Your Home Can Be
Key To Tax Savings
If you're a homeowner, here's
some good news from the North
Carolina Association of Certified
Public Accountants: The Revenue
Reconciliation Act of 1993 left
many of the tax deductions available
to you intact. Be sure to take advan
tage of these deductions and tax
breaks when preparing your 1993
return.
Points
If you acquired a mortgage last
year in order to purchase or improve
a principal residence, you can gener
ally take a tax deduction for the
points ?or loan origination fees?
in the year paid. However, points
paid on a loan to purchase or im
prove a second home do not qualify
for a full, immediate tax deduction;
they must be deducted over the life
of the loan.
This same rule applies to points
paid when refinancing a mortgage.
However, if part of the refinancing
proceeds is used for improvements,
a portion of the points may be de
ducted in the year paid.
Mortgage Interest
Under current law, you can also
deduct interest on mortgage loans
obtained to acquire, construct, or
substantially improve your primary
residence and a second home. The
mortgage must be secured by the
residence you purchase, construct or
improve.
You may deduct mortgage interest
on a total of $1 million of acquisi
tion indebtedness and $100,000 of
home equity indebtedness on such
residences. These amounts are
halved for married individuals filing
separate returns. A transitional rule
enables you to deduct all interest on
mortgage loans you obtained on a
principal or second residence prior
to Oct. 14, 19X7.
Property Taxes
Generally, you can deduct any re
al estate taxes charged against your
property. Owners of cooperatives
should note that they may be able to
deduct their proportionate share of
real estate taxes assessed on the
building itself.
Rental Expenses
If you rented out your home or a
vacation property, a percentage of
your expenses may be deductible as
a business expense. These include
costs paid for taxes, interest, fire and
liability insurance, advertising and
cleaning services. You can also de
duct fees paid for repairs, such as re
pairing driveways or fixing gutters.
Improvements to rental proper
ties, however, must be depreciated
IKIOUItU
Farmers' Support Sought
Brunswick County Farm Bureau President Harold C'. Robinson
(right) talks with N.C. Farm Bureau President W.B. Jenkins after
a recent meeting at which Gov. Jim Hunt sought the farmers' sup
port for his package of crime bills being debated in the N.C. Gen
eral Assembly. \'.C. Commissioner of Agriculture Jim Graham
told the gathering of Farm Bureau presidents that while the crime
package is a worthy effort, it should not be funded at the expense
of agricultural programs.
BUSINESS BRIEFS
Shallotte Health Food Store
To Hold Grand Re-opening
Shallotte Health Foods will hold a diploma.
grand re-opening this Friday at its The program is designed to edu
new location, 4564 Main St. Mayor cate and train people to become auc
Sarah Tripp will officiate the ribbon- tioneers.
cutting ceremony at 10 a.m. Each class consists of more than
The public is invited. 100 hours of Professional fining.
The store was established last
June by Madalyn (Maddie) Rahaim,
who has been involved in the health
food industry since 1989. Shallotte
Health Foods is operated by Betty
Parks and Helen Comeford.
Learns Auctioneering
Cynthia Doty of Long Beach has
completed the basic course in auc
tioneering offered by the Menden
hall School of Auctioneering in
High Point, and has been awarded a
E. Harvic Hill. D.D.&. MAD.
Pediatric Dentistry
providing care for
children and young adulU
ages 121. Also care for
the handicapped.
754-3333
MEMBER: AMERICAN ACADEMY
OF PEDIATRIC DENTISTRY
lOl Village Pines. SliallolUe
$ st
High credit card debts?
Large hospital bills?
Bankruptcy may help.
Contact
WILLIAM D. EZZELL
Attorney
(910)457-9586 or (910)253-5600
gr
PUBLIC HEARING
BOARD OF ADJUSTMENT
TOWN OF CALABASH
Notice is hereby given that a public hearing will be
held by the Board of Adjustment of the Town of
Calabash at 6:30 p.m. Tuesday, March 8, 1994 at the
Town Hall to consider the following appeal:
CASE NO. 3-94: James Massey, L&M Construc
tion, PO Box 4227, Calabash, NC 28467/Roy
Tinnsley, 504 Timms Road, Piedmont, SC 29673.
Requesting a variance irom Section 8.01.09: MFH II
Residential District; C. Dimensional Requirements, 3.
Minimum required front yard setback; 6. Minimum rear
yard setback. To construct a home on Lot #3, Carlye
Acres, Calabash, NC.
