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Newport City Council positions the city to get widespread electric car charging stations…

Electric car charging station
Felix Kramer photo

The Newport City Council pushed ahead this week to expand electric vehicle charging stations at strategic locations around Newport.  The council and many area residents and businesspersons have been waiting quite a while to get approval to install them. 

Newport City Councilors this week began seeking permission to expand the number of electric car chargers. State government officials appear to be quite receptive to the idea.  The chargers are likely to be in very visible locations.  There’s a charging station already behind Newport City Hall as well as at The Hallmark, Walmart, Power Chevrolet and others with more to come.  The city council agreed that future developments around town with 50 or more parking spaces shall be required to put in electrical conduit so if electric cars become more common someday, the conduit will be already in the ground and ready to receive wiring for electric car charging.

 

Newport City Council: No more thin plastic shopping bags unless they’re re-usable

Single use plastic shopping bags…

The Newport City Council has decided that they will reinstate the city ban on single use plastic bags in Newport starting March 31.  The bigger stores in Newport will have to give up their flimsy plastic bags in favor of re-usable bags, namely thicker plastic, cloth or paper.  The smaller stores must give up their flimsy plastic bags for thicker plastic, cloth or paper by May 1st.  From that point forward, shoppers who don’t bring their own bags will have to pay the store a nickel per paper bag to get their groceries home.

The issue of styrofoam containers is still swirling around but at this point it’s possible that styrofoam containers of any sort may be banned in Newport  starting January 1st 2022.

 The state has been toying with the idea of outlawing the thin plastic bags effective sometime this summer.   But the Newport City Council said they don’t want to wait that long and decided to make their move:  only recyclable bags or paper bags will be allowed in Newport stores.

The issue of styrofoam containers is still swirling around but at this point it’s possible that styrofoam containers of any sort will be banned in Lincoln County starting January 1st.

Sen. Wyden lays down the gauntlet over marijuana – Legalize It!!

 

The decades-long War on Drugs has failed in nearly every conceivable way,

It’s racially biased.

It’s unjust.

Wasteful.

Cruel.

Ineffective.

That’s why I’m working to end it. Immediately. Starting with abolishing the federal prohibition of cannabis.

I am committed to taking real action on this issue, which is why I’ll be introducing comprehensive cannabis reform legislation.

I‘m leading the fight in the Senate, and I’m proud to have the support of my friend and fellow Oregonian, Earl Blumenauer in the House. I’m determined to not only end the prohibition, but to right the wrongs it inflicted. We’ll be working with community leaders and activists to ensure restorative justice for Black and Brown Americans that were targeted by this dangerous policy.

I’ll be sure to keep you updated on our progress as we move forward with this critical, long-overdue work.

Senator Ron Wyden

Port of Toledo humming right along….

Port of Toledo cranking out the work and pumping up the community….
Port of Toledo photo

Newly appointed manager for the Port of Toledo Lorna Davis says things are moving ahead quite well with substantial projects looming on the horizon.  One big one is about to change the face and capabilities of the port – the huge Environmental Building.  The building has been under construction for a long time but now they’re about to break a champagne bottle on its gaping front door.  Port Manager Lorna Davis says they’re just about “there” and soon it will be able to accommodate several boats at a time for repair, maintenance and even construction.  Manager Davis says they should see their first customer riding up the rails with three weeks.  A new era for Toledo and Lincoln County.

Another idea coming up is improving boat launching facilities near the Toledo Airport.  Manager Davis says the port will be evaluating whether to install boat bumpers for the docks.  There is also some dredging coming up in the near future thanks to the Army Corps of Engineers.  Time and place to be revealed in the near future.

 

There’s also some electric car charging stations on the horizon –  and another two to be announced possibly for the Toledo swimming pool and at the city library.

