As We Move Into Tax Season, Let Us Not Forget!
Wow, it seems as if it was yesterday that we were exchanging gifts and making New Year’s resolutions. Yet we’re now gathering receipts and preparing tax returns. Some of you may have filed your returns already and are using your refund constructively or you are preparing a payment plan.
As we long for football games and anticipate March Madness or the beginning of the baseball season, the space-time continuum keeps edging us closer to April‘s tax deadline. Try and contain your jubilee for Tax Day, which happens to fall on Tuesday, April 17, giving you an extra weekend and a couple of days to gather as many receipts as possible. Based on how you structured your withholdings, this may be a momentous occasion, because you might be able to make a withdrawal from your established savings account with the state and federal government. On the other hand, you may be wondering whether your calculations were accurate, allowing you to break even, or, worst-case scenario, having to make minor contributions to our government.
No matter which side of the fence you happen to fall on this year, Let Us Not Forget our brothers and sisters who made the ultimate sacrifice. We can honor their legacy by checking the box on our state tax form to donate to the California Peace Officers’ Memorial Foundation. It is imperative we make every effort to contribute to this worthy fund, which helps the families of our fallen colleagues. Any contribution is better than no contribution. Whether you prepare your own taxes or you have someone prepare them for you, please do not forget to check the California Peace Officers’ Memorial Foundation Fund box. (See page 39 for example.) If you have already completed your tax return, you can go online and donate at www.camemorial.org by clicking on the “Donate to CPOMF” button.
Speaking of contributions and returns, I spoke with PORAC’s investment czar, Mark Sikorski from UBS, and discussed the health of PORAC’s investments. The overall health of our monies remains solid, based on the direction of your Board of Directors, PORAC’s investment policy and Mark’s guidance. PORAC’s investments are poised to continue making positive returns as soon as the market gets back on track after an official correction during early to mid-February, Mark said. The market had been making astronomical gains for some time and it was starting to be overextended, thus leading to the correction. Nonetheless, remember Mark’s words of wisdom: “We are in this game for the long run” and “It would not be a game if the market went up every day.” As always, Mark is available to assist you and your association with your investment needs. Feel free to contact me to obtain Mark’s information.
Finally, make every effort possible to attend your local chapter meetings. I realize for some folks, local could mean a few hours of travel. However, pension reform is still in the crosshairs of many of our opponents. This is why chapter meetings are your best source of information on how to deal with this and any other issues respective to your area. PORAC represents over 70,000 members, and the chapter structure was set up to be a source of information to our members.
Be safe and have fun.