The Princeton Union-Eagle http://unioneagle.com Community newspaper of Princeton, Minn. Fri, 27 Feb 2015 19:02:55 +0000 en-US hourly 1 Marvin T. Oeffling http://unioneagle.com/2015/02/marvin-t-oeffling/ http://unioneagle.com/2015/02/marvin-t-oeffling/#comments Fri, 27 Feb 2015 19:02:54 +0000 http://unioneagle.com/?p=113752 Marvin    T.   Oeffling

Marvin Thomas Oeffling, age 57, of Princeton, passed away on Thursday, February 26, 2015 after a brave battle with multiple system atrophy. He was born on September 21, 1957 in Minneapolis, the son of Phillip and Lucille (Orrock) Oeffling.
Marvin grew up in Big Lake and Princeton, graduating from Big Lake High School. On March 30, 1979 he married Susan Spears in South Dakota. The couple owned and operated Country Home Construction out of Princeton. Marvin also enjoyed dairy farming, gardening, classic cars, and spending time with his family and friends, especially his grandchildren.
Marvin is survived by his wife Susan; children Dustin (Linda) Oeffling and Amber (Brad) Aasen; grandchildren, Brandt and Chase Oeffling and Aynsley Aasen, and two on the way; siblings, Donna Knutson, Ann (Greg) Oldenkamp, Carol (Greg) Kraft, Alice (Mike) Guimont, Joe Oeffling, Phillip (Theresa) Oeffling; siblings-in-law, Larry (Cathy) Spears, Doug (Diane) Spears, Sherry Spears, Jeff (Sharon) Spears and Bruce (Nadine) Spears; cousin Larry (Roxanne) Possehl; cousin-in-law Barb (Russ) Davids; along with many nieces, nephews, grand nieces, grand nephews, cousins, other relatives and friends.
He was preceded in death by his parents and parents-in-law; and siblings-in-law Debbie Spears and Dale Spears.
Visitation will be held from 5-8 p.m. Sunday, March 1, 2015 at Williams Dingmann Family Funeral Home in Princeton and will continue one hour prior to the service on Monday. A funeral service will be held at 11 a.m. Monday, March 2, 2015 at Williams Dingmann Family Funeral Home in Princeton.
Arrangements are entrusted to Williams Dingmann Family Funeral Home, Princeton.

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Higher Estate Taxes: Bad Idea http://unioneagle.com/2015/02/higher-estate-taxes-bad-idea/ http://unioneagle.com/2015/02/higher-estate-taxes-bad-idea/#comments Fri, 27 Feb 2015 16:32:10 +0000 http://unioneagle.com/?guid=166e080a538263d9ac8752407ec3536e Boosting the tax on inherited wealth is a perennial goal of some politicians. And while the White House’s latest plan to boost the levy on estates faces a dim future in a GOP-controlled Congress, the concept will continue to pop up. There’s a lot wrong with this idea.

President Barack Obama’s budget wants to see an increase in the rate of what some call the death tax from 40% to nearly 60%, when you apply his proposed higher capital gains tax of 28% to what’s left after paying the death levy.

Under current law, when you inherit an asset and wish to sell it, you figure out what’s called your basis. When your parents, or whoever bequeathed you the asset, were alive, the basis was what they originally paid for it. If you inherit your parents’ home, you can bet it’s worth more upon their death than they paid for it. For you as the heir, current law says the basis rises to the property’s fair market value – what it would sell for today.

But under the new proposal, when you inherit an asset, your basis will simply be the decedent's original basis.

Example: Dad buys a house for $10,000. He dies and leaves it to you. The fair market value on the date of death is $100,000, which is the new basis. You sell it for $120,000. Under current law, you have a capital gain of $20,000 (sales price of $120,000 less step-up in basis of $100,000).

Under the Obama plan, you have a capital gain of $110,000 (sales price of $120,000 less original basis of $10,000). If you live in a state with high property values, this could result a substantial tax burden. In California, a state with very high home prices, the average beneficiary would probably be forced to sell their parents' home just to pay the taxes due.

I believe this proposal has very little chance of becoming law. Change that to I hope this proposal has very little chance of becoming law.

The Obama plan contains exemptions for some households, but an enormous number of people still would get slammed. The whole reason we have step-up in basis is because we have a death tax. If assets are liable for tax when Dad owned them, it’s unfair to treat them as liable for tax again when the inheritor sells it. This adds yet another redundant layer of tax on savings and investment. It's a huge tax hike on family farms and small businesses.

This is like a second tax. The first one has a top tax rate of 40% and a standard deduction of $5.3 million ($10.6 million for surviving spouses). Conceivably, an accumulated capital gain could face a 40% death tax levy and then a 28% capital gains tax on what is left. That equals an integrated federal tax of just under 60% on inherited capital gains.

Note that Dad’s original purchase of stocks, bonds and property with after-tax dollars. In other words, Dad earned money and paid taxes on those earnings. With the money he had, after he paid Uncle Sam, he (and perhaps Mom) bought the asset the beneficiary now must pay taxes upon Dad’s death. I know, it’s capital gain taxes. However, when I sell asset that has appreciated, I pay capital gain taxes.

If this proposal – or something like it – becomes law, and my wife and I die, my daughter confronts a very large tax burden.

When I choose to sell an asset, I normally pay capital gain taxes. I can do some tax planning accordingly. Under the Obama proposal, my daughter cannot take advantage of any planning options to attempt tax reduction that would be available to me, if alive.

Follow AdviceIQ on Twitter at @adviceiq.

Phillip Q. Shrotman is founder and president of Principal Planning Service, Inc. in Long Beach, Calif. He was a professor in the Business Division at Long Beach City College for over 29 years, where he held the position as Coordinator for Financial Planning and Insurance for the college. He holds a Community College Instructors Credential from the University of California at Los Angeles and a master’s from the University of San Francisco. He also holds the profession designations of General Securities Principal of the Financial Industry Regulatory Authority (FINRA), Series 7 and 24. He has appeared as a guest on KABC Talk Radio and various television and radio programs.

AdviceIQ delivers quality personal finance articles by both financial advisors and AdviceIQ editors. It ranks advisors in your area by specialty, including small businesses, doctors and clients of modest means, for example. Those with the biggest number of clients in a given specialty rank the highest. AdviceIQ also vets ranked advisors so only those with pristine regulatory histories can participate. AdviceIQ was launched Jan. 9, 2012, by veteran Wall Street executives, editors and technologists. Right now, investors may see many advisor rankings, although in some areas only a few are ranked. Check back often as thousands of advisors are undergoing AdviceIQ screening. New advisors appear in rankings daily.

