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About The Siuslaw news. (Florence, Lane County, Or.) 1960-current | View Entire Issue (Feb. 10, 2016)
SIUSLAW NEWS ❚ WEDNESDAY, FEBRUARY 10, 2016 7 A Tax terminology explained (sort of) box of Kleenex. Ned As I sat staring at this Hickson year’s tax booklet, I noticed For the last several years I’ve promised myself I would do my taxes early. And for the last several years I have found myself Tokyo-drifting my way to the post office at 11:59 p.m. April 14. This year, I was deter- mined to get an early start. After clearing off the kitchen table and finding an outlet for the calculator, I sat down to do my taxes. As always, I made sure to have all the necessary documenta- tion and forms, like W4s, tax forms, bank statements, insurance reports, tax sched- ules and, most importantly, a a special section of “Tax Terms,” which is an alpha- betical listing of terms one may encounter during the tax preparation process. Each term is followed by a brief description meant to enlighten the truth-seeking taxpayer through “real-life” examples. For instance, the IRS uses “Jane” and “John” to illustrate the term “Ability to Pay.” In this scenario, Jane is filthy rich, with homes on both coasts that she visits by way of her own Lear jet. By comparison, John earns what the IRS calls a “more modest salary,” which affords him a flashlight and a camper shell to live in. The only thing these two have in common is the oil industry: Jane is an execu- tive in it, and John had his SUV re-possessed. According to the booklet, due to their income dispari- ty, “John and Jane do NOT pay the same amount of taxes, because their ability to pay differs vastly.” This brings us to a term not included in the hand- book: “Highly-paid tax lawyer.” In this example, Jane is able to filter her $1.6 mil- lion earnings through a maze of tax shelters and special credits before wiring an undisclosed amount into a Swiss bank account, leav- ing her with a taxable income of: $6.28. John, who files his return on the 1040 EZ form, is entitled to a refund that, coincidently, adds up to exactly... $6.28! See? “Jane” PAYS and “John” gets a tax CREDIT! All together, there are 65 terms listed in the hand- book, many of which seem self-explanatory until you read them closely. I’ve taken the liberty of paraphrasing some of the more complex terms that you may encounter before now and tax day. 1040EZ: 1.) Simplest tax form offered by the IRS. 2.) A wealthy, white rap- per. Gross Income: The dollar amount that appears in the box after “federal income tax withheld.” Adjusted Really Gross Income: The amount left over after completing your taxes. Bank interest income: If you make more than $400 from your savings account, the IRS is interested. Tax Shift: What the aver- age taxpayer does in their seat after determining his/her adjusted gross income. Dependent: A child, par- ent, spouse or household pet with a human-sounding name, such as “Fred” or “Sally,” whom the creative taxpayer can claim on his/her income taxes. Estate Tax: The amount of tax on a deceased individ- ual’s estate that has been passed on to surviving fami- ly members. Short explana- tion: Something my children will never have to worry about. Passive Income: The response most writers get when people ask them about their annual income, i.e., “Thanks, but I’ll pass.” Duty Deposit: What most taxpayers would like to include with their IRS pay- ment. While there are plenty of other terms in the new IRS tax glossary, it’s probably a good idea to stop here. To be honest, I’m already feeling taxed. Ned is a syndicated columnist with News Media Corporation. His book, “Humor at the Speed of Life,” is available online at Port Hole Publications, Amazon Books and Barnes & Noble. Write to him at nedhickson@icloud.com. WE’VE MOVED! KCST winter auction on the air this weekend Stop in and see us at 1751 12th Street, Florence (Next to Papa Murphy’s) Open Monday - Saturday, 9am-5pm SAME GREAT SERVICE, We h SAME GREAT STAFF ave A 541-997-2726 1751 12th Street, Florence uss Pupp ie ies! Steve and Cathy Carter Coast and Valley Cleaning We offer janitorial and cleaning services for commercial facilities and for homes. Hard wood fl oor, tile, carpet and upholstery cleaning, stain removal available. Power washing of your patio and driveway is offered. We will take away your yard debris too. Call or email us to meet and discuss your specifi c needs and provide you with a quote. CnVCleaning@gmail.com (541) 790-1454 More than 140 items will be sold to the highest bidder Friday and Saturday, Feb. 12 and 13, during Coast Radio’s annual Winter Auction. Whether you’re a “foodie,” a contractor, a local resident or just passing through, there’s something for everyone. Because it is not a charity auction, Coast Radio General Manager Jon Thompson says buyers will reap the benefits of purchasing more than $30,000 worth of goods and services at sometimes extreme discounts. “Everything comes from our advertisers” says Thompson, “They