May 2021 Newsletter

May 2021 Newsletter
 

 

Parable Financial Network

 

Parable Financial Network
Jan Clark
501 Gloucester St
Suite 205
Brunswick, GA 31520
912-387-0111
jan.elkins@parablefinancialnetwork.com
www.parablefinancialnetwork.com

May 2021 Newsletter

Hello, May. The most colorful month of allMake This Your New Normal

1. Our thoughts affect every single area of our lives.

 

2. We have a choice—we can choose our thoughts!

 

I often say this is where Satan fights us—on the “battlefield” of the mind. 

 

He tries to get us caught up thinking bad or negative thoughts. But as believers who have the Word of God inside of us, we have the tools to defeat him.

 

For many years I went to church faithfully, week after week, but I wasn’t living a victorious Christian life. I read my Bible every day, served on the evangelism board and went door-to-door telling people about Jesus because I really wanted to serve God. 

 

But even though I was doing those things, I was still miserable most of the time!

 

I would go to church on Sunday, but then fight with my husband during the week and get frustrated with my kids a lot. I’d feel miserable, depressed, and angry...then go back to church on Sunday. 

 

Ephesians 4:23 says to be continually renewed in the spirit of your mind...

 

This is so important, because it’s impossible to have a positive, peaceful life and have a negative mind.

 

I’ve discovered that when we take time to renew our minds with God’s Word, we learn how to think like God thinks, say what God says, and act like He wants us to act. 

 

Then we can have what He wants us to have—abundant life in Christ, filled with His righteousness, peace and joy (see John 10:10 and Romans 14:17).

 

So, when is your mind “normal”?

So many people live with negative, anxious or fearful thoughts, but they think it’s normal because they’ve thought this way for years. However, First Corinthians 2:16 says we have the mind of Christ.

 

For instance, many people think it’s normal to worry, but as a Christian, worrying is not a normal way of thinking. 

 

Philippians 4:6 says we are to be anxious for nothing (NKJV). This doesn’t mean we won’t ever feel worried, but when we do, we can pray and give it to God. We can have His peace while we go through a hard time.

 

I used to spend so much of my time worrying about my problems. I would constantly think, What if? and run through every scenario. I had to figure everything out! 

 

However, God wants us to experience His peace. He wants us to cast our cares on Him and choose to trust Him (see 1 Peter 5:7). One way we trust God is by refusing to worry—refusing to dwell on all of our fears and the what ifs. 

 

I love Isaiah 26:3. It says, You will guard him and keep him in perfect and constant peace whose mind [both its inclination and its character] is stayed on You (AMPC).

 

You Can Choose!

It was such a revelation for me when I realized I didn’t have to think about just anything that came into my mind. I could choose my thoughts and do my own thinking—on purpose. 

 

There is a way to have righteousness, peace and joy in the Holy Spirit. There’s way to have victory in our circumstances and not live according to what the world views as “normal”...

 

It all begins with renewing our minds. The choice is up to us.

 

Here’s where to begin:

 

Make the decision to spend time each day reading and meditating on the Word. Pray and ask God to help you understand how to apply the wisdom you discover to your everyday life. 

 

As you do your part to renew your mind, God will do His. And you’ll love the transformation that comes with having a “normal” mind...the mind of Christ!

 

Tax Deductions

 

What Tax Deductions Are Still Available to Me?

Tax reform measures are enacted frequently by Congress, which makes it hard for U.S. taxpayers to know which deductions are currently available to help lower their tax liability.

 

Taxpayers may be able to take deductions for student-loan interest, out-of-pocket charitable contributions, health savings account, home mortgage interest, contributions to a traditional IRA, and deductions for self-employed taxpayers. Of course, some tax deductions are limited or disappear as adjusted gross income increases.

 

Another key deduction is unreimbursed medical and dental expenses.  In 2021, you may only deduct medical and dental expenses to the extent that they exceed 7.5% of your AGI and were not reimbursed by your insurance company or employer. 

 

The Tax Cuts and Jobs Act of 2017, enacted Dec. 22, suspends from 2018 until 2026 the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan.