 

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Boosting the tax on inherited wealth is a perennial goal of some politicians. And while the White House’s latest plan to boost the levy on estates faces a dim future in a GOP-controlled Congress, the concept will continue to pop up. There’s a lot wrong with this idea.

President Barack Obama’s budget wants to see an increase in the rate of what some call the death tax from 40% to nearly 60%, when you apply his proposed higher capital gains tax of 28% to what’s left after paying the death levy.

Under current law, when you inherit an asset and wish to sell it, you figure out what’s called your basis. When your parents, or whoever bequeathed you the asset, were alive, the basis was what they originally paid for it. If you inherit your parents’ home, you can bet it’s worth more upon their death than they paid for it. For you as the heir, current law says the basis rises to the property’s fair market value – what it would sell for today.

But under the new proposal, when you inherit an asset, your basis will simply be the decedent's original basis.

Example: Dad buys a house for $10,000. He dies and leaves it to you. The fair market value on the date of death is $100,000, which is the new basis. You sell it for $120,000. Under current law, you have a capital gain of $20,000 (sales price of $120,000 less step-up in basis of $100,000).

Under the Obama plan, you have a capital gain of $110,000 (sales price of $120,000 less original basis of $10,000). If you live in a state with high property values, this could result a substantial tax burden. In California, a state with very high home prices, the average beneficiary would probably be forced to sell their parents' home just to pay the taxes due.

I believe this proposal has very little chance of becoming law. Change that to I hope this proposal has very little chance of becoming law.

The Obama plan contains exemptions for some households, but an enormous number of people still would get slammed. The whole reason we have step-up in basis is because we have a death tax. If assets are liable for tax when Dad owned them, it’s unfair to treat them as liable for tax again when the inheritor sells it. This adds yet another redundant layer of tax on savings and investment. It's a huge tax hike on family farms and small businesses.

This is like a second tax. The first one has a top tax rate of 40% and a standard deduction of $5.3 million ($10.6 million for surviving spouses). Conceivably, an accumulated capital gain could face a 40% death tax levy and then a 28% capital gains tax on what is left. That equals an integrated federal tax of just under 60% on inherited capital gains.

Note that Dad’s original purchase of stocks, bonds and property with after-tax dollars. In other words, Dad earned money and paid taxes on those earnings. With the money he had, after he paid Uncle Sam, he (and perhaps Mom) bought the asset the beneficiary now must pay taxes upon Dad’s death. I know, it’s capital gain taxes. However, when I sell asset that has appreciated, I pay capital gain taxes.

If this proposal – or something like it – becomes law, and my wife and I die, my daughter confronts a very large tax burden.

When I choose to sell an asset, I normally pay capital gain taxes. I can do some tax planning accordingly. Under the Obama proposal, my daughter cannot take advantage of any planning options to attempt tax reduction that would be available to me, if alive.

Follow AdviceIQ on Twitter at @adviceiq.

Phillip Q. Shrotman is founder and president of Principal Planning Service, Inc. in Long Beach, Calif. He was a professor in the Business Division at Long Beach City College for over 29 years, where he held the position as Coordinator for Financial Planning and Insurance for the college. He holds a Community College Instructors Credential from the University of California at Los Angeles and a master’s from the University of San Francisco. He also holds the profession designations of General Securities Principal of the Financial Industry Regulatory Authority (FINRA), Series 7 and 24. He has appeared as a guest on KABC Talk Radio and various television and radio programs.

AdviceIQ delivers quality personal finance articles by both financial advisors and AdviceIQ editors. It ranks advisors in your area by specialty, including small businesses, doctors and clients of modest means, for example. Those with the biggest number of clients in a given specialty rank the highest. AdviceIQ also vets ranked advisors so only those with pristine regulatory histories can participate. AdviceIQ was launched Jan. 9, 2012, by veteran Wall Street executives, editors and technologists. Right now, investors may see many advisor rankings, although in some areas only a few are ranked. Check back often as thousands of advisors are undergoing AdviceIQ screening. New advisors appear in rankings daily.

 

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Sherburne County Sheriff’s Report: Feb. 26 issue http://unioneagle.com/2015/02/sherburne-county-sheriffs-report-feb-26-issue/ http://unioneagle.com/2015/02/sherburne-county-sheriffs-report-feb-26-issue/#comments Fri, 27 Feb 2015 02:00:30 +0000 http://unioneagle.com/?p=113699 The following individuals in the Princeton and Zimmerman area have been booked into the Sherburne County Jail for the alleged offenses:

Joseph Michael Rotz, 48 of Princeton for DWI.
Keith Allen Sorenson, 47 of Princeton for driving after cancellation/inimical to public safety.

Incident reports:
Jan. 29- Keith Gow of 13th Ave. S. in Zimmerman reported the theft of a Rigid brand mud mixing drill valued at $170 and a pair of Cabela’s camouflage hunting boots valued at $110
Jan. 23- The Santiago Country Store reported the theft of $15 worth of gasoline.

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School board presented building update http://unioneagle.com/2015/02/school-board-presented-building-update/ http://unioneagle.com/2015/02/school-board-presented-building-update/#comments Fri, 27 Feb 2015 02:00:18 +0000 http://unioneagle.com/?p=113704 The school district took action to request bids for the construction of the new elementary school. Bids will be due March 26. The school district could be holding a special meeting on March 31 to open bids for the construction of the new elementary school. As many local contractors as possible will be utilized, said Vaughn Dierks, project manager with Wold Architects. The gym project planned at the high school will go out for bids in May. A grant being sought to fund a renovation of early childhood, community ed and the school district offices is affecting plans for the community ed facility.

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Police Report: Feb. 16-22 http://unioneagle.com/2015/02/police-report-feb-16-22/ http://unioneagle.com/2015/02/police-report-feb-16-22/#comments Fri, 27 Feb 2015 02:00:03 +0000 http://unioneagle.com/?p=113697 The Princeton Police Department received the following calls Feb. 16-22, 2015. The listed times are when the calls were made and not necessarily when incidents occurred. Compiled by Joel Stottrup.

Monday, Feb. 16
4:45 a.m. Stopped driver for speeding. Cited for no proof of insurance and no driver’s license in possession.
11:05 a.m. Lost property – Silver ring with turquoise, last seen in front pocket of jeans the day before at home.
12:10 p.m. Snowmobile versus building at 511 Ice Arena Dr.
4:45 p.m. Complaint of threats.
5:32 p.m. Called to Walmart for shoplifter. Suspect had warrant and was transported to Isanti County line.
10:03 p.m. Suspicious activity – man walking back and forth among houses and appeared to be very paranoid as if possibly using drugs.
10:56 p.m. Escorted female to home who was uncertain what male was going to do.

