Income tax reductions need to be planned for next year
Now is the time to use legal tax
reduction methods to reduce your
income taxes. There are two tax
?reducing methods that most con
cerned persons can use.
. These are: (1) deferring income
.until next year or later to reduce
the amount of taxable income for
1985 and (2) speed up deductions
for 1985 which will also reduce the
- amount of taxable income.
Several other methods that are
unique to specific situations can be
used to reduce taxes.
Reducing taxes and putting the
money to work to earn -- interest
and/or equity ? are basic means
for getting ahead financially.
Each person is advised to con
serve as much of his/her money as
possible.
Common tax reduction methods
are identified.
For more information consult
tax guides at your library, compe
tent tax advisors or IRS agent.
1 . Defer income.
Push as much income as is possi
ble into next year or future years
when the tax rate is expected to be
lower. Such income would include
salary increases, bonuses, or short
term appreciation and interest on
investments.
To further reduce taxable in
come 1985, put the maximum
possible into tax-deferred in
vestments such as: Individual
Retirement Accounts, Keogh
plans, company pension plans and
annuities. Such investments not
only reduce taxable income for the
year, but they permit you to put
the money saved from taxes to
work to earn for future years.
However, keep in mind that
taxes will be due when the funds
are withdrawn. Also penalties may
be imposed if the funds are
withdrawn before a specified time.
2. Speed up tax deductions.
Some deductions may not be
allowed next year; also, saving in
taxes will be greater this year
because of expected lower tax rates
for next year. Because of this, it is
smart to get as many deductions
this year as is economically sound.
In 1985 when possible:
. . Use short term capital losses
? to offset taxable income.
Completes 30
John Jackson has completed 30
years continuous service at the
Burlington Industries Raeford
Plant. Jackson began his
employment with Burlington as
a Sweeper in the Twisting
Department. Since his employ
ment he has had several promo
tions and presently works in the
Preparation Department as a
Harness Reed Repairer. In ap
preciation of his continuous ser
vice with Burlington he nm
presented a certificate, diamond
pin and a gift by Plant Manage
ment.
. . Fully pay up property taxes.
. . Purchase planned big ticket
items such as cars and boats to get
the sales tax deduction.
. . Pay outstanding state and
local income taxes in December
rather than next year.
. . Make planned contributions
to charities before year end. Ac
celerate gifts of appreciated pro
perties to charity.
. . Consult with your tax, finan
cial and investment advisers and
pay the fees before end of year.
. . Prepay as many mis
cellaneous expenses as possible
such as employee business ex
penses for travel, entertainment,
education, union or professional
dues, and subscriptions to profes
sional journals.
. . Purchase planned business
equipment to get bigger deprecia
tion writeoffs and the investment
tax credit.
3. Use residential energy credits
where possible.
This is the last year to 'claim
these credits.
This is a tax credit and will off
set federal income taxes dollar for
dollar.
Credit can be claimed for 15??o
of outlay up to $2, (XX) for installa
tion of storm doors and windows
and insulation of ceilings and
roofs.
For renewable energy from
sources such as the sun or wind,
40?7o of outlay up to a maximum of
S 10,000 can be claimed as a tax
credit.
4. Use special exclusion for utili
ty stock dividends.
If dividends are reinvested in
newly issued shares from certain
public utilities, taxes on the
dividends can be deferred until the
stock is sold.
The annual exclusion is $750 for
On the
Front Burnerl
Alice Pettitt
Home Economics i
Agent |
an individual or $1,500 for a joint
tax return.
5. Hire your spouse in a family
business.
This provides tax advantages in
that: up to $2,000 of spouse's earn
ing could be contributed to an IRA
and the spouse's working status
may generate a child care tax
credit.
6. Take advantage of all
allowable exemptions and deduc
tions.
Watch exemptions for parents.
An exemption is allowed if the
parent has less than $1,040 income
for 1985 and you provided more
than one-half of parent's support
for the year.
