Revised – WineLines: Wine Bottle Labels

The WineLines post sent earlier this morning contained some errors in content. Please disregard the previous post and enjoy this version of WineLines.

How do you choose a bottle of wine when you’re in a wine store or  supermarket? The type of grape or vintage year? The “expert” ratings? The price? The country or region? The producer or Chateau name? The store’s promotional tag? Well, perhaps one or more of these are included in your criteria but you might be surprised to learn that the design element on that wine bottle influences most buyers and maybe even, at times, the more knowledgeable wine drinker.

So what information is provided on a wine bottle label? Let’s start with the legal/regulatory requirements and for purpose of this article, I’ll only address United States rules. The “Alcohol and Tobacco Tax and Trade Bureau” (TTB) regulates most of the information required on labels, even including the type, size, font and to some degree the placement of this information.

Continue reading “Revised – WineLines: Wine Bottle Labels”

WineLines: Wine Bottle Labels

How do you choose a bottle of wine when you’re in a wine store or  supermarket? The type of grape or vintage year? The “expert” ratings? The price? The country or region? The producer or Chateau name? The store’s promotional tag? Well, perhaps one or more of these are included in your criteria but you might be surprised to learn that the design element on that wine bottle influences most buyers and maybe even, at times, the more knowledgeable wine drinker.

So what information is provided on a wine bottle label? Let’s start with the legal/regulatory requirements and for purpose of this article, I’ll only address United States rules. The “Alcohol and Tobacco Tax and Trade Bureau” (TTB) regulates most of the information required on labels, even including the type, size, font and to some degree the placement of this information.

But first, some of the basics. Many holiday meals involve a healthy serving of turkey. “Why turkey?” you may ask. It turns out that goose was the favorite holiday meat for quite a long time – it was relatively cheap and abundant and, according to some, tasted good. Turkey, in addition to being sleep-inducing right before football games, was considered less pedestrian than goose and apparently favored by King Henry VIII, who mandated the big switch. Head-chopping may have entered into Henry’s decision making, but we’ll leave that for another time.

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WineLines: Wines for the Holidays

One of the great joys of the holiday season (in addition to, you know, family and friends) is that we are afforded lots of new opportunities to drink wine. With seasonal parties and family gatherings, it’s always important to be an informed consumer, and especially important to be an informed wine provider if you are hosting an event.

With that in mind, my colleagues (Jim and Guy) and I decided it would be helpful to offer some recommendations, including some of our favorites for your consideration.

But first, some of the basics. Many holiday meals involve a healthy serving of turkey. “Why turkey?” you may ask. It turns out that goose was the favorite holiday meat for quite a long time – it was relatively cheap and abundant and, according to some, tasted good. Turkey, in addition to being sleep-inducing right before football games, was considered less pedestrian than goose and apparently favored by King Henry VIII, who mandated the big switch. Head-chopping may have entered into Henry’s decision making, but we’ll leave that for another time.

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WineLines: Wines for Thanksgiving

So what wine did Miles Standish and friends have at the first Thanksgiving?

There’s no record of a sommelier on the Mayflower, nor is there is any record of the menu and wine pairings. It’s thought that the first Thanksgiving menu featured native game, namely venison and wildfowl, as well as codfish and bass, accompanied by corn porridge or cornbread.

Good wine pairings for venison are Grenache, Zinfandel or Oregon Pinot Noir – flavors of dark fruit with low tannins. However, our Thanksgiving meals nowadays mostly feature commercially raised turkey and/or ham. Turkey is easy to pair since it’s a very mild flavor, but ham is more of a challenge, pairing best with white wines with higher acidity, such as Riesling. So, for a roast turkey, go for a light red wine, such as Pinot Noir, Beaujolais or Chianti, or a white such as Chardonnay, preferably from France. Champagne is also an excellent option, if you like it. Pairing wine with cranberry is near impossible.

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WineLines: All Those Different Wine Bottles

Let’s begin with size. It was only in 1979 that the U.S. adopted the metric system for wine and liquor bottles, which conformed to European practices, so that the standard wine bottle became 750 ml (about 5 glasses of wine). Wine bottles range from very small to enormous.

