Newspapers / The Chowan Herald (Edenton, … / Jan. 13, 1983, edition 1 / Page 11
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BMi juJi aa IM «■§ MB MB WBt JHK' ' - MB 3MM SMM| MM SECTION B Be Aware Os Tax Changes That Save You Money When you sit down to prepare your 1982 income tax return remember several changes in the law which can reduce your tax bite for the year. According to the North Carolina Association of CPAs, new or increased tax breaks are available to two-income married couples, working parents, investors in IRA or Keogh plans, and those who contribute to charity. Under the old tax law, if you and your spouse both worked, you were probably subject to the so-called “marriage penalty" on your combined earnings. The two incomes often put you and your spouse into a higher tax bracket. But that changes this year thanks to a new “marital deduction.” You may now deduct five per cent of the income of the lower-earning spouse, up to a maximum of $1,500. For ex ample, if you and your spouse have a combined income of $40,000, broken down into $25,000 for one spouse and $15,000 for the other, you deduct $750 (five per cent of 15,000) from your income for the year. This special deduction may be claimed even if you don’t itemize, but you must file a joint return. This write-off will double for 1983 earnings, to 10 per cent of the lower in come, up to a $3,000 maximum. The tax break for child-care expenses you incur in order to The N.C. Board Os Transportation RALEIGH - The N.C. Board of Transportation will conduct its next meeting on Friday. The meeting will be held at 10 A.M. in the board room of the Highway Building on the corner of New Bern Avenue and Wilmington Street in downtown Raleigh. The puWte to invited \mpm. ; In its meeting ffeihnarri wili consider contract bids on three highway improvement projects. Two of these pro jects call for paving and sign ing 23 miles of the Benson-to- Wilmington freeway between NC-132 and US-117 near Wallace. A contract for paving and signing seven miles on this section of the freeway was ap proved by the board in Oc tober 1982. State Secretary of Transportation William R. Roberson Jr. commented, “Paving will be underway on a 30-mile portion of the freeway if the board approves these two contracts.” “That leaves another 60 miles out of the entire 90-mile freeway to be constructed. We look forward to the day the highway is completed, for it will connect our ports with the state’s piedmont and moun tainous regions. This impor tant project reepresents our board’s commitment to carry out Gov. Jim Hunt’s policy on balanced growth and economic development through a modern system of east-west highways’ ’ he said. Hie third project specifies construction of a new bridge to replace the old one on US 421-NCI33 over the Cape Fear River near Wilmington. In all, the projects total $18.7-million. The board will also be ask ed to approve $118,634 in state funds for 16 public transporta tion projects across North Carolina. If approved, this funding would be matched with $1,832,239 in federal monies and $1,001,790 in local funds. Total funding would amount to $2,952,663. Completes Training Army Pvt. Patrick M. Cowart, son of John R. Cowart of 1371 S. Hanover Potts town, Pa., and Chris tin* Schock of Route 3, Edenton N.C., has completed basic training at Fort McClellan Ala. During the training, students received instructioc in drill and ceremonies weapons, map reading, tac tics, military courtesy military justice, first aid, ahc Army history and traditions , He Is a 1982 graduate a Owen J. Roberts High School Pottstown, Pa. hold a job has also been modified, CPAs report. (By the way, this is called the dependent care credit and ap plies not only to children.) Depending upon income, the tax credit for qualified child care costs has risen from 20 per cent to 30 per cent of expenditures. The maximum 30 per cent credit applies to taxpayers with an adjusted gross in come (AGI) of SIO,OOO or less. The credit falls one per cent for every $2,000 of AGI over SIO,OOO. So, if your income is $16,000, you will qualify for a 27 per cent credit, while some one with an AGI of $22,000 receives a 24 per cent credit. Thus, the maximum credit is now $720 for one dependent and $1,440 for more than one. As income rises the percen tage of credit decreases, but not below 20 per cent, regardless of income. Even at this end of the scale, a tax payer with an income above $28,000 who pays the max imum $4,800 in expenses for two dependents is entitled to a tax credit of $960. Remember, a tax credit is subtracted directly from your tax bill, so dollar for dollar, its worth more than a deduction, which reduces your income. To qualify for the tax credit you and your spouse must work full or part-time. Child care expenses cannot be greater than the compensa tion of the lower-paid spouse. FOR SALE WATERFRONT CAPE COLONY 9% Assumable Loan w/Owner Financing Custom built cedar home - 3 BR, 2Vi Bath, Rec. Rm„ Great Rm w/ Cathedral ceiling, 2 car garage. Sandy |Mgh- Bulkheaded *75,000 Call for appointment 482-2397 482-2112 I ,r '^m sks. gsa& ; H^jfl^jmßHHßßWßßtnHWiMßßMW!BiSMnMffiaiß«iiffßSW^^^^P i|||||l|||||||M||i|jUH |HpH^IMP? J™lh "j | City. _ _ | jjvlail to: Box 428, Robersonville, NC 27871 j . -■* •■:•■ - * Edenton. North Carolina, Thursday, January 13,1983 An exception to this rule is made for a spouse who is disabled or is a full-time student. Expenses eligible for the child-care include babysitting or maid service in your home, as well as nursery school, day care centers or summer camp. The primary purpose of the expenses must be to provide care of your depen dent when you work. Another expenditure which qualifies for credit is out-of home noninstitutionalized care of a disabled spouse or dependent. In general, dependents include children under the age of 15, a spouse or other resident of your home who is mentally or physically incapable of self-care. Robert E. Lee Announce Promotions GATESVILLE-Robert E. Lee, chief executive officer of Tarheel Bank & Trust