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ATTENTION: REHOBOTH BUSINESS OWNERS

Local business owners should be aware of a new police for filing a business certificate in Rehoboth. If you file a “Doing Business As” form, you must first go to the building inspector-zoning office before submitting your paperwork to the town clerk’s office.  They need to determine if your business is properly zoned and if any other filings are necessary before your business certification is authorized at the Town Office.  So, please go to the Building Inspector’s office at 320 Anawan Street first before seeing the town clerk.  Business certification is valid for a period of four years and will cost you $50.  If you have any questions, please contact Laura Schwall or Lynn Shaker at 508-252-6502, ext. 109.


Rehoboth Business Association
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BCSB OFFERS LOANS TO
SMALL BUSINESS

Bristol County Savings Bank is one of fifty-one Massachusetts banks participating in the Small Business Banking Partnership created by the Massachusetts State Treasury.  This program is redistributing state tax funds to insured, responsible community banks that will extend new loans to small businesses.

    Bristol County Savings Bank was originally approved for and received $5 million under the Small Business Banking Partnership in July 2011 and then received an additional $5 million in funds under the expanded program in March 2012.  The bank is currently one of only twenty-nine Massachusetts banks to have received the additional funding, up to the maximum of $10 million.

   Since July 13, 2011, Bristol County Savings Bank has originated 355 small business loans that meet the underwriting requirements outlined by the Small Business Banking Partnership, with committed original loan balances totaling $40,670,892.20, and with outstanding principal balances of $18,530,911 as of June 30, 2016.

     This initiative is not costing Massachusetts taxpayers as it simply reallocates previously paid tax funds from the treasury to local banks.  In this way, tax funds are being used to speed economic recovery through new loans to small businesses which, in turn, will lead to new jobs and more money available to engage in business activity.

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Listing and More Info

BCSB NAMED TO 2017 TOP CHARITABLE CONTRIBUTORS

Bristol County Savings Bank recently made Boston Business Journal’s list of top charitable contributors in the state.  BCSB ranked #42 on a list of 94 companies that granted at least $100K to Massachusetts non-profits during the 2016 calendar Year. The bank’s foundation awarded more than $1.5 million to various non-profit organizations last year.  “This recognition of our efforts and those of our Foundation is pretty special as we are a community mutual bank and believe that the neighborhoods we serve are our stakeholders,” said Patrick Murray, President & CEO of Bristol County Savings Bank and President of Bristol County Savings Charitable Foundation.  “This allows us to place a premium on being actively involved in the community.  In fact, our mission is to support our communities by making them a better place to live and work.”  Murray added that the Foundation has committed a total of more than $18 million to hundreds of different non-profit organizations since its inception a little more than 20 years ago.

REPRESENTATIVE STEVEN

HOWITT SPEAKS AT REHOBOTH BUSINESS ASSOCIATION DINNER

The Rehoboth Business Association recently hosted a well-attended dinner meeting at M & D’s Restaurant on Route 44 in Rehoboth with guest speaker Representative Steven Howitt.

    Following a delicious dinner, the RBA membership discussed the town’s proposed new sign bylaw to be voted on by residents at the Rehoboth Special Town Meeting on November 6 in the DRRHS auditorium beginning at 7 PM.

     “The RBA played a big part in making it business friendly,” said RBA President Tim Johnson.  “If anyone has concerns or questions, please contact a board member so we can address it,” added Johnson.

     Representative Howitt gave an update from the state house and detailed current issues being addressed by state lawmakers.  One of the biggest issues facing the commonwealth is health care.  Howitt said that 40% of the state budget goes, in some way or form, to cover the Mass Health budget.

    Howitt also reminded the group the state Department of Transportation is scheduled to repave Route 44 from Seekonk to Taunton next year.

    New members are always welcome to join the RBA that represents the interests of local business people.  Visit rehobothbusiness.com for more information.

 
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WHAT TO DO WITH

YOUR TAX REFUND?

You may not get much of a thrill from filing your taxes, but the process becomes much more enjoyable if you're expecting a refund. So, if one is headed your way, what should you do with the money?


The answer depends somewhat on the size of the refund. For the 2017 tax year, the average refund was about $2,760 – not a fortune, but big enough to make an impact in your life. Suppose, for example, that you invested this amount in a tax-deferred vehicle, such as a traditional IRA, and then did not add another penny to it for 30 years. At the end of that time, assuming a hypothetical 7 percent annual rate of return, you’d have slightly more than $21,000 – not enough, by itself, to allow you to move to a Caribbean island, but still a nice addition to your retirement income. (You will need to pay taxes on your withdrawals eventually, unless the money was invested in a Roth IRA, in which case withdrawals are tax-free, provided you meet certain conditions.)


Of course, you don’t have to wait 30 years before you see any benefits from your tax refund. If you did decide to put a $2,760 tax refund toward your IRA for 2018, you’d already have reached just over half the allowable contribution limit of $5,500. (If you’re 50 or older, the limit is $6,500.) By getting such a strong head start on funding your IRA for the year, you’ll give your money more time to grow. Also, if you’re going to “max out” on your IRA, your large initial payment will enable you to put in smaller monthly amounts than you might need to contribute otherwise.


While using your refund to help fund your IRA is a good move, it’s not the only one you can make. Here are a few other possibilities: 


Pay down some debt. At some time or another, most of us probably feel we’re carrying too much debt. If you can use your tax refund to help reduce your monthly debt payments, you’ll improve your cash flow and possibly have more money available to invest for the future.


Build an emergency fund. If you needed a new furnace or major car repair, or faced any other large, unexpected expense, how would you pay for it? If you did not have the cash readily available, you might be forced to dip into your long-term investments. To help avoid this problem, you could create an emergency fund containing three to six months’ worth of living expenses, with the money kept in a liquid, low-risk account. Your tax refund could help build your emergency fund.


 Look for other investment opportunities. If you have some gaps in your portfolio, or some opportunities to improve your overall diversification, you might want to use your tax refund to add some new investments. The more diversified your portfolio, the stronger your defense against market volatility that might primarily affect one particular asset class. (However, diversification, by itself, can’t protect against all losses or guarantee profits.)


Clearly, a tax refund gives you a chance to improve your overall financial picture. So take your time, evaluate your options and use the money wisely.


Linda M. Ferreira, AAMS

Financial Advisor

Edward Jones

492 Winthrop Street, Unit 1

Rehoboth, MA 02769

508-336-4606


Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation. This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.