Newspapers / The Brunswick Beacon (Shallotte, … / Jan. 13, 1994, edition 1 / Page 33
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CPAs Answer Questions About How Current Law Affects Taxes Ti) help taxpayers better under stand how current tax law affects their 1993 tax liability, the N.C. Association of Certified Public Accountants provides answers to questions taxpayer; have been .liv ing. ?My husband and I have a joint taxable income of $150,000. Are we subject to a retroactive tax increase as a result of the new law? Yes. A new 36-percent lax rate? up from 31 percent?applies to tax able incomes in excess of $140.000 for married couples filing jointly. Similarly, the 36-percent rate applies to taxable incomes in excess of $115.000 for single individuals, in excess of $127,500 for heads of household, and in excess of $70,000 for married individuals filing sepa rate returns. ?What is the highest tax rate for 1993? As a result of a new 10-percent surtax imposed on taxable income over $250,000 for singles, heads of household, and married individuals filing jointly ($125,000 fot married individuals filing separate returns), the top individual tax rate has been raised to 39.6 percent. ?What if I can't pay all my tax es by April 15? You'll get a break from the IRS, provided that the retroactive tax in crease is the reason you can't meet your liability. In this case, you have the option to pay your taxes in three equal, interest-free installments, be ginning on or before the due date (without extensions) of your 1^93 lax return, with subsequent pay ments made on an annual basis over the next two years. However, if you're not subject to the new. higher tax rates and can't meei your lax liability by April 15. you will owe interest on any tax not paid by the regular due date of your return. You may also be subject to a late payment penalty. ?We Inst $20,000 this year on the sale of our home as a result of the poor real estate market. I know that gains can be deferred by buying another house of equal or greater value within two years of the date of sale, but is there any way to w rite off the loss? No. When you suffer a loss on the sale of your principal residence, the IRS doesn't give you any tax relief. ?During the past six months, my mother has lived with my hus band and me, and we have paid for her food, clothing and other expenses. Can we claim her as a dependent on our tax return? You may claim her as a dependent if you meet the following criteria: (1) you provided over 50 percent of your mother's support for the year; (2) your mother's gross income was less than $2,350; (3) your mother does not file a joint return; and (4) your mother is a U.S. citizen, na tional. resident, or a resident of Canada or Mexico. However, be aware that depen dency exemptions are phased out for high-income taxpayers. For joint fil ers. the phase-out begins when your adjusted gross income reaches $162,700. The threshold for single filers is $108,450; for heads of household, $ 135.6(H); and for mar ried individuals filing separately, $81,350. ?C'an I take a tax deduction for medical expenses I incurred for myself and my family over the past year? You may claim a tax deduction for qualified medical expenses that exceed 7.5 percent of your adjusted gross income. Oualified medical ex penses include amounts paid for the diagnosis, cure, or prevention of dis ease, related transportation expens es, and special equipment expendi tures that are recommended by a physician and are necessary for your medical care. ?What are the guidelines for deducting IRA contributions? You can still fully deduct your IRA contribution if neither you nor your spouse participated in an em ployer's retirement plan in 1993, or if your adjusted gross income is un der $25,000 if single or $40,000 if married. If you satisfy either of these re quirements, you can contribute and deduct up to $2,000. if single, and up to $4,000 if married and both spouses work. If only one spouse works, the most you can contribute is $2,250. Keep in mind, too, that you have until April 15. 