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Show Citizen. Review. Press. Wed, Mar. 7. 1964 Page 1 Filing Tips be sure you use the tax form that Taxes for Time Reduce your tax There are three tax forms for individuals short Form 1040EZ for certain single taxpayers, Form 1040A. and Form 1040. AH taxpayers can use Form 1040 if they want to. but you will probably save time if you are able to use one of the shorter forms . instead. is right for you Form 1040EZ, Form The following chart shows the kinds of filing statuses, exemptions, income, deductions, taxes, and credits that can be shown on Forms 1040EZ. 1040A. and 1040. Use it to help determine which form to use. 1040A, or Form 1040? fT'1 liability with an IRA Features: Form 1040EZ Filing status: Single only Form 1040A Form 1040 Filing status: Filing status: Single, married filing nn joint, married filing separate, or head of Single, married filing joint, married filing separate, head of household, or qualifying widower) with dependent child household Number of exemptions: Only one personal exemption for1 yourself Only fr taxable income of less than $50,000 Number of exemptions: All exemptions that you are entitled to claim entitled to claim Only taxable income of than Only income from: Wages, salaries, tips Interest (other than interest) of $400 or less TSA's Ml exemptions that you are Number of exemptions: I Keogh's Deferred Compensation irmmmmmJLbmmmmmmmmmmmmmm No front end load. Deposits may be single or periodic. Current rate NWNL 12.02 of ild For more information contact: Serg Nelson Agency 1900 N. Canyon taxable income All amounts of less $50,000 Only income from: Wages, salaries, tips Interest (other than interest) All No itemized deduct a part of some amounts you gave to charitable organizations All You may organizations adjustments to income Adjustments to income for: All The deduction for a married couple when both work Charitable contributions Medical and dental expenses Casualty and theft losses Miscellaneous deductions other taxes (Schedule 1) The deduction for payments to an Alimony paid Penalty for early withdrawal of savings Deduction for payments to an IRA IRA or Keogh Employee business expenses (Form Other taxes: Other taxes: Advance EIC payments Advance EIC payments (Form tax credits Only tax Social security tax on tips not reported to your employer tax credits for: (Form (Schedule SE) Tax on an IRA (Form 5329) Alternative minimum tax All 2440) Deduction for a married couple when both work (Schedule W) Other adjustments $2,670.00 4137) social security tax on Uncollected tips shown on your Form All other income taxes (Form 6251) No 2106) Disability income exclusion plan Moving expenses (Form 3903 or " ( i)mc on in. Xi- - want to show you the 'I I Professional Computer. 'ItiisTI has all the right answers for your business problems, because Texas Instruments designed it with the professional in mind. Powerful, yet simple. Expandable and affordable. If you're looking for a personal computer for your business, the Tl. Professional is 2 Drive, Monochrome System the answer. And 12" monochrome or has 16 bit processor, (."omputerl.and it. Come see it today. mcmorv' expandable to 13" color monitor. adjustments to income: Form 3903F) No irsnis rains insTRumarrem Kiofts:onr.L co.t.?utq CCfilPUTERLflflD 1IQUJ. (Use Schedule A): itemized deductions State and local income taxes Real estate taxes Sales taxes Interest expenses deduct a part of some amounts you gave to charitable You may No deductions Bonds other sources All itemized deductions -- (Form 2119) Alimony received Rents and royalties (Schedule E) No 375-04- 20 Home -- Auto refunds (if taxable) Capital gains (Schedule D) Gain from the sale of your home compensation (including farming) (Schedules C or F( Unemployment compensation Rd., Provo, Utah 84601 For all your insurance needs: Life Health -- Pension -- IRA's Pensions and annuities State and local income tax sources of income: Wages, salaries, tips Interest and dividends Dividends Unemployment I .A IRA's I W-- 2 Just a few of the 1 1 Professional Computer's key features are: tax credits: Foreign tax credit (Form 1116) Residential energy credit Partial political contributions Partial political contributions credit credit Credit for child and dependent care expenses (Schedule 1) Earned income credit Earned income credit Credit for child and dependent (Form care expenses (Form 2441) Investment credit (Form 3468) Jobs credit (Form 5884) (Schedules All the detachable keyboard with popular typewriter layout. A omputertand 5695) Credit for MS" DOS Operating System (the most accessible software system). 2S6K elderly Over 500 stores worldwide. R & RP) other credits Make friends with the future: Today East 1300 South Carillon Square Orem, Utah 84058 Phone 278 Tax Counseling Casualty, Theft Losses Subject To New Limitation Needs Due to changes brought about by the Tax Equity and Fiscal Responsibility Act of 1982, a new limitation has been placed on deductions for casualty and theft losses for tax years beginning after December 31, 1982, according to the Internal Revenue for EWerly Meets Special Taxpayer Tax Counseling for the Elderly (TCE) is a program coordinated by the Internal Revenue Service it organizathrough which tions provide free tax information and assistance to individuals age 60 and over. Volunteers are specially trained by IRS to help older Americans with the tax credit for the elderly, the double personal exemption, the special treatment of the gain on the sale of a home by an elderly person, the proper method of reporting pension income and paying tax on it when necessary, and other subjects of special interest and concern These volunteers will also help taxpayers fill out their tax returns. TCE programs are provided in neighborhood areas which makes getting needed help easier and more convenient. Taxpayers age 60 or over who require assistance should call Internal Revenue Service. non-prof- VITA he Volunteer Income Tax Assistance program. Its volunteer may be able to helo vou to complete vour lax return. Check with '"V your local IRS office for details. ...is I