? thai is, the cost of the item is
written off as an expense over a pe
riod of years.
Home Improvements
Home improvements that add to
your home's value, prolong its life,
or adapt it to new uses arc consid
ered "capital improvements" that
have important tax consequences.
Although such improvements,
which can include adding a new
room, installing a sidewalk or re
placing old wiring, are not tax de
ductible, they increase your home's
basis?that is, your total investment
in the property, including the pur
chase pricc and related fees.
Increasing your home's basis en
ables you to reduce the gain you re
alize from its eventual sale and the
tax you would pay on the gain. If
you sold your home last year, be
sure to dig out receipts that can help
you calculate the cost of your capital
improvements.
Tax Deferral On Sale
If you sold your principal resi
dence last year or arc planning to do
so in the future, you may defer tax
on the profit. To do so, you must
meet two conditions: You must pur
chase or build a new personal resi
dence two years before or two years
after the sale dale of the old resi
dcncc, and the cost of the residence
you buy must be equal to or greater
than the adjusted selling price of
your old residence.
55-Or-Older Exclusion
If you are 55 or older when you
sell your principal residence, you
may elect to exclude Sl25,iMH)
worth of gain on its sale. (The exclu
sion is $62,5(H) for each married
person filing separately.) In addition
to meeting the age requirement, you
must also meet an ownership and
occupancy test.
Be aware that this is a once-in-a
lifetimc tax break. Married couples
can take only one lifetime exclusion
between them.
Home-Office Deduction
If you work from your home, you
may also be able to take a tax deduc
tion for a proportionate share of the
costs associated with operating and
maintaining your home. However,
strict tax rules apply to this deduc
tion.
Finally, be aware that some of the
tax deductions generally available to
homeowners, such as those tor
mortgage interest and property tax
es, are phased out for high-income
taxpayers. Check with your tax pro
fessional to determine your eligibili
ty for these deductions.
Various Seminars, Workshops Set
Brunswick Community College
Small Business Center is encourag
ing small business owners, potential
business owners and employees to
participate in its upcoming seminars.
A tax workshop through the N.C.
Department of Revenue, Service
Corps of
Retired Executives and the Inter
nal Revenue Service is scheduled
for Thursday, March 3, 9 a.m. until
4 p.m.
An evening session in business
ethics is set for Wednesday, March
9,6:30-9:30 p.m.
"Mid-Career Entrepreneur." de
signed for those at a midpoint in
their careers and interested in start
ing their own business, will take
place Wednesday, March 16, from I
4 p.m.
The March 3 tax workshop is de
signed to provide information on
procedures for meeting federal and
state tax obligations. Focus will be
on business taxes, record-keeping
requirements, IRS Schedule C, prof
it or loss income, employment taxes
and Forms 940 and 941. It is direct
ed at business owners, prospective
business owners and bookkeepers.
The March 9 seminar in business
ethics, to be presented by Patti
Fiaii.\, vviis ucvC'mpcu to help Iciiil
ers and staff find practical solutions
to ethical dilemmas.
The purpose of "Mid-Career En
trepreneur" is to help those who at
tend decide whether small business
ownership is a good option for them
Mike Collins will be presenter.
Pre-registration is required for
participation in any of the seminars.
All are free.
For information or registration,
call the Brunswick Community
College Small Business Center at
754-6900, Ext. 389.
Short Course Sot
For Landscapers
The N.C. Cooperative Extension
Service will hold a landscape con
tractors' short course Thursday,
March 17, at 7:30 at the New Han
over County Courthouse.
The course will cover educational
material required of the N.C. Land
scape Contractor's Registration
Board for state licensing.
The class will be limited to 20
participants. Registration deadline is
March 14. To register or get infor
mation, call the Brunswick County
Cooperative Extension Service at
ARE ALL YOUR RECEIPTS IN A PAPER BAG?
CALL MARCIA'S BUSINESS SERVICE
We will put them all on computer, balance your checkbook, itemize
your deductions, do your quarterly taxes and get you ready for your
accountant. Reasonable rates. Call 579-9474 TODAY.
C1994 THE BRUNSWICK BFAfQN
40% Off Sale
Children's Christian
Coloring Books ? Games
& Storybooks
(reg. 69e-$19.99, Shaliotte only)
Brunswick
Business Service
Main St., Shaliotte ? 754-8300
NOTICE OF PUBLIC HEARING
The North Carolina Department of Commerce, Division of Com
munity Assistance has monitored Brunswick County's Striplap
CDBG-ED Loan Project Number 89-C-7908 and given the County
permission to begin close-out activities. Brunswick County will
conduct a Close-out Public Hearing on this project on March 21,
1994 at 4:45 p.m. in the County Commissioners Chambers,
Brunswick County Government Center, Bolivia, North Carolina.
