Newspapers / The Brunswick Beacon (Shallotte, … / Feb. 3, 1994, edition 1 / Page 10
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CPA's Offer Help Deciphering Tax Talk With the passage of a new tax law and the arrival of tax season, taxes are on everyone's minds and lips. To help you better understand all that tax talk, the North Carolina Asso ciation of Certified Public Accoun tants offers the following definitions of common terms. S \ujuSiiu giuSS iuCuuiCI tut amount of income used as the basis for determining your eligibility for certain deductions. Specifically, it refers to the balance you obtain after reducing your gross income by cer tain adjustments and deductions, such as alimony and deductible con tributions to Individual Retirement Accounts (IRAs). ?Taxable income: for individu als. taxable income is adjusted gross income reduced by certain deduc tions. adjustments, and personal ex emptions. It is the amount you use as the base to calculate your tax lia bility. ?Marginal tax rate: the tax rate at which each additional dollar of in come over a specific ceiling is tax ed. For example, under the new tax law, married individuals filing joint ly are subject to a marginal tax rate CP&L Leads Area United Way Givers Carolina Power and Light led the Cape Fear Area United Way's list of companies in combined employee and corporate donations during the 1093 fundraising campaign. CP&L's contributions totaled $273,044. Campaign coordinators were Bill Wilder and Charlene Del Pezzo. The top ten companies' support exceeded SI million, making up more than 51) percent of the 1993 campaign total, said United Way spokesman Michael Griggs. ''Despite challenging situations at some of these companies, the overall group reported an increase in contri butions of 3.5 percent," he added. "The efforts of each company's co ordinator are exemplary." The top ten companies for 1993 were: 1. CP&I $273,044 2. General Electric 263,627 3. Du Pont 131,563 4. Corning 103.754 5. New Ilanover Regional Medical Center 65,1 VX 6. Cape Industries 59,269 7. Southern Bell 32,255 X. Occidental Chemical 26,931 9. ADM 24,378 1(1. Takeda Chemical 20,384 Public Forum On Housing Scheduled i i I C/\i li i juU 11 i The N.C. Human Relations Com mission will sponsor a forum in Sou'.hport on the state's fair housing law triday, Feb, IK, from 7-8:30 p.m. in the II.A Hall. TV !m.. prohibits discrimination in most housing on the basis of race, color, religion, sex. national origin, handicap or family status. The fo rum is planned to educate citizens about the law and inform them on complaint and processing proce dures. The N.C Human Relations Com mission is responsible for enforcing the state fair housing law. The com mission is charged with investiga tion. conciliation and litigation of cases and complaints about fair housing on behalt of the state's citi zens. The 10-year-old State Fair Hous ing Act applies to private homeown ers as well as to real estate agents and other in the real estate business, according to William J. Barber II. executive director of the N.C. Hu man Relations Commission. I he Southport forum is one in a series planned throughout the state. of 36 percent on taxable income in excess of $140.(XK>. ?C apital gains tax: the tax paid on the gain realized on the sale or exchange of a capital asset, such as stocks and bonds. The current maxi mum capital gains tax is 28 percent. ?Luxury tax: a 10 percent excise ? u..* i tuA iiiui of'}siiv.? ?*' at $3t).(HH) or more for 1993. As a result of the new tax law. in future years this $30.(KM) threshold will be indexed for inflation. The new tax law repealed the luxury tax on equipment installed after 1990 to help disabled people operate a vehi cle. It also did away with the luxury tax on big-ticket purchases of boats, aircraft, jewelry, and furs. ?Casualty loss: casualty losses result from a sudden, unexpected or unusual event, such as a fire, hurri cane or flood. Within certain limits, personal casualty losses are de ductible from your AG1. ?Child and dependent care credit: a credit of up to 30 percent of the expenses you incur for care of a qualified dependent when the ex penditures make it possible for you to work. ?Dependent: for