Josh Peterson

H&R Block Presents – Charitable Contributions

With the recent disasters and the health pandemic, many people are looking for ways to help those in need. Contributing to a qualified charitable organization entitles you to a deduction on your income tax return. Previously in order to deduct charitable contributions you had to be able to itemize your deductions on Sch A of your tax return. However, for 2020 and 2021 a charitable contribution deduction is allowed for cash donations even if you don’t itemize. The deduction for non-itemizers for 2020 was $300 per return. The deduction for 2021 is $600 for a return using the Married Filing Jointly filing status and $300 for other filing statuses. Of course, higher amounts for qualified charitable contributions may still be deducted as itemized deductions.

What is a Qualified Charitable Organization? To be a deductible contribution, the donation must be made to a qualified nonprofit religious, educational, scientific, or charitable organization. These are typically called 501(c)(3) organizations. Almost all churches, schools, and hospitals are qualified organizations. Additionally, well known organizations like United Way, Red Cross, American Cancer Society, Disabled American Veterans, Wounded Warriors, Salvation Army, Goodwill, and many others are qualified. If you are planning to make a tax deductible contribution to other organizations, you should first verify their nonprofit status. Donations made directly to individuals are not tax deductible.

What is a Qualified Contribution? Contributions may be made in cash (cash, check, automatic bank withdrawals, credit card), or non-cash (donations of property). You may also make tax deductible contributions by volunteering at a qualified organization. The amount of your contribution is the actual out-of-pocket donation made. For cash contributions, this is the amount of contribution less the value of any item or service received. For non-cash contributions, the amount of your contribution is the fair market value (FMV) of the item donated. Contributions made as a volunteer are limited to the amount spent for items provided including mileage at a rate of 14 cents per mile. The volunteer’s time and expertise are not considered in determining the amount of contribution.

What records are needed to support tax deductible contributions? For individual cash contributions of less than $250, IRS accepts a receipt, cancelled check, bank statement, or credit card statement showing the organization name, date of contribution, and amount of contribution. If you make a one-time contribution of $250 or more, IRS requires a statement from the organization containing the name, date, amount, and a statement that no goods or services were received or the amount of value received. Non-cash contributions require a receipt with all the above information including a description of what was donated. The fair market value of items should also be listed in order to claim the deduction. Fair Market Value (FMV) is the amount the item could be expected to be sold for on the date of the donation. To determine FMV for items such as clothing, furniture, and household goods you may use the charts provided on the Salvation Army or Goodwill websites. For donations of items valued at $5,000 or more, an appraisal is usually required.

If you have questions about Charitable Contributions and tax deductions and would like help from the Tax Professionals at H&R Block, please call your local H&R Block office. In Manchester TN call 931-728-9462. H&R Block Has Your Back!

FOOTBALL: Coffee Middle thumps Tullahoma to win Coffee Cup

Coffee County Middle School put the hammer down early and never let up Saturday morning, smashing Tullahoma Middle 48-14 and winning the “Coffee Cup” trophy – the middle school version of the Coffee Pot.

CMS recovered a pooch kick to start the game and that was the start of the Caiden Martin show – as he rumbled in from 26 yards out to put CHS up 7-0. Martin scored again from 16 yards out after a forced Tullahoma turnover. Martin finished with 146 yards on 7 carries and 4 scores. He was 2-of-2 through the air for 17 yards. Debroussard added 2 touchdowns on tow carries and Yancer had a score for CMS.

The Raiders led 41-0 before beginning to substitute liberally. The Raiders are now 2-0 on the year.

Lady Raider softball kids camp is this weekend

Coffee County Lady Raider softball program – last season’s TSSAA State Runner Up – will be hosting a kids camp this Saturday, Sept. 11 for aspiring softball players from ages four through eighth grade.

Camp will run from 9 a.m. through noon and will cost $40.

Campers will have the opportunity to learn hitting, defense, base running, slapping, bunting and catching from the Lady Raider softball team and coaching staff.

Everyone who pre-registers will get a t-shirt. You can pre-register by emailing Brandon McWhorter at mcwhorterb@k12coffee.net. You can also preregister by clicking here.

Federal Jury convicts former Manchester clinic owner of unlawful opioid distribution

On September 1, 2021, following a three-day trial in the United States District Court at Chattanooga, a jury convicted Mark Daniel Allen, 64, formerly of Manchester, Tennessee, of unlawfully distributing prescription opioids to patients at a clinic he owned in Manchester, Tennessee. Following the jury’s verdict, Allen was taken into custody. Sentencing is scheduled for January 21, 2022, at 10:00 a.m., before the Honorable Travis R. McDonough. Allen faces up to 20 years in prison for each count of conviction.

According to court documents and evidence presented at trial, Allen was a nurse practitioner who distributed oxycodone not for a legitimate medical purpose outside the course of professional practice and used his clinic for unlawful drug distribution. Specifically, the evidence showed that through his clinic, Volunteer Family Medical, he wrote controlled substance prescriptions for more than 15,000 pills to three women with whom he had sexual relationships, and a male patient who later passed away. Allen was convicted of one count of maintaining a drug-involved premises and six counts of unlawful distribution of a controlled substance outside the scope of professional practice.

Assistant Attorney General Kenneth A. Polite Jr. of the Justice Department’s Criminal Division; Acting U.S. Attorney Francis M. Hamilton III of the Eastern District of Tennessee; Special Agent in Charge Joseph Carrico of the FBI’s Knoxville Field Office; Special Agent in Charge Derrick Jones of the Department of Health and Human Services, Office of Inspector General (HHS-OIG); and Director David Rausch of the Tennessee Bureau of Investigation (TBI) made the announcement.

