Hudson - Litchfield News 14 - February 25, 2011
Piece of the Pie Maintaining Your
Itemized Deductions W.F.Bo
utin EA - Total Tax Solutions LLC
Taxpayers itemize their deductions in the hope of exceeding the standard deduction allowed by the tax code for their particular filing status. For every dollar that exceeds the standard deduction, the savings realized is proportionate to the tax bracket they are in for their filing status. Categories found on the SCH A, itemized deductions include: medical expenses that exceed 7.5% of the AGI; certain taxes paid, such as state or local income taxes, foreign income taxes, general sales tax (only if not claiming state and local taxes); real estate tax and personal property tax which must be based upon the value of property and charged on a yearly basis; qualified home mortgage interest including certain points paid, investment interest (limited to investment income) and qualified mortgage insurance premiums; charitable contributions by cash or check and contributions other than cash or check. (NOTE: The deduction of cash must have a bank record or written commu- nication from the charity. Contributions of property such as clothing and household items must be in good used condition or better.); non-business casualty and theft losses (subject to a $100 deductible and 10% of the AGI); various miscellaneous deductions which fall into two categories: those that are subject to 2% of the AGI before the first dollar is realized such as employee/employment business expenses, tax preparation fees, investment expenses, safe deposit boxes etc., and deductions not subject to the 2% cap such as gambling losses (up to the amount of winnings), impairment related work expenses and unrecovered investments in an annuity, to name a few. Most individuals do not succeed in itemizing unless they have the cost of home mortgage interest and real estate taxes. Unless a taxpayer does not have medical insurance, or has a medical catastrophe, most out of pocket expenses do not exceed the 7.5% of AGI. (Pre-tax health insurance purchased through your employer is not deductible since no taxes were paid on these premiums. We will discuss this further when we talk about employer provided fringe benefit plans.) The most understated deduction for taxpayers who do itemize is for the donation of personal property such as clothing and home furnishings. Most taxpayers fill up trash bags of clothing and drop them off at the nearest collection box when they go food shopping or visit their town recycle center. We recom- mend that you prepare a detailed description of the goods being donated. Then, drop these bags off at the local thrift store; there you can receive a signed receipt for the donation. When you return home, you can calculate the value of what was donated. Many of these organizations have a donation valuation guide attached to your signed receipt, listing the high and low end value that they receive for this merchandise. (We have links at our website that list various donation value guides) Example: Children’s jeans have a value of $4.20 to $14.40
each. If you included 3 pairs of jeans in your donation, which were in very good condition, the deduction value is $27.90, $9.30 a pair which is the average of the high to low end for that item. We provide each of our clients who itemize a donation value guide each tax season. A couple of bags donated throughout the year can add up to $600 in additional deductions. Next week: The Value of Fringe Benefits!
Have a tax question? E-mail firstname.lastname@example.org
About Total Tax Solutions: W.F. Boutin EA registered Total Tax Solutions in the State of NH as a LLC in the summer of 2006 after 10 years experience working for a major tax preparation company and 8 years of teaching various tax courses. The company mission is to deliver an excellent customer service experience year around, to offer knowledgeable advice so that clients can make informed decisions regarding their financial future, and to provide this service with integrity, confidence and professionalism.
Hudson~Litchfield Sports Hudson~Litchfield Sports
Broncos Continue Quest for Playoffs
Caleb Donnelly Jimmy Tomaswick
first half, taking a 32-29 halftime lead behind 12 points from Donnelly. Pinkerton stepped up their defense in the third quarter, holding the Broncos to just six points and taking a 44-38 lead. The lead grew to as much as eight points in the fourth quarter, but Nager hit a three-pointer
submitted by Jim Tomaswick On Friday, February 18, the Alvirne Broncos took another step in their quest for a playoff berth by improving their record to 6-8, defeating the Red Raiders of Spaulding High School, 67-57, in Division I play. Spaulding, with a record of 9-6, came into the game winners of their last two, but the Broncos hit them hard with a balanced offensive attack and tough defense in a very physical game that had a total of 37 fouls called. Tyler Livingston (18 points) led the Broncos attack in the first quarter, scoring seven points and grabbing four of his game-high 19 rebounds as the Broncos took the early lead, 18-14. Both teams combined for a total of 14 points in the second quarter, which had Spaulding holding a slim, 24-22 lead at halftime. The Broncos came out in the third quarter on fire, scoring 25 points and taking a commanding, 47-35 lead. In the third quarter, the Bronco attack was led by Jimmy Tomaswick (13 points) and Caleb Donnelly (game-high 24 points), who combined for 16 points in the quarter. Both Pat Nager and Tyler MacDonald led the Broncos defensively, holding the Spaulding three-point attack in check the entire game.