 

Interest on a new home mortgage is limited to interest paid on a maximum of $750,000 ($375,000 if married filing separately (MFS)) of a new mortgage taken out after December 14, 2017. Taxpayers with a mortgage taken out before December 15, 2017 can continue to claim home mortgage interest on up to $1 million ($500,000 if MFS) going forward. Also, the $1 million ($500,000 if MFS) limit continues to apply to a refinanced mortgage incurred before December 15, 2017.

 

Personal casualty and theft losses are no longer generally deductible. The only exception is for certain losses in federally declared disaster areas.

 

The end of the year is the time to take one last good look to determine whether you qualify for a tax credit or deduction or whether you’re close to the cutoff point. If you're not close, you may opt to postpone incurring some medical or other expenses until the following year, when you may be able to deduct them. On the other hand, if you're only a little short of the threshold amount, you may want to incur additional expenses in the current tax year. With a little preparation and some help from a qualified tax professional, you may be able to lower your income taxes this year. You just have to plan ahead.

 

We've put together a collection of resources to help you manage your taxes as well as prepare for the upcoming tax season. Simply click on one of the topics below and you'll find a selection of tools and information related to taxes and tax strategies.

 

Unforgettable Birthdays

 

Unforgettable Birthdays

Birthdays may seem less important as you grow older. They may not offer the impact of watershed moments such as getting a driver’s license at 16 and voting at 18. But beginning at age 50, there are several key birthdays that can affect your tax situation, health-care eligibility, and retirement benefits.

 

50 — Taxable distributions from IRAs and qualified employer retirement plans before age 59½ are generally subject to a 10% early distribution penalty (20% for certain SIMPLE plan distributions) on top of any federal income taxes due. But if you are a qualified public safety employee you can take penalty-free withdrawals from your qualified retirement plan after leaving your job if your employment ends during or after the year you reach age 50.

 

55 — If you're not a qualified public safety employee, you can take penalty-free withdrawals from your qualified retirement plan after leaving your job if your employment ends during or after the year you reach age 55.

 

59½ — And all withdrawals from qualified retirement plans and IRAs are penalty-free after you reach age 59½, whether or not you're still employed. Ordinary income taxes generally apply to these distributions. (Withdrawals taken prior to age 59½ may be subject to a 10% federal income tax penalty.)

 

62 — You are eligible to start collecting Social Security benefits, although your benefit will be reduced by up to 30%. To receive full benefits, you must wait until “full retirement age,” which ranges from 66 to 67 depending on the year you were born.

 

65 — You are eligible to enroll in Medicare. Medicare Part A hospital insurance benefits are automatic for those eligible for Social Security. Part B medical insurance ­ben­efits are voluntary and have a monthly premium. To obtain coverage at the ­earliest possible date, you should generally enroll about two to three months before turning 65.1

 

72 — You must start taking minimum distributions from most tax-deferred retirement plans or face a 50% penalty on the amount that should have been withdrawn. Annual required minimum distributions are calculated according to life expectancies determined by the federal government.

 

Mother's Day 2020 Guide – East Greenwich News

 

Motherhood-Katherine L. Dykstra

 

Baby dolls and dinosaurs-one that cries, one that roars.

The pitter patter of little feet- a bike race in which they want you to compete

 

Fruity Pebbles, pancakes, no wait! a pop-tart-those daily moments that steal your heart

 

One throws tantrums, the other just pouts- ahh, the joys of motherhood- what life is all about

 

Another birthday - two paychecks in all- but, it is so worth it with smiling memories on the wall

 

From late night tears to early morning grumps- through all the bruises, scrapes and bumps

 

The kisses and hugs, the encouraging words- from nursery rhymes to the bees and the birds

 

The laughter, the memories, those looks in their eyes-never trade it for anything-never compromise

 

The toys left out, the clothes on the floor-these are the moments we mothers live for

 

For we are the ones who are there through it all-to always make it better and pick them up when they fall

 

From kissing their boo-boos and making sure they're fed-passing down stories while tucking them into bed

 

Through the weight gain, cravings, labor and more-to that one special moment we spend 9 months waiting for

 

Eighteen years is what they say, but our work is never done-a lifetime of tears, laughter, sadness and fun

 

Nothing in the world can even come close-to the one special bond God made matter the most

 

A relationship only two certain people can share- a mother and her child, nothing will ever compare...

Federal government extending tax deadline day to May 17

 

YOU HAVE TIME TO CONTRIBUTE TO IRA!