North Carolina Newspapers is powered by Chronam.
Your Filing Status Can Affect Your Tax Liability
When it comes time to file your
tax return, one of your first decisions
will be choosing a filing status.
Uncle Sam has created five filing
statuses ? married filing joint return,
married filing separate return, sin
gle. head of household and qualify
ing v,-;dcvv(er) with dependent child.
Essentially, you choose a filing sta
tus based on your marital and family
status as of Dec. 31, 1994. Select
your filing status carefully, since it
can make a significant difference in
the amount of tax you pay.
Here's what you should keep in
Married Filing Jointly
If you are married, you and your
spouse may file either a joint return
or each spouse may file separately.
When you file jointly, all income,
exemptions, deductions and credits
for both you and your spouse are
combined on the joint return.
Filing jointly generally produces
a lower tax liability than if you file
separately because tax rates for joint
returns are lower and more credits
and deductions are available. But
there are cases where married cou
ples may find that filing separately
makes more sense. CPAs recom
mend that a married couple compute
their tax liability
both ways to determine which op
tion results in lower taxes.
Married Filing Separately
Filing separate returns may allow
some married people to claim more
deductions that have adjusted gross
inccinc (AG!) limitations than thry
would be able to claim if they filed
jointly. For example, only those
medical expenses that exceed 7.5
percent of AGI are deductible.
Similarly, miscellaneous itemized
expenses are generally deductible to
the extent that they exceed 2 percent
of AGI. If the spouse with the lower
earnings has expenses that fall into
these categories, he or she may qual
ify for a larger deduction by filing
alone ? thus minimizing the couple's
overall tax liability.
Keep in mind, however, that cer
tain benefits, including the earned
income credit, child and dependent
care credit, and credit for the elderly
are only available to married people
who file jointly.
You fall into the category of "sin
gle" filer if you are unmarried or
separated from your spouse either
by divorce or a separate mainte
nance decree, and you do not qualify
as head of household or surviving
Hope Earns Designation
Jill Hope of ERA Callihan, Teal,
Skelley & As
real estate bro
Las Vegas, HOPE
earning the designation of "master
Jan Ebcrwein and Becky Garrell
have joined the rental department
staff of the firm's subsidiary, Beach
Vacations Inc. Eberwein coordinates
vacation and golf package reserva
tions. GarTell oversees annual ren
Evelyn Bullock, president of
Rampage Development Corporation,
recently attended the Deltec Homes
Master Builder/Homeowner Confer
ence in Asheville.
Attending were master builders,
associate distributors and Deltec
homeowners from throughout the
country, she said.
Rampage Development Corpor
ation is the local distributor of Del
tec homes and structures.
Working At IBM
John David Matthews of Yaupon
Beach is among more than 400 N.C.
State University students gaining
hands-on experience with public
agencies and local, state and nation
al companies during the 1994 fall
Matthews is working at IBM in
Research Triangle Park as part of
the NCSU Cooperative Education
Program, designed to integrate acad
emic study with related job experi
The program provides opportuni
ties for students to learn through
placement in a professional environ
ment; explore career possibilities;
earn a portion ot the cost ot their ed
ucation; and increase the likelihood
of a job offer after graduation.
The program is open to under
graduate and graduate students who
meet academic requirements.
Nominations Are Open For
Governor's Business Awards
Nominations are open for the
1994 Governor's Business Awards,
presented annually to businesses,
cultural organizations and chambers
of commerce that have made "sig
nificant contributions to North
Carolina's arts and humanities cli
Nominations are open to all North
Carolina businesses which have
conducted or participated in innova
tive projects to promote the arts
and/or humanities in 1994. Cultural
organizations that have promoted in
novative business support of the arts
and humanities are also eligible.
The nomination deadline is Jan.
The governor will present the
awards at ceremonies planned in the
Awards are presented in five cate
gories: small businesses (fewer than
50 employees), medium businesses
(50-500 employees), large business
es (more than 500 employees),
chambers of commerce and cultural
For nomination forms, call Nancy
Trovillion at the N.C. Arts Council,
(919)733-2111, or write Governor's
Business Awards, N.C. Arts Coun
cil, N.C. Department of Cultural
Resources, Raleigh NC 27601-2807.
'Bright Ideas' Earn BEMC Grants
Brunswick Electric Membership
Corporation has awarded education
al grants to a variety of teachers and
schools in Brunswick and Columbus
The grant program was open to
public school gtades K through 12.
The electric cooperative will dis
tribute more than $15,000 in January
in grants that support "innovative,
creative and effective initiatives that
are not covered by traditional school
The program was endorsed by the
N.C. Department of Public Instruc
tion and the N.C. Association of
Educators. It was conducted in co
operation with Carolina Electric
Cooperatives, a network of affiliated
electric cooperatives in North Caro
Brunswick County winners are as
? Bolivia Elementary School,
Jenni Johnson, Betty Jo Cheers,
Phoeba Hawes and April C. Evans,
"Take Home Science in a Bag,"
? Lincoln Primary, Mitzi Daug
htry, "Make It-Take It, " $300.
? South Brunswick High School,
Dean H. Carroll and Joyce F.