1994, to make your contribution and claim a deduction on your 1993 tax return. For more information on 1993 tax rules, you can request a copy of "21 Money-Saving Tips" from the N.C. Association of CPAs, P.O. Box 80188, Raleigh NC 27623-0188. SMALL BUSINESS CENTER First Of Four Seminars Scheduled Today At BCC Working effectively as a iearii aiiu iwo kinm of "homework" for entrepreneurs are the focus of seminars offered during January and February through the Small Business Center at Brunswick Community College, with the first set for today (Thursday). Mow to evaluate and purchase a franchise business is the focus of the seminar from 6:30 p.m. to 9:30 p.m. at BCC. Presented by G. Mark Hockenyos, the program is rec ommended for anyone contemplating the purchase of a franchise of business opportunity. It will focus on Federal Trade Commission franchising business require ments. and how to evaluate the offering circular and franchise agreement, analyze the financial feasibility of an offering and how to protect oneself. The required workbook costs $5, with checks payable to BCC. There is no charge for the seminar itself. On Jan. 20 the first of two sessions on work teams will be offered by Renee Uhl. From 1 p.m. to 4 p.m.. participants will focus on how to clarify team roles and responsibilities, tapping the ex periences of all members for a collaborative effort on ongoing or temporary work efforts. Workbooks cost On Feb. 10, Uhl returns for a seminar from 1 p.m. to 4 p.m. on "Resolving Team Conflict." Participants will look at ways to organize and manage teams of people successfully, how to handle conflicts between individu als in group situations and tools for rebuilding relation ships between members. A required workbook costs SI2, with checks payable to BCC. Hockenyos returns to BCC on Feb. 24 for a program on conducting one's own market research and making it work. The seminar will be held from 6:30 p.m. to 9:30 p.m. and is suited for someone starting a new business or im proving an existing one. Participants will be shown how to measure specific market potential and how to plan a business to most effectively meet that market. Hockenyos will cover sources of industry statistics, methods of gathering market data and understanding how to implement the data into practical business plan ning. To pre-register, contact BCC's Small Business Center at 754-6900. 343-0203, 457-6329. or by facsimile, 754 7805. Holden Merchants Re-Elect Officers, Approve Budget Jim Lowell was re-elected presi- pointed membership chairperson. "Mtnnbers are pleased wth the dent of the Greater Holden Beach The merchants also approved an improvements made to the Holden Merchants Association at the organi- annual operating budget of $11,195 Beach Causeway commercial strip, zation's annual meeting Jan. 4. and a general budget of $33,400 for with funds being allocated for re Also re-elected were Ben Tonking, activities, festivals, contributions placement and maintenance of the vice president; Barbara A. Lowell, and other purposes. flowers," said Lowell. treasurer; and Floyd Bullock, corre- Events scheduled tor the coming "The association is presently at its sponding secretary. The newly elect- year are the annual Day at the Docks, highest membership level?67 busi ed Mary Lou Tonking will replace March 26. and the N.C. Festival by nesses and professional services. Pauline Williamson as corporate sec- the Sea Oct. 28-30. Other possible There are indications this number retary. Patricia Sandifer was reap- events also are being discussed. may increase in 1994." Leland Man Awaits Sentencing On Income Tax Evasion A Iceland man was convicted in federal court Jan. 4 of failing to file federal income tax returns for four years. Oscar Robertus Long Hi could re ceive a maximum sentence of four years in prison, a fine of $400,000 and restitution for all federal taxes owed. He aiso may be required 10 nav for costs of prosecution. According to a news release from the U.S. Department of Justice, evi dence at Long's trial showed he at tended various tax protest meetings and had not filed a federal individual income tax return since 1982. In 1987, he was convicted in OATS "safe and unsinkable" 1-800-545-2293 910-457-9080 Brunswick County Superior Court U.S. District Judge Malcolm J. of attempting to evade N.C. state in- Howard set sentencing for April 8 in come taxes for 1984 and 1985. Greenville. & St High credit card debts? Large hospital bills? Bankruptcy may help. Contact WILLIAM D. EZZELL Attorney (910)457-9586 or (910)253-5600 ^ w ATTENTION Mobile Home Park, Marine and Aircraft Storage Owners The 1971 General Assembly passed a law governing operators of motile home park, marina and aircraft owners in North Carolina. The law is G.S. 105-316 of the North Carolina Machinery Act of 1971. The owners of such park, marine or aircraft, storage shall report to the county tax supervisor on or before January 15 of each year, the name of the owner, and a de scription of such trailers, boats or aircraft which are renting space in such park, ma rine or aircraft storage. Boyd Williamson, Tax Administrator PHOTO CONTRIBUTED Biggest Bill Is Paid Brunswick Nuclear Plant Vice President Roy Anderson (left) presents a Carolina Power and Light check for $4.9 to Brunswick County Manager Wyman Yelton (right) and Tax Collector Nancy Moore to pay CP&L's county property taxes for 1993. CP&L is