OK, so we are almost done with 2023. And with a new year just weeks away, you may already be thinking about filing your taxes and perhaps some financial resolutions for 2024. One person who has definitely been thinking about those things is Tony Mecia of the Charlotte Ledger Business Newsletter. He joins me now for our segment BizWorthy.
Marshall Terry: OK, Tony, let's start with taxes. You spoke to seven local financial experts. What are their recommendations for maximizing savings on taxes? And is it too late this year to make a difference?
Tony Mecia: No, it's not too late, Marshall. You know, a lot of these tax rules apply for a calendar year. So you have until Dec. 31 to do some of them. You know, some of them, you know, might extend for a few more months, say, into April. Obviously, everybody has different financial situations. So it's hard to say a blanket rule. But some of the main things that the financial advisers that I talked with this week pointed to as things that you might want to do is, for example, examine your withholding. If you get a paycheck, make sure that enough is being withheld so you don't have to write a big check when your taxes are due and that enough is being taken out. That's especially true if you're self-employed and there aren't necessarily withholdings coming out of your payments. That's one.
Obviously, charitable donations is another. If you make a charitable donation before the end of the year and you itemize on your taxes, that's one way to save some money. So there are a number of different things that people should be looking at. But it's really going to depend on their personal financial situations. But those are some of the basic ones.
Terry: Now what about financial strategies for 2024? What should folks be thinking about?
Mecia: Yeah. The financial people that I talked with said, you know, the end of the year is a good time to sort of assess where you've been, and also think about where you're going. Do you want to be saving more for something this year? Are you able to put more money into retirement accounts? A lot of that money is tax-free. It can grow tax-free.
One of the other things that was also mentioned is on your retirement accounts or life insurance accounts, some of these financial accounts, it also might make sense to examine who your beneficiaries are. If you've had a life-change event, if your kids are no longer minors, or you've gotten married or divorced. As one financial planner, put it to me, said not to be a grinch, but most people don't want their ex-spouses inheriting their IRA.
Terry: All right. Well, on that note, let's switch gears now. There's a new addition to the Belk at SouthPark Mall — a wine bar. What's the thinking here? I meet up with your friends for a glass or two and then hit the racks?
Mecia: Yeah. Or you hit the racks and then go get a glass or two and then go do some more shopping. We're starting to see more of an integration of some of these bars and restaurants into retail spaces. In this case, it's Arthur's, which is a longtime Charlotte restaurant that has been at the bottom floor of Belk’s. It has opened a wine bar on the main level of Belk’s. It's right between the perfume and the Izod shirts. I went in there last week. There were several people sitting at the bar in the middle of the day drinking wine. But, yes, we're starting to see more of this sort of experiential retail, where if you want something to eat or drink, it's not just going to the food court anymore. It really is becoming part of a trend. Marshall, you might recall, Harris Teeter a few years ago started putting bars inside of its grocery stores. So it's definitely something we're starting to see more of.
Terry: All right. Well, changing topics now, some residents of a neighborhood in Pineville are upset over plans to build an electric substation nearby. What neighborhood, and why are they opposed?
Mecia: Well, they’re the neighborhood near the Pineville-Fort Mill border off of NC 51, near the Miller Flea Market and the McCullough neighborhood. The town of Pineville is looking at putting in an electric substation. The town says the town is growing and it needs more capacity for electricity. But some of the residents are concerned about the possible exposure to electromagnetic fields. Officials with the town say they don't think there's a health concern there, and that it is safe, and that the town really needs that power generation. So it's another example that we're starting to see of infrastructure that is needed to support an urban environment coming into conflict with residents who don't always want to live next to that infrastructure.
Terry: Finally, a North Carolina icon, Krispy Kreme, just debuted in France. Now I thought the French were quite the epicureans when it comes to food and tended to look down on American cuisine. So how was Krispy Kreme received?
Mecia: Very well. With open arms, Marshall. The New York Times said about 500 people showed up to the opening in Paris. Some people had camped out overnight. They did make some changes, though, to accommodate French palates, including a fresher fruit taste for the apple doughnuts and making the strawberry frosting less sweet. So they're modifying what's going in. But it does sound like a growth market for Krispy Kreme and other fast-food places in Europe.
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