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Show 10 HILL TOP TIMES Friday, March 14, 1986 Proposed enactfedlbills tiffetit military mmeimibeirs of the Staff Credit reporting. When anyone applies for a charge account, personal loan, insurance or a job, someone is probably keeping a file. This file might contain information on how the individual pays their bills, whether they've been sued, arrested or filed for bankruptcy. Companies that gather and sell this information are called "Consumer Reporting Agencies." The most common type of such agency is the Credit Bureau. In 1970, Congress passed the Fair Credit Reporting Act, giving consumers specific rights dealing with CRAs. The act protects the individual by requiring Credit Bureaus to furnish correct and complete information to businesses to use in evaluating applications for credit, insurance or jobs. If an individual applied for and was denied credit, the Equal Credit Opportunity Act requires creditors to tell the specific reasons for denial. This law also requires creditors to consider, upon request, additional information the individual supplies about their credit history. If a credit application was denied because of information furnished by the CRA, and if the individual requests it within 30 days of receiving the denial notice, the information is free. If these requirements are not met, CRAs may charge a reasonable fee, usually about $10. If the information is inaccurate or incomplete, notify the CRA. If the CRA won't modify the report, have the agency include your version of the disputed information in the file and in future reports. Individuals may submit written statements of any length for inclusion in their file. However, if the CRA provides a clear summary of the dispute, the statement may be limited to 100 words. CRAs will generally report unfavorable credit information for seven years. If anyone has questions of these or any other legal matters, call the Office of the Staff Judge Advocate, Ext. 76625. There is an old saying in the real estate business, "Whether you rent or buy, you pay for the home you occupy." The same is true of car leases. Take a calculator and see what it will cost for a four-yea-r value lease. That figure, plus the will more bear of that car when it is four years old, than a coincidental resemblance to the purchase price of a new car. Additionally, generally interest and taxes from income tax on a leased vehicle cannot be deducted. For some people, leasing a car has advantages, but a military member may not enjoy those same advantages. Consider all options before signing on the dotted line. Tax Tips. Deductible miscellaneous business expenses include costs of rank insignia, collar devices and altering rank when promoted. Further, cleaning costs of fatigues are deductible if they exceed any tax-fre- e clothing allowance received by the individual. Dues to professional societies, like the Air Force Association, are deductible. Dues cannot be deducted for the Officers and Noncommissioned Officers' Clubs. Individual Retirement Accounts. In 1982, mili- By John Solan Office Judge Advocate Following are proposed and enacted bills by the U.S. Congress and important court and administrative decisions affecting Air Force personnel: Living Will available. While doctors grapple with legal and ethical questions when life ends, a growing number of patients are taking greater control over their own destinies. Last year, Utah joined 35 other states in sanctioning "living wills." The Utah statute established a person's right to sign a legally binding declaration that no extraordinary measures will be taken to prolong life if he or she becomes terminally ill and incapable of making medical decisions. Leased cars cannot be shipped overseas. Many car dealers are offering leasing services hoping to attract individuals who cannot afford a down payment on a new vehicle. A number of legal assistance clients have run into legal difficulties when unexpected PCS orders are received before the end of the lease period. Before signing, consider the following: - When signing a car lease, the individual agrees tary taxpayers were first allowed to take advantage to make monthly payments for a set period of time. " of laws Individual Retirement Accounts. Personnel in the Hill AFB Staff Judge Advocate's An IRAcreating is a special type of retirement account Office have reviewed a number of these leases recreated by Congress. It is a tax shelter and savings cently and in their opinion, they are among the most "plan which allows individuals to make "contribucarefully drafted legal documents. Short of tions" each year into a special account. Money bankruptcy, there doesn't seem any way out of the placed into this account is deductible from taxable contract. Don't enter such an agreement if you have income for the year. As it grows, the interest is tax any thoughts of backing out. free. Individuals are charged a monetary penalty if - There is no "military clause" in the lease agreethey withdraw any of the money before reaching age ment. If the member is shipped overseas, the vehi59l2 years. The individual may contribute up to cle cannot be taken. Under existing Joint Travel $2,000 per year to an IRA. If the spouse works, the a be vehicle cannot leased shipped maximum total contribution a couple could make Regulations, overseas at government expense. Additionally, is $4,000 per year. If the spouse does not have most leases prohibit taking the vehicle out of the earned income, the maximum total contribution is United States. $2,250 per year. fair-mark- et so-call- ed 9" n muiium XXIX I 2 O o o o o O O o o o o o o o o o o o o o o o o o o o o o o o o o o o o O O O O O O O O O O O i iiiiiiviiiiiiiiiian 11:00 A.M. 8:00 P.M. 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