Memorial Day: Are You Actually Observing What the Day Really Means?

Ever since Congress declared Memorial Day a Federal Holiday and gave a 3-day weekend to the country, most Americans shifted their focus from what the day really meant to enjoying the unofficial start of summer. This is an unfortunate trend in our country of declaring national holidays for important events and ignoring what they really mean.

Time for a little history lesson.

The actual start of Memorial Day Observances has been in question since the end of the Civil War. More than 20 towns or cities in the U.S. declare themselves the birthplace of Memorial Day even though Waterloo N.Y. was officially declared the birthplace of Memorial Day by President Lyndon Johnson in May 1966.

General Order 11, made by General John Logan on May 5th, 1868, declared a day of remembrance when flowers were to be placed on the graves of Confederate and Union soldiers. Women’s groups in the South had already been commemorating their dead since 1867 and most of the South ignored the order from the National Commander of the Grand Army of the Republic. By 1890, all states in the North recognized May 30th as Memorial Day to honor the Civil War dead. It wasn’t until after World War 1 that the Southern states began honoring ALL war dead on Memorial Day and it wasn’t until 1971 that the Day was celebrated every year on the last Monday of May.

The day used to mean people would gather at veterans cemeteries and care for the graves of the dead soldiers as well as leave flowers on the headstones. But…does that happen now? Not everywhere.

While you spend time with family and enjoy grilling out, being outdoors and having a good time, remember why you can do that in this country…and the men and women who secured that right. Memorial Day is sacred and solemn. Try to take a few minutes to remember. Visit this website for more information on how to make Memorial Day more important for our country.

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FAQ: How do I cash a US savings bond, and do I have to pay interest on a bond?

Most financial institutions, (banks, savings & loan associations, credit unions) are authorized redemption agents designated by the US Treasury Department.  However, some bonds may have to be submitted to a Federal Reserve Bank to receive payment.  Please visit the US Treasury Department website at www.treasurydirect.gov for bond status and value calculators and other comprehensive information regarding US Savings Bonds.

Because US Savings Bonds are issued by the federal government you do not have to pay state tax or local taxes on the earned interest.  However, all of the accumulated interest on US Savings Bonds is taxable in the tax year that they mature and must be reported on your tax return.  You will receive a Form 1099-INT tax notice in the tax year that the US Savings Bonds are redeemed.  Even if you do not receive a tax statement or Form 1099 you are still responsible for reporting all taxable interest income on your tax return.  The IRS is notified electronically of all interest paid by financial institutions to bond holders. If you do not include your interest income on your tax return you will be notified by the IRS, usually by mail, of the amount of additional tax, interest, and penalties that you owe.

Click here to search the Wisconsin Database to see if we are holding any bonds in your name!

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FAQ: Are there terms to withdrawing EdVest money?

Yes there are some terms and provisions when withdrawing money from an EdVest account. For instance for WI resident accounts if the money is used for qualified college expenses the withdrawl is WI state income tax-free. However out of state residents may be subject to state income taxes.

On the issue of non-educational withdrawals the account owner is able to withdraw money for non-qualified purposes, but the earnings portion of this money will be subject to federal and state taxes plus a 10% additional federal tax.

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The Economy & You #34: Understanding How the State Investment Board Uses Benchmarks

  

Russell 3000 historical graph (Photo credit: Wikipedia)

Recently an article appeared in the May 2012 WRS News newsletter that I thought was informative as to how the State of Wisconsin Investment Board (SWIB) utilizes stock indexes to formulate their performance benchmarks.  The article has been reprinted here for your review.

Treasurer’s Top 5: Barron County

Barron Co. WI

We’d love to give the people of Barron County their unclaimed property. Here’s the top 5 people in Barron Countywho have money/assets that belong to them but they don’t know it! But they’re not the only ones. Have you searched for your missing cash? 

Barron County

Elmer Mickelson – Rice Lake

Douglas Morgan – Rice Lake

Robert Snider – Rice Lake

Jean Lake – Barron

Erika Jensen – Prairie Farm

 If you or someone you know is on this list, please let them know they need to make a claim with the office. They can also call us at 855-375-CASH (2274)

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