $19 million project which will begin March 1, 2020 and will continue for approximately two years. More information will be provided at the January Chamber meeting.
TOWN REPORT: Rich Lee – Currently working on the punch list items for the new building. Moving into the new building has begun and offices are settling in. The street department is doing an excellent job with snow removal. Please tell them ‘thank you.’ A resolution was passed to have a relationship with the Town of Yorktown regarding growth and development. Currently in the works is the construction of a 268 unit apartment complex.
ELECTION OF OFFICERS: Slate of officers accepted as presented for 2020.
PROGRAM: Whitinger & Company – T. J. Bush – This has been a calm year with not many changes to tax laws for 2019. A few tips from Bush included holding appreciated securities for a minimum of one year and one day to qualify for more favorable long-term capital gains rate; secure a deduction for nearly worthless securities; consider converting traditional IRAs into ROTH IRAs; Check beneficiary designations to be sure they are up to date. Bush further provided information about maximizing the benefits of standard deductions by moving charitable donations or local tax payments you normally would make in 2020 to 2019. However, be careful with the timing of state and local payments as the maximum amount you can deduct for state and local taxes is now $10,000 per year ($5000 if married filing separate.)
Year End Moves for business included maximizing the deduction for pass-through business income. The deduction can be claimed for up to 20% of income from qualified REIT dividends and publicly traded partnerships.
Take advantage of tax breaks for purchasing equipment, software, and certain real property acquired and placed in service during 2019. Review and update accounting policy for expensing small-dollar equipment for fixed asset purchases. Employ your child which provides tax benefits by shifting income from you to your child, who normally is in a lower tax bracket or may avoid tax entirely due to the standard deduction, which could be as high as $12,200 for 2019.
Review health costs and coverage and take advantage of flexible spending accounts. Also consider a health savings account if you are enrolled in a high deductible – health plan.
Check your withholdings. Due to the lower tax rates beginning in 2018, some individuals’ federal tax withholding from wages and other sources decreased. As a result, these individuals may receive a smaller refund or owe more tax because the decrease in federal tax withholding was greater than the decrease in income tax. Some may need to adjust their withholding or make estimated tax payments to make up for the shortfall.
Take advantage of the annual gift tax exclusion. For 2019, the annual gift tax exclusion is $15,000 per year to any number of recipients without owing any federal gift tax. Direct payments to providers for medical expenses and tuition do not count towards the annual exclusion.
ANNOUNCEMENTS: January, 3rd is the scheduled date for tax training for the Yorktown Kiwanis Club. Last year taxes were prepared for 70 people. Taxes will be done in the evening by appointment, with more information to follow; The Yorktown Kiwanis Club is selling Abbott’s caramels –for information or to purchase, contact Ed Armantrout; Secret Families will take place December 7 at Toyota of Muncie; Lunch and Learn in the works for the third Thursday, beginning in January at the Mr. Mouse Banquet room. More information in January.
NEXT MEETING: December 17. 2019 – Westminster Village – 11:30 a.m. – Awards Luncheon – Bring a Guest!