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Show 50 W 0 LIU 941-1991 l CHECK INCOME TAX SERVICE, OUR OFFICE OFFERS EXCELLENCE IN TAX PREPARATION. AT TRIPLE CHECK WE PROVIDE: D Thorough Tax Interview and Analysis D Year-round Service D All State Returns Prepared B IRS Audit Representation (VALUABLE COUPON) 23 A special offer to new clients. We know that once you try our professional tax service, you'll remain a Triple Check client. To prove this, we offer you $20 off our regular rate. Kranenburg Accounting & Tax Service 224-4568 Offer Good For New Clients Only. Refunds IRS Electronic Filing - $19.50 filing fee Accepted the past two years by the IRS to participate in the Electronic Filing Program. CALL 4-456i KRANENBURG ACCOUNTING & TAX SERVICE Peter A. Kranenburg 1109 W. 1240 N. Orem, UT 84057 INCOME TAX RETURNS IRS Has Help for Small Businesses For those of you just starting out in business, taxes may be the last thing on your mind. However, learning about taxes should be high on your list of priorities. Depending on a number of factors, including whether you have employees employ-ees or sell products subject to excise taxes, you may owe federal taxes before be-fore you show a profit. Educational institutions, national business associations and other government gov-ernment agencies, in cooperation with the Internal Revenue Service, offer the Small Business Tax Education Program (STEP) to acquaint new business owners with their rights and responsibilities regarding federal taxes. Most courses offer practical exercises exer-cises that can teach you how to determine deter-mine taxable income and how to prepare pre-pare the tax forms. The advantages and limitations of a sole proprietorship, proprietor-ship, partnership and corporate forms of business are also discussed. Get the facts now. Call the local IRS office, 1-800-829-1040 and ask Taxes at College for the Taxpayer Education Coordinator. Coordina-tor. Find out when and where the next Small Business Tax Education courses will be available in your area. Some of the best things in life are free, but that may not include your scholarship or fellowship. Scholarships Scholar-ships and fellowships awarded after August 16, 1986, may be partially or fully taxable. Only degree candidates may exclude ex-clude any scholarship or fellowship payments from income. There are several restrictions on the exclusion including both the types of qualifying expenses and the types of payments received. The "qualified" amounts that are not taxable include payments that cover enrollment tuition or fees and course-related expenses for books, fees, supplies and equipment. Any other amounts, such as for room, board, travel or incidental expenses, must be reported as income for the year received. Many scholarships and fellowships also include pay for past, present or future services. Any payment received re-ceived for services is taxable for the year of receipt, even if the service is required of all candidates for a particular particu-lar degree. Students who are not candidates for a degree must report all scholarship and fellowship amounts as income for the year received. Those who received scholarships or fellowships awarded before August 17, 1986, should continue to report these payments in the same way they were reported in the past. For more detailed information, call 1-800-TAX-FORM (1-800-829-3676) for a free copy of IRS Publication Publica-tion 520, Scholarships and Fellowships. Taxes and the Working Student Students who have part-time or summer jobs need to think about more than what hours they should work or how to spend their earnings. High on their list of considerations should be whether to have taxes withheld. Some of the many things which affect af-fect the need for withholding are: How much will the student make at this and any other job during the year? Does the student have a savings account or other investments which produce income? Does (or will) the student have a scholarship which will be partially or fully taxable during the year? Can the student be claimed as a dependent on someone else's tax return? Each of these factors should be considered con-sidered when students fill out Form W-4, "Employee's Withholding Allowance Al-lowance Certificate," to determine how much, if any, tax should be withheld with-held from each pay check. In general, a single student who can be claimed as a dependent by another person will owe no taxes if he or she: Does not have more than $500 in total income, some part or all of which is unearned income; or Is under age 24 at the end of the calendar year and earns up to $3,250 in wages, tips and taxable scholarships, provided he or she has no unearned income such as interest or dividends; or Is 24 or older at the end of the calendar year, has no unearned income, in-come, and earns less than $2,050. Students who are 24 or older at the end of the calendar year and earn $2,050 or more can no longer be claimed as dependents on another person's per-son's return. For more information, Form W-4 and Publication 4, Student's Guide to Federal Income Tax, may be obtained by calling the Internal Revenue Service Ser-vice at 1-800-TAX-FORM (1-800-829-3676). |