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Heritage Florida Jewish News
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October 22, 2004     Heritage Florida Jewish News
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October 22, 2004

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FLORIDA JEWISH NEWS, OCTOBER 22, 2004 PAGE 3B aged), and further reduced by 10 percent of adjusted gross area has suffered income. For example, if you from an un- have$15,000incasualtylosses three storms in (roofrepair, tree removal, etc.) two months mallnot paid for by insurance, and your adjusted gross income is to be aware of the $100,000, then your actual of tax deductions deduction on your tax return incurred, is $4,900 ($15,000 less $100, less $10,000). lostorde- The deduction can be re- ported on the tax return for SUdden, unexpected, the year of the loss, or the The deduction year prior. For this reason, of the basis in the taxpayers should plan before 0rthedecreaseinthe returns are filed. Each year In all cases may be different and could i is reduced by insur- have significantly different received, tax results. The option to do not have amend the prior year's return to is available if needed. deduction, but As with any amounts re- deduction fleeted on tax returns, proper by $100 (per records should be kept to sup- not per item dam- portthenumbers.Manycasu- Of insuring ts a loaded one. of a child is an tragedy, one worst nightmares no one would plate. Un- their chil- Somewhat distaste- offensive. a permanent policy for your could give him head start are two very good to consider insur- for his own first is financial: you purchase life the less it costs. 'What kind of policy life insurance older you are, !Policy, you can lock )rice when you that relatively is locked in and up throughout the child's life as policy is m to your goes through life. the earlier permanent life the longer the has to grow tax- the years, that of cash value that :Cash value can be .againstlif neces- to buy a college tuition ) a cash value a long time the future. the most corn- to purchase for your child ~ YOung is the fact so can ensure her later in life. We n lead ,realistically, make or only in- - GARYBAUMGART N surable at a high cost - even their chosen profession. A ju- venile life insurance policy can help protect your child when she is young, and allow for greater protection as she grows older. Many policies come with riders that allow your.child to purchase additional insurance at various points in her life. By insuring your child while she is young, you can help make sure she can provide financial protection for her own family later on in life. Even in the event of an unthinkable tragedy, the proceeds of a child's life in- surance policy could make a difference in so many ways. That money could be used to keepyour child's memory alive - for instance, you can give to a charity or create a memorial fund in your child's name. The death benefit can also help you deal with some of the real financial ramifications of such a tragedy, such as medical or funeral costs. It would be devastating enough to lose a child, without having to also struggle to cover medical bills and final expenses, which can run in the thousands of dol- lars. The policy death benefit could also allow you to grieve properly. Many companies will give parents a week off with pay when a child dies, but how many people would be ready to go back to work one week after losing their child? The death benefit could allow you to take the time you need to grieve without having toworry about your income during that time. See Insure on page 5B y loss JANET RAPP alty loss claims are disputed by the IRS on the adequacy of documentation provided by the taxpayer to support the claim. The taxpayer should be prepared to produce cancelled checks, vouchers, receipts, and other evidence regarding costs. In the case of destroyed records, a third party appraisal should be obtained. Some sources for infor- mation regarding financial decisions, loan information, and insurance include the following: ? The American Institute of Certified Public Accountants (AIPCA), in conjunction with the National EndOwment for Financial Education (NEFE), has a "Disaster Recovery Guide" with information on dealing with the first days after the disaster and the next weeks and months. It also has a list of agencies with additional information. The Guide is available online at services/disaster/beprepared/ FinRecovery/. Additionally, the IRS has Publication 2194 ("Di- saster Losses Kit for Indi- viduals"), available online at The kit has in- formation and forms related to casualty losses, requests for copies of prior records, basis information, and forms for change of address or amend- ihg prior returns. As with all financial deci- sions, you should seek the advice of a qualified profes- sional. Janet Rapp is a certified public accountant with the Orlando firm of Geller, Ra- gnus, James, Oppenheimer & Creel. FROM THE FARB FINANCIAL GROUP Planning For Wealth Accumulation And Financial Security Stuart H. Farb, CLU, ChFC, RFC Financial Planner 1900 Summit Tower Blvd Suite 170 Orlando, FL 32810 emaih :i: !iiii Chepenik Financial Services B. Lee Chepenik MBA Barnett I. Chepenik MSM, RHU, RFC Jason K. Chepenik CFPTM, RFC Financial Planning For the Health of Your Business and Your Family Employee ce. Investments 1900 Summit Tower Boulevard Suite 170 Orlando, FL 32810 407 -916-9500 fax 407-916-9516 www.ehepenik financial.corn Securities and investment advisory services offered through Lincoln Financial Advisors Corp. a broker dealer and registered investment advisor. Insurance offered through Lincoln affiliates, and other fine companies REPONEN, ORNSTEIN & COMPANY, P.A. Certified Public Accountants WE HELP MAKE YOUR BUSINESS LIFE BETTER Advice on entity selection such as 'S' Corp vs. LLC Representation before the Internal Revenue Service Consulting on purchase or sale of a business Training of personnel on accounting functions Succession planning Hurricane casualty loss tax benefits Computer consulting including QuickBooks College planning Analysis of financial statement reports Assistance with estate and trust planning Clear, thorough and beneficial tax advice Foreign entity tax return preparation OUR CLIENTS RELY ON THE DAY-TO-DAY PROBLEM-SOLVING SKILLS OF OUR STAFF TO HELP THEM MANAGE THEIR BUSINESS AND PERSONAL NEEDS. CALL US FOR A FREE CONSULTATION! 2265 Lee Road, Suite 225 * Winter Park, Florida 32789 Phone: 407 -628 -3161 * Fax 407 -628-1479