* - _
He pointed out that North Caro
lina’* child rapport r——*
19M0 active epees; witenir*
nearly 1®?, the 10-year
»and#sJ£c*nt^hE
support obligations through volun
tary means. The program has also
located SI percent^ of the absent
obligations Mr K.OOO famfltodEe
1975. The child support anforce
msnt program has collected over f7«
arilUon in support payments. Th*
default rate on support payments
averages about SO percent each
year An estimated 180,(MO enforce
ment actions have been filed to get
1
.
r
>
By Audrey C. Lodato
Poat Staff Writer
(In last week * Poat, tax consul
tant Ruth M Lyla, of DoMtte
Haskins k Sells, discussed the taxes
and fees that a new business can
axpect to encounter. She continues
her comments hare.)
"New businesses are faced with a
number of decisions which have
significant income tax rrmsmpmnr
es,” declares tax consultant Ruth M.
Lyfe, of DeMtte Haskins It Sells,
Taxes are affected by the form a
business takes: sole proprietorship,
partnership, corporation or S cor
poration.
Other factors having tax conse^
quences include the accounting
period and accounting method
selected; the election to amortise
various expenses ; the choice of
inventory valuation method; the
method chosen for deductiiy bad
debts; the decision to buy or lease
capital aaatgs; and others.
the paid-in capital-alao his im
portant income tax consequences,”
Lyle advisee. The return on their
-investment that owners in a cor
poration receive from the company
•re taxable to them as interest or
dividends The corporation can do
duct interest paid on it* tlx re
y4ura, but dividends paid ere not
^ttatactibJe, .ad «tb£efhre taxed
T**ice~once to the cocporatkn and
«ce to the shareholder. “Because of
the many pitfalls to be avoided in
tttis area, it Is absolutely essential to
diacuaa this issue witfa your lawyer
or accountant^ Lyle adds, - %
‘ • A variety of tax cradMs can be
used to reduce tax liability and are
available to aole proprietor*,
partner* in a partnership, corpora
tions, and S corporation sharehold
ers
Estimated tax payments must be
carefully planned to avoid penalties
involved in underpayment. Corpora
“We're Mot alike. We’re been beet
friends tor three years and she’s
always (here when I need her. She
gives good advjce. We work on
school projects together, go out to
gether, dress alike, go shopping, and
talk about boys.”
Another of Locretia’s best-loved
people is her mother, Mary
Elizabeth Love. Lucretia says her
mom’s understanding and can be
counted on for encouragement
“She’ll bend over backwards to help
me,” Lucretia assures. It's for bar
mother that Lucretia says she plim
to do well in life. ‘Tm going to reach
afl my goals, all for my mom I” she
declares.
Lucretia’s the baby in her family
with two older sisters, Cynthia and
Gail, and brothers, Shelton and
Darien. “It’s an advantage being the
youngest,” she relates. “Most
people think I’m spoiled but I don’t
think so.’.’
Maybe, just maybe, Lucretia
admits, her dad spoils her -a little.
Her father, WUUe Lee Joyner .Uvea
in another town and writes her often.
“He gives me advice,” says
Lucretia.
Given the chance, this week’s
beauty has some advice of her own
to share with those her age. “Set
high goals for yourself,” she notes,
“spd, live one day at a time to
achieve them.”
£oo* are required to pay at least 90
percent of their tax liability at
certain points throughout the year;
others are required to pay at least 80
percent North Carolina require
ments are similar, although not
identical, in this area. ~
Adequate recordkeeping is vital to
establish deductions and credits tor
income tax filing. Certain recorch
should he retained permanently,
according to Lyle Three include a'
company’! general ledger, can
celled checks for income taxes,
purchase Journal, tax returns, and
sales and use tax returns.
Because taxes are such a complex
issue and sre affected hy so many
business decisions, an accountant
can best advise you.' Among items to
discuss with him or her indude form
of businem, choice of accounting
method, setting up an accounting
system, recbrdkeeping require
ments, estimated payments, inven
[■■■ ' ' '
tory method and control, projected
cash flows, purchase or lease of
capital assets, and annual tax
planning. v
• Next week: Insurance sad your
**»nlne«s. •
Urge SeMCttaL.
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i p
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