tax purposes. dependents are individuals whom you support financially, and who meet certain other requirements, such as relationship, residency, and income tests. ?Dependency exemption: a fixed deduction that you may claim for any individual who qualifies as your dependent For ' #?v emption is worth $2,350. The ex emption phases out if your ACJI ex ceeds $108,450 for single individu als, $lb2.700 for married couples filing jointly. $135,600 for heads of household, and $81,350 for married people filing separately. ?Karned income credit: a credit of up to $3,370 is available to lower income taxpayers. The IW3 lax law expanded the credit to include some childless couples as well as those with children. ?Itemized deductions: deduc tions from your adjusted gross in come for such items as medical ex penses. state and local taxes, charita ble contributions, unreimbursed em ployee business expenses, moving expenses, and casualty and theft losses. ITiere are specific require ments for and limitations on the de ductibility of each of these items. In most cases, taxpayers whose total itemized deductions exceed the stan dard deduction (see bc:low) can itemize their deductions. ?Miscellaneous itemized deduc tions: these include certain unreim bursed job and business expenses, expenses dircctly connected with the production of income, and fees for tax preparation services. Only those miscellaneous expenses that exceed 2 percent of your AGI are de ductible. ?Moving expense deduction: a deduction for certain expenses ne cessitated by an employment-related job transfer, provided that the dis tance between the taxpayer's new job and former home is at least 35 miles farther than the distance be tween the taxpayer's old job and the former residence. For tax years be ginning in 1994, the distance test is increased from 35 to 50 miles. ?Standard deduction: a deduc tion that may be claimed by those who choose not to itemize deduc tions on their tax return. If you're still unclear about the meaning or relevancy of these and other tax terms, consult a CPA or another tax adviser. photo contributed Bank Recognizes Students Scott Irby of NationsBank presents Sliallottc Middle School students with honors for scholarship and citizenship during December. Pictured are (from left) Irby. Amanda Fulford, student of the month; Marcia Todd, good citizen of the month; and Joe Bell, student of the month. Whiteville Shirt Maker Picks Leland For New Headquarters BY ERIC CARLSON One of North Carolina's fastest growing textile companies will open a manufacturing and distribution center at the Iceland Industrial Park this year, Brunswick County Eco nomic Development Director Tom Monks announced last week. Jasper Textiles Inc. of Whiteville, manufacturers of men's sport shirts under the- Outer Banks Reserve la bel, plans to build a 55.000 to 50,000-square-foot building that will employ about 60 people by late 1994. The building will be designed for expansion and Monks said it is possible that the firm could double its payroll within three years. "They are a very healthy compa ny that started about 10 to 12 years ago with a dozen people and now it has more than 1.5(H) employees in North Carolina," Monks said. Although the company has not re leased its detailed plans. Monks said it is likely that Jasper will he trans ferring its corporate offices and sales department along with its embroi dery operations, warehouse and dis tribution to the lx'land site. The company is currently headquartered in Whiteville. Monks estimated that initially about hall of those employed at the Lcland plant will be hired locally, mostly in the manufacturing, ware housing and distribution arms of the operation. Although no direct financial en ticements were made to encourage Jasper to locate here, the EDC plans to help the company apply for devel opment grants for waterlines and road work at the site. The park al ready has central sewage service. Monks said "quality of life" the primary factor in selling Brunswick County as a location for Jasper's planned expansion. The EDC" has been negotiating with the company for "about four or five months," he said. Occupational Training Slated Five occupational training classes Potential