Brunswick County's largest taxpayer, with its property taxes representing one-sixth of the county's current tax hillings. (Related story, Page I-A.) Volunteers Will Talk About Their Jobs At Career Days Volunteers are signing up with the junction with the Parent/Community year at the suggestion of educators South Brunswick Islands Chamber Involvement committees at the two serving on the committee, of Commerce to talk to students schools. This is the second year the Persons interested in participating about their jobs during Career Day chamber has taken on Career Day as are asked to call the chamber office programs at two local schools. a project; the effort was begun last at 910-754-6644. More speakers are needed for the programs, which will he held Feb. 15 at Shallotte Middle School ana March 15 at West Brunswick High School, said Anne Marie Bellamy, chairman of the chamber's educa tion committee. At each event, up to 60 volunteers each will give a 5- to 7-minute pre sentation on their job. how they pre pared for it, and the attributes or in terests someone who hopes to work in lhat tieid snouid have. Ideally, speakers will recommend suitable courses to select in high school, salary potential and other job con siderations. Volunteers can sign up for both Career Day events or just one. Sponsors want to offer students information on a wide range of ca reer opportunities, said Bellamy, "Especially needed are those who are employed in or recently retired from positions in manufacturing, shrimp harvesting, farming, biomed ical research and other technical jobs." The chamber Education Commit tee is coordinating the events in con your federal income tax refund? Kaata~ IRefutid Available whether we prepare your return or not ITS FAST! ITS EASY! H&R BLOCK RESORT PLAZA, SUITE lO SHALLOTTE Open 9 AM Until Weekdays. 9-5 Sat.. 754-6067 MasterCard. Visa and Discover accepted In most area locations. NOTICE Brunswick County Tax Listing for 1994 DUTY TO UST It is the duty of every person, firm or corporation to list aii personal property, ex cept registered or "tagged" motor vehicles during the month of January, 1994, as re quired by law. PERMANENT LISTING OF REAL ESTATE Effective January 1, 1990, the Brunswick County Commissioners adopted a sys tem of permanent listing of real property. Real property is automatically listed. DO NOT LIST REGISTERED - TAGGED" MOTOR VEHICLES Effective January 1, 1993, the North Carolina General Assembly enacted a law effecting the time taxes are billed and collected on registered or "tagged" motor vehi cles. Do not list your "tagged" motor vehicles during the regular January listing pe riod. YOU MUST LIST Only unregistered or "untagged" motor vehicles should be listed during the regu lar January listing period, along with boats, mobile homes, recreational watercraft or aircrait, income piCuUCilig fuiTiiSucu rental pi'Gpei ly cinu faun equipment. All businesses in Brunswick County must list their business personal property. If you acquired any of these items or other personal property, or became a new resident of Brunswick County in 1993, and did not receive a listing form for 1994, please contact the Brunswick County Tax Office to request a tax listing form, (910) 253-4341 or 1-800-527-9001. PENALTY FOR FAILURE TO LIST The law further states "The penalty for failure to list these items before the close of the regular listing period (January 31, 1994) shall be ten percent (10%) of the tax levied for the current year on such property. Failure to list taxable property after specified time subjects owner to a fine of up to $500.00." ELDERLY DISABILITY EXEMPTION If you are 65 years of age, or if your are permanently disabled and if in either case your gross annual income does not exceed $11,000, you may be eligible for an exemption of the first $15,000 in assessed value of certain real and personal proper ty. You MUST he a permanent resident of Brunswick County and a resident on the property for which you request the exemption. GENERAL INFORMATION All property is to be listed according to its value as of January 1, unless other wise specified. Under G.S. 105-311, tax listing by mail is permissible. Ail resident and non-resi dent taxpayers of Brunswick County during taxable year shall receive their abstract by mail. Anyone may list at the County Tax Office in the Governmental Complex at any time during the regular listing period. Office hours are 9:00 a.m.-5:00 p.m. Monday through Friday, the month of January (the office will be closed Monday, January 17th in observance of Martin Luther King Jr. Day).
The Brunswick Beacon (Shallotte, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Jan. 13, 1994, edition 1
33
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