Let Us Remember, While Filing Our Tax Returns
Where has the time gone? It seems like yesterday we were exchanging gifts and making New Year’s resolutions, yet we find ourselves in the process of gathering receipts and preparing tax returns. Some of you may not have waited until the last minute and have already filed your returns early or in a timely manner, which means you are putting your money to some constructive use.
As we find ourselves longing for football games or excited about the beginning of the baseball season, the space–time continuum keeps us edging closer to April’s tax deadline. Based on how you structured your withholdings, this may be a momentous occasion, since you can expect to make a withdrawal on your established savings account with the state and federal government. On the other hand, you may be wondering whether your calculations were accurate enough to allow you to break even, or in the worst-case scenario you may have to make minor contributions for improper estimates based on updates in the ever-changing complexities of the Tax Code.
No matter what side of the fence you happen to fall on this year, let us remember 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 Fund. It is imperative that we make every effort to contribute to this worthy fund, which helps the families of our fallen colleagues. Whatever amount you choose to contribute is better than no contribution. Please do not forget to check the California Peace Officers’ Memorial Fund (CPOMF) donation box, whether you prepare your own taxes or have someone prepare them for you. If you have already completed your tax return, you can donate online at www.camemorial.com by clicking the “You Can Help Us” tab. In addition to making your donation to CPOMF, this is a great time to check with your individual association to see if they have made their donation. While your association does not need the checkbox, they can go to the website to make their donation.
Speaking of contributions and returns, I have discussed the health of PORAC’s investments with our Investment Czar, Mark Sikorski from UBS. The overall state of our monies remains solid, based on the direction of your Board of Directors, PORAC’s investment policy and Mark’s guidance. According to Mark’s expert knowledge and experience, PORAC’s investments are poised to continue making positive returns despite the uncertainty of the market during the beginning of the year. While the gains will not be monumental, we should end the year on a positive note. Should the market decide to contract or correct itself, we are well insulated to absorb the decline with minimal effects. 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 that for some folks, “local” could mean a few hours of travel. However, pension reform is still a hot topic, and the death penalty initiative has taken center stage. PORAC is supporting the current death penalty initiative, which should help to kick-start the process in California to get us back on track toward making this a deterrent for those who choose to commit heinous crimes. Chapter meetings are your best source of information on how to deal with the aforementioned and any other issues respective to your area. PORAC represents over 67,000 members, and the chapter structure was set up to be a source of information for you. While you are at your chapter meeting, make sure that your chapter has also made a donation to CPOMF. They can write a check to CPOMF and mail it to the main office, or hand it to their respective region executive director to bring to Sacramento at their next Executive Committee meeting.
Be safe and have fun.