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By now most of you have heard of the Payroll Protection Program (PPP), and I am sure many of you have taken advantage of this great opportunity. However, there are a few things you need to know about how these loans are going to affect your taxes.
You probably know these loans will be forgiven if the loan proceeds are used for the purposes outlined by the government. Sounds like a great deal, right? Tax free money from the government! Not so fast. Although it is technically true the loan forgiveness income is not taxable, what you may not know is the expenses you paid with the PPP funds are NON-DEDUCTIBLE. Let me say it again, any qualifying expenses you paid with PPP funds are NON-DEDUCTIBLE for tax purposes. (As of the date of this article) For example, let’s say you received $80,000 in a PPP loan. Through June, say your business had gross income of $100,000 and expenses of ($150,000), resulting in a loss of ($50,000), so no tax due. However, included in your expenses were ($80,000) of payroll which was paid for with PPP funds. This ($80,000) is NON-DEDUCTIBLE, so your tax-deductible expenses are only ($70,000) (original $150,000 less the $80,000 non-deductible). You now have $30,000 of taxable income. Estimate Federal Income Taxes at 20%, and you owe $6,000 in Federal Taxes, and an estimate of 5% for State Income Taxes, you now owe $1,500, in State taxes. In this scenario, the tax free PPP money resulted in a total increase in taxes of $7,500 ($6,000 Federal and $1,500 State). The previous calculation is just an example, and EVERYONE’s situation will be different. A worst case scenario on the above $80,000 PPP loan, all of the expenses paid could be taxable and an estimate of 20% Federal Income Taxes you would owe $16,000 and an estimate of 5% State Income Taxes you would owe $4,000 in State Taxes, for a total tax liability of $20,000 on your tax free PPP loan forgiveness! Key take away—before you spend all of your PPP money, consult with your tax advisor and see if you are going to owe additional taxes. If you will owe additional taxes, consider making an estimated tax payment with whatever PPP cash you may have left before you are out of cash and have a large tax bill. If you need assistance or need information regarding PPP loans, the related forgiveness and tax implications, please come see us at Meinershagen & Co. To learn more about Meinershagen & Co., visit their website at www.mccpa.com. Me and the Mrs. were walking through Costco recently. I was dragging my feet with my eye on the big screen LCD TVs. My wife, just ahead of me said, “Do you want to get some socks?” I turned my attention to the containers of socks and glanced at them longingly, already picturing them on my feet. They looked soft and comfy, but I blurted out, “No, we would need to buy several packages.”
Now, the package of socks had four pairs and was about ten dollars. I did some quick math and figured we would probably need about three or four packages. I go through socks. As a runner, if it’s a “run day”, I’ll go through two pairs a day. I’ve been known to go through three pairs a day. “Why would you need so many?” she probed. In frustration I responded, “Because it’s time to redo my sock drawer again.” Feeling the escalating tension, I concluded, “it’s probably best for us to just keep walking.” She doesn’t understand my recurring sock dilemma. I have a thing for socks. When my birthday and the holidays come around, I always ask for socks. I’m not sure when it started, but I just like them. It’s also no secret in the Geiger house that, in the winter, I sleep with my socks on. I guess it’s not a secret anywhere now. Years ago, when I was younger, I was required to wear a tie at work. At the time, I was also a little more stylish. Back then, I used to accumulate all kinds of different socks. I had athletic socks, work socks, dress socks, and slippy socks just to wear around the house. Some were thick. Some were thin. These socks came in a plethora of different sizes, patterns, and colors. Some of them were low cut at the ankle, some to the calf, and some came up to the knee. In the olden days, my socks would match my outfit. Although I can’t match my clothes, somehow, I was able to match my socks to my clothes. Some of my favorite dress socks were ones that had various colors, stripes, and patterns. Now that I think about it, I guess it was hard not to match those multicolored socks with my non-matching outfit. According to some sources, socks go all the way back to the Stone Age. Although nothing like we have today, these primitive socks were made from animal skins and pelts tied around the ankle. These “socks” didn’t cover the feet, but the lower legs and were more for protection than fashion. Socks were also worn in the times of Greeks and Romans. The Romans had socks that were worn with sandals. Eventually, socks became more of a fashion statement. During the Middle Ages, socks were brightly colored and, since they didn’t have an elastic band at the top, they were held in place with garters to keep them from falling down. They understood the incredible discomfort of having your socks slide down your legs and accumulate at your ankles. In 16th century