The Down East Seniors Club held its Feb. 3 meeting at the Blind Center of North Carolina in Washington. President Ed Hamrick led the meeting. Chip Ide led the singing of “God Bless America” and Charlie Mike Smith gave the invocation. Dick Paul provided humor.

President Hamrick announced that the club had made a donation to Eagle’s Wings and will make one to the Salvation Army. These donations are made in accordance with one of the club’s principles to support local charities.

Sam Price introduced Louis Jones, CPA, with Wilson Jones & Company. Jones discussed various facets of income taxes. Depending on adjusted gross income, part of social security benefits may not be federally taxable. The standard deduction for the elderly may be as much as $16,000; in many cases this will be more than itemized deductions. The general statute of limitations on IRS determining that more tax is owed is three years. If the underpayment is more than 20% then there is no statute of limitations. Jones recommends retaining tax returns at least seven years. Jones recommends that gifts of used goods (such as clothing) to charities like the Salvation Army be valued at one-third of the original cost.

Philip Ninan won the 50/50 drawing.