AARP FOUNDATION TAX-AIDE CHANGES FOR LINCOLN COUNTY

AARP FOUNDATION TAX-AIDE CHANGES FOR LINCOLN COUNTY

AARP Foundation Tax-Aide is the nation’s largest volunteer-run tax preparation service

(Lincoln County, Oregon) – No Tax-Aide sites to open to the public in 2021 in Lincoln County

While Lincoln County continues with the high risk of transmission of the Covid-19 virus, Tax- Aide sites in Lincoln County will be unable to offer the usual tax service of past years. There will be several virtual processes that will be helpful for our clients who in past years have come to a site for tax help.

If you have access at home to the internet and a tablet or computer, both IRS and AARP Tax- Aide will provide a way for you to complete your return at home and Efile your return for free. More information about the IRS Free File program is found at the website https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free . AARP TaxAide will supplement IRS Free File with another free software offer if you cannot file through the IRS programs. Find more information on how to request this service after Feb 9th at AARP website https://www.aarp.org/money/taxes/aarp_taxaide/ Also consider asking your family members or trusted friends to help you use these Free File services.

The 60+ Activity Center in Newport is offering virtual sessions on how you might complete your tax returns this year. Register for a session on the City of Newport Parks & Recreation website in late February and early March. https://www.newportoregon.gov/dept/par/default.asp

There is the possibility that in March local AARP TaxAide volunteers may be able to offer limited services to those without access to the internet at home. This program requires appointments for a single taxpayer at a time and then completing returns in a virtual environment to minimize transmission of the virus. More information about this program will be provided in late February.

About AARP Foundation

AARP Foundation works to end senior poverty by helping vulnerable older adults build economic opportunity and social connectedness. As AARP’s charitable affiliate, we serve AARP members and nonmembers alike. Bolstered by vigorous legal advocacy, we spark bold, innovative solutions that foster resilience, strengthen communities and restore hope.

To learn more about AARP Foundation visit aarpfoundation.org.

Persistence in pursuit nets local law enforcement a very wanted man

 Just before 5pm Newport Police Officers were dispatched to the Shell gas station on a report of a stolen vehicle. The victim reported a transient male subject had taken her parked vehicle and had driven off headed north on Hwy 101.  At the same time, Officers began receiving multiple reports of a reckless driver on Hwy 101, which matched the stolen vehicle, racing through and around traffic and intersections.

Officers began checking the area of Hwy 101 and NE 31st Street. Officers found a subject running across the highway that matched the description and soon had him detained. He was identified as Joseph Luke LENHARDT.

When questioned, LENHARDT admitted to stealing the vehicle and running into a curb, which disabled the vehicle. He admitted to driving the vehicle while it was damaged through traffic. He abandoned the vehicle about quarter of a mile off Highway101 on NE 31st Street. A witness saw LENHARDT leave the vehicle and take off on foot.

LENHARDT admitted to drinking and using methamphetamine just prior to stealing the vehicle and advised Officers he had stolen the vehicle in order to attend his scheduled court appearance in Yamhill County..

Officers conducted a DUII investigation as well and LENHARDT was arrested. LENHARDT was transported to the Lincoln County Jail and lodged the following charges; Unauthorized Use of a Motor Vehicle, Theft, Unlawful Entry into a Motor Vehicle, Reckless Driving, Reckless Endangering and Driving Under the Influence of Intoxicants

The Newport Police Department was assisted by the Lincoln County Sheriff’s Office and the Oregon State Police and wants to thank them for their help.

The Newport Police Department wants to remind our citizens to continue to report suspicious activities. The Newport Police Tip Line is available at 541-574-5455, or Text-a-Tip at 541-270-1856 or tipline@newportpolice.net. If you have any information regarding this case, contact Officer Bales of the Newport Police Department at 541-574-3348.

Major development in the debate over Short Term Rentals dispute…

The Lincoln County Board of Commissioners (LCBOC) is working to update the Lincoln County Short Term Rental (STR) ordinance governing the business use of investment properties in Unincorporated Lincoln County in residential zones. The LCBOC continues to consider a variety of innovative options to revise STR regulations, stating their objective of completing their review and decision process by June 2021. It is our desire that the ballot measure not impede their efforts. Therefore, according to a spokesperson “15neighborhoods has unanimously agreed to hold signatures collected to date for the November 2021 county election. All signatures are good for a period of 2 years. This action allows us to continue to support the efforts of the LCBOC.”

