CPAs Offer Financial Advice
To Ease Pain Of New Tax Law
If you're one of the taxpayers walloped by
President Clinton's new tax law. here are some
financial strategies Irom the N.C. Association ot
CPAs to help you cope with the tax law changes
;ind ease some of the pain.
Investments
The Revenue Reconciliation Act of IW3
added two new tax rates: a 36-percent rate that
applies to single people with taxable incomes
Ik'tween $115,000 and $250,000 and couples
with taxable incomes between $140,000 anil
S250.000; and a 3().((-percent rate for ;il! taxpay
ers w ith taxable incomes in excess of $250.(MM).
If you're among those hit by the higher tax
rates. CPAs suggest you start making deposits
early in the year into tax-deferred investments,
such as employer-sponsored retirement plans
.mil individual retirement accounts (IRAs). Also,
consider taking advantage of tax-exempt bonds.
Generally, municipal bonds are tax-exempt
.it the federal level, and many are also exempt
from state and local taxes.
Capital Cains
Although individual income tax rates have
risen under the new law. the maximum capital
uains tax rate remains at 2S percent. As a result,
it may be more advantageous for people in the
higher tax brackets to convert investments that
generate ordinary income currently into invest
ments in which the increase in value will be
taxed at the lower capital gains rate upon dispo
sition. Investments that generate ordinary iti
rnm.- -n.jjij.j... certificates of dep-v.it (CDs) and
money market accounts.
Sales of capital assets, such as real estate or
stocks, generate capital gains. Be aware, howev
er. that a series of anti-conversion rules have
been enacted to prevent taxpayers from convert
ing to certain types of investments solely for the
capital gain benefit. Contact your CPA tor infor
mation before proceeding.
Shift Income
You may also be able to reduce your income
tax liability by shifting income to family mem
bers age 14 or older with lower income tax rates.
(Special rules apply to children under age 14). II
you're in the 3lM>-pcrcent bracket, shifting in
come to someone in the 15-percent bracket re
duces tax on the income you transfer lv, 62.1
percent.
You can also make annual gifts of up to
SIO.tHH) ($2().0(Mt if the gift is from you and
your spouse) to an unlimited number of recipi
ents without incurring the gift tax.
Estate Plan
The new tax law also raised the top estate
tax rate from 50 percent to 53 percent for estates
of more than 52.5 million and to 55 percent for
estates of more than $3 million. It you anticipate
leaving .in estate thai is ciosc to these thresholds,
consider shitting assets through gifts. trusts and
other mc.ins.
Social Security
Single retirees with incomes (including halt
their Social Security benefits) of S34.(MM) or
more, and couples with incomes of S44.(HMI or
more, must now pay taxes on up to 85 percent of
their Social Security benefits instead of 50 per
cent. However, for singles with taxable incomes
between S25.IHK) and $34,(MM), and for married
couples with taxable incomes between S32.(MM)
and S44.IMM). the taxable portion remains at 50
percent.
It you're a Social Security recipient and can
Control the amount of income you make in a giv
en year, try to avoid triggering the additional tax
on your benefits.
Track Deductions
Tax deductions can provide some relief from
higher taxes. CPAs point out that to ensure that
you obtain the lax deductions you deserve, you
should track deductible expenses, such as med
ical costs, charitable contributions, and miscella
neous expenses (including investment expenses
and unreimbursed employee business expenses),
throughout the year.
And remember, the higher your marginal tax
rate, the more valuable the deduction.
December Inspection Results Noted
Environmental health specialists
with the Brunswick County Health
Department inspected and graded nu
merous food service and lodging fa
cilities across Brunswick County dur
no December 1993. as listed below.
Food service grades are based tin
i perfect score of 100 percent with
points taken away for infraction of
standards. An "A" is given to
scores of W or above; a B" to
> cores of SO to 89; and a "'C" to
scores of 70 to 7^.
An establishment which scores
below 70 would not be allowed to
remain in operation.
Restaurants: Maid Head Island
Clubhouse. Maid Head Island. 92;
Beach Cafe, Holden Beach cause
way. Supply. 94; Mennett's Seafood
Restaurant, Calabash, 90; Metty's
Waterfront Restaurant. Supply, 93;
Big Nell's Pit Stop. Ocean Isle
Beach 98; Blue Water Point Cafe,
Long Beach, permit expired; Bruns
wick County Bowling Center, Shal
lotte. (>2.5; Brunswick County Gov
ernment Center Cafeteria, Bolivia,
??4 Burger King. Shallotte, 91; Cala
bash Seafood Houe, 91.5; Captain
Willie's Seafood Restaurant, Holden
Beach causeway. Supply, l)2; China
Doll. Leland, 963; Crabby Odd
waters. Sunet Beach. W.5; Dennv's
FOUR FREE HOURS
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Cafe. Occan Isle Beach. l>7: Derb
sler's Dining & Sports Lounge. Cal
abash. Duffer's Pub & Deli. Sea
side. 91; Ella's Restaurant. Calabash.
