Newspapers / The Brunswick Beacon (Shallotte, … / June 9, 1994, edition 1 / Page 56
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Scholarship Honors Soften Beryl Edwards (left), co-chair of the Prescription for Excellence Foundation, presents a check for an endowed scholarship tn Dr I ce Langston. president of the Brunswick Community College Foundation. The scholarship is given to honor the community spirit and leadership of David Baiirn (right), general manager of Brunswick Electric Membership Corporation. The endowment is funded from the annual Prescription for Excellence Charity Ball, chaired by Cindy Langston, and will finance tuition and fees for one student annual. This is the fourth endowed scholarship at BCC established by the Prescription for Excellence Foundation. BUSINESS BRIEFS ^ s ???? ? a ? ? Ritz Is Hired In Local utrice Of Lower Cape Fear Hospice Former Brunswick County fichccitcschcr Sisssn Riiz hss scccpt cd the position of community rela tions specialist for the Brunswick County office of Lower Cape Fear Hospice. She replaces Laney B lan Ion, who has resigned to accept a job with United Way in Florence. S.C. Ritz will begin work June 13 and will be training in the Wilmington office until late June or early July, said Jean G. Joyner, director of com munity relations for Lower Cape Fear Hospice. Ritz has been a hospice volunteer, working with the Festival of Trees. She has lived in Southport and tanoht crluv\l in ^nnr%lv Pnr rlv nact e? ? ? ~ ? rrv * ? r ? 1 few years she has lived in Greensboro and has recently earned the degree of Master of Library and Information Studies from the University of North Carolina at Greensboro. "The Brunswick staff will work together as a team to ensure servicc as usual as Lower Cape Fear Hospice trains this new staff per son," Joyner said. "The nurses, so cial worker, chaplain and adminis trative staff will be contacting vol unteers regarding patient care and staff support." Rudy Becker is a recent Employee of the Month at Autumn Care of Shallotte. Becker has been employed with Autumn Care since July 23, 1992, in the housekeeping /maintenance department. He ? itntin ' was recognized by the administrative staff for his "untiring assistance and hard work. XAOKJPY MANAGEMENT ? y * w ^ ? ? m ?? %m 11 ?? T ?? ? ? Think Taxes When Buying Vacation Home It's that time of year when thoughts turn to summer vacations and dreams of owning a special get away. There are distinct benefits to pur chasing a vacation home; you have a place available for your recreational use and an asset that may appreciate over the years. However, there's no getting around the fact that vacation homes are expensive to own. The N.C Association of Certified Public Accountants points out that the tax law contains some provisions that can help offset the costs of own ing a vacation home. The tax advan tages available to you depend on whether you use the vacation home solely for your personal use or whether you rent it out. If you buy a vacation home solely for your personal use, you may deduct mortgage interest and proper ty taxes, just as you would on your principal residence. Keep in mind that you mj mkc tne deduction for mortgage interest on only one prop erty other than your principal resi dence. Under the tax law, you can also rent your vacation home for up to 14 days a year without reporting the income to the IRS. However, other than mortgage interest and tax es, your rental expenses are not de ductible. tontol Properties Different tax rules apply to rental properties. If you purchase a vaca tion home as a rental investment and don't plan to use it yourself, you mav hilly deduct m*? associated with maintaining and operating the home, including mortgage interest, property taxes, insurance, advertis ing. broker fees, utilities, repairs and depreciation. Your deduction is sub ject to passive activity loss limita tions which generally limit your de ductions to die amount of your pas sive income. However, an exception exists that allows you to deduct rental losses of up to $25,000 if you are an "active" owner with adjusted gross income (AGI) of less than $100,000 The $25,000 allowance is phased out as AGI increases from jlUU.UUU to $150,000. Personal Use If you use the home and rent it, you still may be able to deduct the costs of operating and maintaining your rental property (subject to the passive loss rules). To do so, your personal use must not exceed 14 days during the tax year of 10 per cent of the days during the year that the dwelling is rented at fair market rental, whichever is greater. (Fair market rental is the amount you could receive for the home if you rented it on the open market.) In determining whether your use falls within this category, it's impor tant to understend the IRS definition of personal use. Under the tax law. your vacation home is considered to have been used for personal purpos es any day, or part of a day, that it is used by you or anyone who rents it at less than fair market rental. Even if certain family members, including your parents, siblings or children, pay a fair rent to use the home, the IRS still considers this personal use. Be aware, too, that even if you donate a week at your vacation home to a charitable cause, such as a church auction, that week counts as personal use days. If your property is rented for IS or more days during the tax year and personal use ex ceeds the greater of 14 days or 10 percent of the days the vacation home is rented, your rental expenses are deductible only to the extent of your rental income. As a result, you cannot claim a rental loss. In addition, tax law specifies that you claim your expenses in a certain order. First you deduct expenses re lated to obtaining tenants, such as advertising and rental agency fees. Then you deduct interest, property taxes and casualty losses. Next, you deduct insurance, utilities, repairs and other operating expenses, and lastly depreciation. The law is structured this way to prevent people from taking exces sive deductions when there is per sonal use of a vacation home. Deductible rental expenses also must be allocated to the days of rental use. Since the formula is com plicated, you may want to consult with a CPA to assist you in deter mining the correct amount of de ductible rental expenses. Finally, don't let the tax law scare you from purchasing the vacation home of your dreams. Just remem ber that the more you use the home for your own recreation, the less you can count on Uncle Sam to help foot the bill. Money Management is a weekly column on personal finance pre pared and distributed by the N.C. Association of Certified Public Accountants. J. Mark Saunders, o.D. mm OPTOMETRY m Lomprenensive tye tixamrauons ? Ocular Emergencies ? Contact Lenses & Glasses Prescribed ? Diagnosis & Treatment of Diseases of the Eye ? Full Selection of Eyeglass Frames CALL 9 1 0-754-9687 FOR AM APPOINTMENT. Office noun by appointment Evening appointments auailMbie. M . . ? , V. - ? A ' ** ? * 1 A ? ? ? i i iiHini PwmDCf AIIMIICln UptonWuT ^SVKiBilor ? Pfomenade Office Parte ? 