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Legal Staff News & Views Newsletter The holidays are rapidly approaching... Before you get caught up in the rush of shopping, dinners, travel arrangements, and visiting relatives take some time to consider end of the year tax concerns. Here are some of the things you might think about before the end of the year. Maximize miscellaneous itemized deductions. For example job hunting expenses, tax return preparation fees, employee business expenses that were not reimbursed by your employer, and some investment costs are deductible as miscellaneous itemized expenses. To qualify they must exceed 2% of your adjusted gross income. You may want to consider paying your January 2005 mortgage payment before December 31, 2004. Keep in mind the payment needs to be posted by the bank or mortgage company prior to that date. Charities always come to mind at this time of year. Giving money to a charity is a great way to save on taxes, but you can also make contributions of personal items for a tax credit. Many organizations accept gifts of used cars (Purple Hearts for example) computers, clothes, art and other tangible property. You can deduct the fair market value of the property at the time of contribution. The key, of course, is getting a receipt from the charity for your records. When donating a vehicle, check the Blue Book or other consumer guides. Even a newspaper can help determine value particularly when it comes to computers, appliances and things of that nature. Another end of the year tax consideration is to make a contribution to your retirement plan. Since your contributions are made with pre-tax money, your current taxable income may be lowered. You can also get tax relief as a disaster victim or from a casualty loss. The IRS classifies a casualty loss as the damage, destruction, or loss of property resulting from a sudden, unexpected, or unusual event. This includes auto accidents, riots or demonstrations, hurricanes, earthquakes, explosions, fires, floods, hail, ice and snow, vandalism, winds and tornadoes. A theft loss also qualifies as a casualty. To qualify for a casualty loss deduction, the event that causes the damage or loss must be sudden and swift, not slow or progressive. For example, if a pipe bursts and ruins your carpeting or flooring and furniture, the loss would qualify. To establish the deductible amount, you will need to determine the fair market value of the property before the damage occurred. Once you have established the fair market value, you will need to deduct an insurance reimbursement you have received or an estimate of what you expect to receive. There are additional IRS requirements so you may need to check with your accountant or the IRS code. Most deductions require that you itemize on your tax return to be worthwhile. If you have not previously itemized your deductions, be sure that your total exceeds the amount you would otherwise receive as a standard deduction. You cannot take both. People, Places, and Things to Do... December 10, 2004 THE CHRISTMAS TOY SHOP.
December 11, 2004 THE TEMPTATIONS REVIEW.
December 12, 2004 THE POLAR EXPRESS CHRISTMAS
TRAIN. December 17-19, 2004 CHRISTMAS MEMORIES.
Holiday Treats... CAROLINA SWEET POTATOES This is to die for! It's an absolute must at every Christmas dinner. 3 Cups Cooked & mashed sweet potatoes 1 Cup Packed brown sugar Combine potatoes, sugar eggs ½ cup butter, vanilla & milk. Grease a 9" baking pan and transfer potato mixture to the prepared pan. In a separate bowl, combine topping ingredients and blend well. Sprinkle the topping over the potatoes . Bake at 350 degrees for 30 minutes. Make 6 servings. *You can use all purpose flour, add 1/4 Tsp. salt & ½ Tsp. baking powder instead. Gloria Norton BACARDI RUM CAKE Cake: Preheat oven to 325, Grease and flour 10" tube or 12 cup bundt pan. Sprinkle nuts over bottom of pan. Mix all cake ingredients together. Pour batter over nuts. Bake 1 hour. Cool. Invert on serving plate. Prick top. Drizzle and smooth glaze evenly over top and sides. Allow cake to absorb glaze. Repeat till glaze is used up. Glaze: 1/4 Lb. Butter Melt butter in saucepan. Stir in water and sugar. Boil 5 minutes, stirring constantly. Remove from heat. Stir in rum. Christine Reed These and more recipes can be found in the DCBA Cooking Legally cook book available at the Bar Center for $20. Happy Holiday from the Bar Staff Contributions to For Your Eyes Only and
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