.
• • 0 ��� ��--�--��--��
roD
If you your car in yourwotlc,
the IRS you claim
ant more per mile for b .
drivi�. The new of 28 c:ctl$
per mile dcduc:tion for b
� �ll t) your 1992 tax
return. And the fust �
writo-oft'for been
iDCftascd by $100., $2,760.
If you ma401-K
work, you oow �moreof
your iIrome from iIlcrel5ing
your 401-Kromribution t> a maxi­
. mum 0 $8,728 per year.
A word d aUioll, be cardUl
this year if you have a b' and
plan t> claim a bomeoffieeon your
return The IRS is on record saying
it will scrutinize anyone who
claims this dedlction. The word .
c1aimingaOOmeofli�is atlaWng
red light that could to an IRS
audit
TAX PLANNING
If you wait Ulltil Mmdl or April
10 take a look at your 1aX sttatcgy,
you've prntmly missed out on
.
•
..
�
forI
It' a good nd:e
rontnbuti early in the year. TIm
way your contribution will earn a
full years tax dd'eIrcd interest
Also oomider ways to deduct in­
terest charges by CQnVating to de­
ductible mortgage interest You
can do this by taking out a home
equity loan am paying olI your
pasonal debt
Another money saving tax
stratrgy involves � your em­
ployer defrl' part of your yearly
salary. You don't pay taxr:s on that
money until you actually receive it
and the lOOney cams interest while
the company holds it But remem­
ber, you sOOuld chock all tax strate­
gi with your tax aM;or before
making a move.
WITHHOLDING
In mapping out your tax strat­
egy, it's a good idea to check your
withOOlding every year. You don't
want to end � owing Uncle Sam a
big tax bill each year, ror do you
want to have the government tak­
ing out more than you owe. Keep
that money in yourpockctand save
or invest it so it draws in rest for
you.
lfyou know you will be ina low
tax bta:ket in 1� f'IJW' the time
to �rate your ioo>me aOO pay
lowertaxcs.ltmightbewise 10 cash
in savings boOOs, sell ixks or
other assets while in the lower
bracket.Also, bevery careful when
witl¥1rawing morey from your re­
tirement or pension plans. The new
rule says tbe money must be trars­
fetred directly to the new plan or the
company will withOOld 20% in
taxes.
INVESllNG FOR KIDS
If you think the stock market is
too boring for young chil<1rc:n, ron­
sida' this: What if their profi
shareOOldas included free pesses
for am� paries, or chewing
gum, ordiscoun onelecmcgarres
and toys?
A lot of companies olIer unique
perks that can raise a child 's interest
in inv ting. For Caunple, T800Y
Cotporation olIers hareholdcs a
10% break on merchandise from
Ratio S Wtlliam Wrigley Jr.
Company, the chewing gum giant,
nds harcbolders a 100-stick box
o gum.
Charl« Ro I.J' the host of th.
nattonally syndicated radio program
, ·Your Personal Finance", and i.,
author of the book, ThLBe t of Your
, Per onal Finance.
, ...
AACP, uc ully rgu d
ending di crimin tion in politi 1
If there i no tru le, there' no . prim rie , ho in contrac , and
prog . Tho e who pro 0 edu tion, in 1 ding the I dm
vor freedom, and yet precate gi_ Brown v. Board of Ed on.
non, are men who nt crop - , on Janu ry
ithout plowing up the ground they 19, at SQ. Philanthrop t, B i -
ant rain without thunder and light- man. Engineered 985 million lev­
ening. They want the ocean without eraged buy-out of Beatrice Interne­
the awful roar of i many waters. tion I Food Corporation. Donated
This truggle may be a moral one; or millions to edu tional i titutions,
it may be a phy cal one; or t may including Virgini State, Howard,
be both moral and phy leal, But it and Harvard Law School.
m t be a struggle. Power concedes - Und T Y or 1f""OII�IIlnIl, on
nothing without demand. ovember 3, 1993, at 44. Watts
Frederick Dougl Legal Aid Foundation Director,
1979 Lawyer of the Year. Headed
drive which provided tutors, men­
tors and specialized enrichment
cl to Black youth.
- Robert 1.,. Lev ter,_on Octo­
ber 17, at 74. First Black judge on
the Connecticut Superior Court.
Pushed for civil rights reforms
within the Republican p rty.
-Ho ani T. S v , on Octo­
ber 7, at 72. Cook County Circuit
Court Judge, highly regarded ap-
-pellate defense attorney. Investi­
gated police raid on Black Panther
headquarters in which Fred Hamp­
ton and Mark Clark were killed.
