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Show THE SAN JUAN RECORD Special Section Wednesday January 27, 1993 Page 3 Tax Deadline Extended At Your Request This time, you can be late and you wont have to explain! Use Form 4868 to ask for 4 more months to file your tax return. To get the extra time, you must complete Form 4868 correctly, AND file it by the due date of your return (usually April 15; U.S. taxpayers abroad, see Form 4868 n Vot ChiLrlcS D apouM M. fcr Unght, Uw name and nam fr. Plan to file Form 1040 or1040A by August 1 6. You cannot use Form 1 040EZ after an extension request iBW'Jf.s.i Hi JJ BJA Tc-fFrc- u one. au4. end apt no or iww nuMt f a rou O dob. R 9 2l(j oo L on 5M32. see Uay 1 dboo and nonn friesfoujn must figure and show your tax for You Nola: File tfxs form with the Inttfnal Revenue Serv ea Cantor where you (Wo your income too raturn end pay any amounts you owe. TNi h not art exfenefow ot Umo to pay your tan. extension ot tuna to August 16. 1993. to Me Form 1040A or Form 1040 tor the celend yoar 1992 . lor the fiscal tex yeer ending .19 .19 Total tax katubty tor 1992. Ttv a tha amount you axpact to antar on Form 1040A. kna 27. or Form 1040, kna S3. It you do not axpact to owa tax. antar 0Cautton: You MUST antar an amount on kna I or your axtanuon wit Pa Ooruod. You can astimata this amount. Put Pa axact as you can with tha information you have. tt we talar And that your asbmofo ixas not raasonaPta, tha axtansron wit b nut and void. II. your tax withheld, estimated tax payments and other payments and credits. To get the extension, you must pay any amount (s) you owe with this application. Double-chec- Iwur. rna, Coy. town or poet is filed. MJ i 12.0 1192 oo i on CJyurtfL A. or OMC No ana tmmt (vai a your local IRS office (check your local directory listing). Use the sample form below to help you complete your extension application. Application for Automatic Extension of Time To File U.S. Individual Income Tax Return 4868 Ktolun instructions), AND attach a payment for ALL of the tax due. To obtain Form 4868, call or visit k 1992. you do not expect to have any tax on your 1992 income, enter 0-. -- u Enter your balance due; make out a check or money order Add linas 2. 3. and 4 BALANCE DUE. Subtract kna S from kna 1. If zero or lass, antar --0-. To gat this extenelon, you MUST pay In M tha baianca dua wtth this form. Attach chack or monsy ordar tor lull amount payable to internal Revenue Semico. Write your name, addreea, social security number, daytime phone number, and 1992 Form 4666 on It for full payment to the Internal Revenue Service," and write on it your name, address, social security number, and 1992 Form 4868." Or, if you expect a refund, enter 0-. tranafar (OST) tax, complete kna 7 (and 8a you aspect to owe gift or generation-skippin- g V applicable). Do not Include Incoma tax on these Unas. See the Inatructlons. 7 H you or your spouse plan to file a gift tax raturn (Form 709 or 709-A- ) for 1992. 1 Yourself generally dua by April 15. 1993, saa tha instructions and chack hern . . . 5 mins .09 Enter the amount of gift or GST tax you ate paying with this form b Enter tha amount of pift or GST tax your spouse is paying with this form V or tb Extending the filing deadline for your 1992 Form 1040 or1040A also extends the time to file a 1992 gift tax return (Form 709 or 709-A- If hM Undor panoXao of pasxy. declare Sul I sxamnoO d eve. correct, and compiate. end. d prepared! e lem. nckjdng 9m accampanyeig 9m tAxotyv. mat I ). k Cfuiftba ft, f Vour gn9 LlfoaLktU, O 0 -- jBWWlc-W- Signature and Verification w 0IA f CMaaI&uO.. SpOuMB Bnttu. Nuneor and met Cty. loon or pool Include sudd. room, or apt no) or P O boa rwiOar d met oco. BUM. on J.IT.i, .J .) I Don't forget to sign OttB fO and date the form, and attach your payment. tAiptyv) Npawi tgnait 4o0r correspondence regarding this axtanaion a to be sent to you at an address other than that shown above or to an agent acting for you, please antar tha name of tha agent andor tha address where it should be tent. correspondence from the IRS regarding the extension if needed. 'W V6uJct tong If Give an alternate name 'I .'