Also where a marriage or
divorse is planned and joint filling
would mean lower taxes, marry
before December 31, but do not
divorce until after December 31 in
order to use joint tax returns.
Keep taxes to a minimum and in
vest the ta\ savings to build
wealth. Carefully study your
financial situation now and iden
tify possibilities for reducing your
1985 taxes. Seek professional tax
advice where needed and imple
ment techniques for minimizing
taxes where economically sound.
Blueberry -Lemon Coffee Cake
1 egg
V* cup sugar
2 tablespoons grated lemon peel
V* cup biscuit baking mix
1 carton (6 oz.) lemon yogurt
2 cups biscuit baking mix
DIET FACTS & FALLACIES
EXCESS WEIGHT:
IS IT WORTH THE
RISKS?
?
Those excess pounds
that surround your hips or
widen your waistline
affect far more than just
your figure! An over
weight condition is often
forerunner to many other
diseases or complica
tions.
Heart attacks and
stroke, diabetes, high
blood pressure and gout
have all been directly
linked to excess weight.
Overweight people also
tend to suffer more from
varicose veins, abdominal
hernias, cancer and
respiratory problems
than normal weight
individuals.
There are now over 80
million overweight men.
women and children in
the United States. Diet
Center believes that
being overweight poses
one of the most serious
health problems in the
country today.
If you are overweight,
seek a sensible solution
TODAY! Diet Center can
provide you with the
permanent weight control
solution you need.
484-5082
W HAY SHEET
867-0000
AJWA* SOUTH
(MIUKfortU
101 Ikii io Seafood Hcnm
tue iiciai
h ?! C mm C mm
OlIiM PHONE BOOK
GOES TO PRESS SOON
THE NEW OFFICIAL ? 1
PHONE BOOK IS NOW BEING
COMPILED. IN ORDER TO INSURE
THAT YOUR NEW BOOK IS AS
COMPLETE AND UP TO DATE AS
POSSIBLE, PLEASE INFORM YOUR
TELEPHONE BUSINESS OFFICE OF
ANY DESIRED CHANGES.
Please Let Us Know By: November 18, 1985
for: Red Springs, Maxton,
Raeford, St Pauls
2/3 cup milk
1 cup frozen blueberries, thawed,
rinsed and well drained
Heat oven to 400?. Grease
round pan, 9"xl2". Beat egg
slightly, stir in 2 cups baking mix,
the sugar, milk and lemon peel.
Mix blueberries and V* cup baking
mix; fold into batter. Spread in
pan. Bake until golden brown, 20
to 23 minutes. Serve warm with
yogurt and if desired additional
blueberries. 6 to 8 servings.
Caramel-Glazed Apple Bars
2j/4 cups biscuit baking mix
1 Va cups packed brown sugar
1 cup packed brown sugar
1 teaspoon vanilla
V* cup chopped walnuts
2 Vi cups quick-cooking oats
Vi cup margerine or butter, soften
ed
2/3 cup margarine or butter
3 cups chopped apples (about 3
small)
Heat oven to 350?. Grease jelly
roll pan, 15 H"xlO,,x|2"xP\
Mix baking mix, oats, I V* cups
brown sugar and Vi cup margarine
until crumbly. Press in pan, Bake
15 minutes. Mix I cup brown sugar
and 2/3 cup margarine in 2 quart
saucepan. Heat over medium-low
heat, stirring constantly until
smooth and thickened; stir in
vanilla. Stir in apples; spread over
crust. Sprinkle with walnuts. Bake
20 minutes. Cool; cut into bars,
about 2x1" 75 bars.
ALKA-SELTZER
36's
VM reg. 2.76
BONUS
BUY
403
114 N. MAIN STREET RAEFORD, N.C.
STORE HOURS: 9 a.m. till 5:30 p.m. Mon.-Sat.
We Reserve The Right To Limit Quentities.
