BUSINESS
September 7-13, 2017
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Atlanta Dream parts ways with Michael Cooper
By ADW Staff
Century Black Leaders. In 2004, he wrote the Introduction for the 17th edition of Who’s Morehouse College professor and Black Who Among African Americans. Among Atlanta Historian Dr. Alton Hornsby died on his most recent works are A Short History September 1, 2017, in Atlanta. of Black Atlanta, 1847-1990, “Southerners Alton Hornsby Jr. earned a Too?: Essays on the Black South, Bachelors degree in history from 1773-1990,” for the Dictionary of Morehouse College and M.A. and Twentieth Century Black Leaders Ph.D. degree from the University (editor-in-chief and contributor), of Texas (Austin), where he held The Atlanta Urban League, 1920a Woodrow Wilson Fellowship, 2000 (with Alexa B. Henderson; a Southern Education Foundawinner of the Adele Mellon Prize tion Fellowship and a University for distinguished scholarship), A Fellowship. Professor Hornsby Biographical History of African is Fuller E. Callaway Professor of Americans, and From the GrassHistory at Morehouse College. roots: Profiles of Contemporary For 25 years (between 1976 and Black Leaders (with Angela M. 2001), he edited the Journal of Hornsby), Negro History for the Association Alton Hornsby Jr. Hornsby has been president of for the Study of African Amerithe Association of Social and Becan Life and History. He has also edited “The havioral Scientists and the Southern ConPapers of John and Lugenia Burns Hope” for ference on African American Studies. He Blackwell’s Companion to African Ameri- has served on the executive council of the can History and the Dictionary of Twentieth Association of Social and Behavioral Scien-
2018 led by All-Stars Tiffany Hayes, Layshia Clarendon and Elizabeth Williams, as well as Rookie of the Year candidate Brittney Sykes.
Tax tips for those affected by natural disasters
By Steve Julal Every year, hurricanes, tornadoes, floods, wildfires, and other natural disasters affect people throughout the US. The bad news is that recovery efforts after natural disasters can be costly. For instance, when hurricanes strike they not only cause wind damage but can cause widespread flooding. Many homeowners are not covered for damage due to flooding because most standard insurance policies do not cover flood damage. Fortunately, tax relief is available–but only if you meet certain conditions. For business owners and self-employed individuals who may owe estimated taxes, for example, the IRS typically delays filing deadlines for taxpayers who reside or have a business in the disaster area. DEDUCTING CASUALTY LOSSES: TIPS FOR HOMEOWNERS Fortunately, personal casualty losses are deductible on your tax return as long as the property is located in a federally declared disaster zone (please call the office if you are not sure). You must also meet the following four conditions: 1. The loss was caused by a sudden, unexplained, or unusual event. Natural disasters such as flooding, hur-
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ricanes, tornadoes, and wildfires all qualify as sudden, unexplained, or unusual events. 2. The damages were not covered by insurance. You can only claim a deduction for casualty losses that are not covered or reimbursed by your insurance company. Keep in mind that timing is important. If you submit a claim to your insurance company late in the year, then your claim might not be processed before it is time to prepare your taxes. One solution is to file for a 6-month extension on your taxes. If you have any questions about this, please call the office. 3. The dollar amount of you losses were greater than the reductions required by the IRS. To claim casualty losses on your tax forms, the IRS requires several “reductions,” the first of which is referred to as the $100 loss limit and requires taxpayers to subtract $100 from the total loss amount. Next, you need to reduce the loss amount by 10 percent of your adjusted gross income (AGI). Here is an example: Let’s say your AGI is $35,000 and your insurance company paid for all of the losses except $5,800 that you in-
curred as a result of tornado damage. First, you would first subtract $100 and then reduce that amount by $3500. The amount you could deduct as a loss would be $2,200. 4. You must itemize. To claim a deduction for the loss, you must itemize your taxes. If you normally don’t itemize but have a large casualty loss, you can calculate your taxes both ways to figure out which method gives you the lowest tax bill. Please call if you need help figuring out which method is best for your particular circumstances. FIGURING AMOUNT OF LOSS Figure the amount of your loss using the following steps: • Determine what your adjusted basis in the property was before the casualty occurred. For property you buy, your basis is usually its cost to you. For property you acquire in some other way, such as inheriting it or getting it as a gift, you must figure your basis in another way. Please call the office for more information. • Determine the decrease in fair market value (FMV) of the property as a result of the casualty. FMV is the price at which you could sell your property to a willing buyer. The decrease in FMV is the difference between the property’s FMV immediately before and immediately after the casualty. • Subtract any insurance or other reimbursements that you received or expect to receive from the smaller of those two amounts. TAX RELIEF FOR SMALL BUSINESS OWNERS Individuals, as well as businesses affected by severe storms, tornadoes, straightline winds, and flooding in Arkansas and Missouri with an estimated income tax payment originally due on or after April 26, 2017, and before Aug. 31, 2017, will not be subject to penalties for failure to pay estimated tax installments as long as such payments are paid on or before Aug. 31, 2017.