- arl M. CI yton on Sep­
tember 6, at 104. Educator, Crimi­
nal Lawyer, Gate City Bar
Association Founder. Mentor and
teacher of Martin Luther King, Sr.
-Jam A. McLendon, on July
Withinth P tyeart noutstand­
ing African-American, lawyers
pas ed into Black history. They
struggled from the courtroom to the
boardroom, arid power conceded to
their moral demands to the great
benefit of their community and our
country. While tbey will be missed
it' more important to recognize
their accompl' hments a call to
accept the common responsibility of
ensuring that the humblest and
weakest enjoy the same social, eco­
nomic and educati nal opportuni­
tie as the most innuential and
powerful.
-Thurgood Marshall, on Janu­
ary 24, 1993 at 84. First Black U.S.
Supreme Court Justice, U.S. Solici­
tor General As Chief Counsel for the
Mon y
f
trategie
gl
e p U� With Co . t of Living
... �
�' ..
,
,
... AAJ '
- ,
·
·
35" :
:
"AAJ '
- ,
,
25'" :
,
.'
,
ftAAJ
. ..
, .....
,.. .-
r
J ' ,., ....
15'"' • j V· .. [/"
: V"' .. II
1�,�:�;-��_J��-·������ __ ·+-� __ 11
· 'r � . ., ;�
5%."::1: t-....".�J�-.'+·--t_+-+__;.+--+_.._-+--'�1 Sources:
: .. �- ;�. Michiglln Dept of Labor, _
..._.' _", � au au o' Uibor Sta' tic:a
'M '85 '86 '87 '&8 '8g 'W: '-81 "'2"� � . ig." Dtpt of CiYI Service
• ServIce Graphic by Todd Willoughby
o
,I
\
,
•
Caplt.'
-JuanltaJ. Mitchell, on July 7, - RaymOllCl W. CaDDOD, on
at 79. First Black woman to practice draft board citing armed forces dis­
law in Maryland, NAACP lawyer crimination.
who filed sui resulting in integra-
tion of Maryland parks. Succes - Spencer A. Overton is a third
fully fought in the hiring of black year student at Harvard Law
social workers, librarians, police of- School. Brian P. Mathis, a 1992
fi ors. Ran graduate 0/ Harvard Law School
v hieh QIId tM Ke1l1U!dy School of Govern-
Black voters to ment; presently works in the United
. States Se1UJte.
n tho �puutilt....:. c a iew..aJIIIM"'_�:iIII�lL�
r reade que ti be deducted?
. A woman from :sDC.karte'1tSD: You may dedu education that,
I laid off I year and received helps you perform better on your pre-
unemployment benefi . I understand
thi income i taxable. I thi true?
Unemployment compen ation
received from a federal or tate agen-
cy i taxable and will be reported to
you on Form 1099-G. Include the
amount on )QUr 1040 rm ana attach
a copy of Form 1099-G. Taxe are
normally not withheld and, if owed,
will have to be paid by you in a lump
urn at tax time.
A man from Salem, OR : My
wife wa hit by a car and totally
paralyzed. Becau of thi , I cannot
leave h r alone and mu t hir ome-
on to watch her. Can I deduct the e
expen e?
Ye . You may claim a dependent
care credit for a portion of th am unt
paid to your wife' caretaker. The
correct IRS fonn to u e i Fonn 2441.
A woman from Miami a : i
purcha ed 1,000 Chri tma card f r
1.000. Their fair market value i I
ch. The company id that 65 cen
per card i deductible. What i my
charitable deducti n for th purchase
of the card?
From the inf rmation you have
given: you would not be entitled to
any deduction. For there to be an
allowable .deduction, you mu t be
abl to how that the am unt paid ex­
ceeded the fair market value of the
card . If you can h that the fair
market value wa only 35 cen ,you
could deduct the 65 cents a
charitable contributi n. The IRS
doe not care what the. company told
you.
A man from
July �1, at 57. Washington Gas Co.
Vice President National Bar � 0-
By CHARLES GIVENS
ADVERTISE
13 week
for
$100
in the
Busine
Card
Directory
, Call-
869-0033.-
I
•
1
We'll Pay $25,Q Q For Info�mation adlDg To lIIe Ar'.a� And
Conviction Of hi Bank Robb ry Su p •
ja ket with a gold h . blu wea in and a dark blue ki cap.
If ou have any information r arding thi ho ti • all
the Detr it office of the FBI at 965-2323 or the Detroit
p �ice Departm nt at 5 6-1951. II information will b k pt
tn tlv nfideruial and if it I ad to hi arr t and
nviction y u will r c ivc a
25,0 0 r ward, Help k ep· A
our cornmunu af.
