Daily Archives: January 24, 2013

Tax Time Questions by Independent Tax Preparer Deborah Ritz

Standard deduction or itemized, which is best? 

Should I take the standard deduction or should I itemize?

First let’s define both terms.

The standard deduction, as defined under United States tax law, is a dollar amount that non-itemizers may subtract from their income and is based upon filing status.

The 2012 standard deduction for married couples filing jointly is $11,900, for singles and married individuals filing separately the amount is $5,950, and $8,700 for heads of household.

Additional amounts are available for persons who are blind and/or are at least 65 years of age.

An itemized deduction is an eligible expense that individual taxpayers can report on their federal income tax returns in order to decrease their taxable income.

Some examples of these include but are not limited to:

Medical expenses, to the extent that the expenses exceed 7.5% of the taxpayer’s AGI. (e.g., a taxpayer with an AGI of $20,000 and medical expenses of $5,000 would be eligible to deduct $3,500 of their medical expenses [20,000 X .075 = 1500; 5000 – 1500 = 3500].)

The 7.5% floor means that most taxpayers are unable to take advantage of the medical expense deduction.

Allowable medical expenses include: Continue reading

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Deke and Carol Morrison named Winter Carnival King and Queen for 2013

Deke and Carol Morrison have been selected to serve as the king and queen of the Old Forge Winter Carnival which will be held at McCauley Mountain Friday through Sunday, February 15 to 17.

The Morrisons were a vital force in the Old Forge ski scene in the 1970s and 80s.

Their kids Steve, Lisa, Tim and Chris began racing at a young age as members of the Polar Bear Ski Club. Deke served as president of the Polar Bears for some time.

As they got older, the Morrison kids were racers on the Town of Webb School Alpine  Ski Team. During those years, Deke volunteered as a race starter, while Carol registered racers, cooked for the team and chaperoned many away meets.

Deke proved to be so good as a race starter that he was invited to work the alpine starts in Lake Placid during the 1980 Olympics. A picture of him wearing an Old Forge hat appeared in an Olympics-featured article in Sports Illustrated magazine.

Today, the Morrisons typically spend their entire winter in Florida.

When they return to Old Forge they keep themselves busy assisting with the annual Classic Boat Show, View events, and a number of other community-minded events and organizations.

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Community invited to celebrate Ceil Buckley’s 100th Birthday

The family of Cecelia “Ceil” Buckley invites all friends and community members to join them at View on Sunday, January 27 in celebration of Ceil’s 100th birthday.

The party will take place from 12:30 to 3:30 p.m. Guests are invited to enjoy refreshments and birthday cake.

On display at the event will be five quilts handstitched by Ceil for her children and grandchildren.

Photos depicting various stages of Ceil’s life will be streamed on a laptop throughout the party.

As a lifelong quilter and longtime member of the local Pointed Pine Quilters, an award was created in her honor at last fall’s Quilts Unlimited juried quilt show.

The annual Cecelia Buckley Silver Needle Award will be presented to the individual who creates the  most outstanding hand-quilted entry in the show.

In lieu of gifts, the family suggests donations to Ceil’s namesake award.

Ceil was born to Henry and Clara (Rozon) DeMoors on January 30, 1913 in a house on the corner of Beech and Birch Streets in Thendara. She is the oldest living Thendara resident.

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Town of Inlet: Zippy’s Crusade for Kids returns for charity ride

Over sixty celebrities from the worlds of NASCAR and hunting will be among the participants at the 7th Annual Zippy’s Crusade for Kids snowmobile charity ride held at the Ole Barn in Inlet on Friday and Saturday, January 25 and 26.

Zippy’s Crusade for Kids is a not-for-profit organization founded by Greg and Nan Zipadelli to raise funds through community events that will be donated to help kids in need on a national and local level.

Last year, over $100,000 was raised for the cause which enabled the Zipadellis to make donations to a number of organizations.

Among the organizations that benefited were The Children’s Hospital of New York, the Special Needs Fund at Levine’s Children’s Hospital in Charlotte, NC, the Summer Backpack Program, and The Dream Factory.

The event will begin Friday with sign-up at 5 p.m. A meet-and-greet autograph session with the celebrities and music by Kim Fox and country music star, Bobby Kendall will follow.

Nan Zipadelli said her favorite part of the event is when they get to meet the special guests—local folks who will benefit from this year’s funds.

She said they will also have the opportunity to meet with the Beals and Owenses, two local families who have previously benefited from the event who are offering to help out this year.

Saturday’s activities will begin at 10 a.m. with a brunch at the Ole Barn, followed by the snowmobile ride at 11 a.m.

The ride, according to event organizer Spot Ste. Marie, would not be possible without the generosity of their sponsors—notably, long-time sponsor, Arctic Cat.

Each year, Arctic Cat provides the celebrities with sleds to ride as well as all of the equipment needed for the event.

This year the snowmobile company will provide an Arctic Cat side-by-side Prowler valued at $14,000 as a first place raffle prize.

An abundance of Arctic Cat swag has also been donated for giveaways throughout the weekend.

“I think Zippy’s is a great cause and a great event,” said Arctic Cat District Manager Dan Glucky.

“I know it is well supported locally as well as by people outside of the community. We just love being a part of these events.

“It’s always good to be able to say thank you to the customers who ride our product. But more importantly, it’s great to help other people so they are better able to enjoy some of the stuff we do.”

In addition to a number of raffles for prizes that include three hunting trips with Drop Zone TV, and an Ez-Go Golf Cart, there will also be a silent auction, which opens on Friday, and a live auction on Saturday evening.

To learn more about Zippy’s Crusade for Kids and to see a complete schedule of events, visit www.crusadeforkids.com.

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Hickory Creek: Local contingent among vintage rail car passengers

Hickory Creek  Jan 2013 043

Twenty-two passengers, many representing the Old Forge business community, boarded the vintage railcar, the Hickory Creek, on Monday, January 21 for a first class roundtrip excursion from Utica’s Union Station to the Amtrak Station at Hudson.

Don Chaudruc, road foreman of the Adirondack Scenic Railroad (ASR), arranged the trip aboard the luxury railcar so the passengers could experience for themselves what first class train travel could mean for the area.
Paper Group Photo 2Among those riding the Hickory Creek were business owners Dick and Roxanne Bird of Bird’s Adirondack Real Estate and Bird’s Marine.
Dick, who also serves on the Adirondack North Country Association board, is an outspoken proponent of the expansion of a rail route from New York City to as far north as Lake Placid.

He described the Hickory Creek, built in 1948, as a four-bedroom car with lounge and dining areas.
Porters served passengers beverages, snacks and a light lunch during the three-plus hour trip, he said.

Erica Murray, co-owner of the Old Forge Hardware, was accompanied on the excursion by her parents, Mike and Ellen Wilcox. Continue reading

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