A split or piccolo is equivalent to 187.5 ml (one glass of wine), a half or demi is a 375 ml half bottle (2.5 glasses of wine), with the giants, historically named for biblical kings, like Nebuchadnezzar and Melchizedek/Midas, which hold, respectively, 15 liters (20 standard bottles), and 30 liters (40 standard bottles). I don’t think I could even lift one of these giants. Other than a magnum (two bottles) or perhaps a Jeroboam/Double Magnum (four bottles), the other large formats are usually for display or collectors who just like to say they have them.

Now consider shapes. Standard bottles today vary primarily based upon European wine producing regional history and the tradition of making wine with certain types of grapes. It’s not based on any wine being better or worse based on bottle shape.

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WineLines: Wine Snobbery, Part 1

No matter how limited your knowledge of wine may be, it’s still easy to impress your family, friends and clients.

Let’s say you’re hosting a dinner at a nice restaurant for some of your best friends.  Just follow these easy steps to impress them, never mind their eye-rolling as they watch you.

First, ask to see the wine list as soon as you are seated, and to have the sommelier sent over right away.  Ask if the sommelier has any favorites on the list; when he or she suggests an expensive 1999 Burgundy, chuckle a wry chuckle and say, “That’s a charming choice, but I was hoping you might have a 2016 Pomerol.”  It doesn’t matter whether the restaurant has that particular wine, you’ve made your point.

Let out a reluctant sigh when the sommelier says they don’t have the 2016 Pomerol, and settle on the Burgundy.  When the sommelier presents the bottle to you, inspect the label carefully to be sure the sommelier hasn’t tried to trick you with a lesser vintage.  Then ask, “At what temperature do you keep the wine?”  If the answer is greater than 54 degrees, ask for a bucket of ice to “knock it down” a bit before it is decanted. 

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WineLines: Understanding Wine Ratings

When you pick up a bottle of wine at a store, the rating is frequently prominently displayed as a number, i.e. 91 points, from James Suckling. What does this really mean?

Wine ratings of this type are uniquely American (more on that in another article). I walked into a winery one day (it happens!) to find them shipping two cases to a wine magazine for a rating. So, only the wineries who are willing to give their product away get a rating. Make your own judgement on the ethics of that. Contrast that with Consumer Reports which refuses to accept donated items.

Back to wine ratings. The scale is nominally 0-100, but in practice, the only wines that you’re likely to see have scores in the 85-100 range and 85 might not be very drinkable. Vinegar might qualify for a score of 50 which makes little sense.

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WineLines: Cork or Screw Cap?

My wife and I were in France about to enjoy a relaxing, romantic dinner at a Michelin-starred restaurant. A good bottle of wine would be part of this perfect evening and after reviewing the extensive wine list, I asked to speak with the sommelier. We selected a wonderful bottle of white Burgundy to begin our evening and it soon arrived and was dutifully presented by our sommelier. But wait, OMG, it has a screw cap!

Times change, science advances and after a few decades of testing, debating and testing again, the question of corks vs. screw caps continues.

Thirty or even twenty years ago, the thought was that primarily white wines, meant to be drunk young, might be more readily accepted with a screwcap, especially the ‘cheaper ones’. After all, most weren’t meant to be aged in a cellar.

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WineLines: A Few Definitions

So, a fair question to ask is: Who are these three guys and what makes them think they know anything about wine?

And our answer is: we enjoy wine, we have collectively, drunk wine in all 50 United States and 65 foreign countries, and we like sharing our experiences.

We do not profess to be experts in any sense, except to the degree that lots of wine drinking makes us knowledgeable about wine in the same way that hitting lots of golf balls makes one better at golf. You know, 10,000 hours and all.

In the coming months we’ll discuss such vital issues as: Do corks really matter? What do you say to the sommelier when your wine sucks? And does wine really taste better out of a $100 tulip-shaped Riedel glass than a red Solo cup?