Europe, socks, like other pieces of clothing, were regulated by law. For example, the City of London enforced laws that kept anyone from wearing the wrong kind of socks in the capital. These “sock police” checked the legs of people entering and leaving the premises. As time went on, fashions, styles, and materials changed, especially with the invention of Nylon in 1938 and mass production. In our generation, we have seen sock styles come and go. It’s been at the knee, the ankle, and the calf. Socks can also make a statement about our identity. I can remember my girls growing up and choosing to wear two different socks. Desiring to make their own fashion statement, they just wore whatever came out of the dresser drawer. The two boys were different. They just wore socks like me. Eventually, me and the two boys all had about the same size foot. Attempting to decide whose socks were whose was difficult. What made it increasingly difficult was that my wife would buy us all socks for Christmas. Oftentimes, they looked very similar. As time went on, eventually, my sock drawer was just overrun with socks. Adding insult to injury was that fact that my wife would wash the socks and leave them for me to fold and put away. My folding and her folding are two different things. My folding meant you grabbed the whole pile, dumped them in the drawer, and worried about matching them later. My strategy led to all sorts of problems. For example, at times, one of my socks would just disappear. I don’t know if the washer or dryer got it or if it ended up in one of the boy’s drawers, but I would end up with one unmatched sock. This collection of misfit socks would go in a special corner in my drawer. Although I appreciated the 99 socks that were safe in the fold, I was continually looking for that lost one, waiting for its return. Unfortunately, the corner of misfit socks just kept growing and growing exponentially. This was a source of constant frustration. For one, it was difficult to get the drawer to actually close. In addition, it was super frustrating when I would dig through the socks and attempt to pull out a pair and pull out one that I liked, but found it was of the lone sock collection. Then came that one fateful day as I dug through my sock drawer frustratingly attempting to find a desirable match. Like a prisoner set free from the bondage, I exclaimed, “I’m done with this!” I had the passion and I had a plan. Without telling my wife, I went to the store, on my own, and bought several packages of the same socks. In the cover of night, I got rid of all the old ones. My new socks, like beautiful matching clones, were all the same: black and low cut. I had come upon a sock solution! No matter what two I grabbed, it always worked. I could even dress in the dark if I had to. Happy days were here again—at least for a while. Over time, three problems arose. The first problem was that the socks I bought were low quality. Left on my own at the store, without maternal supervision, I went for the cheapo ones. These wore out quickly. They developed worn spots and became uncomfortable. The second problem was that when I wore dress pants and sat down, my pant legs rose and you could see my ankles. I would not have known this without the aid of my fashion designer and wife. The third problem was that, during the winter, my legs would get cold. To solve these problems, I decided to upgrade some of the “old” lowcut socks for a better quality. In addition, I also bought some long socks for the winter months. This worked well for a while. But, several problems arose. First, when some of the socks needed to be replaced, I would go to the store thinking I was buying the same type, but I was not. They were close, but not matching styles. In addition, I made the mistake of buying long, black athletic socks in a package, but realized later, they all had different patterns. Also, Christmas came around and, again, I got some new, different socks to add to the mix. So, here I am again. A drawer full of mismatched socks of various sizes and styles. This has been a continuous cycle of frustration. But I have not lost hope. In the midst of this writing, I turned over to check my email to see one from a sock company. They email me from time to time to say hi and to get me to buy their socks. I haven’t yet, but they look amazing. They promise no smell, no blisters, and no hot spots. These socks pull moisture away from the skin and are fast drying. They’re cool in the summer and warm in the winter. They are designed for runners and look amazing. Especially intriguing is that these socks are unconditionally guaranteed for life. If they ever go “bad,” they will replace them. That’s the good news. The bad news is that these socks start at $17 a pair and go up to about $35. So, I know it’s only August, but I already know what I’m going to ask for Christmas. I’m not sure how that will go over. Plan B is to ask for another sock drawer. I’ll keep you updated. Dr. Wayne Geiger is the Pastor of First Baptist Grain Valley, an Adjunct Associate Professor of Speech, and freelance writer. I have spent an inordinate amount of time in my life thinking and often worrying about things other people would never give a second, possibly even first thought.