We remain committed to pursuing remedies to restore and maintain residential neighborhood integrity, character and livability, to increase available housing for our working families, to support the environmental health and safety of Lincoln County residents, and to improve the enforcement of our codes and ordinances in Unincorporated Lincoln County, in our residential neighborhoods. Please continue to support the efforts of and provide your input to your LCBOC; they want to hear from you – you live, work, volunteer and vote in Lincoln County and your voice matters! 

In spite of a year-long Covid-19 pandemic, 15neighborhoods has been collecting petition signatures mailed by voting residents from throughout our county using a first-ever electronic process for Lincoln County. Due to the required electronic nature of signature collection during the pandemic, we were advised to submit significantly more signatures than the number required for the initiative’s inclusion on the ballot. Please continue to encourage friends and neighbors who vote in Lincoln County to sign the petition, which is available at www.15neighborhoods.com. For further information, contact us at 541-764-2658 or 15neighborhoods@gmail.com

Your signature is helping to make a positive difference in our county. Let’s KEEP LINCOLN COUNTY LIVABLE! 

Thank you Lincoln County Residents! 

15neighborhoods for a LIVABLE LINCOLN COUNTY 

Steering Committee
P.O. Box 390
Depoe Bay 97341
541-764-2658

At the risk of repeating ourselves….

Rebuilding Highway 101 seven miles south of Yachats – NO DETOURS

ODOT: U.S. 101 will be closed for emergency repairs at milepost 170.5, seven miles south of Yachats, between 7 a.m. and 7 p.m. beginning Wednesday morning. The daytime full closures are expected to last about a week. There are no local detours. Check TripCheck.com or call 5-1-1 for road status. More Info Here

Putting the ocean to work off the Oregon Coast

Frank Covacevich photo

CORVALLIS, Ore. – An Oregon State University-led project to build the nation’s first pre-permitted wave energy testing facility cleared a critical hurdle this week as the federal Bureau of Ocean Energy Management awarded the university a lease to operate in federal waters about seven miles off the Oregon Coast.  The lease for PacWave South is the first marine renewable energy research lease the Bureau of Ocean Energy Management has issued in federal waters off the West Coast. The estimated $80 million facility will be located offshore southwest of Newport, Oregon.  The project still must receive licensing approval from the Federal Energy Regulatory Commission before it can move forward. Obtaining the lease is an essential component of the licensing requirements.

“We appreciate the support of the leadership in the Department of Interior, the Bureau of Ocean Energy Management and the Department of Energy who see the value in this important work to develop alternative energy sources and have helped to move this project forward,” said Oregon State University President F. King Alexander. “We are particularly thankful for the consistent support from members of the Oregon federal delegation who have championed PacWave South from the outset, including Sens. Ron Wyden and Jeff Merkley and Reps. Suzanne Bonamici and Kurt Schrader.”

Wave energy has the potential to provide clean, reliable electricity to meet the world’s rising energy demands, experts say. Globally, the marine energy market is projected to reach nearly $700 billion by 2050, and the World Energy Council estimates that 10% of the worldwide electricity demand could be met by harvesting ocean energy.

PacWave South will be the first pre-permitted, full-scale, utility grid-connected wave energy test site in the United States. It is designed to allow wave energy developers the opportunity to test different technologies for harnessing the energy of ocean waves.

Oregon State officials have completed the FERC application process and are hopeful the license will be issued soon. Current timelines suggest construction could begin this summer, and the facility should be operational by 2023.

“The PacWave team initiated this collaborative process with several federal and state agencies nearly a decade ago,” said Burke Hales, the chief scientist for the project and a professor in Oregon State’s College of Earth, Ocean, and Atmospheric Sciences. “We’re excited for the opportunity to finalize this stage of the project and move a major step closer to construction.”

