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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 and 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 and 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 and available online! I have three
favorite places to go for my Black
Friday previews: BradsDeals.com,
RetailMeNot.com and Black-
Friday.net. This is a great opportunity
to put your shopping list together, do
some research and 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
and 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, and 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 and hit
those stores with the most items on
your list. Understand you’ll probably
win a few and 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 and 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, and 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, and 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 and 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 and 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 and legal advisors.
In any case, be generous during this season of giving.
You’ll be helping a charitable
group accomplish its worthy goals
— and you may be helping yourself
when tax time arrives.
Edward Jones, its employees and
financial advisors are not estate
planners and 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 and drinks. You don’t
want to spend valuable shopping time
looking for food and drinks. You may
also find yourself waiting in a lot of
lines, so having a snack and 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 and treasured.
You could always skip Black Friday
altogether and hit Cyber Monday
instead! Cyber Monday is one of the
absolute best days to score online
deals, and 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 and let those
holiday gifts simply arrive at your
doorstep.
Michelle Hovestadt is an independent
marketing consultant and owner and
publisher of WickedCoolDeals.com,
where she blogs about coupons, freebies,
store deals and money-saving strategies.
Mrs. Hovestadt lives in Woodstock
with her husband and four young children
and 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
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