143 Holden Beach Rood ? ShoJlotte. NC BY SUSAN USHER Wasted: Energetic executive with saccessfal chamber of commerce experience to provide direc tion aad stability to 400-plas member chamber la rapidly -growing Carolina coastal resort area that en compasses six towns and surroaading rural areas There's no such ad, of course, but there could be as the search continues for a new executive for the South Brunswick Islands Chamber of Commerce, what cham ber President Joe Stanley calls "a good spearheader " The search began last October following the resigna tion in September of Bill Dearman, who left alter one year to accept a similar post in Kentucky. He had been the Iocs! chamber'* third executive in four years, follow ing Susanne Sartelle and Holly Richards. "We need some stability," said Joe Stanley, who was installed in February as chamber president, ""'c arc des perately looking, but we are trying to follow procedure and find the right person." When the opening was first advertised last October, the chamber was swamped in November with more than 200 applications from ai! over the country. "But only about 10 of them had any chamber experi ence," recalled Stanley. "We believe our chamber has $wf moro ir iusah ushh Cox Donates Habitat Home Site Brunswick Islands Hoard of Realtors officers Peggy Stanley (left), president sleet, and William Robertson (president) look on as fundraising chairman Bill Bright presents tickets to Roe Sloane Cox of Ocean Isle Beach for the June 17 "No More Shacks " auction and dance at Sea Trail Plantation. Co-sponsored by the board and the Brunswick Islands Home Builders Association, the event will bene fit Brunswick County Habitat For Humanity Inc. Cox is the first "No More Shacks" Founders' Club member, donating either a homesite or the cash to purchase a site for Habitat's first local house-rais ingprcgect. Tickets for the event are avaihHe front any local Realtor. The annas' Home Builders' golf tournament June 18 wilt also benefit Habitat For Humanity. Search Continues For South Brunswick Chamber Executive grown enough to go to the next level, to have a execu tive with experience." With a change of chamber leadership coming shortly after the first of the year, the selection was put on hold. Then, in March the chamber's new executive commit tee, which serves as the search committee, interviewed five uf SiA Of UK oppitCouia ouu uau OGi icaCu iuc Con sensus they were seeking A re advertisement that sought candidates specifical ly with chamber experience netted only two applications by the April 30 deadline. That limited pool of choices has prompted the committee to begin looking at other search strategies, including the possibility of a classified ad that could be placed in newspapers statewide. "We're hoping to have someone in place by the end of the year," said Stanley, though he and other commit tee members would prefer the position be filled well be fore the N.C Oyster Festivs! in October. Despite the staff vacancy, the chamber is having a good year thus far, Stanley said, with the highest turnout ever for its annual Secretaries' Day program, a successul golf tournament and membership growth. "We've got a good Oyster Festival committee and a good King Classic Tournament lined up," said Stanley. "What we need is a good spearheader. Contractors' Licensure Preparatory Classes Set People interested in acquiring a A $35 registration fee is payable For more information on these or state license as an electrical contrac- at the fintf meeting. Participants are other continuing education classes tor or plumber can take continuing to bring a copy of the National contact BCC at 754-6900. 457-6329 education classes this summer at Electrical Codebook to class. or 343-0203. Brunswick Community College to i prepare for the licensure exams. A basic plumbing course will meet from 6:30 p.m. until 10 p.m. Tuesdays and Thursdays, starting June 14 and continuing through Aug. 30. A S3S registration fee is payable at the first class meeting, with an ad ditional $45 in supplies to be pur chased after the class starts. Donald Taylor will teach the class at BCC's Leland campus, located in Leland Industrial Park off U.S. 74 76. The electrical contractor licensure preparation class will meet 6:30 m. to 10 p.m. Tuesdays and Thursdays beginning June 21 in the classroom building on BCC's main campus north of Supply. Saturday, June 11, 10 AM-6 PM KaDee's Fashion Outlet Live Oak Village Shopping Center Long Beach Rd., 457-5564 Ribbon Cutting-1 1 AM ^ by Miss and Little Miss Brunswick County^ and NC Little Miss 4th of July Treats For The Kids Register for FREE Gift Certificate L 15% OFF STOREWIDE - Saturday Dnly! ether you're at a game, around town or at a (V business function, a Motorola Pager lets you stay in ?? contact Never be out of touch from your family, office or friends. Now you can have the freedom and peace of mind to do the things that are important to you. The affordable, portable Motorola Pager. Variety of Models from $15 to $19.75 Monthly ATLANTIC TELEPHONE MEMBERSHIP CORP. P.O BOX 3198 ? SHAU.QTTE, NC 28459 ? 754-4311
The Brunswick Beacon (Shallotte, N.C.)
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June 9, 1994, edition 1
56
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