N.IJJJ.IIIXUJJJJ-f.M.JJM'- Averaging Can Cut Tax Owed Taxpayers whose incomes in- creased substantially in 1983 may be eligible for a tax break by using the income averaging method of tax computation when filing their federal income tax returns, the Internal Revenue Service says. In income averaging, part of an unusually large amount of taxable income can be taxed at lower rates. Generally, the taxpayer uses the four years prior to 1983 to compute the tax in averaging income. The first step is finding if the averageable income was more than $3,000. Generally, averageable income is the amount by which the taxpayer's adjusted taxable income for 1983 is more than 30 percent of the total taxable income for the four years preceding 1983. The easiest way to determine this is to fill out Schedule G, Income Averaging. For detailed information on how to compute income averaging, taxpayers should ask the IRS for free Publication 506, Income Averaging, and Schedule G, available by using the handy order form in the tax Taxpayers who suffered nonbusiness losses during 1983 will only be able to deduct that portion of the loss that is more than ten percent of the taxpayer's adjusted gross income for that year. However, the loss must first be reduced by a separate $100 limitation. Taxpayers who suffer more than one loss during the year will, after reducing each loss by $100, add the balances together and then reduce that total by ten percent of their adjusted gross income. Loss of personal property due to theft or casualty defined as the complete or partial destruction or loss of property due to an identifiable event that is sudden, unexpected, or unusual in nature and that is damaging to personal property is deductible, subject to the above noted limitations, if it exceeds insurance or other reimbursement received. Taxpayers who claim these deductions on their federal income tax returns may be called on to substantiate the amount of the loss. Receipts and photographs, especially of valuable items, can be extremely helpful in establishing and substantiating the allowable deductions. To determine the amount of loss for each item claimed, you should know the adjusted basis of the item, and its fair market value just before and after the loss. If the item is lost or completely destroyed, the loss is usually the basis or fair market value just before the loss, whichever is less." If the item is damaged, the loss may be measured by the cost of repairing i MARRIED COUPLES9 DEDUCTION couplet who flic a joint re- turn may be able to deduct 10 of the qualified earned income of the leaser deducearning spouse. The maximum ' tion for 1983 Is 83.000. Income '"'"- Service. - 224-260- 8 trie item. For example, say you bought a 1040 new upholstered chair four years ago for $200. In April a fire completely destroyed the chair, and you estimate that replacing it will cost $250. If there had been no fire and you had tried to sell the old chair, you estimate that you could have sold it for U.S. Individual Income Tax Return Ont'tr 31 !9S1 Bett, WkenEEHutUm talks,peoplt listen. Send me the guide to investing the tax exempt way. fill caq'l wait, so I'm calling 377 4757 To use the CPA designation a parson mutt bo licensed with the department of business regulation. The following requirements must be met to receive and maintain the CPA license: ' - A four year college degree or equivalent. - Pouage of a nationally administered three day exam. 3- - Two yeart experience with an accounting firm. 4- - Al least forty hour of continuing profeiiional education yearly. 5- - Strict compliance with a code of ethics. 1 Hunter and Little Certified Public Accountants 90 South Center Street, American Fork 756-352- 6 0 E2S mMQxy? PRI d DesenetBank V rWrtollbWndyou. And all around you. Artovnl Numbtr CaH Rhonda Paul Bleeeenl Oreve Office $6 South Mam 785 3521 IFHuttan I f Hrtlm 0 CwRpMy lot , 455 N. L'mveriity Mark Einerion Memtei ' 2- keeps the Hmm PfconT" IH0l win MUHff a on ywB'TEAGa. , Provo, Ut. 1M00M Aim 1 ISA tfodtay Suu Matlwi Mufflf ISM Atfurcu Ir OMiNo TAX SEASON IS HERE AGAIN rum viimh Hhone 1 Mtwjl GET A $10 BONUS OR A FREE CALCULATOR. Deseret Bank will add $1 0 to your IRA balance, or give you a deluxe Sanyo calculator when you open an IRA with at least $500. Your choice, while the calculators last t f " StXwaM'ittKaal only $50 because it was four years old and used. Therefore, your loss is limited to $50, the decrease in value of the old chair, and not $250, the replacement value. Also bear in mind that after all the losses from the fire were totalled, you would subtract the $100 limitation to arrive at your deduction for that loss. Total losses for the year that are more than 10 percent of your adjusted gross income can then be deducted on your federal tax return. As previously mentioned, you must reduce your casualty loss by the amount of insurance or other type of reimbursement you receive. If improvements have been made to property, such as an addition to a house, or if it is business or rental property and depreciation is allowed, the basis of the property must be adjusted to reflect these amounts. solar-powere- income it tome thing everyone would like. But tome people are intimidated by the t financial eompleiitiei of municipal bonds." Now St. Hutton mahei it M easy to understand, utt send for Hulton's free (aide. In lain English, tt explain what you need (o know about municipal bondi: the hy, wherefores, and how-to- t of enjoying- income. Municipal bondi give you dependable, income free from Federal that's spendable taxes, and often, suit and local Uses, as well. That's why in today's economy, you can't afford to remain Hi the dark Call or write today for your fret copy of St. Hutton t Guide to Tax Exempt Municipal Bonds, ' 19 Yea HUTTON'S FREE MUNICIPAL BOND GUIDE EXPLAINS IT ALL. 111)83' SlPC Orem Office 140 West 800 Norm 225 7216 these IRA eeeclellete at theae etfleoei Alvin Schour ' Lehl Office 99 West Main 768 8444 Madge Peterson Llnaleri Off tee 144 South State Sue B Savage American Pork Office 207 East Main 756 3561 Deposits insured to 1100.000 by the federal Deposit " lisurance Corporation. 785-760- |