I saw an overthinking meme this week that truly describes the kind of things occupying my mind. It said, “What is the exact right amount of eye contact so that someone knows I am listening but not trying to steal their soul?” This overthinking has increased during COVID isolation with my extra down time. If you aren’t scared yet, here is a peek behind the curtain for some more of my overthinking. Many of my thoughts center around family members and my dog, where one thought rabbit trails into many more. For instance, recently an entertainment program announced the birth of a celebrity’s son, that he and his wife named Wood. Within moments, I am thinking, “Should we have named my daughter something different?” My husband and I have both been educators, which significantly narrows the name pool from which to choose. It only takes one ill-behaved Dustin or an eye-rolling Ashley to mark them off the list. I check the popular baby names list, half hoping my daughter’s name appears, to prove I have made a good choice, and half hoping it does not, so that it retains its unusual quality. Of course my daughter would prefer another name, as I would of at her age. And before I know it, I am thinking about what other names I could have had. Would I have made a good Phyllis? Could I have pulled off Victoria or Vivian? I know deep down I have not been that good a Catherine, but a passable Cathy. Still later, I am wondering how other people chose names for their children, and shamefully, thinking of better ones for them. Just this Saturday at the neighborhood pool, I watched Darrin splash his sister. He seems more like a Devin to me. That night as I head to bed, I call my dog into the room. I used one of several cutesy nicknames we have for him. When he didn’t come, I called him by his full name, including his middle name. “Do other people give their dogs middle names?” I thought. Clearly I didn’t sleep for a while as I mulled that over. Some of my overthinking is about my house. My siblings and my mom can quickly visualize a room and how the furniture can perfectly fit into it. Apparently, that gene skipped me, and I find myself asking, “Will that couch fit there?” I truly wish I had a dollar for each time my husband has come home with me in the middle of pushing a giant hutch or table into a space that is about 6 inches too short for it. Measuring tapes are for the weak. I wonder if I can angle it a little, I think, as he heads into another room to not overthink anything at all. This past fall, I had a moment where I became obsessed with sectionals, which I thought would allow me to move pieces in so many ways, ignoring the fact that I cannot figure out anything for the current five pieces I have, much less those seven pieces including a giant ottoman. Other household musings have included “What is that smell?” and “If I pass away tomorrow, will people make fun of my messy garage?” My most recent overthinking about my house has to do with ceiling fans. Some of you are probably thinking that I am worried about how to clean them. I know how to clean them; not saying I do it often enough, but I know how. Actually, I am constantly wondering if the fans are rotating the right way. I read that they should rotate counter clockwise in one season and clockwise in another. But I can never remember the rotation for that particular season, as my Google search history would for sure confirm, with multiple hits on the topic. I find it again and am reminded that in the summer, I should have my fans rotating counterclockwise to push cool air down to the floor. I check them all, and I am good. But then I begin to wonder if there is a certain date by which I should change the rotation. Should I just make an annual ritual of switching the fans as I put away my white pants so as not to wear them after Labor Day? And pray tell I don’t go to Home Depot after this search, as I may stand for several minutes making sure they have all theirs set to correctly rotate. Some of my overthinking happens around situations in which I will never find myself and highly unlikely scenarios. What would I say if stopped by a national news crew and asked what I think about our current political climate? What if Publishers Clearinghouse shows up at my door and the dog runs out when I open the door and I have to chase him? Will they wait to award me my money? What if my college calls and wants to honor me as alumnus of the year, and then realize they have called the wrong gal (they were probably looking for a Vivian…)? Would I take the disappointment well? Would I rather sing a duet with Chris Stapleton or James Taylor? Would they stick me with harmony or graciously offer the melody? Are the towels in my car trunk clean enough if I have