Tuesday, Feb. 17
1 a.m. Request to remove female from parking lot at 701 Northland Blvd. whose legs were hanging out car door in cold weather. Police arrested female for fifth degree controlled substance.
8:56 p.m. Smashed smart phone found in parking lot at Coborn’s.
Wednesday, Feb. 18
1:31 p.m. Car fire at 106 4th Ave. S.
1:56 p.m. Suspicious activity. Male paid for ring in store and then threw three collectible coins on floor and told clerk she could keep them for change. Subject then left.
7:15 p.m. Trespass complaint. Police contacted suspects and landlord gave them until 5 p.m. the following day to vacate apartment and never return.
Thursday, Feb. 19
12:54 a.m. Intoxicated male reported to have been struck by full-size vehicle in area of 301 Rum River Dr. S. Male checked out at hospital.
5:04 a.m. Harassment complaint made.
5:55 p.m. Burned food in microwave oven. Firefighters responded and cleared out smoke.

Friday, Feb. 20
10:37 a.m. Agency assist. Officer arrested male at Merlin’s Restaurant, allowing male to finish his breakfast and coffee before arresting him on a warrant and taking to jail.
3:20 p.m. Woman, 44, cited for shoplifting at Walmart.
9:43 p.m. Officer mediated situation of reported out-of-control juvenile.

Saturday, Feb. 21
12:15 a.m. Assisted Mille Lacs County with responding to physical domestic  on 2400 block of 75th Ave. Separated parties on arrival and stood by after deputies arrived and investigated.
11:17 a.m. Collision between two vehicles at 5th St. S. and 7th Ave. Axle broken on one vehicle.
7:47 p.m. Arrested male, 21 on warrant after using department’s K-9 on perimeter.
Sunday, Feb. 22
8:59 a.m. Traffic stop – meth pipe and substance located. K-9 used.
10:38 a.m. Assisted Mille Lacs County with two-vehicle collision with injury on Highway 95.

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Money Moves for Gen Y (Pt. 1) http://unioneagle.com/2015/02/money-moves-for-gen-y-pt-1/ http://unioneagle.com/2015/02/money-moves-for-gen-y-pt-1/#comments Thu, 26 Feb 2015 22:01:28 +0000 http://unioneagle.com/?guid=9def41a3879f5e3e79f210504ce4f88e Some young adults seem stuck: Baby boomers took the best of what’s available and those nearing middle age always stand in line just ahead of millennials. If you’re a millennial, born between 1980 and 2000, you just need to change habits and work harder on your finances.

Among good moves:

Set at least one financial goal for this year. This goal must be fairly substantial yet doable in the remaining months of 2015.

Point is, if you successfully achieve one goal, you can achieve others. Start slow and work up. I also review my goals every quarter.

Create a three-year plan. A plan differs from a goal because you set an objective – usually several objectives at the same time. You also allow yourself a specific amount of time to accomplish them and create a series of steps to make them happen.

Have as many individual goals within your plan as you like. For example, your plan can include getting out of debt, starting or increasing your retirement savings or building an emergency fund of six months’ expenses. Set the plan for three years and create strategies for achieving each objective within that time.

Write your plan, even type it. Then you refer to it regularly until your action steps become second-nature.

Save for retirement right now. A lot of people feel overwhelmed at the money needed to set up a retirement plan. But starting one is pretty easy.

Sign up for your employer-sponsored retirement plan at work. If your job doesn’t offer a plan, set up an individual retirement account such as a Roth IRA, which provides tax-free growth and allows you to contribute up to $5,500 a year.

You can fund either with payroll deductions automatically taken out of your paycheck. Your contribution can be small; just get started now.

Nudge your plan contribution. If you currently save 6% of your pay – typically about the maximum to take advantage of your employer’s matching contributions, if any – increase to 7% this year. Next year, increase to 8%, and so on.

Expanding your contributions in small increments usually means you hardly notice the drop in your paycheck, particularly if you get annual pay raises of at least 2%.

Tune out doom and gloom. The world always tells us to worry. Be concerned, not worried, and sufficiently concerned to take action that makes the worries go away.

Pay off one credit card and then one more. If you carry a lot of debt, you probably already realize that you won’t get out of it anytime soon – and you don’t have to.

Pick one of your credit cards and plan how to pay it off as soon as possible. Start with the card with the smallest balance. Once you pay off that first card, target another, possibly the card with the second-smallest balance.

Once you pay off two cards, your debt cutting snowballs. Keep going until all of your credit cards are paid off, even if it takes several years.

Set bills for auto pay. More than just annoying, paying bills can strain your emotions if your budget is tight. Spare yourself the aggravation and set up your bills for automatic payment from your bank account. You do have to do this with each creditor but once most or all are set up this way, you enjoy more time for everything else – not to mention a lot less stress.

Create financial affirmations. Affirmations are brief sayings that resonate with you. They can deal with the benefits of certain actions, helping you to create a mindset to achieve a goal or simply restate your plan. Some examples: “In five years (or four, or three – your choice) I will be free of debt,” or “I’m a saver, not a spender.”

Write these down and place them in areas of your home you go to frequently. For example, placing affirmations on your bathroom mirror guarantees that you see them every day.

Read at least one good financial book. Ideally, you read one every month. If you usually fall short of that, settle for getting through just one good money book, no matter how long that takes. Investigate and read as many as possible, and become a regular follower of a few financial blogs.

Volunteer. Sometimes a little perspective goes a long way in getting the upper hand on your finances. Helping people who are in worse situations than you can make you realize your good fortune.

Drop a free-spending friend. If undisciplined spenders dominate your social circle, they might unintentionally sabotage your efforts at greater financial responsibility. In a potentially major step in your financial independence, find a few new friends who spend more conservatively.

Teach your kids about money. Maybe you want to shield your young kids from the sometimes-harsh realities of personal finance. But if your parents did that with you, you may struggle with the result even now.

Make your kids aware of money’s effect on their lives as early as possible. An allowance is a good start, particularly one tied to chores.

(Our next article looks at controlling spending and credit, as well as ways non-financial improvements can help your money management.)

Follow AdviceIQ on Twitter at @adviceiq.

Jeff Rose, CFP, is the founder of Alliance Wealth Management in Carbondale, Ill., and also is the founder of the website Good Financial Cents and Life Insurance by Jeff.

