Newspapers / The Chowan Herald (Edenton, … / March 1, 1984, edition 1 / Page 7
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Bandon Notebook- Caring In The Community Hi Neighbors! We are richly biessed hi the Edenton area not only by tbebeauty and bounty of God’s han diwork but by the caring and sharing of the people inithfe community. There is a nigh level of decency .honor and neighborly love herd which distinguishes our community and makes it unique. I feel privileged to be a part of it. Some of our neighbors seem to be saddled with “extra” I* burdens today so I’d like to share with them and with you this lovely verse by Helen Steiner Rice entitled press ings Come in Many Gufees”: “Wien troubles come and things go wrong, And days are cheerless and nights are long, We find it $o easy to give in to despair, By maginfying the bburdens we bear - We add to } our worries by refusing to try, To look for “the rainbow” in an overcast sky ■ -* And the blessing God sent in a “darkened disguise” Our troubled hearts fail to recognize, Not knowing God sent it not to distress us, But to strengthen our faith and redeem us and bless us.” -0 I The beauty and magnificance of this Lord's Day filled the soul with awe and thanksgiving. ‘Twas in deed a pleasure to exercise our privilege of entering the church of one’s choice to rekindle our spiritual flame. Those gathered for Sunday School at Bandon Chapel were treated to a great lesson by | Wm. F. Smith, entitled “The Service of God Seeks”, Isaiah 58:5-11. Isaiah stresses that life is to be God-centered and people-directed. Many times we choose one of these paths but not both. As we incor porate into our lives both of these qualities, we come more in line with the service which God seeks. I -0 PrayerList: Prayqr IS£he most powerful force in this world today. Please addx>ur friends to your prayer list. Rachel Chandler and Clayton Inskeep-we*e with us at churchjjt w< s so good to see themojjjtbut »th of them are still in Mbd of prayer; Louise Waters is still confined to \ Maryview Hospital, Rm. 406, Portsmouth, Va. and wouftiA love to hear from her many friends; Lyn Koraska under went Catherization at the Portsmouth Naval Hospital Monday and Tuesday. He is scheduled to enter' the ‘ hospital on March 7th and needs your prayers; Owen Pate underwent treatment at | Kecoughtan Veterans Hospital, Hampton, Va. on Wednesday of last week and Monday of this week. He is scheduled for extensive tests at Norfolk General Hospital on March 12th. He needs your prayers; J.J. King is out of the hospital / and recouperating at home; Henry T. Bunting is able to be up and about but still has trou ble with his knee and ankle; please remember M&rgaret Kight; Vivian Spindler; Pauline and Jimmy Oglesby; Rick Allsbrook; Elizabeth Dale; Doris Cahoon; Eugenia Castellow; Bruce Doughty; Helen Powers; Annie Cooke; Robin Adcock; Cecil Ellis; Edward Johnson and William Strickland. Pray that God will guide the decisions made by our Nation’s leaders and leaders of other nations; remember ail missionnaries and our Pastor, Rev. Robert S. Harrell and his family. -0 “Happy Birthday" was sung by all in honor of Alice Johnson as she placed her contribution in our Birthday Bank. -0* At our Worship Service Pastor Bob’s inspriring and enlightening message was based on Rom, 8:1-11. Resume: “Spirit” is the key work! The word “spirit” is us ed in various ways and means many different things, accor ding to the manner in which it is used, i,e.: in athletics - team spirit; law - spirit of the law, etc. In church, we talk about “spirit” in a different way -- the “spirit” of our con gregation; the “spirit” of God; the “Holy Spirit”. “The Spirit” is that unique but very real quality of life that dwells with every person. It is like the wind and air - we cannot see it but we know it’s there. We are created in the image of God. The course of human history is of man’s striving to become God-like and spiritual - to attain qualities of love, mercy, kindness, ethics and morality. It is a struggle bet ween darkness and light - flesh and spirit. “Flesh” is an attitude of mind and living it is characterized by everything that is the total opposite of God. The struggle is very evident in this world today. We see it all around us^eVe'ninour own lives. God haktifesaedius with a marvelous mind and given us freedom* of choice. Don’t let our own stupidity, our hardness of heart or things of this»world crowd out things of spiritual value. The absolutes of his world and this life are spirit. God's spiritual values given to us by Christ free us from the law of sin and death and will be here long after everything else