Newspapers / The Chowan Herald (Edenton, … / Dec. 9, 1982, edition 1 / Page 8
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Page 8-A Thursday, December 9,1982 Tax Breaks j RALEIGH—SingIe people often ignore tax breaks that could bit their tax bill, says the Ngrth Carolina Associa tion of CPAs. The key to benefiting from deductions and other adjustments lies in financial planning. And, when your income isn’t as high as that of* family or your deduc tions aren't as obvious, as is the case for most singles, planing takes on added importance. Only 17 per cent of tax payers filing single returns itemize their deductions, ac cording to the Internal Revenue Service. Because itemizing can save you money, CPAs urge single per sons to plan ahead and keep detailed records. While you may not have I enough deductions every year ! to exceed s3,3oo—the amount I necessary to benefit from I itemizing—you may be able to I surpass this amount every I other year. Instead of waiting I until tax time to hunt for ways I to reduce your taxes, CPAs I suggest singles plan a year or I so in advance. Map out your I major expenditures, and I review your records for sales I tax or any other tax- I deductible item. “Bunching” your tax I deductions, CPAs say, in an I effective stragedy for singles. I By reviewing your finacial I records, you might discover I more tax deductions than you I expected. Conider, for exam- I pie, the interest you pay. Do I you have a student loan, I credit card balance, or car I loan on which you make in terest payments periodically? Each month you might be I spending pre-tax dollars and I ignoring the after tax effect. I Although you may not have I deductions such as mortage I payments, or exemptions for I dependents, there are deduc- I tions you can take advantage I of. Some stem from the I mobility and independence I which is part of your being I single. For liample, if you’re just I startiiiffrorK aridmoving out I on yoir 6wn, you’ll probably I have expenses for household I furniture and appliances and I possibly a car. If you buy I these items on credit and I make payments monthly, in- I terest ao.the balance is deduc- I tible. ii you keep track of the I sales t#jc you pay, you might I find you exceed the amount I your state allows. When you I purchase a car, add that sales I tax to the allotted amount. While' the search for your I first job probably won’t I qualify for tax deductions, later expenses of job hunting I in the same field will qualify. I This includes what you spend I to have a resume printed and I mailed, as well as travel costs I for interviews and agency I fees. If you have to move to I accept a new position, non- I reimbursed costs can reduce I your taxes, but are subject to I certain requirements and I limitations. Other expenses connected I with your job can help you I save taxes, CPAs note, such I as continuing education costs I and travel between work and I school or work and a second I job. But remember, if your I employer reimburses you for I those expenses, you can I deduct only the excess non- I reimbursed expenses. If I classes qualify you for a new I line of work, they are not I deductible. As you plan for the future, I CPAs remind you to plan for I financial security. Anyone I with money to invest should I start an IRA, which allows I you deduct up to $2,000 in in- I come annually. You don’t I have to invest the maximum I amount, and you don’t have to I contribute every year. But I you can’t withdraw any of the I money without penalty until I age 59 and a half. ] For 1982, CPAs say, you I might concentrate on an- I ticipated medical costs. Cur- I K must exceed I of your ad- I linus one per I :osts, to be I r 1982, you no I subtract the I ine, but the perceniage increases to five. Tax i: strategies for everyqrift, CPAs point out, are basically the same. Major purchases, monthly payments and day to day ex penses should be anticipated 1 and their tax effects noted. 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The Chowan Herald (Edenton, N.C.)
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Dec. 9, 1982, edition 1
8
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