AdviceIQ delivers quality personal finance articles by both financial advisors and AdviceIQ editors. It ranks advisors in your area by specialty, including small businesses, doctors and clients of modest means, for example. Those with the biggest number of clients in a given specialty rank the highest. AdviceIQ also vets ranked advisors so only those with pristine regulatory histories can participate. AdviceIQ was launched Jan. 9, 2012, by veteran Wall Street executives, editors and technologists. Right now, investors may see many advisor rankings, although in some areas only a few are ranked. Check back often as thousands of advisors are undergoing AdviceIQ screening. New advisors appear in rankings daily.

 

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Some young adults seem stuck: Baby boomers took the best of what’s available and those nearing middle age always stand in line just ahead of millennials. If you’re a millennial, born between 1980 and 2000, you just need to change habits and work harder on your finances.

Among good moves:

Set at least one financial goal for this year. This goal must be fairly substantial yet doable in the remaining months of 2015.

Point is, if you successfully achieve one goal, you can achieve others. Start slow and work up. I also review my goals every quarter.

Create a three-year plan. A plan differs from a goal because you set an objective – usually several objectives at the same time. You also allow yourself a specific amount of time to accomplish them and create a series of steps to make them happen.

Have as many individual goals within your plan as you like. For example, your plan can include getting out of debt, starting or increasing your retirement savings or building an emergency fund of six months’ expenses. Set the plan for three years and create strategies for achieving each objective within that time.

Write your plan, even type it. Then you refer to it regularly until your action steps become second-nature.

Save for retirement right now. A lot of people feel overwhelmed at the money needed to set up a retirement plan. But starting one is pretty easy.

Sign up for your employer-sponsored retirement plan at work. If your job doesn’t offer a plan, set up an individual retirement account such as a Roth IRA, which provides tax-free growth and allows you to contribute up to $5,500 a year.

You can fund either with payroll deductions automatically taken out of your paycheck. Your contribution can be small; just get started now.

Nudge your plan contribution. If you currently save 6% of your pay – typically about the maximum to take advantage of your employer’s matching contributions, if any – increase to 7% this year. Next year, increase to 8%, and so on.

Expanding your contributions in small increments usually means you hardly notice the drop in your paycheck, particularly if you get annual pay raises of at least 2%.

Tune out doom and gloom. The world always tells us to worry. Be concerned, not worried, and sufficiently concerned to take action that makes the worries go away.

Pay off one credit card and then one more. If you carry a lot of debt, you probably already realize that you won’t get out of it anytime soon – and you don’t have to.

Pick one of your credit cards and plan how to pay it off as soon as possible. Start with the card with the smallest balance. Once you pay off that first card, target another, possibly the card with the second-smallest balance.

Once you pay off two cards, your debt cutting snowballs. Keep going until all of your credit cards are paid off, even if it takes several years.

Set bills for auto pay. More than just annoying, paying bills can strain your emotions if your budget is tight. Spare yourself the aggravation and set up your bills for automatic payment from your bank account. You do have to do this with each creditor but once most or all are set up this way, you enjoy more time for everything else – not to mention a lot less stress.

Create financial affirmations. Affirmations are brief sayings that resonate with you. They can deal with the benefits of certain actions, helping you to create a mindset to achieve a goal or simply restate your plan. Some examples: “In five years (or four, or three – your choice) I will be free of debt,” or “I’m a saver, not a spender.”

Write these down and place them in areas of your home you go to frequently. For example, placing affirmations on your bathroom mirror guarantees that you see them every day.

Read at least one good financial book. Ideally, you read one every month. If you usually fall short of that, settle for getting through just one good money book, no matter how long that takes. Investigate and read as many as possible, and become a regular follower of a few financial blogs.

Volunteer. Sometimes a little perspective goes a long way in getting the upper hand on your finances. Helping people who are in worse situations than you can make you realize your good fortune.

Drop a free-spending friend. If undisciplined spenders dominate your social circle, they might unintentionally sabotage your efforts at greater financial responsibility. In a potentially major step in your financial independence, find a few new friends who spend more conservatively.

Teach your kids about money. Maybe you want to shield your young kids from the sometimes-harsh realities of personal finance. But if your parents did that with you, you may struggle with the result even now.

Make your kids aware of money’s effect on their lives as early as possible. An allowance is a good start, particularly one tied to chores.

(Our next article looks at controlling spending and credit, as well as ways non-financial improvements can help your money management.)

Follow AdviceIQ on Twitter at @adviceiq.

Jeff Rose, CFP, is the founder of Alliance Wealth Management in Carbondale, Ill., and also is the founder of the website Good Financial Cents and Life Insurance by Jeff.

AdviceIQ delivers quality personal finance articles by both financial advisors and AdviceIQ editors. It ranks advisors in your area by specialty, including small businesses, doctors and clients of modest means, for example. Those with the biggest number of clients in a given specialty rank the highest. AdviceIQ also vets ranked advisors so only those with pristine regulatory histories can participate. AdviceIQ was launched Jan. 9, 2012, by veteran Wall Street executives, editors and technologists. Right now, investors may see many advisor rankings, although in some areas only a few are ranked. Check back often as thousands of advisors are undergoing AdviceIQ screening. New advisors appear in rankings daily.

 

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Finding Every Deduction http://unioneagle.com/2015/02/finding-every-deduction/ http://unioneagle.com/2015/02/finding-every-deduction/#comments Thu, 26 Feb 2015 20:01:51 +0000 http://unioneagle.com/?guid=131106aa6f9793c32c42620a4b870ead Every possible tax deduction can help when your money is tight. Yet many available legal deductions go unclaimed each year simply because most taxpayers still don’t know the breaks exist. From eyeglasses to airline baggage fees, you might qualify for at least one often-forgotten deduction – and maybe more than one.

The Internal Revenue Service allows you to take the cost of certain items, known as itemized deductions, off your tax bill if you qualify. You should itemize deductions if they add up to more than your standard deduction, the IRS advises.

Itemizing also makes sense if you can’t use the standard deduction. Did you have large uninsured medical and dental expenses, or casualty or theft losses? Or pay interest or taxes on your home? Or have large unreimbursed employee business expenses? Or make large charitable contributions?

For filing your taxes, you itemize deductions on IRS Schedule A. If you itemize, don’t overlook these categories:

Job-hunting. Did you spend out-of-pocket to travel to interviews, or shell out for stationery for resumes and cover letters? Deducting these items can make a big dent at tax time.

You don’t have to be officially unemployed, either: Expenses that you incur searching for a better job, even while fully employed, qualify. Other applicable deductions include food and lodging for overnight stays, cab fares and fees you pay to employment agencies.

Moving. If that new job is your first job, you may be able to deduct incurred moving expenses. To qualify, your first job must be 50 or more miles from your previous job or residence, and you must work full-time for about 39 of the first 52 weeks in your new location.