"Prices Good Through October 28, 1985
Or Until Merchendise Is Sold Out"
"Featuring low. Low Evory Day Pricos"
RAVE PERMS
Ex Curly,
Soft Perms,
Spot Perms
VM reg. 4.35
BONUS
BUY
317
ftSME
n
CLAIRMIST
Special
Priced
"* 4 oz"
%j4 VM r?fl
2$. 118
BONUS BUY
84*
ARRID
X-DRY
SPRAY
DEODORANT
4 oz.
VM reg.
2.97
BONUS BUY
207
4 WAY
NASAL SPRAY
15 CC
VM reg. 2.63
R*gul?t/M?nthoUt*d
PLAYTEX
DEODORANT
TAMPONS 16's
Reg. & Super
VM reg.
2.25
BONUS
BUY
86
1
COLGATE
TOOTHPASTE
3 oz. Reg. &
2.7 oz. Gel
VM reg. 1.26
BONUS
BUY
88'
COLGATE
PUMP
DISPENSER
4.5 oz. Reg.
& Gel
VM reg.
2.16
BONUS BUY
148
? 1
BAYER
ASPIRIN 24's
VM reg. 1.42
BONUS 1 07
BUY I
BAYER
ARTHRITIS
TIME RELEASED
30's
VM reg. 2.25
BONUS
BUY
167
SINE-AID
TABLETS 24's
VM reg. 3.09
229
BONUS
BUY
PONDS
COLD CREAM
3.5 oz.
VM reg. 3.50
PHILLIPS
MILK OF
MAGNESIA
12 oz.
VM reg.
BONUS BUY
89
CLEAR EYES
1
.5 oz.
eyes
VM reg.
2.36
BONUS
BUY
1"
MENNEN
LADY SPEED
STICK us.,.
Scented, Unscented
VM reg.
2.02
BONUS BUY
l41
m.
DATRIL
EXTRA STRENGTH TABLETS 30's
EXTRA STRENGTH CAPSULES 24's
VM reg. 2.47
BONUS
BUY
1
62
NUPRIN
IBUPROFEN
TABLETS 24's
VM reg. 3.34
BONUS 013
BUY A
NUPRIN
?www N\BIw
IW KrW hnat*
TRIAMINIC
EXPECTORANT
4 oz.
VM reg.
4.17
BONUS
BUY
247
1
TRIAMINIC
DM COUGH
4o. FORMULA
VM reg.
3.28
BONUS
BUY
| 99
NEO
SYNEPHRINE
12-HOUR
NASAL SPRAY
VM reg.
3.20
BONUS BUY
19
15ML
MENNEN
SPEED STICK
1.75 oz.
VM reg.
1.77
BONUS BUY
l21
speed
stick
MSTk
ANACIN-3
ASPIRIN - FREE
MAXIMUM
STRENGTH
TABLETS 60's
VM reg. 4.67
DRAMAMINE
TABLETS 12's
VM reg. 2.68
BONUS BUY
COMTREX
COLD RELIEVER
TABLETS 24's
VM reg. 3.77
COMTREX
COLD RELIEVER
CAPSULES 16's
VM reg. 3.77
II*' 111
ODMTREX
BONUS
BUY
247
TTswr* ? "
COMTREX
BONUS
BUY
24T
ROLAIDS
3 Pock w/ Extra
Free Pock
Sodium Free,
Reg. & Spearmint
VM reg.
FINESSE
SHAMPOO 7.,.
A
FINESSE
CONDITIONER
A
**?93
VM reg. 2.69
BONUS BUY
1"
GILLETTE
ATRA
CARTRIDGE 5's
VM reg. 2.73
VM reg.
3.08
SINE-OFF SINUS TABLETS 24's
BONUS 415
BUY A
EX STRENGTH
CAPSULES 20's
VM reQ. 3.88
BONUS OS6
BUT A
Jfc. .*]
CONSORT
HAIR SPRAY
For Men
13 oz.
VM reg.
2.22
BONUS BUY
1"
LISTERINE
MOUTHWASH
32 oi.
VM reg.
3.91
BONUS BUY
3a#