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Show Income Tax Tips-No. 4 Knowing Deductions Saves Money by Cutting Taxable Income (EDITOR'S NOTE: Under-. There are tw ways of sanding deductions cam save claiming a lard deduction. you « considerable sum on your The most comme Ss to deduct tax bill. This is the fourth of 19 per cent of your “adjusted hive articles on bow to prepare (gross income,” your federal income tax return your total whi bh 1 income de in > aaa pee of the amount S<5ithan ths siiniooum x limit you of spent ¢ $150 words, fou can claim this! For example: If your adjust-|and schools, upto 39 per ce ast taxes. You deduction for any federal taxes CASUALTY LOSSES: You deduction regardless of how ed gross income was $10,000,/your income. Contributions to may deduct a property exc seriesren Se everyone this a and local taxes are by)is 3 per cent of $10,000. But vou ° jeductible : could claim half f of However, the cost of drugs/ medical insurance costs, even They includereal estate taxes, medicines may be figured 7our total medical bills came t oline taxes, general sales ur medical expenses only less than $300. taxes, stale and local income the extent that it exceeds 1| CONTRIBUTIONS: You may taxes and ceduction for the amount t exceeds 3 per cent. can h cen! of your adjusted gross)deduct contributions dl subtracting 2 per cent of your charities, including 18 adjusted gross income. 'n other income. The 10 per cent standard! unu deduction will work out better)# ene See © his Series. large famities of quite modest! There oe. Rings8 — cae e he | come amount entitled to a 10 oF saat The big hitch in either form standard deduction of $945.60, ©! Standard deductionis the fac ioe [aapeyee soe anne a ans — the effect of r aoe the amount of income ia Se you are ‘required to This medical insurance coverage. | AMES}- RODE, [Certainemployeeapenses, a MEDICAL EXPENSES: you tO year, for the first time, you claim a deduction for on tes Se pe ee Crees which fa dus Aged 16) 7. oni $200 plus $100 exemption to w entitled A married cou three children would ug or the total/ claim if you| But there at apply to u pes of deductions. that $1,000. the absclute loss much your other medicalland your drug bills came to|{raternal and veterans groups, from a storm, fire, flood, theft expenseswere. Then you add up $178, you would first subtract 1/trusts and private foundatioas or accident, if it wasn't covered your other medical and dental per cent of the $10,000 which is|ate deductible up to 20 per cent)by insurance or other compenexpenses, including the remain-|$i00, from the $178, lerving $78|0f your income sation. But the law requires you ing hali of your medical in- to he counted among your| INTEREST: You may deduct|to absorb the first $100 of a non- Minimum Claim surance payments, and if the medical expenses, And your|the interest you paid on a home| business loss before claiming a bot ieee eee claim in this. Common Deductions wat @ mpensate the taxpayer for: Or nertain types of expenditure |..1 ep could ¢laim sa is way Even if your income was’ Here are the types of total comes to more than 3 per| total medical expenses would be| mortgage, bank loan, car loan, | deduction which Congress has Geemed to — a — ae ard preer your ceiling “ a ded it which concern most/cent of your adjusted gross|ded.ctible only to the extent/or installment purchase. y ' income, you can claim althat they exceeded $300, which’ TAXES: A wide variety oi! (NEXT: Special Situations) is amounts to'standard deduction would be/ taxpayers on be worthy of special treatment 1 . % You must first decide whether you want to claim a standard . = Ceduction, or itemize your deductions pay taxes. They are intended to| ~16A Sunday Herald | SIINDAY, FEBRUARY 25, 1968 |: — Uteh County, Uteh j Win At Bridge Here’s The WayIt Really Was The Gilbert and Sullivan APPLIANCES TV & STEREO | SALE CONTINUES song, “A Policeman's Lot Is Not a Happy One,” might be applied to bridge columnists J. today's hand looks familiar to you, it should, It appeared Nov. 30 except that North had six diamonds and only three LIMITED TIME ONLY! At Fantastic Savings ! HURRY! HURRY! ff 6. : Filter-Flo g8 i meee Ts ss a oe they did. We havetried to get personal Teplies to all of them. If we missed anyone we hope that he will accept this column as | our apology. Bke2 G. E. 13 Cubie Foot $ s99"° 179 G. E. 15 Cu. Ft. 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