COMMUNITY
September 7-13, 2017
Dr. Alton Hornsby: The Black Past Remembered, Reclaimed and Mourned
By ADW Staff After four seasons with Atlanta Dream, the franchise has decided to part ways with head coach Michael Cooper. “We are grateful that Michael Cooper has been part of our franchise over the last four years,” Dream owners Mary Brock and Kelly Loeffler said. “Michael shared a wealth of experience from his championships in the NBA and coaching two WNBA championship teams. We hope our fans will join us in thanking him for his dedication to the Atlanta Dream.” While leading the Dream Cooper recorded a 63-73 overall record, including a 12-22 mark in 2017. He directed the Dream to the WNBA Playoffs in 2014 and 2016. His 2014 squad entered the postseason as the top seed in the Eastern Conference, the first-ever No. 1 seed in franchise history. “I am very proud of the young and cohesive team we’ve built and I want to thank the Atlanta fans, the Dream organization, and, most of all, our players for their dedication and hard work,” Michael Cooper said. “We’ve grown as a team and I’m confident these talented and exciting players will continue to realize their potential both as a team and individually.” The Atlanta Dream will return an exciting young roster in
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tists, the Association for the Study of African American Life and History (ASALH) and the Southern Historical Association. Hornsby served for 42 years on the Morehouse faculty. He was also chair of the department of history for 30 consecutive years. One of the nation’s leading scholars in African-American history and African-American studies, Hornsby also published at least 20 books during his tenure at Morehouse. While at Morehouse, he served on numerous committees, including chair of the Benjamin E. Mays Lecture Committee, as well as numerous committees in his profession. He won many prizes and awards for excellence in teaching, scholarship and service. In the spring leading up to his retirement in 2010, several dozens of his former and then-present students, colleagues, and friends gathered in Atlanta for a three-day celebration of his retirement. The events culminated with a Testimonial Brunch at the Crowne Plaza Hotel Atlanta Airport. A repository of some of his work can be
Loss: What to say after the flood, earthquake, or disaster
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Natural disasters such as the earthquake and tsunami in Japan, or the Mississippi river flood leave a wake of devastation. They destroy people’s homes and crops, devastate lives, demolish communities, bankrupt businesses, and shatter our sense of safety. What do you say to someone dealing with an enormous loss? “People don’t know what to say to someone who is heartbroken. It’s not their fault. No one has taught them what to say. If you say the wrong thing, you can actually make matters worse,” said Aurora Winter, grief expert and founder of the Grief Coach Academy. To comfort someone who is heartbroken, start by listening. “It’s important for you to know what an enormous gift you give by simply listening. It is a relief to a heartbroken person to talk about
their loss,” said Winter, who authored “From Heartbreak to Happiness.” For example, people might share their heartbreak over losing family photographs, a treasured family heirloom, or a pet. They might share their feelings of being overwhelmed at having to return to a devastated property and begin the process of rebuilding. They might share their financial fears. “When you listen without fixing, you are being a true friend. Be patient and allow people to vent their feelings,” says Aurora, a grief expert. “Don’t argue with a person’s feelings. Don’t interrupt to ‘problem solve.’ Having a sounding board helps people discover their own answers and their own solutions.” Suggestions for some good things to say.
Do say: You’re not alone - I’m here. I’m grateful that you are alive. It’s understandable that you’re upset. That’s a normal and natural reaction to this situation. I don’t know what to say. I know things look bleak right now, but things are going to get better. This too shall pass. I can’t imagine what you’re going through. My heart goes out to you. You’re capable and competent. I know you can handle this challenge. I’ve seen you overcome other challenges. I am here for you. I appreciate our friendship and I’m glad that you are sharing with me. You can call me anytime. Would you be willing to consider that something good may be unfolding here, in spite of appearances? What could that possibly be? Imagine things go perfectly from now on. What would be an ideal outcome one year from now? What could you be enthusiastic about? What specifically can I do to support you? Don’t say: Don’t feel bad. It must have been God’s will. It’s your fault. You should have... I know how you feel. It just takes time. “Time alone does not heal. The right actions heal. Be proactive,” said Winter, who hosts events to help people recover from loss. “Healing is a process, and there is a light at the end of the tunnel. If I can go from heartbreak to happiness, you can, too.”
found at the BlackPast.org, an online reference guide to African American History.
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