The PacWave ocean test site will be located about seven miles offshore on a sandy-bottomed stretch of the Pacific Ocean away from popular commercial and recreational fishing reefs. The ocean site will have four different testing “berths,” which combined can accommodate up to 20 total wave energy devices at any one time. Five power and data cables buried below the seafloor will connect the ocean test site to a shoreside facility southeast of Seal Rock.

PacWave South is supported by grants from the U.S. Department of Energy, the state of Oregon and other public and private entities. Oregon State’s College of Earth, Ocean, and Atmospheric Sciences is managing the construction and operation of the facility.

Five Most Overlooked Tax Deductions

           Duane Silbernagel, CFP
           Financial Planner

Five Most Overlooked Tax Deductions
Provided By: Duane J. Silbernagel, CFP®, CIMA®

Who among us wants to pay the IRS more taxes than we have to?  While few may raise their hands, Americans regularly overpay because they fail to take tax deductions for which they are eligible. Let’s take a quick look at the five most overlooked opportunities to manage your tax bill.

Reinvested Dividends: When your mutual fund pays you a dividend or capital gains distribution, that income is a taxable event (unless the fund is held in a tax-deferred account, like an IRA). If you’re like most fund owners, you reinvest these payments in additional shares of the fund. The tax trap lurks when you sell your mutual fund. If you fail to add the reinvested amounts back into the investment’s cost basis, it can result in double taxation of those dividends.



Mutual funds are sold only by prospectus. Please consider the charges, risks, expenses and investment objectives carefully before investing. A prospectus containing this and other information about the investment company can be obtained from your financial professional. Read it carefully before you invest or send money.

Out-of-Pocket Charity: It’s not just cash donations that are deductible. If you donate goods or use your personal car for charitable work, these are potential tax deductions. Just be sure to get a receipt for any amount over $250.


State Taxes: Did you owe state taxes when you filed your previous year’s tax returns? If you did, don’t forget to include this payment as a tax deduction on your current year’s tax return. The Tax Cuts and Jobs Act of 2017 placed a $10,000 cap on the state and local tax deduction.

Medicare Premiums: If you are self-employed (and not covered by an employer plan or your spouse’s plan), you may be eligible to deduct premiums paid for Medicare Parts B and D, Medigap insurance and Medicare Advantage Plan. This deduction is available regardless of whether you itemize deductions or not.


Income in Respect of a Decedent: If you’ve inherited an IRA or pension, you may be able to deduct any estate tax paid by the IRA owner from the taxes due on the withdrawals you take from the inherited account.

Under the SECURE Act, in most circumstances, you must begin taking required minimum distributions from your 401(k) in the year you turn 72. Withdrawals from your 401(k) or other defined contribution plans are taxed as ordinary income, and if taken before age 59½, may be subject to a 10% federal income tax penalty.

Under the SECURE Act, in most circumstances, once you reach age 72, you must begin taking required minimum distributions from a Traditional Individual Retirement Account (IRA). Withdrawals from Traditional IRAs are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. You may continue to contribute to a Traditional IRA past age 70½ under the SECURE Act as long as you meet the earned-income requirement.

The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation.

I hope you found this beneficial and informational. For more information about me and my services, visit my website: www.duane.wrfa.com

Thank you for your interest.

=============================================
Duane Silbernagel is a Financial Advisor in Lincoln City, Oregon offering securities through Waddell & Reed, Inc., Member FINRA and SIPC. He can be reached at (541) 614-1322 or via email at DSilbernagel@wradvisors.com.