is gone. -0 IMPORTANT! There will be a FAMILY BREAKFAST on Saturday, March 3rd, at 8 A.M. in the Fellowship Hall. EVERYONE IS INVITED. Dr. John Knox Miller, our missionnary doctor in Africa, will be our honored guest. Breakast reservations may -financial planning IRS GIVES IN (New IRA Advantage) The requirement that a taxpayer actually make his IRA con tribution before filing the'tax return on which he takes a deduc tion for it has now been changed. A recent IRS ruling now allows you to file your income tax return and take a deduction for your IRA contribution of up to $2,000 even though you have not yet put the money in your IRA. You then have until the filing deadline of your tax return to actually make your contribution. This change in IRS policy allows for an interesting maneuver Those taxpayers who will be receiving a tax refund can file early and take their IRA deduction, wait for their refund, then use the refund money to actually myke the contribution. If you apply for the automatic extension that allows you to ex tend the filing date of your tax return to August 15th, you can fife your tax return between April 15th and August 15th. wait for ypur refund and make your IRA contribution before the filing ex tension expires on August 15th. You cannot, howBvpr/fHe your return before April 15th and then file for an August 15m extension to try to get additional time to make the IRA contribution. Taxpayers who file and take a deduction for an IRA contribu tion but who actually never make the contribution by the due date of the return, are required to file an amended return eliminating the deduction. If they do not, the IRS can access a negligence penalty of 5 per cent or a fraud penalty,of 50 per cent of the ad ditional tax due. Since earnings in an IRA are tax free until withdrawal, con sider making your IRAcontribution early in the year. It isespecial ly advisable to transfer money that’s in a savings account or other taxable Investment tb an IRA early in the year. You’D have tax deferred growth tor a longer period. ^tatiprlake A Sykes, P. A., CPA’s • 101 W. King Street, Kdenten, N.C. 4S2-S4*I »lioW. Market St., Hertford, N.C. • Call us - we understand financial concerns...Personal, Corporate, Estate A Inheritance tax returns...Audits... T$x A Financial planning...Financial Statements...Wane gement Advisory Services...Micro-Computer assistance ua , aJS ‘ * , . *’ ' - ty.i, bdulc tj ■ ; - . ix'r' be made by calling Kent Rowley, 221-8321 or Jessie Hitt, 221-4556. Following breakfast everyone will adjourn to the Sanctuary around 9 A.M. to hear this most interesting speaker. -0 NEW ADDITION! Our con / grat illations are extended to Mr. & Mrs. Dennis Rorrer on the birth of a beautiful 7 lb.-iooz. baby boy born Sun day night at Chowan Hospital. At the suggestion of their daughter. Dawn, they named him Dennis Michael. This small one is the fifth grand child for the proud grand parents, Irvin & Gerry Rorrer. SPECIAL! Scout will bo observed on 11th. On this day these men will demonstra remarkable progress have made these last few years. *0 A Covered Dish Luncheon ■Ml be served following the ^>rship Service on this date St 1:00 P.M. in fellowship Hall in honor of Staffand Lor raine Turbyfill to Recognize their many and varied con tributions to Bandon Chapel and the community. Plan now to attend. iKb Keport: Tax Breaks For The Self EmDloved Do you depreciate your cow? Do you take a deduction for the cost of heating that corner of your home which you use for an office? Do you take and investment tax credit on your cello? If you’re self-employed and your haven’t considered these issue;, you may be missing out on important tax breaks, says the North Carolina Association of CPAs. According to IRS statistics, since 1973 the number of self employed people has grown 40 per cent. And when it comes to taxes, farmers, sales representatives and musi cians share the same plight as freelance writers, unincor porated shop owners and pro fessional consultants. If you’ve filed estimated taxes for the four quarters of 1983, must now file Schedule SE for Social Security withholding along with your personal income tax return. The more business expenses you claim (on Schedule C of you itemized tax return) the lower your profits on your business, and the lower your personal income tax liability. So be thorough in looking for tax breaks. For instance, you can depreciate your cow without milking the IRS. In fact, if it produces income, any piece of business equipment can be depreciated. The most wide ly used method to write off capital equipment is the Ac celerated Cost Recovery System (ACRS) which allows you generally