to help a passing motorist give birth? When the baby comes, should I suggest a baby name we didn’t use so I have a second chance? I overthink a great deal about things passing me by, and that some of my pop culture references have kind of lost their pop. Case in point: A young friend was talking about her nosy neighbor. She described her watching them out the window, always appearing on her deck when they are in the back yard, and even commenting on how many grocery bags they carried into their house. “Wow! She sounds like a regular Gladys Kravitz,” I said and laughed. Nothing. My young friend had nothing. Not even from beloved Bewitched reruns. Some of the thoughts are more in the moment, like, “Should I put on pants for the Zoom meeting? “ or “How do seedless watermelons grow if you can never plant a seed for one?” (and by the way, if you know this answer, I am interested). My latest in the moment overthinking happened after reading a Facebook quiz. It listed about ten smells and said, “Which is your favorite?” Am I supposed to have a favorite smell? That sounds like something they would have asked a couple on the Newlywed Game, perhaps another pop culture reference without pop. “What is your husband’s favorite smell?” and I answer barbecue, when in reality it was my perfume. Bob Eubanks rolls his eyes. One a side note, I used to worry about how my husband and I would do on the Newlywed Game, but this many years in, there is so little we don’t know about one another. So little. One friend suggested homemade apple pie as her favorite smell. Another said a baby after a bath. Still another said fresh cut grass, and a dear sorority sister said wet cement. Further down the list, someone enthusiastically championed bacon. Now we’re talking. Was I wrong not to have a favorite smell? I asked my daughter, my husband, a co-worker, a large group in a Zoom meeting. They all had their own opinions, ranging from gas (ewww) to latex paint (I won’t be going to Girl’s Night with this friend anymore), to suntan oil from the 70’s, when the Coppertone line ruled. Before the suspense kills you, I have decided not to choose between my final two, which are freshly baked molasses cookies and the air right before a rainstorm. I want to overthink it a little more. by Marcia Napier, Grain Valley Historical Society Once again, last week’s article about Corporal Herschel Elliott has left me with more questions than answers. Below the picture that appeared with the article was the explanation for the star by six of the names. These were the men who had made the ultimate sacrifice for their country; or so I had been told. It was pointed out to me that two of the men appeared to be brothers. Thinking this might be an interesting story, I immediately decided to learn more about Earnest and Harvey Hubbard. For those of us who went through a box of Kleenex watching “Saving Private Ryan,” or remember hearing the story of the five Sullivan brothers who were aboard the USS Juneau when it sank on November 13, 1942, the idea that two brothers from Grain Valley had also perished…I had to know their story. Hubbard was not a name with which I was familiar. It didn’t seem to be “an old family name.” That is because the Hubbard family was only in Grain Valley for a short time. In 1930 and 1935 they were living in Kansas City where the father, Harry, was a lineman for the telephone company. By 1940, he had retired and taken up farming in rural Grain Valley. Around 1945, most of the family moved to Winchester, Kansas. Harvey registered for the draft on February 1, 1941 and died on October 26, 1942 at Guadalcanal, Solomon Islands. He won a Purple Heart and a Bronze Star and is remembered at the Cemetery of the Pacific in Honolulu, Hawaii. Harvey Ellsworth Hubbard was 21 years old. Earnest Loyd Hubbard was 29 years old when he registered for the draft on October 16, 1940. And then I found more. After serving in Europe, Earnest came home on December 8, 1945. He later married, had 7 children and lived to the ripe old age of 79. He died on June 16, 1991 in Winchester. The Hubbard family had moved from Grain Valley before the war ended. I suppose we’ll never know why Earnest’s name was misspelled or why he ended up with a star. Willard Johnson, Robert Jenkins, Caryl Russell and Dale Stumpp did die serving their country. All four were Grain Valley graduates with many ties to the community. There were at least 16 sets of brothers on the board along with brothers-in-law and cousins. There are more stories to tell. Brothers Earnest and Harvey Hubbard served their country in World War II. Harvey died at 21 years of age on Guadalcanal, Solomon Islands. Earnest served in Europe and returned to the states, moving to Winchester, Kansas.
