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Show File Early for Early Refund ."It just makes good sense for taxpayers to begin gathering their 1979 records together so they will be ready to file early, thus getting an earlier refund, or ' to insure that they have all the records they need to take advantage of all the deductions they are entitled to," Roland V. Wise, District Director for the IRS in Utah, stated. Wise said that records are especially important for taxpayers who itemize their deductions, and suggested that taxpayers find all their records pertaining to itemized deductions and sort them into categories as they appear on Schedule A of the Form 1040. "Records can alert taxpayers tax-payers to deductions or tax credits which they might overlook," Wise added. "Also, if any records are missing, taxpayers still will-have will-have time to look for them or request copies of bjlls or statements from such sources as banks or hospitals." Taxpayers who wish to make contributions to an Individual Retirement Arrangement (IRA) or KEOGH account should gather their records to determine their income as soon as possible so they will know how much they may contribute to their plan.. Those who sold capital assets during the year, such as stocks or real property, should locate records indicating in-dicating the date and price of the purchase. The Utah Director for IRS noted some areas where tax law changes affect many taxpayers-Unemployment compensation payments may be taxable; business use of a car or truck rate increased to 18M; cents per mile for the first 15,000 miles, but will continue at 10 cents per mile over 15,000; ' I and Earned Income Tax ; Credit for low income I families has been increased. |