Newspaper Page Text
Jake ’s - Miracle business venture
By Cheryl Vaughn
Features Writer
1 “Don’s” didn’t seem quite right
Jtnd “Malcolm’s” just didn’t cut
Jhe Thumanns Dusseldorf mus
jard. But then came the miracle of
fake, and what to name their new
restaurant became an easy deci
sion for Don Malcolm and his
wife, Lisa.
Malcolm had long believed he
could make a go of it with a sand
wich shop that was a little bit dif
ferent. He had indeed been prac
ticing for the role even from
childhood, when he dangled his
mother’s electric mixer, pretend-
iU I Btr ■
Jflfl^ ■ fl
Photo/Tom Brooks
A photograph of Jake Malcolm oversees the booming lunch
crowd at tie sandwich shop named in his honor.
- "
zfeaifiSSSJSss&x
■BBBt ■
k
K' i V'
Z JM EvT J'k
t-* I
fl--
’ B Bk r?fl fl— J
IB f-a HF-•
* B^fe-' 1 z«w v -—.'■
’ 1 B
— •**«** .»**•
tfe? - ' .. —---■■
-e" /Hf/
T‘- “~ _' ~~~ ?j 5 - ~- ,; jW
•Register B|||Bi SiCM®WWWsh and get
lump start on your financial shape up!
- Cut the fat from your debt. deducted from your account. And to
HOME EQUITY Consolidate and save maximize your savings even more, check
6 L zx z money! Get a 1/4%’ into our great Money Market rates. Ask
95%
*x_!z—Lr discount on a home one of our financial experts to help shape
On Manets of
umtoiomw equity i oan when up your finances MFfll
you open a checking account and have with a free financial
your equity loan payment automatically checkup! Anm-wm-m/Mta-mc
CANTON 479-8061 • CUMMING 781-9331 • GAINESVILLE 287-3183 • BUEORD 932-2473
• » www.nrptmarkettMHik.com
z£s *UmM ttnnothrTlsAPßmdotacondknol your tan wttwryitopundngontottormwtocMniyourlomtowiut PropurtyrauoncuruqundContutyour
UU ta tdtar Ml MudUßyol tom Tlst96% APR oquAy ok appkt to aiK)% LTV or Im, <-3 your mMmanl loin ol On i tZ&OOOtaW
IMB M 6% APR tor taoywrs.»»monWypwmirit Is $772.00. No ctouinq costs urumemdun hone equity tamexllnus up to 1100,000 On hunt «nd to* owr
slooA»Kluil<tantco*to* ’The IM%APRdtauntito«ndwNtoprornoltorWr*s
No puniwr or loan afphaition nrmsary Ntrrl not hr fmaa to wtn.
ing it was a boat’s motor, over the
arm of the family sofa. (Well, it
was a start, anyway.)
Years of waiting tables led him
to become a restaurant manager in
East Cobb, but Malcolm was
developing ideas of his own on
how - and where -a restaurant
should be run.
He did exhaustive demographic
research, refining his information
and defining his target market. He
put together a business plan, sub
mitting it to various lending insti
tutions.
“I had several doors slammed in
my face,” he admits with a grin. It
Sharon
Castleberry of
Cumming places
a Super Bowl plat
ter order as her
children, Kyle, 7
weeks, Samantha,
5, and Jessica, 7,
wait patiently. Don
Malcolm, pictured
behind the
counter, says busi
ness has exceed
ed projections
since opening in
November of
1997.
Photo/Cheryt Vaughn
is easy for him to look back at the
obstacles that would have discour
aged most wannabe entrepre
neurs, because now he sits in his
own sandwich shop, Jake’s
Original Sandwiches, amidst a
bustling lunch crowd.
“My theory is there are too
many people trying to do the
same thing that other people have
done over and over and over,” he
explains. “I thought my odds
would be a little better than most
if I tried to do something different
but not too far off the mark. I
didn’t want to be just a meat and
cheese sandwich shop. We would
roast our own turkeys for sand
wiches and offer Cuban varieties
and muffalettas and bake our own
bread. Premium stuff.”
Having at last secured financing,
Malcolm set about building out
his space in Cumming’s Tri-
County Plaza, doing the construc
tion himself. The location, which
opened in November of 1997,
serves the dual advantage of keep
ing Malcolm, an avid water skiier,
near the lake. His interest in the
sport is clear in his restaurant’s
decor. Original photographs from
the Water Ski Hall of Fame in
See JAKE'S, Page 6A
BUSINESS
Don’t forget these important changed;
when preparing your income taxes
Right about now you are prob
ably starting to receive, or have
already received, your W-2s,
10-99 s and other items neces
sary to prepare your income
taxes for last year. We tend to
get into a routine where we do
the same thing as we did the
prior year. A human habit. This
article is meant to help you
break the old habit and look for
new items that you should be
considering when preparing
your tax returns.
