February 5, 2022 Issue, Page 3 of 8

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JAil log 3 JAil log February 5, 2022 News What should you do with a tax refund? Providing Comfort and Support for End of Life Choices Are you expecting a tax re- require the funds from a 529 might be forced to dip into Hospice care provides medical services, emotional support, and spiritual re- fund this year? If so, what will plan, you may change the long-term investments to pay you do with it? beneficiary to another eligible for costly housing or auto re- sources for people who are in the last stages of a serious illness, such as cancer Of course, the answer largely family member of the original pairs or large medical bills. or heart failure. Hospice care also helps family members manage the practical depends on the size of your beneficiary. details and emotional challenges of caring for a dying loved one. refund. For the 2020 tax year, Add to the “cash” part of Reduce your debt load. It’s the average refund was about your portfolio. It’s generally a not always easy to minimize $2,800, according to the In- smart move to keep at least a your debt load, even if you’re For questions regarding hospice service or eligibility, contact: ternal Revenue Service. But portion of your overall invest- careful about your spending whether your refund this year ment portfolio in cash or cash habits. But the lower your debt Carrie Perry, RN/ Adminsistrator will be about that size, smaller equivalents, because the pres- payments, the more money or larger, you can find ways to benefit from the money. ence of cash can help you in you’ll have available to invest Pat Welsh, RN/ Coordinator of Patient Care two ways. First, since its value for your future. So, you may Here are some possibilities: won’t change, it can help cush- want to consider using some of Contribute to your IRA. ion, at least to a degree, the Some of the most common conditions are: You’ve got until April 18 to effects of market volatility on your tax refund to pay off some • Cancer • Failure to Thrive • End Stage Cardiac Disease (CHF) fully fund your IRA for the your portfolio. And second, by debts, or at least reduce them, • End Stage Cerebrovascular Disease (CVA) • End Stage Amyotrophic 2021 tax year. But if you’ve having cash available, you’ll be starting with those that carry already reached the maximum ready to take advantage of at- the highest interest rates. Lateral Sclerosis (ALS) • End Stage Pulmonary Disease (COPD) for 2021, you could use some, tractive investment opportu- Donate to charity. You could • End Stage Liver Disease • End Stage Renal Disease • AIDS/HIV or all, of your refund for your nities when they arise. use part of your refund to do- • End Stage Neurological Disease such as Parkinson’s or Alzheimer’s 2022 contribution. Assuming Boost your emergency fund. nate to a charitable organiza- you did get around $2,800, You could use your tax refund tion whose work you support. you’d be almost halfway to the to start or supplement an Carrie Professional, Passionate Passionate $6,000 annual contribution emergency fund. Ideally, this And if you itemize on your tax Perry, RN Professional, limit. (If you’re 50 or older, you fund should contain three to return, part of your gift may be can contribute up to $7,000.) six months’ worth of living ex- deductible. Advance, Attentive... Advanced, Attentive Invest in a 529 plan. If you penses, with the money kept have children or grandchil- in a liquid, low-risk account. A tax refund is always nice ..Our differenceIsisOur Our Difference our Care care dren, you might want to invest (If you’re already retired, you to receive – and it’s even bet- your refund in a 529 education might need this fund to cover ter when you put the money to savings plan. A 529 plan’s earn- a full year’s worth of expens- ings can grow federal income- es.) Without such a fund, you good use. Have you ever considered becoming tax free, and withdrawals are a hospice volunteer? federal income-tax free provid- ed the money is used for quali- A fulfilling experience in the spirit fied education expenses. If you of giving and receiving. invest in your own state’s plan, Edward Jones, Member SIPC C you might get a tax deduction or credit. A 529 plan can be used to pay for college, voca- d Jones | 2014 W. 3rd | Elk City, OK 73644 omforting H tional training and even some K-12 expenses in some states. Plus, if you name one child as Robert Stephens | F (580) 225-3156 | r ands Hospice LLC a beneficiary, and that child’s ephens |(580) 225-3156 Financial Advisor | [email protected] educational journey does not Oil & Gas Report for the State of Oklahoma for Jan. 25 - 31, 2022