VEC was recently notified by a neighboring utility that they have been receiving complaints from customers who have been visited by scam artists posing as energy evaluators.
A blue light will be displayed at each of the THP District Headquarters across the state in remembrance of fallen law enforcement officers.
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Many people are often surprised to find themselves subject to the AMT, which is short for the alternative minimum tax.
Are you aware of all the tax laws that affect you? Many people are often surprised to find themselves subject to the AMT, which is short for the alternative minimum tax. Although this tax was originally intended for a narrow group of taxpayers, it is now estimated to have an impact on millions of people. The Tennessee Society of CPAs explains what you need to know about it. A SEPARATE TAX While the tax was meant for the wealthy, it now entangles many people who would consider themselves middle class. The AMT really functions as a separate tax system. It applies not only to individuals but also to corporations, estates and trusts. It was first created to ensure that those with high incomes couldn’t sidestep paying taxes altogether by using certain deductions and adjustments. CHECKING IT TWICE When you figure out your tax liability, you normally add up your income, then subtract the adjustments, deductions and exemptions that apply to you. What is left is your taxable income. You then calculate your tax on this taxable income. When you calculate the AMT, you are effectively adding back some of the tax breaks allowed for regular tax purposes, then figuring your taxes using special AMT tax rates. If the amount of tax figured using the AMT rates (called the tentative minimum tax) is higher than your regular tax amount, you must pay AMT equal to the difference between the two amounts in addition to your regular tax amount. ITEMS THAT MAY TRIGGER THE AMT What deductions or adjustments might you have to add back? They include but are not limited to itemized deductions for state and local taxes or property taxes, certain interest expense and most miscellaneous deductions, as well as tax-exempt interest from private activity bonds. That’s only a partial list, however, so be sure to consult a CPA for more information. INCOME EXEMPTIONS The AMT only applies if your alternative minimum taxable income (which is your regular tax adjusted gross income after adding or subtracting any AMT adjustment or preference items) is above the AMT exemption amount for your filing status. For the 2009 tax year, the amounts are $46,700 for individuals, $70,950 for married people filing jointly and $35,745 for married people filing separately. You may not automatically pay the AMT if your alternative minimum taxable income is higher than these amounts, but you do escape AMT if your AMT income comes in below those levels. TRYING TO AVOID AMT If you believe you may be subject to the AMT, you should review your income and expenses periodically to determine whether or not to take actions to avoid it, such as postponing or accelerating income, deferring payment of expenses or prepaying state and local income taxes or property taxes. However, remember that any such step should be taken as part of a prudent overall tax plan. There may be unintended consequences to any of these actions, so be sure to discuss them with a CPA before you finalize any plans. THE AMT ASSISTANT The Internal Revenue Service does offer information to taxpayers to get them started on understanding the AMT and whether they are subject to it. The Service’s AMT Assistant for Individuals can be found on the IRS site at www.irs.gov. About Money Management Money Management is a weekly column on personal finance prepared and distributed by the Tennessee Society of Certified Public Accountants (TSCPA) as a part of its financial literacy initiative. Betty Sue Hussey, of Winchester, is the president of the Elk Valley chapter. Hussey is an accountant at Jacobs Technology. Members of TSCPA are CPAs residing and practicing primarily in Tennessee in all areas of public accounting, education, government, business and industry. TSCPA offers a speakers bureau for many types of business and educational engagements. For details, visit www.tscpa.com. TSCPA is headquartered in Brentwood, Tenn.
The governor’s proposal to increase class sizes in the elementary schools, and to base the state’s payments on those maximums, could mean a significant loss of revenue for teaching positions in Polk County.
At the Jan. 19 meeting, commissioners were told that the Library Board would like to move the library from the lower level of the Courthouse to the building soon to be vacated by the Benton Family Health Care Center.
Teachers across the state, still reeling from last year’s loss of negotiating rights and a complicated evaluation system, now face a loss of a guaranteed salary schedule based on longevity and education.
The Library Board will be asking the County Commission for approval to move the library from the Courthouse to what is currently home to the Benton Family Health Care Center.
Video surveillance has been installed at the county’s convenience centers to identify people leaving garbage outside the fence at the convenience centers or throwing it over the fence when the centers are closed.
The collision happened around 6:45 a.m. Dec. 28 when a westbound truck carrying around 20 tons of calcine lost control coming around a curve on Hwy. 64 and flipped on its side.
Board members spent a majority of the meeting listening to a laundry list of ranging from mold issues to the proper wording on “no smoking” signs on the outside bleachers.
The IBMA Leadership Bluegrass, now in its 13th year, is an intensive three-day program that brings together the most progressive leaders to collaboratively challenge issues facing the professional music industry.
Lee University’s Encore Program, which offers people age 60 and over the opportunity to take university courses, has a new line up of specially-designed mini-courses for the spring.
Horse Trainer and owner of Double S. Stables, Randy Speegle of Benton took second place in the Legends division at the Mustang Challenge in Murphreesboro on October 21st – 23rd.
Local residents got their first look at potential routes for a Copperhill-McCaysville Bypass, at a public information open house held last Thursday by Project Engineers for the Georgia Department of Transportation.
Tennessee Agriculture Commissioner Julius Johnson has authorized a statewide referendum for cattle producers to vote on a $0.50 per head increase in the assessment to fund the in-state promotion of beef.
While some students may be nervous about how the upcoming exams could affect their college options, the Tennessee Electronic Library (TEL) has the tools they need to succeed.
Principal Mrs. Patricia Smith proudly announces the Copper Basin Elementary 1st and 2nd honor students. Students must have a 93 or higher average in all classes for the 1st honor roll.
