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The Benefits of Charitable Contributions

The Benefits of Charitable Contributions

We all know the saying, “It’s better to give than receive.” Giving makes us feel good, right? And we usually don’t think about what’s in it for us. But, what about charitable giving? Depending on the amount of your charitable contributions, you could be in for a sizeable tax benefit. As a matter of fact, if you factor your charitable donations into your budget, it will allow you to be more generous and lead to strategies that could improve your financial planning long term. With tax season just around the corner, let’s take a look at some benefits of charitable giving and what can be deducted. That altruistic feeling Whether we donate to them or not, we all have causes near and dear to our heart. If you’re an animal lover, the ASPCA commercials probably tug at your heartstrings. If helping kids is where your passion lies, then charities like St. Jude’s and the Shriner’s Hospital probably resonate with you. Regardless of where your loyalties lie, we all love the feeling of helping other people. Scientific studies have even shown that charitable giving activates pleasure centers in the brain. Tax benefits Charitable donation deductions actually allow you to lower the amount of taxable income. Of course, you can’t donate to just any organization. In order for donations or gifts to qualify, they have to be recognized tax-exempt organizations. Typically, religious organizations, veterans’ organizations and community organizations qualify as tax exempt. Have you made any donations to state, federal, or local governments for public purposes, like donating to rehab a public park? You can deduct those donations. You can also deduct any...
Meal Planning on a Budget

Meal Planning on a Budget

The beginning of a new year is a great time to change up your diet in a way that fits your budget. Meal planning is popular among those who desire to eat healthy while maintaining a healthy budget. While there are many resources available for recipes, we have a few tips on how to make the most of your meal planning options. Plan your shopping trips and meals in advance. Take some time to look at the grocery store circulars or online deals to see what is on sale for the week. Once you know what meats and seasonal fruits and vegetables are being offered at a good price, you can research recipes to maximize your meal planning options for the season. These prices tell you how much they are by amounts so you can compare with your recipes to determine your budget before you’re in the store. Check out meal planning resources via a Google search and on sites like Pinterest. There are meal preps and plans available from home cooks and more popular sources like Food Network. Be willing to try new recipes and look into meat-free recipes to conserve your funds. There are plenty of cost-effective options that can be a good source of protein. Choose different recipes with the same meat. Whether you’re making meals for a family or you’re making lunches for yourself, buying in bulk is always best. If you’ve found a few recipes for chicken that you think you’ll like, buy the chicken in bulk and freeze what you don’t use right away. This will keep your meat fresh and ready for...

Chairman’s Message

On behalf of all of us here, at Power Financial Credit Union, I would like to wish you and your family a healthy and Happy New Year. In reflecting on the past year, the words “growth, enhancement, and empowerment” are forefront in my mind. GROWTH AND ENHANCEMENT In 2019, your credit union welcomed TransCapital Bank (TCB) to our family. We are delighted to have the TCB employees join our team at a “Top Workplace”, as recognized by the Sun Sentinel. Your volunteer Board of Directors unanimously approved this acquisition for a myriad of reasons. Predominant among them, to enhance our commercial lending competencies and increase access for our existing members with the addition of three more branch locations. These new locations are almost perfectly equidistant in line from our Headquarters in Sheridan, northward to our Juno Beach location. The acquisition brings aboard a strong, profitable, well-capitalized institution with approximately $200 million in assets. Our Sit and Save program, where your trusted advisor analyzes your full financial picture for potential savings, in both time and money, has netted members over $4 million dollars and counting. We were able to help provide countless hours of additional free time to spend with loved ones. In 2020, we invite you to come in and sit down with us. I encourage you to enjoy this free benefit of membership. Social Media platforms have been an area of focus, and in turn we made it on the top 100 list, for The Financial Brand. To achieve this recognition, means to be among the elite of Social Media Marketing. Follow us on Facebook®, Instagram® and Twitter™...