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PAGE 8A FORSYTH COUNTY NEWS Sunday, November 17,2002 Four tips for cutting taxes No matter what your finan cial goals, you should always be looking to cut your tax bill. It’s the fastest way to put money in your pocket and. enhance your«financial situa tion. With that in mind, here are four tax-saving tips you can use right now. • Tax Tip 1: Eliminate con sumer interest. This is the interest that you pay on credit cards, personal loans, and other consumer loans. It is also the interest that eats away at your financial foundation the way sail destroys a car’s exterior. It’s not unusual to have to pay 18 percent or more in interest on a credit card. If you owe a few thousand dollars at that lofty rate, you could have that financial noose around your neck for years. Consumer interest may not have been a bad idea when it was tax-deductible, but it isn’t anymore. Get rid of it as quickly as possible. The way to true financial health is to build wealth through investing and you can’t do that if you’re busy paying high interest to some one else. • Tax Tip 2: Try to increase your capital gains. If you pay taxes at 28 percent or more, you know how painful it is to see such a large portion of your earnings go to the gov ernment and dividend income is taxed at that same rate. Maybe it’s time you started Billy Howell honored as ‘Best of the Best’ The Consumer Research Group has nominated Billy Howell Ford, Lincoln, Mer cury dealership in Cumming for its quarterly “Best of the Best” award honoring dealer ships that excel in customer service. Each quarter, CRG’s nat ional network of field audi tors mystery shoppers cast their votes for the Best of the Best in customer serv ice by electing their choice for the exclusive National Slnhal Your Complete Hometown Computer & 9!H£!5 Networking Experts for Business and Home bffick products *> * w*' " PRINTER REPAIRS Authorized HP & OKI Service & Warranty Center Also Certified on • Lexmark • IBM • Dot Matrix On Site Service For Laser Printers Computer & Monitor Serving Forsyth County for Over 25 Years “Everything You Need In Office Suppllee” 770-887-1218 Authorized printer and computer service for: fl WWmRT bESHb' SmslMKi Rk "fl BL' fl ggSw W HL I ■ '- - xwhitei; .. i /brighter i faster whiten your teeth in about an hour! take your first Step to feeling good, looking great ; and making a memorable impression every timeyou ; smile You owe It to yourselfl Find out more about Zoom! | in office tooth whitening. , . Call today! / \ BRYAN I \ I FAMILY dentistry I, 1,4 I Luclaa D. Bryan, D.M.D. Rebacca Brown Bryac, O.M.D. i tw 77Q.887.32g3 V BUSINESS & INDUSTRY investing in securities that can generate long-term capital gains instead. The tax rate on such gains is 20 percent. You can earn long-term capital gains by selling a security at a profit, provided you’ve held it for more than one year. A mutual fund that has cre ated capital gains through profitable sales within its port folio also distributes capital gains to its shareholders at least once a year. • Tax Tip 3: Consider swaps. A swap is selling one security for less than you paid for it and buying a comparable security. The purpose is to create a loss arid, therefore, secure a tax deduction while remaining in a similar investment. The IRS will not allow you to take a deduction on a swap if you acquire a “substantially identi cal” security within 30 days before or after the sale. If you believe a depressed holding has favorable upside potential, you can sell the security and wait 31 days before repurchasing it. But remember, the issue may increase in price while you wait to buy it back. • Tax Tip 4: Save today for tomorrow. If you work for yourself—even if you just moonlight—you can establish a Keogh or Simplified Employee Pension Plan. These are retirement plans that allow you to make tax deductible contributions, which lower your income taxes. Moreover, all of your “Shopper’s Choice” award. Nominees must have been anonymously evaluated and excelled in the principle cate gories that go to make up the Customer Service Exper ience. “This is a tribute to each and every member of our team who continually strives to maintain the level of cus tomer service you would rec ommend to a friend,” said See BEST, Page 9A STOCK MARKET UPDATE earnings grow tax-deferred for as long as they remain in the plan. If you’re ineligible to con tribute to a Keogh or SEP, consider putting money into an Individual Retirement Account. If you don’t have a retirement plan, or if you earn less than $40,000 annually (for a married couple filing jointly; $25,000 for individu als), you can write off your contributions. Even if you can’t deduct your contributions, all earn ings grow tax-deferred. And Annual Collector’s Festival Saturday, November 23rd On this day only, Isadora will be available to TWO GfCdt LOCdl Artists take home immediately by Swarovski Collectors Society members and new members who join ift One Great Day! the Society during the event. Also, the Isadora 11 .AA Q.AA paperweight is available for purchase only at 11. vv 3.m. _ »J.UU p.IYI. the event. Receive a crystal swan pin as your Fathy Fincher will be here to sign her books, gift with any Swarovski purchase. gifts, calendars and framed art. She paints a child’s world of discovery & wonder through her 2002 C/ beautiful artwork. Kathy’s tender work will annual / touch your soul. Come meet this internationally annua vv ■- ii published member of the Parsons family, edition \l w Carla Marshall will be here to sign her adorable bunny pictures. Her wonderful artwork ' ) * s surrounded by sayings that are funny, touch- ' jiZ / ing, sweet and close to home. Carla’s inspiration J l/ comes from her friends and family and their J / everyday life situations! Ab (.‘Free gift with .<«n purchase fl fl Frce w P urc * wse from every colleetible line! Representatives from Cherished Teddies, Boyds Bears, Willett’s Shoes, Anheuser Busch, Harbour Lights, Dean Isadora paperweight Griff Mice, Byers’ Choice, Hummel, Harmony Kingdom, • Liadro, Armani and many others! 0 0 Etam® ©WOT Mon-Fri W-Tsat 10-6 HSBA 0 OUMUtag www.parsonsglfts.com j ?f any contributions not tax deductible when made are proportionately nontaxable When withdrawn in retire ment. If you have more that five years to retirement, you may want to consider a Roth IRA. Funded with after-tax dollars, the Roth IRA allows for tax-free withdrawals in retirement, as long as you begin withdrawals after age 591A and have had the account in place for at least five years. Before using any tax-sav ing strategy, talk with your financial advisor and your tax planner. They may be able to suggest other prudent methods that can cut your tax bill and help you keep more of what you earn. This column is produced by the Financial Planning Association, the membership organization for the financial planning community, and is provided by John M. Weaver Sr., vice president-investment officer of Wachovia Securities, member NYSE and SIPC, and a broker/dealer member in good standing of the FPA. Board OKs new zoning request By Phillip Hermann Business Editor The Forsyth County Board of Commissioners has app roved the rezoning needed for construction of a 217-house subdivision in north Forsyth County in an area that has been targeted for construction of thousands of new homes in the future. The board on Monday night approved the rezoning applica tion by Ball Ground residents Joseph and Cindy Martino to pave the way for development of the new community on the south side of Hwy. 369 near Seabolt Drive. The site is only miles south from four other large residen tial developments proposed for the area that, when completed over a 20-year span, would add more than 3,500 new houses. Those projects include: • The James S. Mashburn Trust’s preliminary site plan to build 1,598 houses on 1,066 acres on the east and west sides of Mount Tabor Road north of Hwy. 369 and near Nicholson and Old Federal roads. On Nov. 12, the board approved rezoning the tract and included more than 40 conditions. • Fox Creek Properties application to rezone more than 704 acres on the west side of Nicholson Road near Old See ZONING, Page 9A