Show Your Federal Income Tax Taxpayer Can Benefit By Filing Federal income tax returns fo for 1948 must be filed tiled by March 15 1949 But the wise taxpayer wilnot will wil not watt walt until then He may hava have hav havea a refund coming This refund may maybe maybe be bc delayed if ie filing is put off to the last minute The bureau o of internal revenue Internal revenue will be bc swamped d dby by the March 15 rush and arid considerable considerable considerable consid consid- erable time will be required ired to process all returns Refunds arc are coming to many of those whose employers withheld withheld withheld with with- held taxes during the first four I months of 1948 under the old higher rates Certain changes effected effected ef eC- ef- ef in tax laws by the revenue act of 1918 make the amount of taxes less than they would have been before passage of the thc act Reap Advantage antage Those taxpayers who have overestimated overestimated overestimated over over- estimated their 1948 income can also reap advantages by filing early If they file before Jan 15 they can pay onI only what they owe instead of overpaying then on March 15 claiming a refund and having haing to wait for it Taxpayers who must in n st change their estimates by Jan 15 to avoid penalty for underestimate can save trouble by filing earl early This is the first of a series of articles by the Salt Lake Laite Telegram explaining your federal federal fed fed- eral income tax and aud how to tofile tofile file fHe your our return The next article article ar ar- ar- ar tide will ill appear tomorrow In fri January They may lose use of ofa ofa ofa a few dollars for a month or two But they will eliminate difficulty of computing their tax on an estimate estimate estimate esti esti- mate basis by Jan 15 and 15 and doing the whole thing over again on a final basis March 15 Seven important changes were made in the thc tax laws in 1948 Most 1 of them benefit taxpayers They I are 1 You cannot file your withholding withholding withholding with with- holding statement form 2 W as asa asa asa a return A new form R 1040 R 1040 replaces it But you jou must attach attach attach at at- tach the withholding statement to form A 1040 when you file 2 Personal 2 exemption Is in increased increased In- In creased to A person d does es not have to lb file unless his income was wasas wasas wasas as much as during the year 3 Any taxpayer who is blind or more than 65 or has a wife or husband that is blind or more than 65 65 receives an extra tion Tibe e exemption emption is each eachon on blin blindness and age A married couple couple- couple both both blind and more than 65 would 65 would have six Joint Return 4 Husbands and wives may split their income for tax purpose pur pur- pose by filing a joint return This can be a money saver For in instance in- in stance Ice a husband with a ta taxable abl Income of and a wife with no income may file a joint return compute the tax on the basis of f for each This in effect throws the whole income into a bracket of a lower rate 5 A discount of 17 is given on the first of tentative tax plus 12 discount on the next It used to be a straight 5 discount 6 The standard minimum deduction de deduction de- de which may be taken in in- in stead of itemizing de deductions Is 1000 double what it formerly was This his deduction can apply for both single persons persona and married couples couple filing jointly Medical Deductions 7 Medical ded deductions for families families families lies of more than th n two persons are increased For morO more than four it itIs itis itis is now Due Duc to the split allowed married married mar mar- ried ned couples who file joint returns a very important question is Who Vho is married In the eyes of the internal revenue revenue reve reve- nue flue bureau a person is married throughout the year if it ho he was married on or before midnight Dec Dee 31 A couple legally separated anytime during the year before tills this time is not married for tax purposes They cannot split their income If one of the married pair dies before the end of ot the year and the Jie survivor has not remarried a joint joint return may be filed and the income split |