This article is meant to be general in nature and should not be construed as investment or financial advice related to your personal situation. The article was written by an independent third party, Broadridge Investor Communication Solutions, Inc. (Copyright 2020) and is provided for informational and educational purposes only. Waddell& Reed is not affiliated with www.newslincolncounty.com website and is not responsible for any other content posted to this website.  (02/21)

 

Highway 101 closed south of Yachats between Sea Lion Caves and Cooks Cavern

U.S. 101 section closing south of Yachats for repairs

Feb. 16, 2021

YACHATS – A section of U.S. 101 will close completely for up to a week to build a retaining wall to shore up a shifting portion of the road at milepost 170.5, 2.5 miles south of Cape Perpetua. The closure will be between Sea Lion Caves and Cooks Cavern, areas that have space for larger vehicles to turn around, between Yachats and Florence. Local traffic will have access beyond the closures on either side of the project, but there will be no through traffic at any time.

The closure will begin later this week, depending on the weather. Until the closure begins, traffic will continue in one lane, controlled by flaggers. Travelers should expect closures or extended delays in the area for the next few weeks. Check TripCheck.com or call 5-1-1 for the current road status.

A project to repair the section of road held in place by a historic retaining wall began last Monday, February 6. On Friday, the northern half of the wall collapsed and an employee of GeoStabilization International and the drill rig he was operating fell about 150 feet to the rocks below. The person is recovering from injuries sustained in the accident.

Road status information boards will be placed on U.S. 101 at Newport, Waldport and Florence, and on OR 126 Florence-Eugene Highway in Florence and Veneta.

While the road is completely closed, crews will be building a new retaining wall to hold the road in place. After the closure there will be access through the project area on a single lane with flaggers controlling traffic, but travelers should expected extended delays for an additional week. Once the repair project is complete, the road will again be closed for several days for the drill rig to be recovered from the rocks below. A 200 ton crane will be used and will block the entire road.

A crack in the road was reported in January. Monitoring found that it was becoming larger because the containment wall was failing and an immediate repair was required.

Personal views of adding more vacation rentals in Lincoln County…

Good afternoon Co. Supervisors Kaety Jacobson, Doug Hunt and Claire Hall:

I wanted to share with you my thoughts on the Short Term Rental situation. I have been pretty vocal on my views since purchasing a home in Gleneden Beach last year. We are hoping to have the County reopen licensing in hopes we can share our home with others. This push out has only raised my concerns on where Lincoln County un-incorporated is going. We bought this home not only to enjoy but to have a place for me to plunk down for business too.

I have been planning and was intending on expanding my company to the Central Coast. I was pressing forward on spending thousands of dollars to marketing my company and expanding my business in your area. Well, I am not moving forward currently, and I have put the brakes on expanding my business in your area due to the efforts of anti Short Term Rental groups. If they succeed in shutting everything down, all STR’s in 5 years, limiting licensing and so on, I have zero interest in bringing my company your way. I am not going to build a company there when you have local residents who have no interest in growing your towns and seeing these cities grow and expand. Since we have purchased our home,we have had nothing but the feeling of being very unwelcome. Neighbors being rude and being outed in a letter to all that my husband and I should not be considered constituents because we don’t live there full time. This is not an area that I can afford to spend money in, if the locals want to turn your towns into ghost towns. I am #1 in the State of Oregon and Currently #15 in the Nation for selling window coverings. You need me down there as so many homes are in need blinds as you have very limited options.

Why should I, a young businesswoman, come to your area when everything right now is saying “stay out” from the locals who do not want progress. 15 neighborhood sare turning your towns into hostile areas and that is a true shame. The misinformation campaign they are shelling out to the public is so inaccurate and full of false claims.

If you have any interest in moving forward and seeing your towns grow and prosper, see the big picture here. I am not the only person who is questioning bringing work to the community. STR’s are important to my business as homes need shades. I will take my business elsewhere, to support those towns that want growth and expansion.

Look 5 years, look 10 years ahead… What do you see the County looking like? When these locals are calling for police, fire and ambulance to help them, there won’t be anyone to help because the funding that pays for those services simply won’t be there.

