4 • Friday, November 19, 2010 WOODSTOCK VILLAGER Heroes honored at Veterans Day ceremony Jack Meltzer photos WOODSTOCK — Residents, officials <strong>and</strong> veterans gathered together on Veterans Day Thursday, Nov. 11, on Woodstock Hill to honor our local veterans. Singer Linda Colangelo performs “God Bless America” in front of a packed crowd at Woodstock Hill. Woodstock citizens <strong>and</strong> veterans take a moment to reflect on veterans lost, <strong>and</strong> soldiers still serving. From left, University of Connecticut ROTC cadets Mateusz Jedrych, Robert Martin, Dan Rogers <strong>and</strong> Chris Eidam. Historian Richard Potter, left, speaks with State Rep. Mike Alberts, R-Woodstock. The Korean War Memorial on Woodstock Hill, with the names of the veterans from Woodstock who served in the war from 1950 to 1953. The American Flag proudly blows in the wind on the flagpole on Woodstock Hill.
WOODSTOCK VILLAGER Friday, November 19, 2010 • 5 Making the most of Black Friday WHAT IS IT? Itypically make the most of Black Friday by staying in bed versus getting up at 4 a.m. to shop, but this year is different. Like most people, my holiday budget is tight <strong>and</strong> I need to stretch it as far as it will go. Plus, the Black Friday deals look especially good this year! Ever wonder where the term “Black Friday” originated? Of course we know that Black Friday, the day after Thanksgiving, is the “official” start to the holiday shopping season. Merchants <strong>and</strong> the media have used the phrase “Black Friday” to refer to the beginning of the period in which retailers go from being in the red (i.e., posting a loss on the books) to being in the black (i.e., turning a profit). A successful holiday shopping season can make or break most retailers’ profit margins. If you are thinking of heading out to join the Black Friday shopping frenzy, here are some tips to make the most of your day. • Plan. In case you don’t know it, almost all of the Black Friday ads are out <strong>and</strong> available online! I have three favorite places to go for my Black Friday previews: BradsDeals.com, RetailMeNot.com <strong>and</strong> Black- Friday.net. This is a great opportunity to put your shopping list together, do some research <strong>and</strong> compare prices. • Be realistic. Chances are pretty good you are not going to be able to hit every store on Black Friday, especially those offering door buster specials. It’s also possible the store will be sold out o f the Thanksgiving is a good time to be thankful for those charitable, educational <strong>and</strong> religious groups that provide your community with valuable services. And now may be a good time to consider supporting these groups because, if you contribute before the year is over, you may “do well by doing good” through valuable tax deductions. To illustrate the benefit of these deductions, let’s assume you’re in the 25-percent tax bracket. If you give $100 to a qualified charity, you can deduct $100 (with a tax benefit of $25) when you file your taxes. Consequently, the real cost of your donation is just $75 ($100 minus the $25 tax savings). As you consider your charitable gifts, keep the following points in mind: You must donate — not just pledge. You can make a pledge to donate, but the amount is not deductible until you actually pay it. You must contribute to a qualified charitable group. For your gift to be deductible, it must go to a qualified taxexempt organization — either a religious group or a group that has received 501(c)(3) status from the IRS. If you’re unsure if the group you want to support is tax-exempt, just ask. You must itemize. To claim a charitable deduction, you must itemize deductions on your taxes. Thus far, we’ve talked only about cash gifts. But you may have other financial assets, such as stocks, that you can give to charitable groups, <strong>and</strong> these gifts also can earn you tax benefits. For example, suppose you give $500 worth of stock in XYZ Company to a charitable group. If you’re in the 25% tax bracket, you can deduct $125 when you file your taxes for 2010. But by donating the XYZ stock, you avoid paying any capital gains taxes you might have incurred if you had WICKED COOL DEALS MICHELLE HOVESTADT items you are looking for by the time you get there. So prioritize <strong>and</strong> hit those stores with the most items on your list. Underst<strong>and</strong> you’ll probably win a few <strong>and</strong> lose a few. • Bring your sales ads with you. There are many things to keep track of on Black Friday, so make it easy on yourself by bringing the sales ads with you. It will make it easy to compare prices, help ensure you are getting the right items <strong>and</strong> in some cases you may be able to get a price match. • Shop with a buddy. I always shop Black Friday with a buddy. First of all, we help get each other up at 4 a.m.! Shopping with a buddy is also more fun, <strong>and</strong> you can help each other grab the good deals. A lunch out is also a great way to end the shopping morning. • Keep the Kids at Home. I could also say keep your spouse/significant other at home but that could get me into trouble. Black Friday shopping is pressure shopping, <strong>and</strong> to get the best