Tradewinds Jan 2019 Web OPT

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The Tax Lady LLC Geri Zaler EA 252-202-5315 Registered IRS tax agent On the Job with Bucks Tree Removal Buck Hilliard 252-330-2618 - Cell: 757-377-6874 Billy Hilliard 252-302-1601 563 Crocker Hill Rd Elizabeth City, NC 27909 312 S Hughes Blvd Suite A Elizabeth City, NC callthetaxlady@gmail.com callthetaxlady.com Roth vs. Traditional 401(k): Which Is Right For You? For many years, employees of companies that offered 401(k) plans only faced a couple of key decisions – how much to contribute and how to allocate their dollars among the various investment options in their plan. But in recent years, a third choice has emerged: the traditional versus Roth 401(k). Which is right for you? To begin with, you need to understand the key difference between the two types of 401(k) plans. When you invest in a traditional 401(k), you put in pre-tax dollars, so the more you contribute, the lower your taxable income. Your contributions and earnings grow tax-deferred until you begin taking withdrawals, which will be taxed at your ordinary tax rate. With a Roth 401(k), the situation is essentially reversed. You contribute after-tax dollars, so you won’t lower your taxable income, but withdrawals of contributions and earnings are tax-free at age 59½, as long as you’ve held the account at least five years. So, now that you’ve got the basics of the two types of 401(k) plans, which should you choose? There’s no one right answer for everyone. You essentially need to ask yourself these questions: When do you want to pay taxes? And what will your tax rate be in the future? If you’re just starting out in your career, and you’re in a relatively low income tax bracket, but you think you might be in a higher one when you retire, you might want to consider the Roth 401(k). You’ll be paying taxes now on the money you earn and contribute to your Roth account, but you’ll avoid being taxed at the higher rate when you start taking withdrawals. Conversely, if you think your tax rate will be lower when you retire, you might be more inclined to go with the traditional 401(k), which allows you to avoid paying taxes on your contributions now, when your tax rate is high. Winslow Accounting 857 Halstead Blvd. PO Box 2386 Elizabeth City, NC 27909 Joseph S. Winslow, Jr. Professional Financial Planner Accredited Tax Preparer Experience helping small businesses since 1973 N.C. Society of Accountants National Society of Accountants winslowacct@gmail.com 252-335-1619 Fax: 252-335-0540 Did you know the Albemarle Tradewinds is located in more than 250 locations in NENC and Chesapeake? Submitted by Chuck O’Keefe Of course, you can see the obvious problem with these choices – specifically, how can you know with any certainty if your tax bracket will be lower or higher when you retire? Many people automatically assume that once they stop working, their tax liabilities will drop, but that’s not always the case. Given their sources of retirement income from investment accounts and Social Security, many people see no drop in their tax bracket once they retire. Since you can’t see into the future, your best move might be to split the difference, so to speak. Although not all businesses offer the Roth 401(k) option, many of those that do will allow employees to divide their contributions between the Roth and traditional accounts. If you chose this route, you could enjoy the benefits of both, but you still can’t exceed the total annual 401(k) contribution limit, which for 2019 is $19,000, or $25,000 if you’re 50 or older. You may want to consult with your tax advisor before making any decisions about a Roth or traditional 401(k) – or Roth and traditional 401(k) – but in the final analysis, these are positive choices to make, because a 401(k), in whatever form, is a great way to save for retirement. Try to take full advantage of it. This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. The Downtown Café and Soda Shoppe Chuck O’Keefe is a Financial Advisor with Edward Jones. Edward Jones (252) 335-0352 www.edwardjones.com Find me on Facebook at: Edward Jones - Financial Advisor: Chuck O’Keefe 301 S.Broad St Edenton, NC 252-482-8300 32 Albemarle Tradewinds January 2019 albemarletradewinds.com