Heidi Gilbert
Heidi The Window Lady
www.heidithewindowlady.com

=======================================================================================================

The views and opinions of the writer above are not necessarily the views and opinions of the staff and management of NewsLincolnCounty.com.  The views are strictly those of the writer.  NewsLincolnCounty.com sincerely welcomes the views and comments from those who are concerned about the current STR and VRD situations.  Send your comments to News@NewsLincolnCounty.com.

More discussions on STR/VRDs and their effects on neighborhoods…

Good afternoon Co. Supervisors Kaety Jacobson, Doug Hunt and Claire Hall:

I wanted to share with you my thoughts on the Short Term Rental situation. I have been pretty vocal on my views since purchasing a home in Gleneden Beach last year. We are hoping to have the County reopen licensing in hopes we can share our home with others. This push out has only raised my concerns on where Lincoln County un-incorporated is going. We bought this home not only to enjoy but to have a place for me to plunk down for business too.

I have been planning and was intending on expanding my company to the Central Coast. I was pressing forward on spending thousands of dollars to marketing my company and expanding my business in your area. Well, I am not moving forward currently, and I have put the brakes on expanding my business in your area due to the efforts of anti Short Term Rental groups. If they succeed in shutting everything down, all STR’s in 5 years, limiting licensing and so on, I have zero interest in bringing my company your way. I am not going to build a company there when you have local residents who have no interest in growing your towns and seeing these cities grow and expand. Since we have purchased our home,we have had nothing but the feeling of being very unwelcome. Neighbors being rude and being outed in a letter to all that my husband and I should not be considered constituents because we don’t live there full time. This is not an area that I can afford to spend money in, if the locals want to turn your towns into ghost towns. I am #1 in the State of Oregon and Currently #15 in the Nation for selling window coverings. You need me down there as so many homes are in need blinds as you have very limited options.

Why should I, a young businesswoman, come to your area when everything right now is saying “stay out” from the locals who do not want progress. 15 neighborhood sare turning your towns into hostile areas and that is a true shame. The misinformation campaign they are shelling out to the public is so inaccurate and full of false claims.

If you have any interest in moving forward and seeing your towns grow and prosper, see the big picture here. I am not the only person who is questioning bringing work to the community. STR’s are important to my business as homes need shades. I will take my business elsewhere, to support those towns that want growth and expansion.

Look 5 years, look 10 years ahead… What do you seethe County looking like? When these locals are calling for police, fire and ambulance to help them, there won’t be anyone to help because the funding that pays for those services simply won’t be there.

Heidi Gilbert
Heidi The Window Lady
www.heidithewindowlady.com

===============================================================================================
The foregoing statement about VRD’s and STR’s strictly reflect the opinions and views of those favoring more vacation and single family homes used for vacation purposes.  Their views and opinions are their’s alone and do not necessarily reflect the views of the staff of NewsLincolnCounty.com.  Those who would like to further comment on this growing controversy in Lincoln County are welcomed to submit their own views/opinions to: News@NewsLincolnCounty.com

Letter to the Editor: Vacation Rentals

Editorial from Sally Rose of South Beach

I suppose we’ve learned from our politicians that if you don’t have a sound argument, just make stuff up.  This appears to be the approach that one resident has taken regarding vacation rentals in Lincoln County.

To begin with, it’s pretty easy out there to suggest that the unemployment that hit Lincoln County last spring was due to the suspension of vacation rentals.  Perhaps she missed the fact that there is a pandemic which has brutalized populations and economies world-wide.
Still, she sure spouts off lots of statistics with no reference to their origin.   She continues with odd references to gated communities, out-of-staters, and decimated economies.  What?!  Lincoln County was rolling along just fine before the surge in vacation rentals. 
I note from her website, that she moved up here from southern California less that ten years ago.
She completely ignores the point that no one is suggesting a complete ban on vacation rentals, only that they be kept in check and regulated so that they do not impose themselves on those of us who live here to the benefit of those who don’t.  I know first-hand of an incident recently where vacation rental occupants set off bottle rockets late at night.  No owner was around to put a stop to it, and there is not enough staff in our Sheriff’s Office to patrol all these facilities around the county at all hours.  
We need to have an objective, fact-based discussion of this issue rather than pontifications from those who make a profit at the expense of those of us who live and work here.
Sally Rose
South Beach
=========================================================================
The above commentary on the growth of Short Term Rentals in various areas of Lincoln County was strictly the opinion of the writer.  It does not necessarily reflect the views and opinions of NewsLincolnCounty.com nor its staff.  However we do continue to invite the views and opinions of other residents and/or visitors to the Oregon Coast to let their views be known about the growth of VRD’s and STR’s along the Oregon Coast.  Send your comments to News@NewsLincolnCounty.com.