The FBI, HHS-OIG, TBI, Manchester Police Department, and Coffee County Sheriff’s Office investigated the case.

Assistant U.S. Attorney James Brooks of the Eastern District of Tennessee and Trial Attorney Emily Petro of the Criminal Division’s Fraud Section represented the United States at trial.

Coffee County Fair extends pageant entry deadline

Coffee County Fair officials have announced that deadline has been extended to postmark entries into the Coffee County Fair beauty pageants, baby and toddler shows.

The deadline to enter and avoid late fees is now Sept. 7. The final deadline is Sept. 9. Entries postmarked by Sept. 7 avoid late fees.

Print and mail in entry forms with birth certificate and entry fee. If you can not print, a form can be printed at the fair office at 99 Lakeview Dr..

All entries can be turned in at the office as well. Entries must be postmarked by Sept. 7 to avoid late fees and Sept.9 postmark is the absolute deadline. Your child will not be registered unless all required items needed are turned in.

Forms are below and the entire Coffee County Fairbook can be found here.

Report: Tennessee has 20th lowest mortgage loan approval rate in U.S.

Pent-up demand from the pandemic, low interest rates, and a shortage of properties have created a booming housing market with near record levels of refinance activity. While typical home values have increased by 15% from a year ago, the housing market is expected to stay hot in many cities through the end of the year and into next. According to the most recent loan-level mortgage data from the Home Mortgage Disclosure Act, there were 12.1 million mortgage loan applications approved in 2020 with an overall approval rate of 83.6%.

Mortgage loan approval rates vary by purpose of the loan. Refinancing applications for conventional, single-family loans without a cash-out option had the highest approval rate at 86.9%. Home purchase loans had a nearly identical approval rate at 86.3%, and cash-out refinancing applications were just slightly less likely to be approved, with an approval rate of 84.9%. In comparison to these types of loans, home improvement loans were the least likely to be approved—just 61% of home improvement loans were approved in 2020.

Mortgage application approval rates vary not only by purpose of the loan but also by demographic characteristics of the applicant, including race and ethnicity. Co-applicants of different races (“joint”) and non-Hispanic white applicants had the highest loan approval rates, both at 86.1%. Black, American Indian or Alaskan Native, and applicants of two or more minority races experienced the lowest approval rates, ranging from 65.8% to 69.4%. The loan approval rate for Hispanic or Latino applicants was 74.8%—a figure higher than that of other minority groups, but still 11 percentage points below the approval rate of white borrowers.

Differences in loan approval rates are in part due to varying credit profiles and application types across racial and ethnic groups. Members of minority groups are more likely to have lower incomes, lower credit scores, and live in economically disadvantaged neighborhoods. Still, research points to persistent discrimination in the lending market, and that even controlling for differences in financial health, minorities are denied loans at higher rates than their white counterparts.

Approval rates are highest in the Midwest, while they tend to be lower in the South and Southeast. This is likely due to differences in local demographic makeup and socioeconomic status. At 90.6% and 90.1%, respectively, North Dakota and South Dakota residents experienced the highest loan approval rates in the country. At the other end of the spectrum, Mississippi and Florida residents faced the lowest loan approval rates, at just 74.7% and 77.1%, respectively.

To find the locations with the highest loan approval rates, researchers at Smartest Dollar analyzed the latest data from the Federal Financial Institutions Examination Council’s Home Mortgage Disclosure Act, the U.S. Census Bureau, and Zillow. The researchers ranked states according to the mortgage loan approval rate. Researchers also calculated the total loan applications approved, median home price, median household income, and minority population share—defined as the percentage of the population that is not non-Hispanic white.

The analysis found that in 2020, 83.0% of mortgage loans were approved in Tennessee, compared to 83.6% at the national level. Out of all U.S. states, Tennessee has the 20th lowest loan approval rate.

Here is a summary of the data for Tennessee:

– Mortgage loan approval rate: 83.0%
– Total loan applications approved: 235,945
– Median home price: $226,456
– Median household income: $56,071
– Minority population share: 26.7%

For reference, here are the statistics for the entire United States:

– Mortgage loan approval rate: 83.6%
– Total loan applications approved: 12,107,353
– Median home price: $287,148
– Median household income: $65,712
– Minority population share: 40.0%

Story from WGNS Radio

Linda Jean Johnson

Mrs. Linda Jean Johnson, age 55, of Hillsboro, TN,
passed from this life on Saturday, September 4, 2021, in Lebanon, TN.

Mrs. Johnson was born in McMinnville, TN, to her late parents Amon
McCormick Jr. and Dorothy Perry McCormick. She absolutely adored her grand
dogs Mollie, Percocet, Hyperion, and Ambrose. Mrs. Johnson was also a
Nashville Predators fan. She was a loving mother and will be deeply missed.
In addition to her parents, she was preceded in death by her husband, Gary
Wayne Johnson.

Mrs. Johnson is survived by daughters, Angel (Dylan Nagel) Johnson and
Hayley Johnson; brother, Amon Chip McCormick; sister, Nancy Briley; and her
beloved grand dogs.

Visitation with the family will be held on Wednesday, September 8, 2021,
from 5:00pm until 8:00pm at Central Funeral Home in Manchester, TN. Funeral
services will be conducted on Thursday, September 9, 2021, at 1:00pm from
the chapel of Central Funeral Home with Bro. Martin Bowlin officiating.
Burial will follow in Hillsboro Presbyterian Cemetery.

Central Funeral Home is serving the family, 931-723-7774,
centralfuneralhome.com

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