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Show Be-smess Times Newspaper Thursday, January 15, 2004, Page B8 Tax Filing Season Opens wi th Debut of 1040 Taxpayers pondering a question, taxpayers searching search-ing for a form or taxpayers looking for their refund now can go to just one place: 1010 Central at IRS.gov. The Internal Revenue Service today kicked off a new tax year by alerting taxpayers tax-payers that 1010 Central and other enhanced electronic electron-ic services should make the agency's Website an even easier-to-use source information. informa-tion. Tens of millions of Americans begin receiving their tax packages for the 2004 tax season this week. At IRS.gov, taxpayers will find information on 1040 Central about lower tax rates, larger child tax credits and the elimination of the "marriage penalty." There arc new income limits for Karned Income; Tax Credit recipients. Investors will find new rates on capital gains and dividends and a revised Schedule I). Taxpayers also should review the Advance Child Tax Credit information to avoid an error on their return that could slow their refund. This week, 2H million veteran vet-eran electronic tax filers will receive postcards and 34 million mil-lion paper filers will receive the Form 1010 booklets as the 2004 filing season gets underway. The IRS expects to process 131 million individual indi-vidual tax returns this year, approximately the same as last year. This year, more than 53 million taxpayers will opt for the easier and faster IRS e-file, which also is the quickest route to a refund. IRS Commissioner Mark W. Everson unveiled the new 1040 Central feature on IRS.gov that is designed specifically for the individual taxpayers and for the tax professionals helping them. The new page pulls together much of the step-by-step information taxpayers need to prepare and file a return-and return-and check on refunds. "At 1040 Central, taxpayers taxpay-ers will find virtually everything every-thing they need for their 2003 tax return. The 1040 Central page can be a one stop location for help," Kverson said. "The 1040 Central section reflects our effort to make IRS.gov the easiest, fastest and best option for taxpayers. You don't have to come to them; they are available to you electronically 24 hours a day, seven days a week." At 1040 Central, individu als will find: What's New This year, which highlights the latest tax law changes, tax tips, news releases and frequently asked questions. Get Ready to File, which provides links to information about the Earned Income Tax Credit, the 2003 Advance Child Tax Credit and commonly used forms and tax instruction. File your Return, which provides links to IRS e-file and Free File, the free service serv-ice provided by IRS partners in the tax software preparation prepara-tion industry. After You File, which includes the interactive Where's My Refund? That allows taxpayers to track status of their refund. More Assistance, which helps taxpayers locate additional addi-tional information sources. The 1040 Central page also can help taxpayers avoid errors when it come to the Advance Child Tax Credit that 20 million families fami-lies received last year. The child tax credit increased to $1,000 from $600. Taxpayers must reduce their 2003 claimed credit by the amount of the advance payment check thev received last year. The amount of the advance payment was shown on Notice 1391 mailed to eligible eli-gible taxpayers last year, and taxpayers also can check the amount of their Advance Child Tax Credit at 1040 Central. At 1040 Central, taxpayers taxpay-ers also will find easy access to IRS e-file information, including lists of e-filling tax practitioners by zip code, and access to IRS Free File, the partnership with private-sector private-sector tax preparation software soft-ware manufacturers. The IRS will provide additional information abo ' FVe File later this month. More than 2 million taxpayers used Free File's free service last year, its first year of operation. opera-tion. Taxpayers who use IRS e-file e-file have a higher satisfaction satisfac-tion rating than those who still use paper returns, according to the American Customer Survey Index, which rates private and public pub-lic sector service industries. Filing electronically remains the fastest, easiest route to a quick refund. When used with direct deposit, e-f!le means a refund in about two weeks or even less. Millions of Americans have lower tax rates this year. For 2003, the tax law changes include; Expanded 10 percent and 15 percent income tax brackets. Lowered tax rates to 25 percent, 33 percent and 35 percent. Increased standard deduction to $4,750 for single sin-gle taxpayers, $7,000 for head of household and $9,500 for couples filing as married filing jointly. Increased Child Tax Credit to $1,000 per qualified quali-fied child from $600 Tax relief of military families The increase in the standard deduction for couples cou-ples whose filing status is married filing jointly eliminates elimi-nates the so-called "marriage penalty." The changes in tax rates will automatically be reflected in the tax rate tables. The IRS also urges military families to review tax law change. Some changes will require military families to file amended returns to fully claim some retroactive tax relief. More taxpayers may qualify qual-ify for the Earned Income Tax Credit. The new limits Central for earned income or adjusted adjust-ed gross income are less than $33,692 with more than one qualifying child, less than $29,666 with one qualifying child an less than $11,230 with no qualifying child. All EITC income limits are $1,000 higher if taxpayers file as married filing jointly. However, taxpayers should carefully review EITC eligibility eligi-bility requirements to determine deter-mine if they meet all the participation par-ticipation rules. Taxpayers with investment invest-ment income will have a new Schedule D to use as a new rates take effect for capital gains. For gain after May 5, 2003, the 10 percent rate is reduced to 5 percent and the 20 percent rate is reduced to 15 percent. Dividends paid after December 31, 2002, will be taxed at the new capital gains