Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, April 26, 1995 TAG: 9504260094
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
SOURCE: SANDRA BROWN KELLY
DATELINE: LENGTH: Medium
Those stones "don't lose their shape," the actresses in red sequinned gowns sang. A diamond's value also can be warming as the years pass. And they're not just for women, proved by the number of sparkling pinky rings worn by guys.
It is nearly boom time for weddings, and diamond is April's birthstone, so it's probably the appropriate season to learn more about the stones. The following are some ways to rate a retail jeweler:
nHow long has store been in business? A long-standing store probably has a track record of reliability and fair business dealings. Do friends or family recommend the store?
nWhat services does the jeweler provide? Are cleaning, sizing, engraving, restringing or remounting of purchased jewelry available? They should be.
nDoes store have fair return policy? You want to deal with a store that will allow an exchange or cash refund if you decide to return the jewelry within a reasonable period of time
nAre the jewelry store's prices so low it sounds like they're practically giving away the gems? Unbelievable discounts of 50 percent or more are probably not real. In fact, you may find that regular prices at other stores match or are lower than the promoted "discounted" sales price.
nDoes the store offer a wide selection of the jewelry items that you are looking to buy? Also look for booklets or brochures that will teach you about fine jewelry and how to care for it
nIs the store a member of an association that promotes and reinforces professionalism in the industry, such as Jewelers of America Inc.?
|n n| If you, like me, got a shock at income tax time and discovered you owed more money, then you probably wished you'd kept better records on donations of goods. That means now, during spring cleaning season, is a good time to start keeping records for next tax season.
As life got busier, I stopped recording the bags of clothings or housewares dropped off at charities such as the Salvation Army or Goodwill Industries. What's the value in a pair of worn shoes, or a skirt I can no longer wear? They certainly don't resell for much. But the Internal Revenue Service allows you to place a value on these items based on an audit of shops where they are sold.
Because most people aren't so good at determing those values, William R. Lewis of Lincoln, Neb., has a new career focus. Lewis, a certified public accountant and tax preparer for 18 years, also became an author five years ago when he wrote "CASH-For Your Used Clothing."
The 52-page booklet, which has sold 25,000 copes at $25 plus postage, gives steps for documenting donations and explains new tax laws relating to such gifts.
A typical donation of goods has a value of $2,000 to $2,500, said Lewis, who promises to save taxpayers who itemize at least $200 on their tax bills.
His company, Client Valuation Services, promises to pay any interest or penalties accrued if the IRS disallows the deduction.
Examples from Lewis' book of values of items in "good" condition are:
Woman's dress, $65; man's suit, $72; boy's jeans, $10.50; girl's sneakers, $12.50; luggage set, $80; and stuffed animals, $10.
To set the values, Lewis has a staff that checks what items are selling for at consignment and thrift shops all over the country. Then three levels of values related to the condition of an item are compiled.
"Many people stuff a bunch of clothes into bags or boxes and claim a $100 deduction, receiving only a few dollars in tax benefits," he said. "Those clothes could easily have been worth $1,000, if they only knew the proper method for valuing their donations."
He estimates that his booklet has saved taxpayers more than $4 million. The booklet has consumed so much of Lewis' time that this year he stopped preparing taxes. If you want to know more about his publication, call (800) 875-5927.
You can reach Kelly at (703) 981-3393, or P.O. Box 2491, Roanoke, 24010-2491, or through electronic mail to sandrakinfi.net.
by CNB