Tangible Assets November 2015

www.capstonevt.org Staff: Liz Scharf, Maureen Dougherty, Tim Belville Address: 20 Gable Place, Barre VT 05641 Phone: 476-8493 or 800-639-1053 ▪ Fax: 479-5353 Emails: firstinitiallastname@capstonevt.org

Nov 26 & 27—Thanksgiving Holidays, office closed

Looking ahead:

- No new workshops are being scheduled until the new year. The next evening IDA financial classes are tentatively planned to start the week of 3/28/16 on a Mon, Wed or Thur

from 6-8 pm. Watch for details.

- IDA participants enrolled in the AFI 12 grant must complete their matched withdrawals by next summer

(Aug. 2016)!

Community National Bank 316 North Main St. Barre, VT 05641; PH: 476-6565 Hours: M-W, 7:30-5:00; TH-F, 7:30-6:00; Sat, 8-12:30 95-97 State St. (POB 1437) Montpelier, VT 05602; PH: 223-0598

Hours: M-W, 7:30-5; TH-F, 7:30-6; Sat, 8-12:30

North Country Federal Credit Gabby Ballard, 264-6799 49 Carleton Blvd., (PO Box 40), East Montpelier, VT 05651 Hours: M-F, 8:30-5:00 (drive thru 8-5); Sat, 9-1 (drive thru same)

Bank Information for IDA Savings Accounts

Calendar of Events — Nov/Dec 2015

Another Successful Wheels for Warmth

This Eleventh Annual event was held on Halloween morning at Dubois Construction in Montpelier and, for the first time, at Casella Construction in Mendon. Lieutenant Governor Scott’s nationally recognized tire donation and sale program has contributed over $300,000 to emergency heating assistance funds administered by community action agencies around the state.

The day in Middlesex started with almost 1500 tires, which were all stacked and ready to go before dawn. Four hundred and eighty-nine people came through the entrance at Dubois in the first half hour!

Capstone Wraps Up 50th Anniversary Celebrations

The final two events commemorating the creation of community action agencies recently took place.

In Randolph, we heard two State Representatives as well as former participant Sue Jacobs who shared her triumphant story of how Capstone helped her as a struggling single mom. The celebration ended with food catered by Crazy Rednecks Catering & BBQ and beau-tiful live music performed by Jennings and McComber.

At our open house in Morrisville we enjoyed delicious food and comradery among staff, participants, friends and family. It was a nice way to end the celebrations at the three offices!

Tell us What You Think

Capstone Community Action is currently conducting an online “Community Needs Assessment” Survey. You do not need to receive services to participate.

What's your opinion on the central Vermont economy? What about the availability and quality of jobs? What are your thoughts on housing and affordability and condition? Do you feel that local leaders are accessible and listen to your con-cerns? Capstone Community Action wants to know!

Please fill out the online survey and enter a drawing for one of four $50 prepaid grocery or gas cards by Nov. 16.

Go to: https://www.surveymonkey.com/r/CapstoneVTSurvey.

Hard copies of the survey are available to be filled out by hand at our offices in Barre, Randolph and Morrisville.

VITA Returns

Capstone will once again offer free tax preparation throughout central VT starting the week of Feb. 8, 2016.

The VITA (Volunteer Income Tax Assistance) program is sponsored by the IRS. VITA tax preparers are IRS trained and certified to com-plete both federal and state returns.

This service is available to all taxpayers whose annu-al income is under $53,000. Times and locations will be finalized in January. Information will be posted on our website or call our tax line at 477-5148 or email cedinfo@capstonevt.org. For those who would like to prepare their own tax returns, United Way sponsors online filing powered by H&R Block. Go to www.myfreetaxes.com.

Health Law Fine on the Uninsured Will More Than Double The math is harsh: The federal penalty for having no health insurance is set to jump to $695. The fact that it's gone up so much may take consumers by surprise. This may mean the 2016 sign-up season which start-ed Nov. 1 (and runs through Jan. 31) could see penalties become a bigger focus for people who have re-mained eligible for coverage, but uninsured. Many folks are squeezed for money, and skeptical about spending what they have on health insurance.

The penalty for being uninsured in 2016 will rise to the greater of either $695 or 2.5 percent of taxable income. That's for someone without coverage for a full 12 months. This year the comparable numbers are $325 or 2 percent of income when it comes time to file your 2015 taxes.

The requirement that individuals get health insurance or face fines remains the most unpopular part of President Barack Obama's health care law. It started at $95 or 1 percent of income in 2014. After 2016, the fines will rise with inflation.

According to preliminary IRS data, 12 million households claimed exemptions from the mandate because of financial hardships or other reasons when filing 2014 taxes. These exemptions will remain available.

3 Holiday Planning Tricks to Dodge Debt

The holidays often arrive with a burst of excitement and end with a crash of fear and despair as people wait with bait-ed breath for the holiday credit card bills to arrive in the mail. If you're looking to avoid that January letdown, consider these tips that can help you plan for expenditures and avoid racking up holiday credit card debt.

1. Set a holiday budget. It's easy to get into the habit of spending mindlessly during the bustling holiday season, but your wallet will thank you if you make a detailed list of your gift-giving and holiday obligations, and set a budget for each expenditure. You can start by making a list of each gift recipient and setting a monetary limit on how much you can comfort-ably spend (in cash) on each person. From there, make a list of other holiday obligations that may cost you money, like: -- Social gatherings -- Family events -- Work parties -- Charitable donations After you list your obligations, set a dollar limit for each one. Be creative as well when setting that dollar limit. For instance, if you're hosting a holiday gathering, search online for tips on how to do that frugally. If you need formal clothing for an event, search your closet for long-forgotten outfits or check local consignment shops for deals. The clearance sections at online and brick-and-mortar stores can be a great source for outfits and presents for those on your holiday gift list, too. By knowing exactly what expenditures are coming your way during the holiday season, and what each of those expenditures roughly cost, you can better prepare to have cash on hand to pay for those purchases.

2. Give gifts that don't cost money. If your holiday budget is tight, consider giving gifts of time or service, both for your holiday gift recipients list and your charitable obligations list. For instance, gifts of time or service to family members or friends could consist of: -- Babysitting time for a sibling's children -- A day spent with a niece or nephew at a local zoo or a movie night at your home -- An offer to do the labor for a housing project, such as painting or landscaping -- Free skilled services you can offer such as cutting hair or organizing a room or closet Gifts of valued time or service are a terrific way to bring a loved one joy during the gift-giving season and save your pocketbook some strain.

3. Make a Countdown Fund. The Countdown Fund is a terrific way to avoid dealing with holiday debt in January. To start, create a list of expected holiday expenses, add them up and divide by the number of weeks or months before the holiday arrives. Put that weekly or monthly dollar amount in a savings account so the cash is available for holiday expenses when needed. Besides the holidays, a Countdown Fund can be used for other expenses such as upcoming vacations and semiannual bills like insurance bills. The thought of holiday costs and how they'll affect your financial situation can be stressful. However, by using the tips you can avoid those dreaded January credit card bills, reduce spending and pay for holiday costs with cash. By Deacon Hayes. Deacon Hayes is a financial expert and founder of Well Kept Wallet. (www.wellkeptwallet.com)