If you qualify to deduct the cost of moving and if you drove your own vehicle for the move, deduct 23.5 cents a mile plus parking and tolls. If you kept excellent records and receipts, you can instead deduct actual driving expenses such as gas and oil.

To calculate this deduction, use IRS Form 3903.

Medical items. You probably realize that you can deduct necessary medical items like wheelchairs and hearing aids. Guess what? While designer eyeglasses, contact lenses or magnifying devices from your local drug store may not seem like medical devices, the IRS does allow these deductions.

Giving to charity. Qualifying donations constitute one of the most common ways that Americans gain tax deductions. Many other acts of charity also qualify.

You can deduct such out-of-pocket expenses as the cost of paint and poster board for a school fundraiser, for example, or the cost of delivering meals or chauffeuring other volunteers, for example. Mileage deductions are at a rate of 14 cents per mile plus parking and toll fees.

Generally, deductions of more than $250 for individual donations require a written acknowledgement from the charity.

Military service. Members of the National Guard or military reserve may deduct travel expenses for attending drills or meetings; you must travel more than 100 miles from home on an overnight trip. Applicable deductions include lodging, meals and 56 cents per mile plus parking and toll fees.

Jury duty. Your employer may be one of the many that pays employees during jury duty but requires employees to turn over jury pay later as recompense. To even things out, you can deduct the amount you give to your employer.

In such cases, the write-off goes on line 36 of your IRS Form 1040, the line totaling up deductions. Add your jury fee total to your other write-offs and write “jury pay” directly to the left.

Baggage fees. The American traveling public rarely recognizes these fees, which can add up quickly. If self-employed and traveling on business, you can tag on those costs as legitimate deductions.

Home energy conservation. Many tax credits for energy-saving home improvements expired but the most valuable credits still exist until 2016. These can effectively refund 30% of the cost of alternative energy upgrades such as solar hot water heaters and geothermal heat pumps.

Loan interest. In most cases, you can only deduct mortgage or student-loan interest if you’re legally required to repay the debt. If you’re a non-dependent student who still receives help from mom and dad, your parents’ generosity may help at tax time in a different way.

If mom and dad pay your loans, the IRS treats the money as a gift to you, the child, who in turn used the money to pay the debt. A non-dependent child can qualify to deduct up to $2,500 of student-loan interest paid. Note: Mom and dad cannot claim the interest deduction.

To get the most out of your tax deductions, stay organized and do your research. No one likes getting audited – though if the IRS does red flag you, some costs of professional advice to defend yourself are, in fact, deductible.

Follow AdviceIQ on Twitter at @adviceiq.

Kimberly J. Howard, CFP, CRPC, ADPA, is a Certified Financial Planner and the owner of KJH Financial Services, a Fee-Only practice located in Newton, Mass. and Denver (781-413-4879). Please visit us at www.kjhfinancialservices.com or email Kim at kim@kjhfinancialservices.com. Follow on Twitter at @kimhowardcfp.
 
AdviceIQ delivers quality personal finance articles by both financial advisors and AdviceIQ editors. It ranks advisors in your area by specialty, including small businesses, doctors and clients of modest means, for example. Those with the biggest number of clients in a given specialty rank the highest. AdviceIQ also vets ranked advisors so only those with pristine regulatory histories can participate. AdviceIQ was launched Jan. 9, 2012, by veteran Wall Street executives, editors and technologists. Right now, investors may see many advisor rankings, although in some areas only a few are ranked. Check back often as thousands of advisors are undergoing AdviceIQ screening. New advisors appear in rankings daily.

 

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Every possible tax deduction can help when your money is tight. Yet many available legal deductions go unclaimed each year simply because most taxpayers still don’t know the breaks exist. From eyeglasses to airline baggage fees, you might qualify for at least one often-forgotten deduction – and maybe more than one.

The Internal Revenue Service allows you to take the cost of certain items, known as itemized deductions, off your tax bill if you qualify. You should itemize deductions if they add up to more than your standard deduction, the IRS advises.

Itemizing also makes sense if you can’t use the standard deduction. Did you have large uninsured medical and dental expenses, or casualty or theft losses? Or pay interest or taxes on your home? Or have large unreimbursed employee business expenses? Or make large charitable contributions?

For filing your taxes, you itemize deductions on IRS Schedule A. If you itemize, don’t overlook these categories:

Job-hunting. Did you spend out-of-pocket to travel to interviews, or shell out for stationery for resumes and cover letters? Deducting these items can make a big dent at tax time.

You don’t have to be officially unemployed, either: Expenses that you incur searching for a better job, even while fully employed, qualify. Other applicable deductions include food and lodging for overnight stays, cab fares and fees you pay to employment agencies.

Moving. If that new job is your first job, you may be able to deduct incurred moving expenses. To qualify, your first job must be 50 or more miles from your previous job or residence, and you must work full-time for about 39 of the first 52 weeks in your new location.

If you qualify to deduct the cost of moving and if you drove your own vehicle for the move, deduct 23.5 cents a mile plus parking and tolls. If you kept excellent records and receipts, you can instead deduct actual driving expenses such as gas and oil.

To calculate this deduction, use IRS Form 3903.

Medical items. You probably realize that you can deduct necessary medical items like wheelchairs and hearing aids. Guess what? While designer eyeglasses, contact lenses or magnifying devices from your local drug store may not seem like medical devices, the IRS does allow these deductions.

Giving to charity. Qualifying donations constitute one of the most common ways that Americans gain tax deductions. Many other acts of charity also qualify.

You can deduct such out-of-pocket expenses as the cost of paint and poster board for a school fundraiser, for example, or the cost of delivering meals or chauffeuring other volunteers, for example. Mileage deductions are at a rate of 14 cents per mile plus parking and toll fees.

Generally, deductions of more than $250 for individual donations require a written acknowledgement from the charity.

Military service. Members of the National Guard or military reserve may deduct travel expenses for attending drills or meetings; you must travel more than 100 miles from home on an overnight trip. Applicable deductions include lodging, meals and 56 cents per mile plus parking and toll fees.

Jury duty. Your employer may be one of the many that pays employees during jury duty but requires employees to turn over jury pay later as recompense. To even things out, you can deduct the amount you give to your employer.

In such cases, the write-off goes on line 36 of your IRS Form 1040, the line totaling up deductions. Add your jury fee total to your other write-offs and write “jury pay” directly to the left.

Baggage fees. The American traveling public rarely recognizes these fees, which can add up quickly. If self-employed and traveling on business, you can tag on those costs as legitimate deductions.