Five Most Overlooked Tax Deductions – Duane Silbernagel, CFP, CIMA

                   Duane Silbernagel, CFP
                     Financial Planner

Five Most Overlooked Tax Deductions
Provided By: Duane J. Silbernagel, CFP®, CIMA® 

Who among us wants to pay the IRS more taxes than we have to?  While few may raise their hands, Americans regularly overpay because they fail to take tax deductions for which they are eligible. Let’s take a quick look at the five most overlooked opportunities to manage your tax bill.

— Reinvested Dividends: When your mutual fund pays you a dividend or capital gains distribution, that income is a taxable event (unless the fund is held in a tax-deferred account, like an IRA). If you’re like most fund owners, you reinvest these payments in additional shares of the fund. The tax trap lurks when you sell your mutual fund. If you fail to add the reinvested amounts back into the investment’s cost basis, it can result in double taxation of those dividends.

— 

Mutual funds are sold only by prospectus. Please consider the charges, risks, expenses and investment objectives carefully before investing. A prospectus containing this and other information about the investment company can be obtained from your financial professional. Read it carefully before you invest or send money.


Out-of-Pocket Charity: It’s not just cash donations that are deductible. If you donate goods or use your personal car for charitable work, these are potential tax deductions. Just be sure to get a receipt for any amount over $250.


State Taxes: Did you owe state taxes when you filed your previous year’s tax returns? If you did, don’t forget to include this payment as a tax deduction on your current year’s tax return. The Tax Cuts and Jobs Act of 2017 placed a $10,000 cap on the state and local tax deduction.


Medicare Premiums: If you are self-employed (and not covered by an employer plan or your spouse’s plan), you may be eligible to deduct premiums paid for Medicare Parts B and D, Medigap insurance and Medicare Advantage Plan. This deduction is available regardless of whether you itemize deductions or not.


Income in Respect of a Decedent: If you’ve inherited an IRA or pension, you may be able to deduct any estate tax paid by the IRA owner from the taxes due on the withdrawals you take from the inherited account.

Under the SECURE Act, in most circumstances, you must begin taking required minimum distributions from your 401(k) in the year you turn 72. Withdrawals from your 401(k) or other defined contribution plans are taxed as ordinary income, and if taken before age 59½, may be subject to a 10% federal income tax penalty.

Under the SECURE Act, in most circumstances, once you reach age 72, you must begin taking required minimum distributions from a Traditional Individual Retirement Account (IRA).  Withdrawals from Traditional IRAs are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. You may continue to contribute to a Traditional IRA past age 70½ under the SECURE Act as long as you meet the earned-income requirement.

The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation.

I hope you found this beneficial and informational. For more information about me and my services, visit my website: www.duane.wrfa.com

Thank you for your interest.

Duane Silbernagel is a Financial Advisor in Lincoln City, Oregon offering securities through Waddell & Reed, Inc., Member FINRA and SIPC. He can be reached at (541) 614-1322 or via email at DSilbernagel@wradvisors.com.


This article is meant to be general in nature and should not be construed as investment or financial advice related to your personal situation. The article was written by an independent third party, Broadridge Investor Communication Solutions, Inc. (Copyright 2020) and is provided for informational and educational purposes only. Waddell & Reed is not affiliated with www.newslincolncounty.com website and is not responsible for any other content posted to this website.  (02/21)

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