Show iJ t R A 6 S 0 N S A AUTHENTIC ST STATEMENT A TEl Roger W b Special to THE EXPRESS WAYS TO SAVE TAXES Babson Park Mass Novem- Novem November November ber 11 Its time for a word of warning Dont Don't wait until the thelast thelast last few days of the year to think of ways to taxes on 1965 income Develop a care caree ful logical approach to this Important subject early be be- be before fore the Christmas rush And while you are at it consider the tax savings possible for a long long- longer er period than just this year SEEK EXPERT ADVICE There are many wasy avail aU able to reduce taxes We are not referring to loopholes or orto orto to any devious means of avoid avoid- avoiding ing payment of just levies The avenues open are specifically provided for by federal laws Although the federal laws apply in all fifty states there are many variations in their in their application to each in in- in individual and of course state ta tax regulations differ widely from one area to another This is particularly true of savins to tobe tobe be accomplished by the proper application of laws covering gifts trusts and wills For your own protection be sure to oh ob tamn tain the services of a lawyer especially trained and qualified in the above fields FOR THIS YEAR END The few weeks remaining be fore the end of this year afford special opportunities for reducing ing your final tax liability for 1965 First among the most popular methods is the adjust ment of capital losses against capital gai gains s If you already have capital gains you may want to sell assets not held at ata ata a loss to cut down your total liability Remember that 50 cents of term short loss pro perty held less than six months mon can wipe out 1 of long long- term gain But do not sell any thing unless you have good in vestment or business reason for iii Savings from charitable edu edu- edu educational and religious contri contri- are Important during coming weeks These come off the top whittling down the biggest tax bites in your up up- up upper per brackets These are deductible deductible ble only if made to accredited institutions no matter how great the need Individual gifts cannot be claimed Sometimes double savings can be effect effect- effected ed by making your contribution in property on which you have havea a big gain You may even reo re- retain tain the original cost donating just the appreciation Thus you as donor get credit for the gift and at the same time you escape paying the capital gains tax SAVINGS FOR A LIFETIME Single with estates above and married people with assets over had better do some thinking about the big slice Uncle Sam will wiil take when they die For some gifts within the exemption limits of the gift tax law may maybe maybe I mayI be the answer For others certain tain types of trust can help save more for their heirs For the remaining weeks of this year some relief may be had by proper use of the gift tax exemption Each year you may make tax free gifts of up to to as many Individuals Individuals duals as you wish and if you are married you can give doub doub- double le Ie this amount Remember this is an annual exemption so you have a few weeks left to make use of your 1965 gift tax lege In addition to the annual feature you also have a life life- lifetime time exemption from tax on a gift up to if married which may be made in lump sum to one person distributed to different individuals duals or given at different times SAVINGS FOR A LIFETIME No discussion of tax savings could be complete without a reminder to be sure and make good will Even where here the per son involved may think he is too poor much can be saved if not in taxes in human friction and misery The laws Jaws of the states have strange ways of dealing with ith your property after you are gone So no mat mat- matter ter how little you leave b be sure your wishes are carried out And for this job you want a legal adviser who is a real in this field Finally for those whose es es- es estates tates fall In the upper tax death death tax brackets there are many tax saving avenues open If you have such a problem ask a qualified lawyer about what an irrevocable trust may do for you Also inquire of him about testamentary trusts life insurance ance trust term trust and about the Uniform Gifts To Minors Act These are all ways that will help you do more for your loved ones with the funds you have available e |