Williams, "Reading for Meaning, "
? Shallotte Middle School, Lois
Morgan, "Show Me, I'll Succeed, "
? Southport Elementary School,
Grace B. Puckett, Ellen W.
Muellerweiss, Joyce F. Elliott,
Daphne DeLaney, F. Thomas
Cochran Jr., "Earth Quilts, " $1,500.
? Union Elementary, Sylvia
Pullen, "Martha Russ Memorial
Reading Forest, " $ 1 ,500.
? Waccamaw Elementary
School, Gail M. Thomas, "Problem
Solving Power, " $500.
Computer Hardware & Software
PC & Networks
Installation, Service & Leasing
Rossi & Associates
spouse. Single filers are subject to
higher tax rates than most other tax
payers, with the exception of mar
ried individuals filing separately.
Head Of Household
Some filers who check the filing
status "single" are actually eligible
for the more favorable "head of
household" status. To qualify as a
head of household, you must be un
married on the last day of 1994 and
you must pay more than half the
cost of the household you maintain
for your child or for a relative whom
you can claim as a dependent.
In most cases, you and the child
or other relative must share the same
house for more than six months of
the year. If you are paying more than
half the cost of maintaining a home
for your dependent mother or father
for the entire year, he or she need
not live with you for you to qualify
for head of household status. For ex
ample, if you have paid more than
half the cost of maintaining a depen
dent parent in a nursing home, you
have satisfied IRS requirements.
If your spouse died during the
year and you have not remarried at
year-end, the IRS considers you
married for the whole year. You are
allowed to file a joint return that in
cludes your totai income aiul deduc
tions and your deceased spouse's in
come and deductions up to the date
of your spouse's death. In addition, a
surviving spouse may file using
joint tax rates for two years follow
ing the year of death of the spouse.
This rule applies if you remain un
married and the home that you
maintain is a household for your
For more information on the tax
implications of filing as a surviving
spouse or any other filing status,
consult your CPA.
Money Management is a weekly
column on personal finance pre
pared and distributed by the North
Carolina Association of Certified
Booster Night Donation
Keith LaBar (right), assistant manager of Burger King of Shai
lotte, presents a check for $34023 for Union Elementary School to
Dawn Long. The funds were from a recent Booster Night and will
go toward completion of the school's courtyard restoration project.
CALL US FOR INSURANCE QUOTES:
? Home ? Auto ? Commercial
? Mobile Home ? Life
^ FINANCIAL CORPORATION
Or Visit Our Banking Offices:
LELAND SHALLOTTE WHITEVILLE
(910)371-1000 (910)754-5400 (910)642-8183
B I N G 0
Thursday Nights ? Doors Open 6:15 pm
Calabash VFW Post 72s8
Carter R<?, Trader's Village, Calabash, 579-3577
OPEN TO THE PUBLIC
Games begin at 7:30 PM
Minimum "Buy In" $5.00
Minimum Pay Out $650.00 Maximum $725
Snacks Available ? No Children under 12
NEW SMOKE-FREE AIR SYSTEM
Dr. H.J . " Skip " Davis and Staff
are pleased to announce
the opening of their new office
- ? ? ?
We invite you to stop by and visit
us at 6657 Beach Dr. , Ocean Isle
(next to True Value on Hwy. 179)
of Shallotte/Ocean Isle
Call for an appointment 579-3502
T>? MUN8MKK tEACON
Crary School Benefit
S halloa e Burger King Manager Shila Evans (left) presents Crary
School representative Mary Ann Pragel a check for $ 216.74 , the
proceeds of a recent fundraiser for the school.
Farmers Home Changes
Ted Rivenbark. who has been
serving as Brunswick County super
visor for the Farmers Home Ad
ministration. is now Brunswick
County supervisor for the Rural
Economic and Community Develop
ment (RECD) Services.
Congress passed a bill authoriza
tion the reorganization of USDA in
September, and Secretary Mike
Espy issued orders making the
changes on Oct. 20.
Rivenbark said FmHA is being
abolished and most of its loan and
grant programs arc being taken over
by Rural Economic and Community
County and district offices of
FmllA have become RE: CD offices
and will continue to provide farm,
housing and rural development pro
Office signs and telephone direc
tories. for the time being, still read
Farmers Home Administration.
Rivcnbark said. People needing the
organization's services should con
tact him or a staff member at the
Promenade Office Park (P.O. Box
2120) Shallotte NC 28459. 754
FULL SIZE PICK UP
I IN STOCK NOW
Call for a
?? aY~w/ mi \ - ?Chevrolet*Geo*Pontiac*Buick*Chryslor*Plymouth*Doclgc* 1
I KSti / \/"i *1 ? . - #* I
s,n? J rnm SluiUnltc
fh'K ii t \\n i Stit 'turn- 1 inn liny I .W r.usl i
s" ''^!u/ x,s oillv 29 , mimic
i//\\w N//MW/S/ ft, win, \ill( i
/####> III N // K " f",< "M !
642-3153 or 1-800-280-RICK
Mali' I n Saiii-ftphi
V// ''nni- //tin
wv # / 1/ M'fin \ i\n \ / s
n %// % /? / /