Photo credit: Grain Valley Historical Society Snacking. Is it good or bad? The difference between snacking as a bad habit and it satisfying hunger between meals is in the timing. Snacking emotionally and mindlessly throughout the day can add extra calories and weight gain, but a snack strategically placed between meals and planned ahead of time can aid in weight management. Snacking not only can prevent overeating at our next meal, it can assist with blood sugar control and give us satisfaction and enjoyment. A good snack is carb-smart and is paired with a protein. When searching for the perfect carb-smart snack, keep fiber in mind. Fiber helps fill us up, curbing our cravings. A perfect example of this is fresh fruit vs. fruit juice. In comparison, one cup of juice and one medium piece of fruit have the same amount of carbs, about 20 grams. On the other hand, a cup of juice has no fiber and the fruit has 4 to 5 grams of fiber, making it a good source of fiber and providing you something that will really make a difference in filling you up. What do you pair with your fruit? Ideally, a good protein source. Protein also contributes to filling up your stomach. We should be shooting for at least 5 grams of protein in a snack. Great examples of this include a hard-boiled egg, a cheese stick or 2 tablespoons of nut butter; they all provide us with 6 to 8 grams of protein. When looking for a good snack here are some suggestions: Snacks that are between 150 and 200 calories, low in added sugar, around 15 to 20 grams of carbohydrates, at least 3 grams of fiber and 5 grams of protein. The perfect snack would fit within these parameters. Aim for a snack that fits three of the five suggestions. If the package says 1 serving but doesn’t fit within these parameters, try splitting the package or choosing something different. Make your snack save the day with these simple tips and tricks. A good rule of thumb is to always be prepared. Try not to leave the house without a snack. This allows you plenty of time to scout out the best options that fit within your lifestyle. Granola bars or a trail mix are affordable and easy to throw in a purse or bag and take with you. Watch out for high-carb, high-calorie bars, and make sure you include a protein source in your trail mix such as almonds! You’re starving and you forgot your snack - what do you do? Many convenience stores have healthy choices such as fruit and cheese cups, yogurt, fresh fruit and vegetables, nuts and seeds, and popcorn. Do some refrigerator and cupboard searching and prepare yourself a better-for-you snack. Try hummus and veggies, half a multi-grain English muffin and peanut butter and Greek yogurt with chopped nuts or this great recipe for Roasted Chickpeas. Truman Heartland Community Foundation (THCF) announced more than $310,000 in grants have been awarded to 48 nonprofits serving the community.
