Newspapers / The Brunswick Beacon (Shallotte, … / Feb. 24, 1994, edition 1 / Page 7
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Miscellaneous Expenses Can Make Deductions You can t afford to overlook any miscellaneous expenses you in curred this past year. The N.C. Association of Certi tied Public Accountants points out that these expenses may add up to a valuable tax deduction on your 1993 tax return. Miscellaneous expenses include unreimbursed employee business expenses. job-hunting costs, costs associated with the pro duction of income, as well as tax-re turn preparation fees. Here's what you should know about these and other miscellaneous expenses. Allowable Deductions If you itemize on your tax re turn, you may deduct miscellaneous expenses that exceed 2 percent of your adjusted gross income (AGI). Taxpayers with AGIs over $108,450 ($54,225 it married filing separate ly) face another limitation: They must reduce the total of their item ized deductions (excluding medical expenses, investment expenses, ca sualty and theft losses, and gambling losses) by 3 percent of the amount by which their incomes exceed these limits. Employee Business Expenses As an employee, you can deduct miscellaneous business expenses that arc "necessary" and "ordinary" for your job. This means that you must demonstrate to the IRS that your employer expected or required you to incur these expenses. Other qualified miscellaneous expenses may include union dues, dues to professional organizations, subscriptions to professional jour nals and magazines, and work -i - ? i. _ j -i iiuuic.t <tuu uuiiuiiii.v You may also deduct educational expenses, including tuition, books, supplies and lab fees, as long as the educational program is necessary to maintain or improve your present WOrk skills Or *c Ktr tmiir w. ** "J J employer or the law to keep your present job. Unreimbursed travel, transporta tion and 80 percent of business en tertainment costs are also deductible on your 1993 tax return, subject to the 2 percent floor. Strict tax rules apply, so be sure to check with a tax advisor. Also be aware that beginning in 1994, only 50 percent of employees' unreimbursed business meals and entertainment costs will qualify as miscellaneous expenses. Job-Hunting Expenses You can fully deduct expenses associated with looking for a job in your current line of work. These can include costs of preparing resumes, assembling a portfolio of your work, as well as traveling to and from job interviews. Keep in mind that if you recent ly lost your job as a construction worker and decide to pursue a sales career, your job-hunting costs are not deductible. That's because the tax law does not allow a deduction tor costs associated with iooking for a job in a new line of business. Investment-Related Expenses Qualified miscellaneous expens es also include costs associated with the production or collection of in AT OCEAN ISLE BRING HOME THEiBEACON On Sale At ISLANDER RESTAURANT OCEAN ISLE BEACH SHOP OCEAN ISLE EXXON STATION OCEAN ISLE MOTEL OCEAN ISLE PIER PARTY MART ROBERTO'S PIZZA SHEFFIELD'S We can make your IRA work harder so you don't have to work longer. Don't settle for low interest on your IRA. I can show you a range of IRA plans that match your financial goals, and help you earn more for retirement. You can even have different IRAs for diversity. Call me today for the details. KATHRYN GOSSETT Investment Representative Call Today (910*754-3202 Snallotte jf Edward D. Jones & Co. Nm *0r* Slock i iC i'O* ia?#vo' Cooxxji^ come or for maintaining income- miscellaneous expenses. producing property. For example, if Additional Miscellaneous you seek advice from an investment Expenses advisor about your securities portfo- If you hired a CPA or another lio, the fees you pay to the advisor tax professional to provide tax or cs are deductible. tate planning assistance, you can In addition, you can deduct an- deduct the costs you paid for such nual fees paid to a bank or another advice. Similarly, you can deduct custodian of your individual Retire- the costs you paid for advice in con ment Account (IRA) and Keogh nection with the preparation of a plan, as long as the fees are paid will or trust. with funds separate from your con- Finally, be aware that in most tributions to these plans. situations, costs incurred to hire a Fees to rent safe deposit boxes tax advisor to prepare your income that are used to store investment-re- tax return, to advise you on making lated documents are also considered a claim for a tax refund, or to appear \yith you in tax court are also con sidered qualified miscellaneous ex penses. End-Of-Grade Tests Are Workshop Topic A workshop for parents, entitled "End-of-Grade Testing: What It Is and What It Isn't," will be held Tuesday, March 1, at 6:30 p.m. at Shallotte Middle School. The workshop is co-sponsored by the Shallotte Middle School Parent Involvement Committee and the PTA. All parents are invited. CALL US FOR INSURANCE QUOTES: 1-800-424-0115 ? Home ? Auto ? Commercial ? Mobile Home ? Life First Investors FINANCIAL CORPORATION Or Visit Our Banking Offices: LELAND SHALLOTTE WHITEVILLE (910)371-1000 (910)754-5400 (910)642-8183 THE BRUNSWICK BEACON IT'S COMING! BELK OF WHITEVILLE WHITE'S CROSSING A NEW BELK ALL FOR YOU! Our Downtown and Home Siore Locations Are Now Closed-But Your New Belk Will Soon Be Here... ?*-r ?* m. SALE-A- BR ATION Thursday, March 3 ? Ribbon Cutting At 9:45 am ? 0pening-10 am BUT FIRST, JOIN US FOR A SNEAK PREVIEW'! Wednesday, March 2,11 am-7 pm Exciting Sneak Preview Special Events: ?Meet soap-opera star Christopher Lawford, "Charlie Brent" from All My Children, 12 pm to 2 pm ?Meet Miss Teen USA, Charlotte Lopez, 4 pm to 7 pm ?See the Famous Mello Yello Race Car, 12 pm to 6 pm ?$1,000 Shopping Spree Give-Awav ?1-Day Specials CHRISTOPHER LAWFORD CHARLOTTE LOPEZ "Charlie Brent" From MISS TEEN USA 1993 Explore New Fashion Areas Throughout the Store Including: ?Tommy Hilfiger Signature Sportswear ?Healthtex Fashions For Children ?Esprit for Juniors ?Bostonian Shoe FOR SNEAK PREVIEW TICKET INFORMATION, CALL 642-7141 All Proceeds Will Be Donated To Southeastern Community College For Student Scholarships and Club Activities. Only Ticket Holders Will Be Admitted - $5.00 Per Ticket Tickets May Also Be Purchased At The Door DC! W nc \A/UITF\/II I e WHITE'S CROSSING ? TELEPHONE (910)642-6179 DCLIK Ur VVni I E VIL.I-E SHOP MONDAY-SATURDAY 10 AM-9 PM; SUNDAY 1-6 pm
The Brunswick Beacon (Shallotte, N.C.)
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Feb. 24, 1994, edition 1
7
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