90; Food Service Inc. Snack Bar.
CP&L Southport. ''3; Food Service
Inc.. E.I. Dupont. 92.5; Haley's
Seafood & Steakhouse, Calabash.
92.5; Harborside Restaurant &
ii i no i? Southport. permit expired;
Hardee's. Leland. 95; Hughes
Marina. Shallotte Point. 'Ml; The
Island House. Ocean Isle Beach.
86.5; Jones Byrd Clubhouse. Sea
Trail Plantation. Sunset Beach. 92;
Jones' Seafood House, Long Beach.
94; Kentucky Fried Chicken. Shal
lotte. N(>.5; Maco Ligiii Restaurant
(formerly Maco Truckstop). permit
issued; Mama Brava's Pizza Cafe.
Calabash. S3; Market Express.
Shallotte, 90; McDonald's. Shall
otte. permit issued; McDonald's,
Southport, 92; Oak Island Bar-B
Oue. Yaupon Beach. 96; Oak Island
Restaurant, Yaupon Beach. l>4.5;
Ocean Crest Windjammer. Long
Beach 92.5; The Pharmacy, South
port. 82.5; Pizza Country U.S.A..
Seaside. 97; Pizza Hut. Leland,
92.5; Pizza Hut, Southport. 93; The
Pi/za Shack, i.oni; Beach. 92; Port
Charlie's Restaurant & Lounge,
Southport. 91.5; Roberto's Pizza.
Ocean Isle Beach, ''tl x
Sandfiddler. Soulhport. 92; Sand
tiddler's. Shallotte. Sandpiper
Restaurant. Leland. vii; Sea Captain
Restaurant. Southport. 91.5; The
Seafood Barn. Molden Reach cause
way. Supply. '>4; Service America
No. 1 Cafeteria. Dupont. Leland, 94;
Service America Co. Inc. No. 2.
Dupont Filler Division. 91.5;
Sheila's Country Kitchen, Calabash.
95; Ship's Chandler Restaurant.
Southport. 93; Silverhill Grill. Sup
ply. 92; Sizzling Sirloin Steakhouse.
Shallotte. 94.5; Subway Restaurant,
Leland. 97.5; Tavern on the Tee.
Sunset Beach, 94.5; Thai Peppers
Restaurant. Southport, 90.5; Wal
mart Snackbar. Shallotte. 97.5; Wes
tern Sizzlin' Steakhouse, Southport.
92.5; Wilson's Old Fashion Ham
burgers. Southport. 94; and Y's
Cafe. Southport, 92.
School Lunchrooms: Leland
Middle School. Leland. 95; Shal
lotte Middle, Shallotte, 98; South
Brunswick High. Boiling Spring
Lakes. 94; South Brunswick Middle,
Boiling Spring Lakes, 94; Union
Elementary. Shallotte. 95.5.
Rest/Nursing Homes: Autumn
Care of Shallotte. 95.5; Brunswick
Cove Nursing Home Inc., Iceland.
91; Cardinal Care Center, Shallotte,
90.5.
Day Care: Little Friends Day
Care. Lx'land. superior.
Food Stands: Calabash Bakery &
Deli. Calabash, VJ/.5; Scotchman
No. 115. Belville. 81.5; Southbound
Sandwich Shack. Bolivia. 87;
Wilson's No. X Deli. Leland. 92.5.
Hospitals: The Brunswick Hos
pital. Supply. 95; Dosher Memorial
Hospital, 97.5.
Residential (Foster) Care: Fran
ces Peddy. Iceland, approved.
Meat Markets: Food Lion, Shal
lotte. 95.5; Food Lion. Seaside, 99;
Food Lion, Iceland. 94; Wilson's
Supermarket. Shallotte. 91.5.
URGENT MEETIN
Tuesday, Jan. 11, 7:30 PM
Public Assembly Building,
County Complex, Bolivia
Please attend this meeting with county officials to discuss the location of a
county landfill cn Hwy 17 near Supply Elementary and Royal Oak Swamp
River.
The public is urged to attend this meeting to protest the location of this land
fill. For more information, call Charlie Holden at 754-6014.
JENNY'S PAWN
Hwy. 130, Holden Bench Rd., (1 mile from Hwy. 17lShalloUe. 754-2717
Open Mon.-Sat. '8:30-6:30 _. ESS MM &?}
Jewelry Repair ? Ring Sizing
Watch Batteries and Replacement
Kerosene Wicks and Wick Replacement
WE LEND MONEY ON ANYTHING
OF EQUAL VALUE
"A Decision You Can Be lJrouci i Jf
Cardinal Care Center presents an
excellent Assisted Living Program
featuring a wide range of services in a
warm and friendly atmosphere.