Home energy conservation. Many tax credits for energy-saving home improvements expired but the most valuable credits still exist until 2016. These can effectively refund 30% of the cost of alternative energy upgrades such as solar hot water heaters and geothermal heat pumps.

Loan interest. In most cases, you can only deduct mortgage or student-loan interest if you’re legally required to repay the debt. If you’re a non-dependent student who still receives help from mom and dad, your parents’ generosity may help at tax time in a different way.

If mom and dad pay your loans, the IRS treats the money as a gift to you, the child, who in turn used the money to pay the debt. A non-dependent child can qualify to deduct up to $2,500 of student-loan interest paid. Note: Mom and dad cannot claim the interest deduction.

To get the most out of your tax deductions, stay organized and do your research. No one likes getting audited – though if the IRS does red flag you, some costs of professional advice to defend yourself are, in fact, deductible.

Follow AdviceIQ on Twitter at @adviceiq.

Kimberly J. Howard, CFP, CRPC, ADPA, is a Certified Financial Planner and the owner of KJH Financial Services, a Fee-Only practice located in Newton, Mass. and Denver (781-413-4879). Please visit us at www.kjhfinancialservices.com or email Kim at kim@kjhfinancialservices.com. Follow on Twitter at @kimhowardcfp.
 
AdviceIQ delivers quality personal finance articles by both financial advisors and AdviceIQ editors. It ranks advisors in your area by specialty, including small businesses, doctors and clients of modest means, for example. Those with the biggest number of clients in a given specialty rank the highest. AdviceIQ also vets ranked advisors so only those with pristine regulatory histories can participate. AdviceIQ was launched Jan. 9, 2012, by veteran Wall Street executives, editors and technologists. Right now, investors may see many advisor rankings, although in some areas only a few are ranked. Check back often as thousands of advisors are undergoing AdviceIQ screening. New advisors appear in rankings daily.

 

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Francis (Frank) Hintze http://unioneagle.com/2015/02/francis-frank-hintze/ http://unioneagle.com/2015/02/francis-frank-hintze/#comments Thu, 26 Feb 2015 19:02:59 +0000 http://unioneagle.com/?p=113743 Francis   (Frank)   Hintze

Francis “Frank” William Hintze, age 94, of Princeton, passed away peacefully on Wednesday, February 25, 2015 at home.
He was born on October 1, 1920 in Wausau, WI, the son of Ralph E. and Avis Mae (Young) Hintze. Frank grew up in Wausau, WI, graduating from Wausau High School. He then attended college in Madison, WI. He was a member of the United States Army where he served during World War II. Frank was united in marriage to Ellen Burns on November 16, 1946. The couple then moved to Fresno, CA where they were very active in their church. After retirement the two moved to Princeton, MN. The couple enjoyed traveling and volunteering their time and compassion.
He enjoyed many hobbies such as, cooking, gardening, hunting, fishing and lapidary. Frank was known for being a kind, caring, gentleman with a radiant smile who will be dearly missed.
Francis is survived by his wife Ellen of Princeton, along with many nieces, nephews and other relatives.
He was preceded in death by his parents and siblings, Edward, Roy, Ralph, Herbert, Lucy Kasmerchak and Margaret Kwarciany.
A Funeral Service held at 10 a.m., Saturday, February 28, 2015 at Freshwaters United Methodist Church, River Campus in Princeton, with visitation one hour prior to the service. Interment at Pine Grove Cemetery, Wausau, WI.
Arrangements are entrusted to Williams Dingmann Family Funeral Home, Princeton.

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Dumb Rules on Tapping IRAs http://unioneagle.com/2015/02/dumb-rules-on-tapping-iras/ http://unioneagle.com/2015/02/dumb-rules-on-tapping-iras/#comments Thu, 26 Feb 2015 17:01:30 +0000 http://unioneagle.com/?guid=2800a67c55c9617273e2fb7f8b8f510c IRA distribution rules are extremely shortsighted. They punish taxpayers in the short run and gain the government less in the long term. To see how, let’s examine how Washington compels people to withdraw money from these popular retirement plans.

Benjamin Franklin said the only two certainties in life are death and taxes. The Internal Revenue Service takes that truism to heart by first obligating you to calculate when you are likely to die, and then making you pay taxes accordingly.

Congress created the individual retirement account to help people save for retirement in a tax-advantageous way. With a Roth IRA, your contributions come from already taxed money. Retirement withdrawals are not taxed. With a traditional IRA, contributions reduce your current taxable income, but future withdrawals during retirement are taxable.

Roth IRAs benefit those in low tax brackets now. Traditional IRAs benefit those who will be in a lower tax bracket during retirement.

But IRA contributions, distributions and even ownership can be challenging. The IRS instructions for the accounts, Publication 590, is 114 pages long. The section on withdrawing assets from traditional IRAs alone is 50 pages. The algebra required to comply with the IRA rulings is beyond many citizens. Yet failure to abide by these complex calculations results in a punitive 50% tax.

Among the most complicated and frustrating IRA rules are required minimum distributions (RMDs). The IRS tells us, “You cannot keep funds in a traditional IRA indefinitely.”

RMDs are required on all traditional IRA accounts once the owner turns 70½. If you inherit an IRA, RMDs are also obligatory in the year after the previous owner’s death.

You must calculate a new RMD every year. In its simplest form, this year’s RMD is based on the value of the IRA at the end of last year and the life expectancy of the owner. In other words, it changes every year.

However, figuring out the RMD of inherited IRAs is significantly more complex. Many fund sponsors will determine traditional IRA RMDs for you. But the inherited IRA calculation is so onerous that account owners or their advisors must compute it manually.

David’s mother, an incredible woman who is greatly missed, died on April 1, 2002. She generously left a portion of her IRA to each of her children. David’s share was put into an inherited IRA. The following year and every year after that, it requires RMDs.

To calculate the RMD, first you must determine the end-of-year value of all of the cash and holdings in the inherited IRA. This is not as simple as looking at your custodian’s end-of-year report. An account value may differ from the final number on your December statement. For example, late dividends are often back posted after yearend, a fee for a trade in December might not be withdrawn until January and any money moving back into the account adjusts the prior year’s ending value.

Next, you report the date of the person’s death. That date is required every year, so the IRS does not let the bereaved forget it.

David uses that date to report his age the year after his mother died (43) and how many years have elapsed since the year after her death (12).

Using this information, he looks up his “Life Expectancy Factor” from one of three IRS life expectancy tables that show how many years the IRS says he can expect to live.

As the beneficiary of an inherited account, David uses the Single Life Expectancy Table. At age 43, he was only expected to live an additional 40.7 years.