rate. And, the IRS reminds taxpayers tax-payers that the tax filing season also brings out unscrupulous promoters touting various scams and schemes. Remember, if it sound too good to be true, it probably is. Information on the latest scams and schemes is available at IRS.gov. Edward Jones named one of the Best Places to Work by Fortune Magazine For the sixth year in a row, the financial-service financial-service firm Edward Jones ranked high on FORTUNE magazine's annual list of the "100 Companies to Work For" in America, according to the Orem and Provo area Edward Jones investment representatives. These ranking include top 10 finishes for the last five years and consecutive number one rankings in 2002 and 2003. This year, Edward Jones took the No. 4 spot. The ranking will appear in the magazine's maga-zine's Jan. 12 edition, available on newsstands news-stands Jan. 5. In naming Edward Jones to the No. 4 spot, FORTUNE'S editors say "this financial-services firm continues to grow, adding 1,500 employees in the past 12 months, including 578 new brokers and 695 new offices. Not one single layoff in 34 years. "Making it to the top of such a distinguished distin-guished list is quite an accomplishment," said Steve Tolley, Investment Representative in Orem. "We are especially proud of this achievement because it is, in large part, the result of how associates view Edward Jones. Except for our clients, there is no group whose approval matters more." The FORTUNE "100 Best Companies to Work For" ranking is enjployee-driven, with two-thirds of the scoring based upon how randomly selected employees respond to an anonymous survey designed to measure the quality of workplace culture. The remainder remain-der of the score is based on an in-depth analysis of the company's benefits and practices. The FORTUNE ranking is the third important recognition the firm has received recently. For the 11th consecutive year, Registered Representative magazine rated Edward Jones No. 1 among the nation's leading brokerages in its anonymous survey sur-vey of the firms' own brokers. And in Canada, the Globe and Mail's Report on Business magazine ranked Edward Jones as one of the best places to work. The local Edward Jones investment representatives rep-resentatives are: Steven Tolley, Steven Monson, and James Wright. Edward Jones, the only major financial-services financial-services firm advising individual investors exclusively, traces its roots to 1871 and currently cur-rently serves more than 6 million clients. The firm offers its clients a variety of investments, including certificates of deposit, taxable and non-taxable bonds, stocks and mutual funds. The largest firm in the nation in terms of branch offices, Edward Jones currently has more than 9,000 offices in the United States and through its affiliates in Canada and the United Kingdom. Plans call for expansion to 10,000 offices in 2004. Building Industry 2003 Awards Utah Valley Home Builders Association announces prestigious awards 1 y t, ,,,, A Li... , ., ( 1? David A. Lewis, GMB awarded 2003 Builder of the Year by the Utah Valley Home Builders Association at an awards banquet held at Brigham Young University on December 5th. Mr. Lewis was selected by over 600 of his peers to receive this award for his commitment and excellence in the home building industry. He is a custom home builder and is the owner of Arthur Lewis Fine Homes and Lewis Development Corporation. He is the winner of the People's Choice award in the 2001 Utah Valley Parade of Homes. He sits on the Board of Directors for BYU Cougar Club, is a member of the Executive Committee of Corporate Alliance, and was appointed by Governor Leavitt as a commissioner on the Uniform Building Code. Johnny McCoy, was awarded the Associate of the Year Award from Utah Valley Home Builders Association. Mr. McCoy is the owner of McCoy's Flooring and Furniture, Orem, Utah. He has tirelessly given community service by providing materials for Habitat for Humanity and Sub-Contractors for Santa. He was praised for his commitment of service to the community and the association goals and objectives. He was the Chairman of the 2001 Utah Valley Parade of Homes. Leonel Castillo, was awarded the Associate of the Year Award from Utah Valley Home Builders Association. Mr. Castillo, is CEO of American Bank of Commerce (AmBank), Provo. He has served for over 15 years as Secretary Treasurer of the Utah Valley Home Builders Association, and on other civic organzations such as United Way, Red Cross of America, Kids On The Move and was President of the Mortgage Bankers Association in 2000. A scholarship program that provides $12,000 annually to college students is named in his honor, the Leonel E. Castillo Scholarship Fund. Mitch McCuistion, GMB, of Panda Homes was presented the annual Presidents Service Award. This annual award was started in 1993 as a way to honor long-time members of the Utah Valley Home Builders Association who serve the community. Mr. McCuistion was the Home Builders Association of Utah Builder of the Year in 2000. He was the original founder of Cougar House, which has contributed $400,000 in scholarships to BYU Athletic Department. He served as President of Utah Valley Home Builders Association in 2000. MISSION STATEMENT Utah Valley Home Builders Association is a non-profit association serving the community since 1973. We are affiliated with the National Association of Home Builders and the Home Builders Association of Utah. We represent home builders, remodelers, developers, light commercial builders and associate members (trades, suppliers, professionals) affiliated with the building industry. Our Goals: 1. Promote professional and ethical business practices in the building industry 2. Encourage construction of affordable homes 3. Continue the tradition of quality construction in the community 4. Provide quality education to members and the public on building related issues 5. Provide public service to the community 6. Encourage social contact and development among members. PRODUCERS OF THE UTAH VALLEY PARADE OF HOMES & COUGAR HOUSE HOME BUILDERS ASSOCIATION www.uvhba.com 801-225-8893 1457 E. 840 N., Orem UT POOR i I! |