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Upcoming Tidelines Series on Wine

Get ready to learn about wine!

Beginning on Friday June 14, Tidelines will launch a once-a-month column called WineLines, devoted to information about wine. The column will be published on the second Friday of the month for the next twelve months and will entertain and educate readers on a variety of topics related to wine.

Have you ever wondered exactly what wine ratings are all about? Or puzzled over the merits of a cork versus a screw cap? And what’s up with all the talk about legs and body and nose when it comes to drinking wine? You’ll be able to find out about these topics and more over the coming months.

Three guest writers, Guy Gimson, Bill Good and Jim Wolitarsky, will be sharing their insights and wine knowledge with Tidelines readers throughout the coming year. Pop a cork, pour a glass and get ready to enjoy WineLines!

Cheers!

–Tidelines Editors

(Image credit: Pixabay.com and Vinepair.com)

It’s Tax Time Again!

It’s early March, so it’s quite possible that many of our readers have already filed their 2023 Tax Returns, but here are some things to consider for those who are still waiting for those last brokerage statements, or simply procrastinating!

Not too many changes on the Federal side this year, but here are a couple of things to be aware of:

On the “bad side,” the above the line charitable contribution deduction for those who take the standard deduction is no more. But there is still a way to get a charitable deduction if you are required to take an RMD (Required Miminum Distribution) from your retirement accounts. A QCD (Qualified Charitable Distribution) will reduce your taxable distribution.

Worth noting is that most brokerage 1099’s do not reduce the Taxable Distribution shown on your 1099 by that amount. It’s up to you to keep those records. If you prepare your own returns, you’ll need to know that most tax software programs give the option to make the adjustment, way down in the 1099 input form. If you use paid preparers, you’ll need to provide them with that information.

On the “good side,” Energy Efficient Home Improvement Credit has become more generous. Be sure to check them out if you have replaced doors, windows, heat pumps, hot water heaters, and/or have had a home energy audit performed.

Moving on to South Carolina, be aware that South Carolina also has a Residential Retrofit Credit which is worth exploring if you made improvements to your home in 2023.

What else has changed in South Carolina? Both the Two Wage Earner Credit and the Dependent Exemptions have increased. The Motor Fuels Credit was discontinued for 2023, so there’s no point in saving your gasoline receipts anymore!

As always, a word of caution to our new neighbors who moved to South Carolina in 2023 but are still using an out-of-state tax preparer. South Carolina has several generous deductions and credits, which may not transfer automatically from a Federal return and/or may need to be input separately.

Are you saving for your grandchildren’s (or anyone else’s) college expenses? Did you know that in South Carolina, all contributions to the Future Scholar 529 are tax deductible? And, with all our home insurance costs soaring, did you know that the Excess Insurance Premium Credit of up to $1,250 is available if your insurance costs exceed 5% of your AGI (Adjusted Gross Income)? Also, if you’re over 65 and a South Carolina Resident, be sure to check out the Homestead Exemption on your property taxes, which is available after you’ve lived here for a year. You’ll need to apply for that, as it doesn’t come automatically.

-Submitted by Seabrook VITA Volunteer.

(Image credit: Istax.com and myarmybenefits.us.army.mil)

It’s Tax Time Again!

Another year, another tax season. So, what’s new and/or different for your 2022 tax return? Unfortunately, this is a year when many people are likely to be disappointed with their refunds or owe tax because several of the more generous provisions enacted during the pandemic were allowed to expire. Here are a few items that may be relevant to Seabrookers:

For many of us, Itemized Deductions are a thing of the past, but if you are still able to itemize, you should be aware that:
1. Medical deductions remain deductible in excess of 7.5% of AGI (adjusted gross income) for everyone.
2. The deduction for state and local taxes remains capped at $10,000.
3. The deduction for mortgage interest is limited to $750,000 of indebtedness.
4. Miscellaneous itemized deductions are no longer allowed.