“This is a critical time for our nonprofits and agencies who work with those most vulnerable in the community,” Phil Hanson, Truman Heartland President and CEO said. “In response to the current crisis, we fast-tracked the review process for this year’s competitive grants program, expediting funding and providing flexibility nonprofits need to meet the ever-changing needs of our region.” Each year, Truman Heartland Community Foundation awards competitive grants to nonprofits that serve Eastern Jackson County, awarding grants in five interest areas: Arts and Culture, Community Betterment, Education, Health and Human Services and Wildlife Conservation in Missouri. Awards range from $2,000 to $25,000. This year, $48,600 in additional contributions were provided from Truman Heartland’s Youth Advisory Council, the Junior Service League of Independence, and multiple donor advised fundholders at the Community Foundation. Due to COVID-19, Truman Heartland canceled its traditional November Grants Luncheon and accelerated their grant review process to award funding through this year’s competitive grants program in June and July. The following organizations are receiving grant awards from Truman Heartland Community Foundation: Angel Flight Central Big Brothers Big Sisters of Greater Kansas City BikeWalkKC Boys & Girls Clubs of Greater Kansas City Cancer Action Child Abuse Prevention Association Coldwater of Lee's Summit Community Services League Developing Potential Drumm Farm Center for Children Gilda's Club Kansas City Hands of Grace Harvesters Heartland Chamber Music Heritage Philharmonic Hillcrest Transitional Housing Hope House Hope Network of Raytown HopeBUILDERS Independence Meals on Wheels Independence School District Junior Achievement of Middle America Kansas City Community Gardens Kansas City Hospice Lee's Summit Social Services Lee's Summit Symphony Orchestra Lee's Summit Underwater Recovery Marian Hope Center for Children's Therapy Meals on Wheels of Lee's Summit Mid-Continent Public Library Mother's Refuge Music/Arts Institute OATS Transit Peace Partnership Play to Learn Ministries Powell Gardens Puppetry Arts Institute Raytown Emergency Assistance Program Reach Out and Read Kansas City Rotary Club Youth Camp Association School of Economics Shepherd's Center of Raytown Sleep In Heavenly Peace – MO-Kansas City SE Chapter The Literacy Lab The Summit Church (Lee's Summit United Methodist Church) Truman Heritage Habitat for Humanity Truman Medical Center Charitable Foundation Visiting Nurse Association The Missouri labor market continued to recover in July 2020, following major job losses due to COVID-19 shutdowns earlier in the year. Employment, seasonally adjusted, increased by 52,200 jobs over the month. Missouri’s smoothed seasonally adjusted unemployment rate decreased to 6.9 percent in July 2020 from a revised June 2020 rate of 7.8 percent, a decrease of nine-tenths of a percentage point.
Missouri’s seasonally adjusted unemployment rate has now been either below or equal to the national rate for 65 consecutive months. The national unemployment rate was 10.2 percent in July 2020. The estimated number of unemployed Missourians was 211,177 in July 2020, down by 25,026 from June’s 236,203. Due to lingering layoffs from COVID-19 shutdowns, the July 2020 seasonally adjusted unemployment rate was still more than double the July 2019 rate. The rate had reached a record low of 3.0 percent starting in July 2018, before edging up a tenth of a point in November 2018 and again in December 2018. The rate was steady at 3.5 percent in January and February 2020 before the COVID-19 spike began in March 2020. The rate peaked at 10.2 percent in April 2020 before decreasing slightly in May 2020, then moving strongly lower in June and July of 2020 as COVID-19 restrictions were eased. The state’s not-seasonally-adjusted rate was 7.2 percent in July 2020, down by seven-tenths of a percentage point from the June 2020 not-seasonally-adjusted rate of 7.9 percent. The corresponding national rate was 10.5 percent. A year ago, the state’s seasonally adjusted rate was 3.2 percent, and the not-adjusted rate was 3.8 percent. The Grain Valley Aquatic Center hours will adjust effective August 24th. The pool will be closed Monday through Friday. Hours on Saturday and Sunday will be Noon—6:00pm until Labor Day. The pool’s final day for the season will be Labor Day, Monday, September 7th, from Noon—4:00pm.
The Grain Valley Aquatic Center is located at 713 N. Main ST. Daily admission is $5; ages 4 and under are free. To make light of a tough year for fairs, carnivals, and just about any public gathering, the Grain Valley Fair Committee asked residents to suggest a new name for this year’s modified fair. Many suggestions were offered via social media with similar themes involving social distancing, masks, and the unfairness of the situation.
Natalie Knox suggested “The No Fair! Fair” and won a $50 dining credit at the fair for her creativity. The Grain Valley Fair is scheduled for Friday, September 11th and Saturday, September 12th at Armstrong Park. The carnival and parade have been canceled, as have most of the non-food related vendors. Food trucks will be on site on Friday evening and Saturday. A select number of non-food related vendors are planned for Saturday as well. The 3rd Annual Grain Valley 5K is accepting registrations for both its in-person and virtual options. For more information on the Fair and the 5K, visit www.grainvalleyfair.com. |
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