“Serving our Local Communities” www.fivestarconnection.org

By Terry Mike Kozlowski

13 Mark Warren

22 James Daniel

29 Judy Miles

Happy Birthday to our

January Celebrants!

Even If you do not item-

ize deductions on your

taxes, you can still get

$300 deduction for

charitable gifts for 2020.

Harvest capital gains

or losses. Investors re-

alize capital gains or

losses to cancel each other out. Capital gains for

selling assets held longer than a year is at 15%.

Skip your Required Minimum Distribution

(RMD). Normally, if your 701/2 after 2019, you

must take annual RMD, but due to the Cares Act

which waives RMD requirement for 2020.

Unreimbursed Medical Expenses, above the

7.5% Adjusted gross income (AGI), can be de-

ducted on Schedule A, if you are itemizing your

deductions and not using the standard deduction.

Tap your IRA Penalty-free. If you withdraw

funds from a traditional IRA prior to age 591/2,

you must add a 10% federal income tax penalty

on the taxable portion, in addition the regular in-

come tax owed. However, under the Cares Act,

you can withdraw up to $100,000 from your IRA

without penalty due to Covid-19. Tip you can

avoid regular federal income by paying back the

funds to an IRA within three years.

Bestow tax-free gifts on family. Give family members gifts that qualify for the an-nual federal gift tax exclusion. The exclusion, which is currently/ $15,000 per recipient per year, shel-ters the transfer from any gift tax.

All the members of your Five Star

Board wish you and your family

health, happiness, and prosperity in the

New Year!

David, Terry, Brenda, Dan,

Tess. Bill and Donna

President David Kozlowski 248-571-1655

President Elect Open

Secretary Brenda Gagnon 248-628-9667

Treasurer Terry Mike-Kozlowski 248-650-3739

Social Dan Platz 248-882-7700

Membership David Kozlowski 248-571-1655

Program &

Education Tess Craven 248-689-1390

Member at Large Bill Gotts 248-217-0514

Marketing Donna Olzak 586-480-0006

Divorce

Recovery Jim Blundo 248-930-0644

Family Law Bill Reisdorf 248-766-4484

Financial Terry Mike-Kozlowski 248-650-3739

This newsletter is a private publication of Five Star Social Connection, a non-profit corporation. This publication is intended solely for Five Star Social Connec-tion members. Any reproduction or other use of this newsletter or its contents without the express written consent of Five Star Social Connection is prohibit-ed. Notice: The Board of Directors will not tolerate any misconduct at our dances and individuals will not be allowed to return. No admittance will be made after 10:45 pm

Our mission is to provide support and enrichment necessary to promote a healthy, social and educational environment for single parents, families, single adults, and married couples. We are structured to create an atmosphere where these needs can be addressed and individuals flourish. As a diverse organization, we strive to enrich the community where we live work and play. Five Star Connection, Inc. is a non-profit Corporation that is exempted from Federal Income Tax under Section 501c4 of The Internal Revenue Code.