Co., recently announced the following promotions in the bank’s system: Ronnie L. Sawyer, former ly assistant vice president and auditor has been promoted to vice president and auditor in the Gatesville (Home) Office. A native of Edenton, Sawyer is a graduate of the College of the Albemarle and attended Elizabeth City State University. He is a member of the Edenton VFW Post and the National Assoc, of Accountants. You get another tax break if you contribute to a personal retirement plan, both In dividual Retirement Accounts and Keogh pirns. The annual limit on contributions to an IRA has been raised from $1,500 to $2,000 and you can have an IRA even if you are covered by other retirement plans. Your entire contribu tion goes to reduce your income. You can now contribute up to 100 per cent of your wages to IRA, but no more than $2,000. If your spouse doesn’t work, you can contribute an additional $250. A working spouse is allowed to con tribute another $2,000 to an IRA, so together you can reduce your income by $4,000. Sawyer is married to the former Harriet Barrow, and they have two children, Rhon da and Bonnie. Also in the Gatesville Of-" fice, Lloyd W. Evans has been promoted from assistant vice president-data processing to vice president-data processing. A graduate of Chowan High School and various computer schools, Evans is a member of the Rocky Hock Baptist Church and choir, vice presi dent of the John A. Holmes High School Band Parents Association and a member of ACCOUNTING SERVICES BONNIE D. WHITE 23 years experience ♦Bookkeeping ♦All types sales & payroll reports ♦Tax Preparation (Personal & Business) 9 A.M. - 5 P.M. .Monday - Friday 9 A.M. - 12 Noon Saturday or by appointment 300 Courthouse Sq. Hertford 426-8305 426-5206 You can open an IRA right up until your lax filing date, and take it as a deduction for 1982. If you are single and in the 30 per ent tax bracket, your direct tax savings for the maximum $2,000 contribution to an IRA comes to S6OO. CPAs point out that all earn ings accumulate tax-free, which accelerates the growth of the IRA. Yet another change in the law allows self-employed tax payers who maintain Keogh plans also to mainatin IRAs. Self-employed individuals us ing a Keogh plan to create a retirement nest egg may con tribute 15 per cent of their earnings, up to $15,000 a year. This is double the 1981 level of $7,500. the Commonwealth Financial Computer Users Group. Evans is married to the former Kay Bunch, and they have two children, Tony and Robin. The word “crystal" came from a Greek word mean ing both ice and rock crystal since the ancients believed that rock crystal was a modified and per manent form of ice. SECTION B A new deduction for charitable contributions is now effective if you do not itemize deductions. You may deduct up to $25 (25 per cent of the first $100) for contribu tions on a single or joint return. This amount will in crease until 1986 and then be eliminated. Diabetes The Northeastern North Carolina Chapter of the Juvenile Diabetes Foundation invites you to participate in their program to be held Mon day night at First Christian Church, located on Parsonage Street in Elizabeth City, at 7:30 P.M. The topic - “The Psychological Aspects of Diabetes” - will be presented by members of the Pas quotank District Health Department. Following the film, “Diabetes: Focus on Feel ings”, Sylvia C. Matthews, registered dietitian and public health nutritionist; Dr. Greg Michaels, chief clinical psychologist of the Developmental Evaluation Center; Janis Pullium and Jil Copeland, health educators; and Pam Cobb, president of the local JDF chapter will lead a panel discussion ex ploring the feelings of diabetics and their families and friends dealing with the anger, frustration, denial, fear, and acceptance of diabetes. DOG LICENSES ARE NOW ON SALE! Dog licenses are now on sale at the Town Office. The fee for all dogs is $3.00 per year. The Code of Ordinances requires the arrest of any dog owner who fails to purchase licenses for his dogs by Feb. 15.1983. Due to the increase of rabies in North Carolina no tag will be sold without a vaccination certificate. Young Career Women To Speak Jan. 20th At Boswell’s Restaurant On January 20th three suc cessful young career women will compete in a speakoff sponsored by the Edenton Business and Professional Women’s Club. The winner on the local level will compete at the district meeting in the spring; the winner from the district will go on to State. A prize of $200.00 will be award ed to the state winner and she will be invited to attend the National Convention. All state winners will be honored with several days of activities dur ing convention. In order to be eligible a young woman must be bet ween the ages of 21 and 30. Be outstanding in scholastic work, community service and church work. Be living, work ing, training or continuing her education in the area served fiUUMOTS FAVORITE. No two ways about it Fanners love the Stihl Farm Boss Because it 's tough, efficient, and thoroughly dependable On the farm. JAmm that means every thing So get all the Hy Get the Farm Boss From Stihl (jVipr Dixon Logging W Co. Inc. Route I. Box 310 Edenton, N.C. Monday - Friday 7:00 AM. - 5:00 P M 482-8960 Saturday - 7:00 AM. - 12:00 Noon STIHL J Tke World s LorgetlScßmg Cham Sew by the state federation. Sup port the goals, objectives and legislative platform of the Na tional federation of Business and Professional Women’s Clubs Inc. She is judged in four categories: Personal Ac complishments, Individual Interviews, Group Interac tion, and Speech Presentation. Participants are: Nancy T. Smith, Proprietor JIM’S OYSTER BAR; Julie Habit Spivey , Instructor Aerobic Exercise; and Linda N. Terry, Deputy Sheriff. The judges will be Mrs. Dorothy Graham; Mrs. Grace Bean; and Mr. Chris Bean. The speakoff will take place at Mrs. Boswell’s Resaurant at 7 P.M.
The Chowan Herald (Edenton, N.C.)
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Jan. 13, 1983, edition 1
11
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