The capital gains rate for long
term is now only 20 percent if
you hold stock for more than 12
months. The 18-month require
ment was removed. This is
effective Jan. 1, 1998, and,
therefore, affects all of your
1998 stock transactions. Assets
held less than 12 months are
going to be taxed at your ordi
nary rate. (If you are in the 15
percent tax bracket, the long
term capital gains rate is only
10 percent.)
If you sold your home during
1998 and it was used exclusive
ly as your residence for at least
two out of the past five years
and your gain is less than
$500,000 (married filing joint
ly), then you will not be
required to complete a Form
2119. The gain is totally exclud
ed for income tax purposes. You
must keep the supporting infor
mation for your records to veri
fy that your gain was not tax
able if you are audited.
There are new items that you
should be considering, for
deductions on your return which
you would miss if you do the
same habits as before:
1. There is a new “Child Tax
Credit” which is a dollar for
dollar credit of up to S4OO per
child for 1998, as long as your
modified adjusted gross income
is less than SIIO,OOO for mar
ried couples and $75,000 for
single individuals. If your modi
fied adjusted gross income is
- • fl fl,, fl BUS ’•/«$ flk fl I**7
.JHD ff ays
■a.. OR
Bit I
" >-'X
t “w 1 <“«• • ■ *a < * ■>
# EntireJStock
Fjockcy Underwear
a. ik <
F° r Men
r Jfl IBM* BBBi Bl
fll
11 -'■• ’
B ■ ■
/- B
fl •* I
-5} M • •
Wx I ' “ 0 ' *
■!?.,, 4<<r t
fl
lAI ' >. MM - W
I1 : ;
-, I ■' rtfe
B |h i : '4
” i? § w
'I ’ • ■’
lIOCKEY. m
• Tees, briefs and boxers In assorted colors
I SALE 4.50-14.25 .’ /
■MM*, save 25% on Big & 7all sizes in select stores >
dates: Wuary 31 -March 6,1999 ! fc.
■■■■■■Kl—M : L
7 C7 Cumming • Ltktlind Plaza t-’.-J
FORSYTH COUNTY NEWS Sunday, January 31,1999 I
above those levels, then the
credit begins to phase out.
2. A deduction for interest of
up to SI,OOO on student loans in
1998 can be deducted on your
return, even it you do not item
ize. The interest deduction ends
60 months after the first
required loan payment. In addi
tion, the deduction is phased out
(eliminated) for AGI of married
couples between $60,G00-75,000,
75,000, or $40,000-55,000 for
single individuals.
3. There are two new tax cred
its related to educational costs.
One is the “Hope Tax Credit”
named after Georgia’s educa
tional program. A 100 percent
credit per student for the first
SI,OOO of tuition and related
expenses begins in 1998. In
addition to the initial SI,OOO of
expenses, you can claim an
additional 50 percent for the
next SI,OOO of expenses. This
equates to a maximum tax credit
of $1,500 annually for each of
the first two years of post-sec
ondary schooling.
...look for new
items that you
should be consider
ing when preparing
your tax returns.
99
4. The second credit related to
educational costs is entitled
“Lifetime Learning Credit”
which is a 20 percent per tax
payer credit for the first $5,000
of expenses paid after June 30,
1998. This effectively equals a
maximum tax credit of SI,OOO
(i.e. up to $5,000 in expenses x
20 percent credit rate).
The difference of this credit is
that it is available for an unlim
ited number of years, covering
all post-secondary education,
graduate school and academic
courses to improve job skills.
Rick
Lee
However, the phase out, or eltap
ination, of the credit begins'it
adjusted gross income'* of
SBO,OOO for couples and $40,000
for single taxpayers.
exist special rules as to
claim the credits, depcmhp
upon dependency exemption'afar
tus.
5. Another item related pli
cation is not a tax credit; Kit. fc
really a saving account qnbOed
“Educational IRA. ” BegTnfHpg
in 1998, a SSOO per year up
deductible contribution pars be
made for kids under age j£.,T2ie
principal and earnings pan%e
withdrawn at a later date tax
free if used for qualified’
education expenses. Agfehi,
Congress established phase W
for modified adjusted^ ‘gross
income of $150,000 or mqrg'far
married couples, and $93 ( 0<10
for single taxpayers.
In my next article, ’t jtfUll
address some additional modifi
cations under the new
that will be effective for either
1998 or 1999. If you
considered any of these itehafc-br
anticipate changes in .pur
income, it is important toeyeJti
ate each of these
opportunities to receive*’(he
maximum benefit. As always,
you should consult your tax
advisor to determine how they
apply to your specific situation.
Rick Lee is a CPA with the firm
of Lee & Grenner in Cummin#.
He writes articles on personal
and business financial matters.
If there is a topic you would like
to see addressed in future arti
cles, please call (770) 887-7560.
PAGE 5A