Gregg Woodruff (right), from the WIU Accounting Department, talked about several tax changes saying "we all know about tax deductions. What we often neglect are tax credits. Credits are better than deductions" he said. Credit reduce your tax liability dollar for dollar.
As Gregg explained, there are refundable tax credits and nonrefundable tax credits.
Refundable credits can be taken on tax returns when the amount of the credit exceeds the tax liability and the excess is refunded to the taxpayer. An example of Refundable Tax Credits is the First-time Homebuyers Credit, a $8,000 credit, that expires in November. He cautioned that if you make too much money, the government will phase out the credit.
A Nonrefundable tax credit occurs when the amount of the tax credit exceeds the tax liability and the excess is generally lost to the taxpayer. An exception is the
Residential Energy Efficient Property Credit for homeowners who install geothermal heat pumps. There are also credits for solar powered generators and other energy efficient units and are designed for residents and not businesses. There's also a 30% credit for wind energy and window replacements. He says look for the energy star labels.
Gregg was introduced by September program chairman Jack Elfrink.
Upcoming Speakers:
9/15 - Bill Polley-Western Illinois economic conditions
9/22 - Alissa De Roos-her HOBY experience
9/29 - Tim Moss-the state of the club
President-elect Debbie Vandemark presided. Following the Pledge of Allegiance and Kiwanis Pledge, John Moon led us in singing "On Kiwanis" and Chuck Nicholson gave the invocation.
Joe Eichacker from Edward Jones returned as a guest and says he has his membership application filled out and will turn it in soon. We look forward to having Joe join us as a new member.
A reminder that we will vote September 15 on the proposed change in meeting location and members paying meal charges weekly. The board has recommended moving to Wesley Village and dues of $35 per quarter. In addition, there will be a meal charge of $8.00, payable weekly, and members will need to make reservations so Wesley Village will know how many meals to prepare.
Owen Thompson announced that he along with several members worked on repainting the Chandler Park gazebo last Saturday. Check out the pictures.
The Chandler Park gazebo was in need of repainting, so Owen Thompson organized a painting party for Saturday, September 5. Look for Joe Vandemark getting ready to paint; is that Owen Thompson way on top?; yes, it's the "Mountain Goat" himself; Debbie Vandemark stretches to reach; Susan Thompson was the mixmaster; the freshly repainted gazebo looks really nice.
Debbie asked members to fill out the Club Excellence Tool worksheet so she can
turn them in to incoming Lt. Gov. Nancy Clayton. Debbie says it's important that every member offer their opinions on the different questions raised on the worksheet.
Waneen Stout talked about the I-I Districts First Lady's Project.
She said that the Monmouth club has joined the project and helped meet the needs of 38 women and several children between the ages 1 and 5 for one month.
Mary Haney - Happy for Pat and Waneen Stout's wedding anniversary.
Owen Thompson - Happy for several reasons. Jack Elfrink
helped on a recent bench building, Joe and Debbie Vandemark, Susan Thompson and Gary Sash all worked on repainting the Chandler Park gazebo. He also enjoyed the flea market at Argyle Lake State Park this past weekend.
Debbie - Happy to have helped with the Flags of Love on Labor Day. She said "it takes lots of help to put them up in the morning and take them down in the evening." Jay Carter reported "we finally had a beautiful day on Labor Day for the Flags of Love." There are now 771 flags and Jay says there will be 772 when the flags are put back up on Veterans Day in November.
Jack Elfrink - Happy for his guest speaker and the "wonderful season
the Cubs are having." (?)
The 50/50 Drawing was won by George Hermann. He donated his share
to the Salvation Army.
The latest edition of the Illinois-Eastern Iowa District "Illeiowan" newsletter is now online.
Check out previous Builder newsletters by clicking on a date below.