What about Charitable Contributions?
For 2020 and 2021 there was a small “above the line” deduction, available to everyone, but regretfully that has gone away. For 2022, there are only two ways to get a deduction for Charitable Contributions. Firstly, it is still available for those who itemize, and secondly, it is available as a Qualified Charitable Distribution (QCD) from your IRA if you are of the age where you are required to take a RMD (Required Minimum Distribution). Click here to see a previous post on RMD and Qualified Charitable Distributions.  Talking of RMDs……

Mandatory Required Minimum Distributions (RMDs)
For 2022 you were required to begin taking distributions before the end of the year you turn 72. Looking ahead, in 2023 the age when you begin taking distributions will be 73 and will rise to 75 for 2032.

Contributions to Retirement Savings Accounts and Health Savings Accounts are largely the same this year.

Really bad news for those with children is that the Child Tax Credit, which was $3,600 for children up to 17 for 2021, is back down to $2,000 for children under 17 for 2022. That means that the credit for your 17 or 18 year old senior in high school is only $500 for 2022 and is classified as a Credit for Other Dependents.

Did you buy an electric vehicle in 2022?  If you did, I’m sure you know that there are generous tax credits available. The rules for which vehicles qualify have recently changed, but if you think they may benefit you, be sure to check out the most recent updates.

There are some changes to South Carolina taxes and, as always, I’m going to warn our new neighbors to be careful if they are still using a tax preparer from another state. They need to be aware that tax software won’t automatically pick up some of the South Carolina differences and a preparer based in a different part of the country may not know about them.

So, if you moved here in 2022, it is important to know that South Carolina does not have a Part-Year Resident Tax Return. You may choose to be taxed either as a Resident or as a Non-Resident, even if you only lived in South Carolina for a couple of days. It is definitely worth working your state returns both ways, because it may be beneficial to opt for South Carolina residency for the whole year, particularly if you previously lived in a high tax state.

You probably know that South Carolina is generous to retirees because you can exempt taxing Social Security and depending on age, exempt up to $15,000 per person of retirement income. Are you a veteran? If so, none of your military pension is taxable for 2022 in South Carolina!

South Carolina offers some interesting tax credits. The one I hope everyone is aware of is the Excess Insurance Premium Credit if you’ve been hit with a big wind and hail insurance bill. Don’t forget to include your homeowners, flood and earthquake insurance in the calculation.

Other credits include Nursing Home Credit, Classroom Teacher Expenses Credit (this is in addition to the federal deduction), Plug-In Hybrid Vehicle Credit and Two-Wage Earner Credit. The Motor Fuel Income Tax Credit increased again this year, but requires a lot of record-keeping for a small credit. Your call!  If you do decide it’s worthwhile, you will need to keep records of the number of gallons of gas used for each vehicle (2 vehicles per taxpayer allowed) and any maintenance expenses. The credit is for the “lesser of the two amounts” so if you only have one set of figures the credit is zero.

The South Carolina College Investment Program (529 Plan) is worth researching if you’re saving money for your grandchildren’s education, or anyone else’s education, including your own. Money invested in South Carolina Future Scholars Program is deductible from your South Carolina Income and the money doesn’t have to be spent at a South Carolina educational institution. It is worth noting that the amount you are allowed to deduct from your South Carolina taxable income is significantly higher than most other states.

One more thing. Have you lived in South Carolina for more than a year now and are over 65? If so, be sure to check out the Homestead Exemption on the property tax for your primary residence. You have to apply for it – it doesn’t come automatically.

Here’s hoping this helps in making your 2022 Tax Filings stress free!

P.S. There has been some confusion about the taxability of those South Carolina Tax Rebates most of us received. SC Department of Revenue maintains that this rebate is to be treated exactly the same way as any other South Carolina refund or rebate which is never taxable in South Carolina. For federal tax purposes, if you didn’t itemize your deductions on your 2021 Federal Return, it won’t be taxable on your 2022 Federal Return. But if you did itemize last year, it may be taxable on your 2022 Federal Return. Check with your tax preparer!

-Submitted by Seabrook VITA Volunteer

(Image credit: Istax.com and myarmybenefits.us.army.mil)