.I ,.! acneauUe and sUMmants. and le no ban 01 r am Auonjd to prtpw 9m term man andor address for JK. e no) snd le aueai iddresi oodt Tips and Taxes Whats New for 92 Increased Earned Income Credit: More working families are eligible for a special tax credit that could reduce the tax they owe and get them a larger refund. If you earned less than $22,370 in 1992 and had at least one qualifying child living in your home, read the instructions for Schedule EIC in your tax forms package for details. Deduction for Exemptions Increased: The deduction for each exemption for you, your spouse, and dependents has increased to $2,300. But your deduction may be reduced or eliminated if your adjusted gross income is more than $78,950. See your tax package for more information. Standard Deduction Up Again: The standard deduction has increased. Even if you itemized deductions in the past, it may benefit you to take the standard deduction this year. Use the standard deduction- - chart in your tax package to figure the correct amount. Itemized Deductions Limited: If your adjusted gross income is more than $105,250 ($52,625 if married filing separately), you may not be able to deduct all of your itemized deductions. The Schedule A instructions in your tax package explain. Tax Table Doubled: The tax table in the Form 1040 instructions can now be used by taxpayers with taxable income of less than $100,000. In the prior year, the table stopped at $50,000. This is a boost for some 14 million additional taxpayers who can now use the table to find their tax rather than figure it from the tax rate schedules. Cutting out the extra math will not only make the tax computation easier, it will also cut down chances of error. New Business Schedule Available: taxAbout 3 million payers will be able to use the Farming Business Briefs 1. Certain farmers and commercial underpayments to satisfy that fishermen must file their federal income tax returns and pay any tax due by March 1. 2. As a farm business expense on Schedule F, the cost of preparing that part of a tax return relating to the farming business is tax deductible. liability, with the oldest underpayment satisfied first. rules took effect January 1 . Most farm employers will now deposit taxes either monthly or semiweekly. 4. Although a tax deposit is made to meet a required date, the payment is applied to any past due C-E- Z, Net Profit from Business. Many cash method sole proprietors who have only one business, have gross receipts of $25,000 or less, and do not have more than $2,000 in expenses can use this short form. Aside from the lines for name, address and some other information about the business, there are only three lines that most filers fill in to compute net profit. To find out if you see the instructions can use the for this schedule in your tax package . Additional Information: If you want C-E- Z, more information about tax law changes for 1992, get IRS Publication 553, Highlights of 1992 Tax Changes. The publications listed in your tax forms package may be helpful as well. Send for them using the order blank, also in the package, or call self-employ- ed 1 3. New employment tax deposit streamlined, brand new Schedule Tips, just like wages, are subject to income tax. They also count when figuring how much social security you may receive when you retire. So remember to report all your tips as wages on your tax return. For more information, call the IRS at and ask for free Publication 17, Your Federal Income Tax. 5. Wages paid to certain alien workers lawfully admitted to temporarily work in the U.S. to perform agricultural labor visas) are not subject to employment tax withholding. 6. The IRS offers two tax booklets for those in the farming industry: (H-2(- a) Publication 225, Farmers Tax Guide, and Publication 51 (Circular A), Agricultural Employer s Tax Guide. Call to order them. Farmer Family Deduction Employment expenses paid to farm family members are deductible if there is a clear-cu- t record of an employeremployee relationship. The criteria used to establish the employeremployee concept are (1) the salaries paid to family members must be reasonable and periodic, (2) the family members must earn their wages, and (3) they must be treated as employees. Also, a record of the tasks performed and hours worked by the family member employee helps to establish an income tax deduction. More information is available in free IRS Publication 225, Farmers Tax Guide. 70--2 tWO 1099 ?OTZMS and 1099 forms now. Rediform tax forms are available in bulk or in convenient small quantity polypacks - blank or imprinted. Order your W-- 2 ORDER FROM San Juan Record E. Hwy. 666, Monticello 587-227- 7 |