Week 6 2-25-11
One of the deciding factors in the game
was the rebounding clinic put on by Alvirne as the Broncos hauled in a total of 52 rebounds, led by Livingston with Donnelly, Tomaswick, and Tony Beaulieu
(nine points), each grabbing eight rebounds apiece. With the lead going into the final quarter, the Broncos controlled the tempo and claimed their second-straight home victory. In the JV game, the Broncos defeated Spaulding 60-57, and were led offensively by Al Yoksh and Mike Pease. The Alvirne boys’ basketball team hosted the Pinkerton Astros on Tuesday, February 22, in a clash of Division 1 rivals. Both teams came into the contest with 6-8 records, but it was Pinkerton who snapped a two-game losing streak, topping the Broncos 63-55. Alvirne controlled the
and Tomaswick completed a three-point play to get the Broncos to within two points. Pinkerton went into a stall offense with 1:50 left in the game, which caused Alvirne to foul to stop the clock. Pinkerton hit six straight free throws to close out the game and take the victory. Tomaswick, Donnelly, and Beaulieu led the Broncos offensively, scoring 14, 12, and 10 points, respectively. The Broncos will host Nashua North
on Tuesday, March 1, for their last regular season home game.
Local Gymnasts Compete at Season’s First Sectionals
submitted by Peggy Hawkins On February 5, Spectrum Gymnastics Academy’s girls’ team did a fantastic job qualifying for the State Championship meet at this season’s first Sectional at Granite State Gymnastics in Bow. To qualify for States, a gymnast needs an all-around score of 33.0 or higher. This is the first of New Hampshire’s two Sectionals. “Many of our gymnasts qualified for States. And a lot of our new
Level 4s haven’t had the experience of competing at a Sectional this year, and I couldn’t be more proud of them,” said owner and coach Sean Delisle.
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Area gymnasts’ highlights were as follows: Level 4: Katie Hawkins of Windham scored third place on beam (8.6), Kathryn Boone of Windham scored second on vault (9.325), second on beam (8.925), first on floor (9.1), and second place all- around; Samantha Parzych of Litchfield scored first on vault (9.3), first on bars (9.3), first on beam (8.775), first on floor (9.175), and first place all-around. Level 6: Christina Marra of Litchfield scored second place on
vault (9.05), first place on bars (8.5), first place on floor (8.85), and first place all-around.
Alvirne Gymnastics Team Wraps Season
by Sue LaRoche The dynamic duo sister team of Hailey and Taylor Boulia (a.k.a.
the Alvirne High School Gymnastics team) competed in their final regular season meet of the season on Saturday, February 5, hosted by Souhegan High School at Gymnastics Village in Amherst. Taylor
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scored a 32.80, good enough for second overall. Her individual scores were 8.40 on vault, 8.20 on bars, 7.40 on beam, and 8.80 on floor. Hailey scored 27.30 overall, including 7.40 on vault, 6.50 on bars, 5.20 on beam, and 8.20 on floor. Both Hailey and Taylor qualified for – and competed in – the NHIAA Gymnastics State Meet held at Salem High School on Saturday, February 19. Unfortunately, Hailey injured her ankle on her first event, and Taylor was recovering from the flu, so neither gymnast was at her peak form, but they competed bravely and valiantly. Taylor, a senior, competed in the final meet of her high school career, scoring a 32.325 all-around, including an 8.40 on vault, 7.75 on bars, 7.675 on beam, and 8.50 on floor. Hailey, who is just a freshman, scored a 26.625 all-around, including 7.90 on vault, 5.40 on bars, 6.225 on beam, and 7.10 on floor. This concludes the season for the Alvirne High School Gymnastics team.
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