Newspapers / The Charlotte Post (Charlotte, … / Jan. 9, 1986, edition 1 / Page 11
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I Accountant Offers Tax-Saving Suggestions It, . . xrr « . rmanoai wonunop I . By Audrey C.Lodste Poet Staff Writer Taxea are one aspect of the "facts | of life” that most of us would just as i soon do without. And because it’s • such an unpleasant subject, too • many of us ignore it until either the * very last possible moment, or we take the easy way by filling out the shortest or fewest forms possible, or . we take our shoebox of papers and drop it in someone rise’s lap. Granted, there may be times when any of the above are appropriate, but with a little care, even those of . us who have uncomplicated finan cial affairs might find our tax burdens eased somewhat. Andrew Gray, a Charlotte ac countant with offices on Beatties }Ford Road, offers several sug ' gestions which may help, including a - look at a few changes in federal and * state tax laws which affect this ; year’s returns. i Among Gray’s Ups: -If you do volunteer work, you can deduct 12 cents a mUe for your I-r automobile expenses related to that ; volunteer work. This deduction is * taken under “charitable contribu . tions.” You must keep a log of miles ! driven to take this deduction. If you do volunteer work but haven’t kept track or your mileage, start now for next year’s tax return. -Although the cost of having an v< attorney draw up a will is not de ; ductible, any part of the process that » relates-to tax advice may be de ll- ducted. Have your attorney itemize 1 the charges and you'll be able to - deduct that part pertaining to taxes. 1 -If you help your parents with ; their medical expenses, you may be • able, to deduct those Costs, even if i they don’t live with you and you ; don’t claim them as an exemption. If ..they are living in a retirement ; setting and part of their fees are used for nursing or other medical ■ care, that part may also be ide I ductible as a medical expense. -List ail interest income just the ' way it’s reported on the 1099 forms the bank sends. If you have more than one account at the same bank, list them separately. Comments Gray, "The IRS computer may assume you’ve overlooked some ; thing if your listing doesd*t match the 1099s. List the amounts exactly as shown.’’ -If you deduct travel expenses (work-related), keep accurate re . cords in case of audit. While com muting to and from work -are not - deductible, if you use your car for , other business purposes, that mile age is deductible. -If you made any energy-related improvements on your home by De cember 31, such as storm windows or insulation, this is your last chance to claim afc-energy • credit unless Congress ctlanges its mind.' t Gray notes that changes in federal . home tax laws include the personal Job Search Sptwhwr . The winter Job Search Seminar Series for Women begins on January * IS, Wednesday, 4:304 p.m. Doris Cromartie will be the guest discus sant. Hie topic for bar discussion will be “Realistic Expectations in the Job Market.” All women are • welcome at the WomanReach ; Center. The WomanReach Center is a •* United Way Agency. The facilities are handicapped accessible and - services are freely given and freely c received. For more information, call a WomanReach poor counselor • Monday through Saturday from 10 ajn. to 4 p.m. at 334-3014. Aoritient Rate Rises Although the number of school bus accidents rose slightly in No vember from September and Octo ber figures, CMS continues to have its lowest accident rate since the system began keeping such data In im. The school system’s safety goal Is one accident per every 1000,000 miles driven by buses. The Novem ber rate of .78 exceeds that goal but is slightly higher than the October rate of .8 accidents. During tbs first three months of school, CMS buses were involved in 88 accidents compared to 08 during the same period last year. Of this year's accidents, 11 were the fault of . the other driver, 17 ware the bus driver’s fault, three were due to both driven' negligence and five to other causes. CMS operates MO buses which travel 41,7*1 miles each day. For more Information, contact Don Baucorn, transportation director, at 888-SI74, Explore The Option Explore the options for your Ufa beyond to in tha WomanReach years of afe on Wednesdays from 10:80 a.A. to noon at tha Woman Roach Canter. Eleanor ftothart will facilitate this group. B 1b» WffcaaReacIi Cantor to a | exemption being raised from $1,000' to $1,040; and the "zero bracket amounts” increasing. Zero bracket amount refers to the amount your deductions must exceed in order to Itemize. For a tingle person, itemized deductions must be greater than 8,390, up from 8,300; for married filing Jointly, up from 8,400 to 8,540; for married filing separate ly, now 91,770 vs. the old 91,700. The amount you need to earn before you have to file a federal tax return has also increased as fol lows: single under 8, 8.430; single 8 or older, 94,470; married filing Jointly, 8,630; if one spouse is 8, 8.660; if both are 8, 97,700; a surviving spouse with a dependent child, M.580. (if you are self employed, however, you must file If your gross Income is MOO.) Of course, even If you earned less than these limits, you must file to get a refund of any taxes that were withheld. Changes in state income tax in clude an additional $1,100 exemp tion for those with multiple schlero sis; and allowing a divorced parent to claim a medical deduction for a child even if that child is not claimed as a dependent, which now brings N.C. law in line with the federal regulation. Gray disagrees with those who claim that the later you file, the less your chance of being audited. “That may have been true id the past, but not with their computers,” he says. He also recommends using regu lar postage stamps and sendii* your return by certified or registered mail if you wait til the last day. This will prove you mailed it on time, even if the Post Office delays the postmark. Be sure, too, to keep a copy of your tax return and all related mate rials. Returns should be kept five six years; supportive material, at least three. Finally, while It’s important to plan ahead to minimize your taxes for next year, Gray admits, "It's difficult to know how to plan until you know if tax reform will be passed.” Andrew Gray .Veteran accountant North Mecklenburg High School will bold its annual Financial Aid Workshop Wednesday, January 15, at 7 p.m. In the school’s media center. Students interested in attending college and their parents are en couraged to attend this informative workshop. Curtis Whalen, financial director at UNCC, will be conduct ing the workshop. At the workshop all financial aid forms will be issued and explained. This includes applications for federal aid. Financial Aid Forms of the College Boards, and Family Financial Statements of the Ameri can College Testing Program. In formation will also be available on federal grants and loans. Quality & Variety... 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The Charlotte Post (Charlotte, N.C.)
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Jan. 9, 1986, edition 1
11
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