The purpose of this Public Hearing is to describe the objectives
contained in the approved Application as well as actual project
results and receive citizen comments. Written comments should
be addressed to:
Tom Monks, Executive Director
Brunswick County Economic Development Commission
Post Office Box 158
Bolivia, North Carolina 28422
Written comments received by 5:00 p.m. on the day prior to the
Public Hearing will be considered.
INViTATiON FOR BiDS
The Cape Fear Service Delivery Area Job Training
Consortium is soliciting bids for the Job Training Part
nership Act Title ll-A (Adult), ll-A 5% (Older Individ
uals), ll-C (Youth) and Title II (Dislocated Workers) em
ployment and training programs. The programs will
operate in Brunswick, Columbus, New Hanover and
Pender Counties beginning July 1, 1994 and ending
June 30. 1995.
Program specification may be picked up at the Cape
Fear Council of Governments; 1480 Harbour Drive;
Wilmington, North Carolina on Friday, March 11, 1994
beginning at noon. Mon day, April 4, 1994 at noon will
be the final day for bid submissions. All conditions, sti
pulations and specifications relevant to the bid may be
obtained by contacting Chica Grate at (910)395-4553.
SEA TRAIL EMPLOYEE of the Year Tina Evans (center) is
awarded the hi trior hy Dean Walters (left), general manager, and
Grant Kuhn, resort general manager.
Evons Named 7 993 Employee
Of Year By Sea Trail Plantation
Tina Evans has been named company."
Employee of the Year for 1993 hy Sea Trail selects an outstanding
Sea Trail Plantation. employee each month. The nine no
Evans, assistant executive house- minees representing 1993 were Bess
keeper for the plantation, was Swayngham. February; Hattie
awarded the honor hy Dean Walters, Brown. March; Dori (iurganus, Ap
general manager, and Grant Kuhn, ril; Kenny Inman, May; Eric
resort general manager, for "excep- Bellamy, July; Georgia Lewis,
tional performance, exemplary atti- October; Kelly James, November;
tude and dedication to the job and and Toni Henry, December.
PHOTO CONTRIBUTED
Leading Cosmetologists
New officers of the National Cosmetology Association chapter rep
resenting Brunswick and New Hanover counties are (from left)
Tim Galloway, vice president; Francis Brady, director; Peggy Jack
son. president; and Esther Myles, director. Also ser\ing in leader
ship roles are Carla Holden, treasurer; Eraudcl Williamson, direc
tor; and Kick Dawson, secretary. The affiliate meets monthly at
Brunswick Community College and hosts special classes in various
phases of cosmetology with guest speakers and stylists.
A/
tied
with
Dissati|pA rates^
CD 3
Richard C. Glenn SECURITIES AMERICA, INC.
PO Box 2865 18 Resort Plaza
Shallotte, NC 28459 Shallotte
(910)754-6771 Member NASD/SIPC
DIANA'S INCOME TflX SERVICE
Staff of Well-Qualified Tax Preparers ~
Open All Year ? Starling 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. east of stoplight)
PO Box 384 P O. Box 44023
Shallotte. NC 28459 Calabash. NC 28467
(910)754-8979 (910)579-8485
INVITATION FOR BIDS
The Cape Fear Service Delivery Area Job Training
Consortium is soliciting bids for the Job Training Part
nership Act Title ll-B summer youth employment ana
training innovative programs. Innovative programs
must be designed to enhance the basic education
skills of youth; to encourage school completion or en
rollment in supplementary or alternative school pro
grams; to provide eligible youth with exposure to the
world of work; and to enhance Ihe citizenship skills of
youth. The programs will operate in Brunswick, Colum
bus, New Hanover and Pender Counties beginning
June 30, 1994 and ending September 30, 1994.
Program specification may be picked up at the Cape
Fear Council of Governments; 1480 Harbour Drive;
Wilmington, North Carolina on Friday, March 11, 1994
beqinning at noon. Monday, April 4, 1994 at noon will
be the final day for bid submissions. All conditions, sti
pulations and specifications relevant to the bid may be
obtained by contacting Chica Grate at (910)395-4553.