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Newspaper
Aiken Standard
Location
Aiken, South Carolina, United States of America
Date
Mar 11, 1990
Page
29
This excerpt outlines deductible and non deductible items for taxpayers. It covers mortgage points medical deductions charitable contributions moving expenses and casualty losses with references to IRS forms and Publication 521. It notes limitations such as AGI percentages and distance criteria for moving deductions.
The Associated Press notes about 3.1 million retired couples and individuals must pay federal tax on up to half of 1989 Social Security benefits. It explains filing thresholds, provides an example calculation, and details forms SSA-1099 and RRB-1099 plus relevant rules and notices.
Medicare beneficiaries were told to ignore fines on 1989 tax returns referring to the catastrophic health insurance surtax. Congress repealed the program and the surtax retroactively to Jan 1 1989 after forms were printed. IRS advised skipping lines on Form 1040 and related schedules. Refunds depend on accurate filing. low income filers must file to claim. The catastrophic premium was repealed but not retroactively.
The guidance states that clothes not suitable for street wear, investments advice, safe deposit boxes, and subscriptions are deductible only to the extent they exceed 2 percent of adjusted gross income. A second home phone and long distance charges may be deductible, but the basic monthly charge for the first phone in your home is no longer deductible.
Washington warns taxpayers about a one year expiry on federal refund checks and offers guidance on deductions, deductions for mileage and education, jury pay, penalties, and proper filing. It covers standard deductions, rounding, record retention, W-2 requests, sequence numbers, self employment health insurance, passive losses, and alimony payment reporting.
Lawmakers argue a 95 tax credit should be delivered as a cash rebate and a nationwide campaign urges eligible families to file a 1040 to qualify. Passed in 1974 to ease Social Security tax burdens, supporters say middle class families deserve relief after a payroll tax jump.
Aiken Electric Cooperative Inc. fills two manager roles. A. Weldon Gray Jr. becomes Manager and Planning, bringing 22 years in design and construction of transmission distribution systems and affiliation with IEE and Power Society. Eddy P. Reece Jr. is hired as Operations Manager for the Aiken District, with prior posts in Spur Texas and experience in engineering, training, safety, SCADA, and rural electrification.
Ginny D Sherman announces Dr Fran M Ryan joins Live Oaks Counseling Services. Dr Ryan, former Director at Encyclopedia Britannica Language Development Research Center and professor at Kyung Hee International University, will lead eight week group seminars for children and teens starting the week of March 5. Groups of six, meeting once weekly, focus on self awareness and stress management to improve thinking and learning. Call 649-1607 for details and registration. Southern Tile opens new office in Aiken Saturday Feb 24. Jeff Hamrick and Gene Hamrick operate Southern Tile Inc on Aiken Boulevard near Highway 421. The firm aims to supply ceramic mosaic and quarry tile and installation to builders at lower cost. Contact 663-6808. Dedication ceremony led by Rev. Gene Mulliken. attendees included family members. For business items, send to Busit Editor, Aiken Standard, Box 456, Aiken 29802.
The IRS affects home sales via Form 1099-8 and Form 2119, with gains taxed like wages but with two main deferral paths. Deferral requires buying a replacement home of equal or greater price within 24 months before or after the sale, adjusting for costs, and applying a basis reduction. tax postponement can repeat with each replacement, and special rules apply for older sellers and disability scenarios. If a loss occurs, tax treatment differs and requires reporting guidance from IRS Publication 523.
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