2019 Annual Meeting

Join Us for Our 2019 Annual Meeting

Members are welcome to join Freedom’s President and CEO, Mike MacPherson, along with our Board of Directors at our 2019 Annual Meeting. The meeting will be held at Richlin Ballroom on Tuesday, April 9. Light dinner fare will be provided.

Please RSVP online or by calling our Contact Center at 1-800-440-4120. We look forward to seeing you there!

  • Date: Tuesday, April 9, 2019
  • Location: Richlin Ballroom, 1700 Van Bibber Rd, Edgewood, MD 21040
  • Time: 7:00-8:00 PM; Doors open and reception begins at 6:00 PM
  • Who May Attend: All Freedom members

 

2019 Tax Code Changes

Tax Code Changes—What You Need to Know

wooden blocks spelling out 2019 placed on top of a 1040 tax form

Although most changes won’t take effect until April 2019, some of them can impact the financial choices you’ll make this year. For that reason, here’s the details on the most important tax code changes.

  1. Changes to the amounts taxed for each income bracket
    The 7 tax income brackets remain unchanged, but the amounts each bracket is taxed have gotten an overhaul. Here are the new rates for taxpayers filing as individuals.

    Taxable Income Bracket                Tax Due 

    10%         $0-$9,700                       10% of taxable income

    12%         $9,701–$39,475              $970 +12% of income $9,700+

    22%         $39,476–$84,200            $4,543+22% of income $39,475+

    24%         $84,201–$160,725          $14,382.50+24% of income $84,200+

    32%         $160,726–$204,100        $32,748.50+32% of income $160,725+

    35%         $204,101–$510,300        $46,628.50+35% of income $204,100+

    37%         $510,301+                       $153,798.50+37% of income $510,300+

    You can check out the taxable income rates for couples filing jointly and for individuals filing as heads of households here

  2. Changes in standard deduction amounts
    The standard deduction in 2019 will be $12,200 for individuals, $18,350 for heads of household, or $24,400 for married couples filing jointly and surviving spouses.
  3. Elimination of personal exemptions
    The personal exemption amount is being eliminated for the 2019 tax year.
  4. Changes to itemized deductions
    • Medical and dental expenses.  For 2019, you can only deduct those expenses exceeding 10% of your adjusted gross income (AGI).
    • State and local taxes (SALT). The new maximum for SALT deductions is a combined total of $10,000 for taxpayers filing jointly.
    • Home mortgage interest. In 2019, home interest payments will be maxed at $750,000 for married couples filing jointly.
    • Job expenses and miscellaneous. In 2019, you can only claim work-related deductions that are less than 2% of your AGI.
  5. Changes to tax credits
    • Child Tax Credit. The child tax credit has increased to $2,000 per child.
    • Earned Income Tax Credit (EITC). The maximum EITC amount for 2019 is $6,557 for married taxpayers filing jointly who have three or more children.
    • Adoption Credit. The maximum adoption credit in 2019 for a child with special needs is $14,080. The ceiling for other adoptions is $13,810.
    • Lifetime Learning Credit. For 2019, the AGI used by joint filers to determine the reduction in the Lifetime Learning Credit is increasing to $116,000.
  6. Retirement account contributions
    For 2019, you can contribute a total of $6,000 to one or more traditional or Roth IRA(s) if you’re under age 50, and $7,000 if you’re age 50+. For 401(k)s, you can contribute $19,000, and $25,000 if you’re age 50+.

For Whom the Bell Tolls

I woke up thinking about the following phrase, “for whom the bell tolls, it tolls for thee.” I don’t know why, but it was stuck in my head. I hadn’t heard it or seen it, it was just there. I knew it was one a line from a larger piece so I did my research and came upon a meditation written by an English poet, John Donne, in 1642. The mediation went as follows:

No man is an island entire of itself; every man
is a piece of the continent, a part of the main;
if a clod be washed away by the sea, Europe
is the less, as well as if a promontory were, as
well as any manner of thy friends or of thine
own were; any man’s death diminishes me,
because I am involved in mankind.
And therefore, never send to know for whom the bell tolls; it tolls for thee.

The meaning, simply put, is that we are all connected and whatever affects one affects us all. The phrase ‘no man is an island’ expresses the idea that human beings do badly when isolated from others and need to be part of a community in order to thrive. As I read this I realized how relevant this is to the credit union movement. Our driving purpose of “people helping people” hinges on the idea that we’re all in this together and have a responsibility to be a reliable partner to our members and community. Take the shutdown for example. Maybe it didn’t affect you directly, but the ripple effect (on members, companies, services, etc.) could. We, therefore, offer assistance to those in need, not only for the individual, but for the membership as a whole and because it’s just the right thing to do. Credit Unions are a cooperative and while we focus on promoting thrift, providing credit at reasonable rates, and providing other financial services, we are also ‘involved in mankind’. We recognize the relationship between what we do, who we are and who we serve, and place a priority on strengthening the bonds of community for a greater good.

Mike