deals you need to avoid distractions. If you only need to pick up one or two things, bringing the kids shouldn’t be an sold the stock yourself. Making charitable gifts now may help you reduce the size of your estate <strong>and</strong> potentially lower any future estate tax burden on your heirs. Right now, federal estate tax laws are in flux, but it’s possible that, one day, your estate might be large enough to generate estate taxes. If you wanted to formalize your charitable gifts <strong>and</strong> help your estate planning, you might consider establishing a charitable remainder trust. Under such an arrangement, you’d place some assets, such as stocks or real estate, in a trust, which could then use these assets to pay you a lifetime income stream. When you establish the trust, you may be able to receive a tax deduction based on the charitable group’s “remainder interest” — the amount the charity is likely to ultimately receive. (This figure is determined by an IRS formula.) Upon your death, the trust would relinquish the remaining assets to the charitable organization you’ve named. Keep in mind, though, that this type of trust can be complex. To establish one, you’ll need to work with your tax <strong>and</strong> legal advisors. In any case, be generous during this season of giving. You’ll be helping a charitable group accomplish its worthy goals — <strong>and</strong> you may be helping yourself when tax time arrives. Edward Jones, its employees <strong>and</strong> financial advisors are not estate planners <strong>and</strong> cannot provide tax or legal advice. Please consult your attorney or qualified tax advisor regarding your situation. This article has been submitted by Jeff Burdick, Financial Advisor, Edward Jones, 113 Main Street, Sturbridge, Mass. Jeff may be contacted at jeff.burdick@edwardjones.com or 508-347-1420. issue, but if you have serious shopping to do it is best to go at it alone — or with your buddy. • Bring snacks <strong>and</strong> drinks. You don’t want to spend valuable shopping time looking for food <strong>and</strong> drinks. You may also find yourself waiting in a lot of lines, so having a snack <strong>and</strong> something to drink will be a big help. • Have fun! Shopping under pressure is often not much fun, so do what you can to keep it jovial. Laugh. Take a minute to look at holiday decorations. The reality is there are going to be hot deals from now until after January so you won’t be missing out on the last great sale. Black Friday is the start of a beautiful holiday season meant to be enjoyed <strong>and</strong> treasured. You could always skip Black Friday altogether <strong>and</strong> hit Cyber Monday instead! Cyber Monday is one of the absolute best days to score online deals, <strong>and</strong> you may find they are just as good, if not better, than Black Friday deals. Shipping is almost always free so you can relax at home <strong>and</strong> let those holiday gifts simply arrive at your doorstep. Michelle Hovestadt is an independent marketing consultant <strong>and</strong> owner <strong>and</strong> publisher of WickedCoolDeals.com, where she blogs about coupons, freebies, store deals <strong>and</strong> money-saving strategies. Mrs. Hovestadt lives in Woodstock with her husb<strong>and</strong> <strong>and</strong> four young children <strong>and</strong> is always on the hunt for a great deal to share. Charitable giving: A ‘win-win’ activity FINANCIAL FOCUS JEFF BURDICK CONTEST ENTRY FORM Nov. 19, 2010 Deadline: Nov. 24, 2010 My guess is:___________________________________ Last week’s answer: The dragon on the entrance gate to Marianapolis Preparatory School. Who wants $25 cash in their pocket? Anyone? The <strong>Villager</strong> has it to give. Enter ‘What is It?’ now for your chance to win! Name________________________________________ Address______________________________________ State_______Zip_______ Telephone#_____________ Please mail your entry form to the <strong>Villager</strong> <strong>Newspapers</strong>, PO Box 196, Woodstock, CT 06281, attn: Editor, or drop off to the office at Faire Place at 283 Route 169/171 in Woodstock, in front of the Woodstock Fairgrounds. You may also fax your entry to (860) 928-5946. All photos are of sights seen in <strong>and</strong> around Brooklyn, Killingly, Putnam, Thompson, Woodstock, Pomfret <strong>and</strong> Eastford. Responses must identify the subject <strong>and</strong> where it can be seen. Answers will be given the following week in the Putnam <strong>Villager</strong>, Thompson <strong>Villager</strong> <strong>and</strong> Woodstock <strong>Villager</strong>. At the end of each month, all entry forms with the correct answer will be included in a r<strong>and</strong>om drawing. One lucky winner will receive $25! One entry per person, please. Good luck! “Seven new clients, All I can say is, AWESOME” Carole Himmer, Carole’s Grooming & Boarding Kennel 508-867-9734 They got GREAT Results, you can too. Call us today at (860)928-1818 or drop us an email at ads@villagernewspapers.com <strong>Villager</strong> <strong>Newspapers</strong> "Your local newspaper - the next best thing to word-of-mouth advertising" www.ConnecticutsQuietCorner.com
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