to deduct the fall value over three or five years Let’s say you are a sales representative who wants to depreciatea car over three years. On a $10,000 car, you can get a $2,500 deduction in the first year, followed by a $3,800 and a $3,700 deduction for the next two years. If you use a piece of equipment for business reasons only part of the time, you can get a partial depreciation allowance. Check with you tax advisor on these rules. You may also take advan tage of investment tax credits for new or used business equipment. Depending on the depreciation recovery credit on the equipment. So, a clarinetist who pays $1,000 for an instrument can get a $100 tax credit. A farmer can receive the credit on the cow he purchases. Like the depreciation allowance, you can receive a partial credit if you use theequipment for business only part-time. (This is not likely to apply to a cow!) Self-employment persons who work out of their homes may be able to deduct ex penses for maintaining a home office if it’s used ex clusively and regularly as the principal place of business. You may be able to deduct a percentage of the costs of general maintenance, depreciation, heat, electricity and special upkeep. Your deduction, however, may not be in excess of the gross in come from the business use of your home. Another tax saving device for the self-employed is the Keogh retirenfent account which allows you to shelter up to IS per cent of your self employment income. The maximum contribution is $15,000. However, to save on your 1983 taxes you needed to open the account before January 1. If you already have a Keogh, you can make con tributions until the due date of your 1983 tax return, in Coach House Inn Restaurant Daily Luncheon and Evening Specials N. Broad St. 482-2107 Edenton, N.C. I ; ‘Ml «* BY CHOWAN REALTY CO. CONTACT: ALTON G. ELMORE OFFICE: 482-8418 AT EDENTON FURNITURE CO. 211 S. BROAD STREET HOME: 482-3577 BEAUTIFULLY LOCATED AMONG THE PINES ON MONTPELIER DRIVE... LARGE LOT 100’x 200’ 3 bedrooms, 2 full baths, living room, kitchen/dining area, den or formal dining room with fireplace, large den/sun room, beautiful floor coverings and carpetings and generous clothes - linen - storage closets. READY TO MOVE IN WITHOUT PAINTING OR REPAIRING A THING! . BUILT-IN RANGE & DISHWASHER . STORM WINDOWS . PARTIAL ASSUMABLE MORTGAGE .ATTIC INSULATION & STORAGE AREA .CONCRETE DRIVEWAY .COUNTY WATER SYSTEM .5 x20’ INSIDE UTILITY & LAUNDRY ROOM .20’x22’ ENCLOSED DEN/SUN ROOM WITH ELECTRIC WALL HEATER . LARGE ROOM WITH FIREPLACE FOR DEN OR FORMAL DININGROOM . 2 FULL BATHS ON 2 SEPTIC TANKS .CENTRAL ELECTRIC HEAT PUMP/AIR CONDITION .STATE-MAINTAINED PAVED ROAD .YARD BEAUTIFULLY LANDSCAPED & MAINTAINED $79,500 r" • ■■■'■ . " ' 1 ■ • 1 . i FOR SALE! ALSO ON MONTPELIER OR. TWO CHOICE BUILDINQ LOTS 100’ x 180’ THESE LOTS ARE ADJACENT WILL SELL ONE OR BOTH! __ $4000 EACH eluding legal extensions. If you need more time to come up with some Keogh money, you can extend your tax return filing deadline. One final reminder about Social Security withholding. As you ready the first quarterly estimated tax payments for the April 15 deadline, remember that self employed persons must now withhold more in Social Security taxes. The new rate is 11.3 per cent, up from 9.35 per cent in 1983. The wage base - the maximum amount of earnings on which Social Security taxes are paid - rises from last year’s $35,700 to $37,800 this year. If you earn $37,800 or more this year, you will have to pay $4,271.40 into Social Security. “We make our fortunes, and we call them fate." Benjamin Disraeli Veterans’ Insurance * Q- My husband was covered under Veterans’ Group Life Insurance when he died. An attorney from a company where he owed money said they would attach the pro ceeds of the insurance to pay the bill. Can they do this? A- No. Servicemen’s Group Life Insurance and Veterans’ Group Life Insurance pro ceeds are not assignable, nor are payments to beneficiaries subject to claims of creditors of the insured or beneficiary. Q- Can a veteran draw com pensation even though his or her disabilities are connected but rated as compensable? A- Yes. When a ve hasd two or mor compensable service nected disabilities that permanent and clearly terfere with normal employability, a 10 per cent rating my be assigned. Q- Is there any restriction on the type of work perform ed by VA work study students? A- Yes, it must be related to VA business. 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The Chowan Herald (Edenton, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
March 1, 1984, edition 1
7
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