Opportunities To Give In Georgia

There are so many opportunities to give throughout Georgia, and even locally in Marietta. It’s a great way to feel good about yourself and do something for others. All sorts of people and organizations could use your help.

Decide the Cause

You want to decide the cause to help with in Georgia, and there are so many to choose from. You may decide you want to help with such things as healthcare (giving blood), helping the homeless, helping rescue pets from being on the street, and much more. There are plenty of organizations and before you make any big decisions, it can be beneficial to do the research and find out what they do and what kind of help they need.

Time or Money?

You have another decision to make as well. Do you want to give time, money, or a combination of the two? Both are much needed because many of the charities and organizations are run on a volunteer-only basis. You may want to give time at a soup kitchen around the holidays and then give money to a few charities that are close to your heart. No matter what you end up doing, it will be appreciated by the community.

Commit to It

Once you find an opportunity you are happy with in Marietta, commit to it. For example, if you say that you are going to volunteer at a soup kitchen on a certain day, be sure you go. They depend on volunteers and you don’t want to leave them in a lurch because you forgot or changed your mind. Mark the dates on your calendar and be there.

You can buy your insurance from a community agency, too.  LG Insurance Group is a local independent insurance agency, helping you find the best coverage in Marietta.

 

 

How long do you have to add a newly purchased car to your auto insurance?

Generally speaking, most insurers provide either 14 or 30 days, for a current policyholder to notify them of a newly purchased vehicle.  This coverage extension, however, only applies for the broadest coverage which is applicable to one of your currently insured vehicles.  Therefore, if none of your vehicles currently have physical damage coverages (comprehensive and/or collision), then you should be sure to notify your insurer before you drive that brand new car off the dealer’s lot.

The majority of policyholders do have at least one vehicle with physical damage coverage, so then you can rest easy if you make that new purchase over a weekend and wait until the next business day to notify your insurer.

Since you have up to 30 days to notify  your insurer, does this mean you should wait this long?  No.  First, all insurers have slightly different policies.  There have been smaller or regional companies that may only give you 3 days to notify them of a new purchase.  Second, if given proper notice, your insurer should add the vehicle as of the purchase date, otherwise, you could receive a penalty from your lender or your State for being uninsured.  So, you will not save any money by delaying the notification.  Finally, it is always best to avoid the more complicated scenario of having an accident or loss with a car that your insurer has not yet added to the policy.

Irrecoverable Property Loss? The IRS Could Be Your Friend

Even though we are big fans of insurance and its valuable place in your protection planning, we also understand this basic truth: No one wants to have a claim.

Yet when that time comes, your Trusted Choice® agent knows your homeowners policy will have a chance to prove its mettle in responding fairly and expeditiously to repair, replace or restore your valuable property assets. With proper coverage at the proper limits, even catastrophic financial loss to your property due to hurricanes, tornadoes, blizzards, fires, and even crime can be minimized.

But what about your deductibles? When an insured loss is so severe as to exceed even the best planned protection?  Or claims for which no coverage may exist, either because you didn’t have the proper coverage in place or simply the loss was uninsurable?

For any losses not fully recoverable from your insurance, some help may be available from an unexpected source: the IRS.

Specifically, Tax Topic 515 from the Internal Revenue Service addresses casualty, disaster and theft losses (including federally declared disaster areas). By referring to this topic, and then information in Publication 547: Casualties, Disasters and Thefts, and in Publication 584: Casualty, Disaster and Theft Loss Workbook (Personal-Use Property), you can find detailed advice on when and how you may be eligible to deduct losses not reimbursed by your insurance on your individual income taxes.

Part of the good news is that the IRS definition of “casualty loss” is quite broad:

A casualty loss can result from the damage, destruction or loss of your property from any sudden, unexpected, or unusual event such as a flood, hurricane, tornado, fire, earthquake or even volcanic eruption. A casualty does not include normal wear and tear or progressive deterioration.

It’s not quite as simple as totaling your losses and deducting the amount paid by insurance. (This is the IRS, remember.) You must also consider the adjusted cost basis of your property, any decrease in fair market values, salvage value, and other factors that the IRS takes into account to arrive at the final amount you may deduct. Calculations, values and determination of your final deduction are provided on IRS Form 4684.

At a time of loss, any benefit the IRS can offer may prove a welcome addition to your financial recovery. Yet your Trusted Choice® agent still wants to minimize your need to deal with the potential complexity and limitations of the IRS requirements with a simple strategy: Minimize your uninsured loss. Schedule time today to discuss with your insurance professionals a comprehensive review of your current assets at risk and the protection provided by your current insurance. When it comes to losses to your property, let’s work together to keep the IRS deductions as a nice bonus, not your first line of defense.

 

Sources:

http://www.irs.gov/pub/irs-pdf/f4684.pdf

http://www.irs.gov/taxtopics/tc515.html

http://www.irs.gov/publications/p547/index.html

http://www.irs.gov/publications/p584/index.html

http://www.iii.org/assets/docs/pdf/AEGIS-080113.pdf