He then subtracts from that number the number of years since the year after his mother’s death (40.7 – 12 = 28.7).

After calculating both the end-of-year value and this modified life expectancy number, David must divide the end-of-year value by his modified life expectancy number to calculate his RMD for the year. Then he has to ensure that at least this amount is distributed from the account. He also must report this withdrawal on his taxes and pay tax at ordinary income tax rates.

Thus David must face his mother’s loss again every year, noting how many years it has been, how likely he is to die and how much of his inheritance remains in the account. This is a cruel rule.

All of this work, just so the government can grab its tax money early. It is counterproductive for everyone involved.

Most people contribute to their traditional IRAs throughout their working career, while they are young and in a lower tax bracket. So the government only misses out on a very small amount of tax. Then IRAs grow for decades at market rates of return.

Some traditional IRA owners may find themselves in a higher tax bracket at retirement. But even if the IRA owner’s tax bracket is lower at the time of distributions, the government has gained from the arrangement.

By deferring the taxation of these accounts, the traditional IRA essentially forces the government to save and invest – in that what the Internal Revenue Service eventually will collect is sitting in an IRA. By the time the owner is ready to distribute, the value of the IRA is significantly larger. Thus every year Washington allows its citizens to delay taxation of their retirement assets, the government’s portion of the account grows at market rates of return.

This deferred taxation is one of the only forms of saving and investing in which the government has ever participated.

But obliging IRA participants to harvest taxation earlier for the government via RMDs actually can lower its revenue. Look at what happened in the wake of the financial crisis.

Just for 2009, the government suspended the RMD rules to encourage individuals with lower end-of-year balances, due to the 2008 financial meltdown, to leave the money in and let their account balances recover.

Many retirees did not take withdrawals that year. When their account balances rebounded in 2010, the IRS collected more in taxes than it would have if it had insisted on enforcing RMD regulations the year before. By being more patient, the IRS was better off.

What was good for the government on a large scale in 2009 is also good for the government on a smaller scale annually. Every year the government allows IRA accounts to appreciate at market rates of return, it ends up collecting more money in the long run.

Retirement assets passed $23 trillion last year with over $6.5 trillion held in IRAs. At a 10% market rate of return, that would add $650 billion to the amount the government will ultimately tax for every year it encourages account holders not to take distributions.

In addition to forcing IRA owners to dwell on their deaths and the loss of their loved ones to complete the calculation, the RMD itself robs both the taxpayer and ultimately the government of wealth in the long run. All this, so the government can have money now.

A better idea would be to abolish the RMD. Then the government would collect taxes on distributions when investors choose to take them. By waiting until then, the IRS would receive a lot more money, and people would be spared the headaches and heartaches of premature, mandated withdrawals.

Follow AdviceIQ on Twitter at @adviceiq.

David John Marotta, CFP, AIF, is president of Marotta Wealth Management Inc. of Charlottesville, Va., providing fee-only financial planning and wealth management at www.emarotta.com and blogging at www.marottaonmoney.com. Both the author and clients he represents often invest in investments mentioned in these articles. Megan Russell is the firm’s system analyst. She is responsible for researching problems and challenges, and finding efficient solutions for them.

AdviceIQ delivers quality personal finance articles by both financial advisors and AdviceIQ editors. It ranks advisors in your area by specialty, including small businesses, doctors and clients of modest means, for example. Those with the biggest number of clients in a given specialty rank the highest. AdviceIQ also vets ranked advisors so only those with pristine regulatory histories can participate. AdviceIQ was launched Jan. 9, 2012, by veteran Wall Street executives, editors and technologists. Right now, investors may see many advisor rankings, although in some areas only a few are ranked. Check back often as thousands of advisors are undergoing AdviceIQ screening. New advisors appear in rankings daily.

 

 

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IRA distribution rules are extremely shortsighted. They punish taxpayers in the short run and gain the government less in the long term. To see how, let’s examine how Washington compels people to withdraw money from these popular retirement plans.

Benjamin Franklin said the only two certainties in life are death and taxes. The Internal Revenue Service takes that truism to heart by first obligating you to calculate when you are likely to die, and then making you pay taxes accordingly.

Congress created the individual retirement account to help people save for retirement in a tax-advantageous way. With a Roth IRA, your contributions come from already taxed money. Retirement withdrawals are not taxed. With a traditional IRA, contributions reduce your current taxable income, but future withdrawals during retirement are taxable.

Roth IRAs benefit those in low tax brackets now. Traditional IRAs benefit those who will be in a lower tax bracket during retirement.

But IRA contributions, distributions and even ownership can be challenging. The IRS instructions for the accounts, Publication 590, is 114 pages long. The section on withdrawing assets from traditional IRAs alone is 50 pages. The algebra required to comply with the IRA rulings is beyond many citizens. Yet failure to abide by these complex calculations results in a punitive 50% tax.

Among the most complicated and frustrating IRA rules are required minimum distributions (RMDs). The IRS tells us, “You cannot keep funds in a traditional IRA indefinitely.”

RMDs are required on all traditional IRA accounts once the owner turns 70½. If you inherit an IRA, RMDs are also obligatory in the year after the previous owner’s death.

You must calculate a new RMD every year. In its simplest form, this year’s RMD is based on the value of the IRA at the end of last year and the life expectancy of the owner. In other words, it changes every year.

However, figuring out the RMD of inherited IRAs is significantly more complex. Many fund sponsors will determine traditional IRA RMDs for you. But the inherited IRA calculation is so onerous that account owners or their advisors must compute it manually.

David’s mother, an incredible woman who is greatly missed, died on April 1, 2002. She generously left a portion of her IRA to each of her children. David’s share was put into an inherited IRA. The following year and every year after that, it requires RMDs.

To calculate the RMD, first you must determine the end-of-year value of all of the cash and holdings in the inherited IRA. This is not as simple as looking at your custodian’s end-of-year report. An account value may differ from the final number on your December statement. For example, late dividends are often back posted after yearend, a fee for a trade in December might not be withdrawn until January and any money moving back into the account adjusts the prior year’s ending value.

Next, you report the date of the person’s death. That date is required every year, so the IRS does not let the bereaved forget it.

David uses that date to report his age the year after his mother died (43) and how many years have elapsed since the year after her death (12).

Using this information, he looks up his “Life Expectancy Factor” from one of three IRS life expectancy tables that show how many years the IRS says he can expect to live.

As the beneficiary of an inherited account, David uses the Single Life Expectancy Table. At age 43, he was only expected to live an additional 40.7 years.