Mrs. Deborah Swafford of Old Fort, was chosen by Northwest Elementary Faculty in Murray Co, Georgia to be Teacher of the Year for the 2011-2012 School year.
On Oct. 7, with the help of Vice Principal Turner, who kept her out of class for a few minutes to get it set-up, The Senior English 12 Class threw a Surprise party for Mrs. Ellen Carr.
Virginia Deloris Brown Trantham, affectionately known to family, friends and coworkers as “Sally”, age 77, of Copperhill, TN passed away Tuesday, January 24, 2012.
I just wanted to say a big “Thank You” to Cheryl Maxwell, Mayor Stephens, Linda Caldwell, and others who planned and carried out a very successful 2nd Annual Heritage Days festival in Benton.
There is an old saying, which many credit to Native Americans as advising, “You can’t really understand someone else, unless you live their life or walk in their shoes (so to speak).
Photo from 1910 provided by Bill Lillard shows the family of Calvin Higdon, who built the Higdon Hotel in Reliance. Calvin (1836-1919) and Amanda Linderman Higdon (1845-1926) were married in 1860.
From Polk County News, 9/13/34
Famous Monroe County Hotel Is Now No More
People from All Over South Visited the “Saratoga of the South” in the Good Old Days.
The Museum Center at 5ive Points will host a presentation on Learning to Care and Maintain Your Featherweight Sewing Machine by Stan Pegram on Saturday, February 11 from 10:00 - noon.
Sequoyah Birthplace Museum is offering a Cherokee language class in Vonore, TN on the following Mondays, January 9, 16, 23, 30, 2012 from 6:30 p.m. – 8:30 p.m.
Each day kids will create their own holiday spirit by making decorations, learning games and trying foods from the past. Campers are asked to bring a sack lunch.
“It was like seeing a freight train coming down the tracks 90 miles an hour and trying to stop it by stepping in front of it”, Coach Danny Rogers said.
The Copper Basin Medical Center’s District Board honored Dr. William E. Lee last week. Dr. Lee, 85, has spent a lifetime in service, not only to the community but to the world through his medical mission trips.
EPA is proposing actions to improve the water quality of the Ocoee from Copperhill to Dam No. 3, at Dam No. 3, and at the upper reach of Parksville Dam.
The Ocoee River Outfitters Association will conduct a stream cleanup with the help of approximately 130 volunteers on Friday, May 27, 2011 starting at 9:00 am.
Beginning in mid-January culverts will be replaced on Sina Branch Road where it crosses Sawmill Branch in the Ocoee Ranger District in Polk County, TN.
Drawdown is underway at Apalachia Lake, according to David Bowling with River Operations at TVA. He said the lake will drop 18-20 feet for routine maintenance work.
Trout stocking will be reduced about 20% in the coming fiscal year and could be reduced 85% after that, according to Frank Fiss, Assistant Chief of Fisheries at the Tennessee Wildlife Resources Agency.
TVA has created a smartphone app for those wanting to check on reservoir elevations, water release schedules and more. The information has been available online, but the new app will allow access by cell phone.
Unseasonably high temperatures -- in the 90s -- are sending folks to the water. The Ocoee Whitewater Center is a popular place when the river isn't flowing, and the Hiwassee and Ocoee are popular when it is.
People come from near and far to experience a variety of outdoor recreation activities including camping, picnicking, hiking, bike riding, water play, fishing and much more.
VEC was recently notified by a neighboring utility that they have been receiving complaints from customers who have been visited by scam artists posing as energy evaluators.
The Tennessee Historical Commission is now accepting nominations for its Certificate of Merit Awards to honor individuals or groups that have worked to preserve Tennessee’s cultural heritage during 2011.
The Tennessee Tobacco QuitLine offers personalized support for Tennessee residents who want to quit smoking by connecting them with trained quit coaches to guide them through the quitting process.
The Tennessee Department of Commerce and Insurance (TDCI) Consumer Affairs division is urging consumers to be wary of emails that request participation in a survey and that promise a gift card in return.
While many job placement firms may be legitimate and helpful, others may misrepresent their services, promote outdated or fictitious job offerings and charge high fees in advance for services that may not lead to a job.
The annual campaign has enrolled tens of thousands of children in the low-cost health insurance plan, which provides coverage for everything from physician visits to hospitalization to dental and vision care.
The Tennessee Department of State has launched a campaign to educate citizens about the new photo identification requirement that will go into effect for elections held in the state after Jan. 1, 2012.
All of the legislation approved this year, during the first session of the 107th General Assembly, is now available online at the Office of Secretary of State web site.
Applications for the State Energy Efficient Appliance Rebate Program (SEEARP) are available online at www.e-rebates.org/teearp or by phone at 1-877-741-4304 on a first-come, first-served basis.
Individuals who have received LIHEAP assistance since July 2010 must wait until October 1 for the new program year to begin before they can re-apply for benefits.
“Kids Fishing Day” event in Cherokee National Forest’s Ocoee/Hiwassee Ranger District is scheduled for May 21, 2011 at McCamy Lake. Anglers 15 years and under are invited to try their luck.
Ducktown resident Jack Suites and his partner Bitt Ledford of Murphy, N.C. took home the $700 second place prize at the Tri-County Community College Foundation Fishing for Scholarships Bass tournament on April 2.
More than four months after a spotted bass weighing 6 pounds, 7 ounces was caught on the Ocoee River in Polk County, the Tennessee Wildlife Resources Agency has confirmed the fish as a new state record
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