participants are asked to will he offered by the Job Training call BCC at 754-6900, 457-6329 or Partnership Act (JTPA) Program al 343-0203. Ext. 327. and ask for the Brunswick Community College for J'l PA advisor. eligible adults. The proposed classes include net making and mending, radio and television repair service, basic plumbing, brick and block masonry, and introduction to computer appli cations and Word Perfect 5.1 All JTI'A applicants for these training classes have to be at least 22 years of age and must also meet federal eligibility guidelines. William Temple Allen, CPA, P.A. Income Tax Preparation/ Representation (feOeral ana all state returns) Accounting ana Bookkeeping Services Computerized Payroll Tax and Estate Planning Former IRS Assistant Director Tecnmcni Division. Washington, D.C. 25 Years Tax Experience Ragpatch Row, Calabash 579-3328 Jasper will he the 13th business to locate in the I.eland Industrial Park. Monks said negotiations with two or three other perspective tenants are "looking good." Do You Need Invoices, Envelopes, Statements or Letterhead? We Specialize In Short-run Custom Printing! Brunswick Business Service Main St, Shallotte ? 754-8300 and on I ono Beach Rd . Southoort ? 457-4565 Why wait for your federal income tax refund? Kapra" ?Refund Available whether we prepare your return or not IT'S FAST! ITS EASY! H&R BLOCK RESORT PLAZA. SUITE lO SILALLOTTE Open ?? AM Until Weekdays, 9-5 Sat., 754-6067 MasterCard. Visa and Disc-over accepted In most area locations. PHOTO CONTRIBUTED Outstanding Conservationist Harold I). Jones (left), Soil Conservation Sen-ice conservationist for the Brunswick Soil and Water Conservation District, receives the state award for Outstanding Performance in the Earth Team Volunteer Program from Charles Snipes, N.C. Association of Soil and Water Conservation Districts president. The presentation took place at the association 's annual meeting in Raleigh recently. Also honored at the meeting was James Bellamy of Shallotte, a Brunswick Soil and Water Conservation District supervisor for 43 years. MONTH OF DECEMBER Brunswick Jobless Rate Is 7 3%, ESC Stats Claim Brunswick was among four of North Carolina's 1(H) counties whose unemployment rate exceeded 10 percent in December, according to the state Employment Security Commission's monthly report. With a seasonally adjusted rate of 13 percent, Brunswick ranked third highest in the state, t?e'nind Graham County, with 20.8 percent, and Tyrrell County, with 12.7 percent. Brunswick County's rate rose from 12.7 percent in November. Brunswick County's rate is based on a total labor force of 19,340, with 16..X30 employed and 2.510 looking for work. According to USC statistics, 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 1.6 percent. According to the ESC re port, the commission's analysts re gard > percent "as a near full-em ployment situation." Rates fell in 51 counties, rose in 42 and remained unchanged in 7 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, 5.4 percent: Onslow, 3.8; Carteret, ft.6; Hyde, X.2; Dare. 6.7; and Currituck, 3.2. i . "Kp High credit card debts? Large hospital bills? Bankruptcy may help. Contact WILLIAM D. EZZELL Attorney (910)457-9586 or (910)253-5600 DlfiNfi'S INCOME TffX SERVICE Staff of Well-Qualified Tax Preparers Open All Year ? Starting Rate $20 Electronic Filing ? Super Fast Refunds Federal & All State Returns ? Computerized Payroll Services 2 LOCATIONS 280 Holden Beach Rd. 9905 Beach Dr. ('A mile from Wal-Mart) (500 ft. cast of stoplight) PO Box 384 P.O. Box 44023 Shallotte, NC 28459 Calabash, NC 28467 (910)754-8979 (910)579-8485 fj g 1 cws Insurance Agency, Inc. (formerly the Williamson Group) Charles W. Smith, C.P.C.U. President Serving the Industry for 28 Years PERSONAL AND COMMERCIAL INSURANCE ?Home *Life *Auto ? Hospitalization ?Medicare Supplement "Casualty 'Property ?Workers Compensation 'Group Hospitalization 579-7977 6265 Beach Drive SW ? Island Village Shoppes Ocean Isle Beach \ ?? 9-4:30 Monday-Friday jP CWS Insurance Agency, Inc.
The Brunswick Beacon (Shallotte, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Feb. 3, 1994, edition 1
10
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