New Life of Currituck have often said at the end of a year and the beginning of a I new one that I don’t really think to much of new year’s resolutions. Any time of the year is a good time to take the time to reflect and adjust things in your life for your health and wellbeing. Yet the end of this year has brought its challenges as two dear friends of ours passed away. It is difficult to see friends and loved ones pass at a time that is to be filled with joy and peace. My mind has flashed back 32 years ago at the passing of my grandfather whose birthday was December 25th. My grandfather seemed to see things in me that maybe I did not even see, or my parents did not see. Always the encourager even through failure he would find a way and words to make things better. In 1986 Grandpa found out he had lung cancer he chose a quality of life over treatment at the time. Within a year he started to weaken and could no longer care for himself. My parents moved him into their house for care and that became overwhelming at times. So, we as grandchildren would come in and help at night to give Dad and Mom some rest. The thought was scary to me whether it was the reality of facing death or being uncomfortable with the responsibility of care I don’t know but you just did it anyway despite the fear. Being with Grandpa was not unusual I had worked beside him on the farm my whole life and for the last nine years of my marriage he often would walk to my house on Sunday afternoon to talk either interrupting me working on my cars or watching a football game. One night as I was sitting with him, he could not sleep so we began to talk. He asked me what my dreams were for my life, I quickly answered with some things I wanted to do. Grandpa listened carefully and quietly as always, it was dark, so I could not see his facial expressions. I stopped for a moment trying to think of something else to say and without hesitate he replied. Daniel the most important thing in life is a relationship with Jesus Christ .... by Pastor Dan Bergey and your family. Yea I know Grandpa and with that we both dozed off to sleep. Two nights later I received a call saying Grandpa had passed away. Two weeks after the funeral one night I could not sleep with the last words of Grandpa ringing in my head, that night in the darkness of my room I made a choice to believe in those last words he had spoken to me. God has granted me the power through His Holy Spirit to restore the strained relationship with my parents, to see my children and grandchildren love Jesus like I do, and to serve the Church here in the States and other parts of the world. All because of a loving Grandpa who saw more in me then I saw in myself. This year I saw my children taking care of and loving on those families who lost dear ones and I could not help but be thankful for the legacy that was passed on to me. Now is the time to start a legacy of your own, I pray that you will. “But Jesus said, “The things that are impossible with people are possible with God.” Luke 18:27 newlifecurrituck@gmail.com Office - 252-453-2773 Church website - newlifecurrituck.org Dan Bergey - Senior Pastor pdbjar5@gmail.com How I Love You By Ron Ben-Dov Copyright all rights reserved Oh, Jesus, how I love you You are my friend and my love The sun doesn’t hold a candle’s chance The moon and stars pale in comparison The heavens they adore you And the body calls out your name Jesus, oh my Jesus, your praises on my lips Your glory is reflected in my eyes It’s your light that I seek And it’s your love that I want It’s your praise that I shout Yes, Lord, it’s your name that I call 53rjbd@gmail.com The author was born in Tel Aviv, Israel, December 12, 1953. Moved to New York at the age of five, and became a U.S. citizen at the age of eleven. Graduated from George Washington High School in New York City. In 1972, I enlisted in the U S Navy and was discharged in 1975. I was a merchant seaman from 1982 through 1988. In between I dug ditches, washed dishes, sold used cars, and even drove a cab. I graduated from Elizabeth City State University in 1995 with a Bachelor of Science in Accounting. I was a Motor Fuels Tax Auditor for the State of North Carolina, an IT Control Specialist for Gateway Bank/ Bank of Hampton Roads and retired at the end of 2015. Author of the following books: 252-429-8884 Serving Elizabeth City, Chesapeake, Currituck, Camden, OBX and Virginia Beach Call and inquire about our water cooler rentals for home or office Faith Based Poetry Inspiration by God, Perspiration by Ron Inspiration by God, More Perspiration by Ron Inspiration by God, Even More Perspiration by Ron Inspiration by God, Perspiration by Ron, Volume IV Inspiration by God, Perspiration by Ron, Volume V Inspiration by God, Perspiration by Ron, Volume VI Inspiration by God, Perspiration by Ron, Volume VII Inspiration by God, Perspiration by Ron, Volume VIII Inspiration by God, Perspiration by Ron, Volume IX Inspiration by God, Perspiration by Ron, Volume X Secular Poetry School of Life Other American Legion Post 126 – Photo collection of members and activities of Hertford’s Post 126 Hertford’s Causeway, Turtle Log, and “S” Bridge – photo collection facebook.com/AlbemarleTradingPost Albemarle Tradewinds January 2019 33
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