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Expenses Ar
Taxpayers who arc changing job locations
and moving as a result can
deduct certain moving expenses when
ihey file their tax returns, the Internal
Revenue Service said
Moving expenses which arc allowable
deductions include the costs of
househunting tnps pnor to the move;
disposing of the old home and getting a
new one; temporary iiving expenses at
the new location; moving personal and
household goods; and traveling So she
new home.
Reasonable job-related moving expenses
may be considered allowable
deductions if die expenses meet the
u*jiu>k.e irai, iitrtr icsi, ?iiu ai? u'uiro
related to the start of work.
To meet the distance test, the new
job location must be at least 35 miles
farther from the taxpayer's home than
the old main job location was
lime Te*t
The time test requires that a person
he employed full-time at least 39 weeks
o? ihc la-month period following arDOESN'T
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see, you Big T' Indep
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represents several.
So he can give you an
and offer you expert a
coverage at the best p:
homeowners, automob
health insurance.
Before you make a de<
insurance, see your In
Agent...the more-thanCoastal
; & Realty,
a MAIN MKfctl bMAllUIIfc
j PHONJ 754 4326 m?
Moving
e Deductible
rival in the general area of the new job
These 39 weeks do not have to be
consecutive or with the same employer.
If a taxpayer is married, filing a joint
return, and if both spouses work, either
spouse's employment may fulfill this
tunc requirement, but the weeks of
cdcii sjumsc L4iuuit iic aiiiiai lugciiici
to fulfill the 39 week requirement.
A move must also he closely related
to (he start of work, meaning that the
move should take place within a year
of taking a new job.
V* t onii 1040
Fligible taxpayers should use Form
3903. Moving Expense Ad/ustment. to
deduct allowable moving expenses
Job-related moving expenses can be
deducted even if deductions arc not
itemized, but Form 1040 must be used
Details about deductions for moving
car. be found in the free IRS Publication
521. Moving Expenses Both Form
3903 and Publication 521 arc available
by calling or writing the IRS. or by
using the order blank found in federal
tax packages
IT MAKE
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lenueni Agent dueSii't
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:ision about your
dependent Insurance
-one-company agent.
Insurance
inc.
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Taxpayers Who S
Taxpayers who .suffer a loss of nonbusiness
property due to theft or casualty
may be able to claim a casualty
loss on f ederal income tax returns, the
IKS s.i\s
A casualty loss is defined as the
da ma pi* ilr\lnu linn rtr Inu nf nrnnrrlv
due to an identifiable event that is
sudden, unexpected, or unusu?.! in nature.
It could be the result of vandalism.
car accident, hurricane, lire or
flood.
The Tax Reform Act of I9H4
changes the treatment of casualty
iu?m:> so 111.0 gams jiiu imxs iiuiii
nonbusinns casualties and '.hefts must
he treated separately from business
gains and losses. To claim a Urn on the
tax return, the loss is subject to the
following limitations, i-.ach casualty
loss must be reduced by the amount ol
insurance of other type of reimbursement
received ITie first $100 of a nonbusiness
loss is not deductible, and a
separate $100 limitation applies to
each casualty In addition, nonbusiness
Tax Credit For
Political
Contributions
Taxpayers may lake a credit of up tt
$50 ($100 on a joint return) for half the
political contributions you made during
the year, the IRS says
However, be sure that you have a
written receipt to prove your contributions
Cancelled checks will in mot!
cases meet this requirement. You alsc
may be required to prove that you
made your contribution to a qualified
political candidate, campaign commit
icc. newsletter lund, or a national po
litical party or that the purpose of tin
payment was to make a political 01
newsletter fund contribution
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An IRA at UCB is g
you arc when you su
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Don't put off a
has a plan that's rigfi
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CICBHas/
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For You.
THE BRUNSWICK BEACON,
uffer Casualty Loss M
casualty losses arc deductible only to
the extent the ioial of all losses for the
year arc more than 10 percent of adjusted
gross income. The new law
changes how you ligure this 10'?
amount if you have both gains and
from cauiallirt and ih^flc
Taxpuycrs claiming a casualty loss
on Federal income tax returns should
have documentation of loss. Receipts
and photographs, especially of valuable
items, can be extremely helpful in
i :
w a iron appoi
25 Years of Pre
Licensed Pui
Bookkeeping
Payroll 11
Appointment]
253-6824
MWY. !7 South. V\
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rcat for people of all age
trt, the more substantial
oid keep in mind that yo
j hundreds at tax iime ea
n IRA for the wrong rea1
it for you. Talk to your L
see that there's no time li
Jlure.
In IDA
mi ii\n {p?ji
it
Your Ix-jm
Thursday, February 7, 1985? Page S-C
ay Take Deduction
establishing and substantiating the allowable
deductions.
More information about nonbusiness
casualty losses can be found in
IRS Publication 547, Nonbusiness Disasters.
Casualties and Thefts, and in
IRS Publication 5H4 Disaster ami C'ttiu
ally Ims Workbook.
To obtain these free publications use
your handy order form in your (ax
package, or write or call your IRS
office.
imting Service
ifessional Service
>lic Accountant
I
Income Tax
a-House Computer Serv.
i Day or Night
253-5525
'innobow. NC 78479
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