Assisted Living at Cardinal Care Center
is designed for those who do not require
skilled nursing care but should not be
living alone without assistance. Well
trained personnel provide a high level of
personalized care on 'i 24 hour, 3 shift
An excellent area hospital, doctors, offices, shopping centers, restaurants and houses of worship are
onlv minutes awav. There are numerous historic attractions, golf courses and beaches along the
only minutes away. There are
Atlantic Ocean, also.
NO ENTRANCE OR ENOOWMENT FEES ? NO LONG TERM LEASES
OUR RESIDENT SERVICES INCLUDE: I For more information or youf personal lour can: j
?Medication Management 'Personal Laundry 1 -800-233-3204 or (91 0)754-6621 '
?Personal Bathing 'Schedule Coordination/ | ?'ma'' ,hsiSiotte! nc 28459'^ Sl {
?Persorm Appearance Transportation Arrangement a Name
'Protective Oversight ?Food Service/Dining ' ame- Street
Room Supervision | City: _Zip:_
?Temporary Illness Care I Phone
?Daily Housekeeping
Cardinal Care Center...for those who
need a little help with daily living
Mulberry Street, PC) Box 15VJ, Shallotte, NC! J?<1
Mulberry Street, PC) Box 1559, Shallotte, NC -TS459
G5E5HEB Local 7^'6621 ? To11 Free 1-800-233-3204
CAKF, CEMTCK
BUSINESS BRIEFS
Formyduval New Branch Manager
After more th;in 3<> years with
Pioneer Savings Bank. Joanne W
Formyduvai is now satellite branch
manager of Countrywide Home
Mortgages in Whiteville.
The office serves Columbus.
Brunswick and Bladen counties. It is
in SOU nl |hr ('??nlnrv 71 Huil
ding 011 Whiteville's Main Street.
Formyduvai is a graduate of
Whiteville High School and Kings
Business College. She has three
children Fonda F. Phillips of Sh:'.l
lotte, Chante Formyduvai ot Raleigh
and Cheric Formvduval of White
ville.
She left Pioneer S.i\ings is brach
management of the mortgage de
partment when the bank was sold to
First Citizens in September.
Notary Class Set
A notary puntic course will be of
fered .it Brunswick Community Col
lege Wednesday and Thursday. Jan.
12 and 13. from 6:30 p.m. to 9:30
p.m.
Students are to register at the lirst
class meeting. Cost is $35 plus a re
quiicd book which costs $6.25 and
will be available at the first class.
Taught by a staff member of the
Brunswick County Register of
Deeds office, the course qualifies
participants to take the North Car
olina notary public licensure exami
nation.
l or more information contact the
BCC Continuing I ducation Depart
ment at 754-6900. 343-0203. 457
632') or 754-6922.
Brunswick November Jobless
Rate Is 12.6, ESC Stats Claim
Brunswick was among four of
North Carolina's MHI counties
whose unemployment rate exceeded
10 percent in November, according
to the state Employment Security
Commission's monthly report.
With a seasonally adjusted rale ot
12.6 percent. Brunswick ranked third
highest in the state, behind Graham
County, with 17.8 percent, and Tyr
rell County, with 13.2 percent.
Brunswick County's rate is based
on a total labor force of 19,820, with
17,330 employed and 2.490 looking
for work. According to ESC statis
tics. September was the only month
reported so far in 1993 in which the
county's jobless rate fell below 10
percent.
The slate's lowest unemployment
rate was Orange County with 1.7
percent. According to the ESC re
port. the commission's analysts re
gard 5 percent "as a near full-em
ployment situation."
Rates fell in 75 counties, rose in
22 and remained unchanged in 3
counties.
Seasonally adjusted unemploy
ment rates eliminate changes which
normally occur at about the same
time and in about the same magni
tude each year.
November jobless rates in other
coastal counties included Pender.
6.1 percent; Onslow. 4.4; Carteret.
5.7; Hyde, 9.3; Dare. 4.5; and
Currituck. 2.7.
Dissatisfied with
CDorlRA rates?
call me today!
"'"We.
c Glenn SECURITIES AMERICA, INC.
PO Box 2865 18 Resort Plaza
Shallotte, NC 28459 Shallotte
(910)754-6771 Member NASD/SIPC
jtajjpy
W cW 'U ^
AS IS INVENTORY CLEARANCE
SAVE
UP TO
70%
M.S.R.P.
Come to ^9^r?patch and
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let us give your home a new look for 94.
*As is-final sale. No exchanges, refunds or returns. Red tagged and prior sales excluded.
The
of~Calabash, Inc.
HWY 179, Calabash, Monday-Saturday, 9:00-5:30, 579-2001