He then subtracts from that number the number of years since the year after his mother’s death (40.7 – 12 = 28.7).

After calculating both the end-of-year value and this modified life expectancy number, David must divide the end-of-year value by his modified life expectancy number to calculate his RMD for the year. Then he has to ensure that at least this amount is distributed from the account. He also must report this withdrawal on his taxes and pay tax at ordinary income tax rates.

Thus David must face his mother’s loss again every year, noting how many years it has been, how likely he is to die and how much of his inheritance remains in the account. This is a cruel rule.

All of this work, just so the government can grab its tax money early. It is counterproductive for everyone involved.

Most people contribute to their traditional IRAs throughout their working career, while they are young and in a lower tax bracket. So the government only misses out on a very small amount of tax. Then IRAs grow for decades at market rates of return.

Some traditional IRA owners may find themselves in a higher tax bracket at retirement. But even if the IRA owner’s tax bracket is lower at the time of distributions, the government has gained from the arrangement.

By deferring the taxation of these accounts, the traditional IRA essentially forces the government to save and invest – in that what the Internal Revenue Service eventually will collect is sitting in an IRA. By the time the owner is ready to distribute, the value of the IRA is significantly larger. Thus every year Washington allows its citizens to delay taxation of their retirement assets, the government’s portion of the account grows at market rates of return.

This deferred taxation is one of the only forms of saving and investing in which the government has ever participated.

But obliging IRA participants to harvest taxation earlier for the government via RMDs actually can lower its revenue. Look at what happened in the wake of the financial crisis.

Just for 2009, the government suspended the RMD rules to encourage individuals with lower end-of-year balances, due to the 2008 financial meltdown, to leave the money in and let their account balances recover.

Many retirees did not take withdrawals that year. When their account balances rebounded in 2010, the IRS collected more in taxes than it would have if it had insisted on enforcing RMD regulations the year before. By being more patient, the IRS was better off.

What was good for the government on a large scale in 2009 is also good for the government on a smaller scale annually. Every year the government allows IRA accounts to appreciate at market rates of return, it ends up collecting more money in the long run.

Retirement assets passed $23 trillion last year with over $6.5 trillion held in IRAs. At a 10% market rate of return, that would add $650 billion to the amount the government will ultimately tax for every year it encourages account holders not to take distributions.

In addition to forcing IRA owners to dwell on their deaths and the loss of their loved ones to complete the calculation, the RMD itself robs both the taxpayer and ultimately the government of wealth in the long run. All this, so the government can have money now.

A better idea would be to abolish the RMD. Then the government would collect taxes on distributions when investors choose to take them. By waiting until then, the IRS would receive a lot more money, and people would be spared the headaches and heartaches of premature, mandated withdrawals.

Follow AdviceIQ on Twitter at @adviceiq.

David John Marotta, CFP, AIF, is president of Marotta Wealth Management Inc. of Charlottesville, Va., providing fee-only financial planning and wealth management at www.emarotta.com and blogging at www.marottaonmoney.com. Both the author and clients he represents often invest in investments mentioned in these articles. Megan Russell is the firm’s system analyst. She is responsible for researching problems and challenges, and finding efficient solutions for them.

AdviceIQ delivers quality personal finance articles by both financial advisors and AdviceIQ editors. It ranks advisors in your area by specialty, including small businesses, doctors and clients of modest means, for example. Those with the biggest number of clients in a given specialty rank the highest. AdviceIQ also vets ranked advisors so only those with pristine regulatory histories can participate. AdviceIQ was launched Jan. 9, 2012, by veteran Wall Street executives, editors and technologists. Right now, investors may see many advisor rankings, although in some areas only a few are ranked. Check back often as thousands of advisors are undergoing AdviceIQ screening. New advisors appear in rankings daily.

 

 

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Tigers lock up No. 1 seed for 7AAA playoffs http://unioneagle.com/2015/02/tigers-lock-up-no-1-seed-for-7aaa-playoffs/ http://unioneagle.com/2015/02/tigers-lock-up-no-1-seed-for-7aaa-playoffs/#comments Thu, 26 Feb 2015 16:42:30 +0000 http://unioneagle.com/?p=113734 NO GAME WITH ST. MICHAEL-ALBERTVILLE ON FEB. 26 – Princeton’s win over St. Francis helped lock in the top seed for the Section 7AAA girls basketball tournament which begins this Saturday.

With the No. 1 seed, the Tigers (17-8) will host No. 8 Duluth Denfeld (6-19) for a 6 p.m. game on Feb. 28 in the quarterfinals. Princeton handled the Hunters 80-36 back on Jan. 17.

A victory would send advance the squad to the Thursday, March 5 semifinals at Denfeld’s gym. In that half of the brackets are No. 4 Chisago Lakes (10-15) and No. 5 Hermantown (15-10). The Tigers split with the Wildcats in conference play this winter and knocked off the Hawks the second game of the season.

In the other bracket half, Grand Rapids (20-6) is the No. 2 seed, and North Branch (13-12) is the No. 3. The 7AAA championship will be held a week later on March 12 back in Duluth.

** The Tigers Feb. 26 Mississippi 8 crossover game with St. Michael-Albertville was cancelled.

Senior Haley Sandin surpassed the 1,000-point mark of her Tiger career last week. Sandin scored 37 points in the Tigers’ two games.

Senior Haley Sandin surpassed the 1,000-point mark of her Tiger career last week. Sandin scored 37 points in the Tigers’ two games.

• On Feb. 17, host North Branch slipped past the Princeton girls 66-64. A big Tiger highlight in the game came when senior Haley Sandin swished the front end of a one-and-one with two minutes left in the first half which had her reaching the 1,000 point mark of her hard-working career. After a brief recognition ceremony, Sandin knocked down the second free throw and went on to lead the Tigers with 18 points that evening.

Adding scoring against the Vikings were Sonia Stay (8), Jenna Doyle (7), Danielle Chmielewski (6) and five points each from Ashley Schramel, Anna Oakes and Julia Bjurman.

At home Feb. 20, Princeton swept the Saints in M-8 games with a 64-56 victory. Sandin again led the offense with 19 points, Doyle popped for 11 points and Andie Jackson scored 10.

Mississippi 8 Girls Basketball EAST) Princeton 8-5, 17-8; North Branch 6-6, 12-12; Cambridge-Isanti 5-7, 12-12; Chisago Lakes 4-8, 10-14; St. Francis 4-7, 9-15. WEST) St. Michael-Alb. 12-0, 21-3 all; Rogers 10-2, 17-7; Buffalo 8-5, 15-10; Big Lake 4-8, 9-16; Monticello 0-12, 4-20

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