barter merchandise for additional advertising, then we pass it on at a discount to our listeners.” Bidding will begin Friday at 9:15 a.m., and continues until the first 85 items are sold that day; likely between 2 p.m. and 3 p.m. The final 55 items will be sold the next day, Saturday, starting at 9:10 a.m. and contin- uing until everything is gone. Items include a wood stove; mirror or glass replacement; paint; tools; carpet and carpet HOLLOWAY & ASSOCATIONS, LLC CERTIFIED PUBLIC ACCOUNTANTS Focused on Your Financial Health...Protecting Your Assets Specializing in Tax Strategies, Estate Planning and Trusts Corporate • LLC’s • Individual Tax Consulting & Preparation Bookkeeping and Accounting Services Payroll Services Karla D. Holloway, CPA Rod McCulloch, CPA Eldercare & Senior Services Bill Paying, Reconcilling Bank Accounts, Income and Expenditures Summary, Domestic Payroll, Year end Tax Planning and Preparation Call NOW For Your Complimentary Consultation! COURTESY PHOTO KCST Coast Radio auction merchandise is piling up at the radio office. cleaning; pest control; and sev- eral pieces of art. Bidders will also find furni- ture as well, including a dual power recliner with a power lift on one side. Another is a very nice “made in Oregon” Stanton loveseat. Go online at www.kcst.com to see the entire list of 140 items, which includes tickets to the Oregon Jamboree; The Cape Blanco and Willamette Country Music Festival; golf and lodging gift certificates; and dining opportunities from more than two dozen different area eateries. The average discounts range between 40 to 50 percent, according to Thompson. “But we occasionally have some screaming deals,” said Thompson. “We had one year that something sold for 10 cents on the dollar.” Online, items up for auction are numbered, making it easier to follow along. Thompson said some listen- ers have told him they spend all day, both days, listening for the best value. Others keep track of what item is up for sale, double check the list, and then tune in seriously when something comes up they want to buy. A complete list is also included in today’s edition of the Siuslaw News. Bidding is simple, but it can be even simpler by pre-register- ing. To do that, just call the sta- tion at 541-997-9136 during regular business hours prior to Friday morning. “It doesn’t cost anything to register, nor does it obligate you to anything,” said Thompson. “By pre-register- ing, you get a unique bid num- ber. That way, all you have to give operators when you bid is your number instead of having to give us your full name and phone number each time.” The auction airs on KCST 106.9 FM and KCFM AM 1250/FM 104.1/FM 103.1. The regular format on both stations will be suspended dur- ing bidding. “We keep three items active on the block at any one time”, Thompson said. “We describe them, invite bidders to call, and then after a few minutes we will close it out.” Some items prove extremely popular and often bidders will get competitive. When that happens, the item will stay active until all the bidders drop out except the winner. The station maintains a phone room with plenty of lines and operators to take the bids and record the sales. Winning bidders will need to pick up their buy at the station, 4480 Highway 101, during reg- ular business hours within 10 days. Winners can pay with cash, a local check or by using a Visa or Mastercard. There is a wide variety of items with a broad value. Items will range from less than $50 to more than $3,700 in value. “But,” says Thompson, “you’ll only want to focus on how much you save.” The auction on Coast Radio is one of two held each year by the stations. The other is the “Hot 100 Radio Auction” held in August of each year. 541-997-3434 karla@fl orencecpas.com 733 Highway 101, Florence, Oregon 97439 Serving Florence for 37 Years! Liing Life to the Fullest & Feeling Younger Longer L OOKING ZĞƟƌĞŵĞŶƚ>ŝǀŝŶŐĂƚŝƚ͛ƐĞƐƚ͊dŚĞ^ŚŽƌĞǁŽŽĚƚĂŬĞƐ ĐĂƌĞŽĨĞǀĞƌLJƚŚŝŶŐͶϯŵĞĂůƐĂĚĂLJ͕LJŽƵƌŽǁŶƉƌŝǀĂƚĞ ĚŝŶŝŶŐ ƌŽŽŵ͕ Ăůů ƵƟůŝƟĞƐ ĐŽǀĞƌĞĚͶ ŶŽ ŵŽƌĞ ŐƌŽĐĞƌLJ ƐŚŽƉƉŝŶŐͶŶŽĐůĞĂŶŝŶŐʹŶŽLJĂƌĚǁŽƌŬ͘ FOR MORE NEWS ? &ĞďƌƵĂƌLJϭϮƚŚϮͲϯ͗ϯϬsĂůĞŶƟŶĞŌĞƌŶŽŽŶ^ŽĐŝĂů͊ (541) 997-6111 375 9th St Florence, OR 97439 www.spruce-point.com Learn how to embrace life changes while managing your health Maintaining a Positive Mental Outlook on Life Thursday, January 21st, 2pm Learn how to maintain a positive outlook on life while you age. Learn How to Keep Your Memory Sharp Thursday, February 18th, 2pm As we age, we start to notice some changes in our ability to remember things. Discover ways to keep your memory sharp and fresh at any age. Diabetes and Diet—Making Food Choices That Work for You Thursday, March 17th, 2pm Learn about diabetes prevention, management, and care. Understand diabetes in a simpler and clearer way than ever before. 6SUXFH6W)ORUHQFHa-- S IUSLAW N EWS VKRUHZRRGUHWLUHPHQWVKPRUJ Follow us on Twitter @S IUSLAW N EWS Or follow our news staff on Twitter: Ned Hickson: @SNews_Sports Jack Davis: @SNews_Jack Chantelle Meyer: @SNews_Chantelle