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Show Thursday, Dec. THE GREEN SHEET 8C 8, 1988 COMMUNITY NEWS Tax Tips Are Shared; Now Is The Time To Take Key Steps For Deductions SALT LAKE. Christinas and income taxes may not seem to have much in common, but if youre thinking about one, you should also be thinking about the other, says the National Assn, of Tax fVactitioners (NATP). This is particularly true for those who normally itemize expenses on federal income tax returns. Now is the time to make, that decision for 1988. Waiting until after Jan. 1 will be too late. Because of a substantial, increase in the standard deduction this year, the decision to itemize, or take the standard deduction and "double up" next year is more important than ever, said Sally Payne, tax analyst for gross adjusted income may be deducted. This includes such things as dues to unions and professional organizations, subscriptions to professional publications, educaand clothes tion, protective unreimbursed and uniforms business automobile expenses. The only good news on auto expenses is that the IRS now allows a deduction of 24 cents per mile. If education is required for you to keep your present job or to maintain or improve your skills in that job, the expense id deductible. You may also claim 24 cents a mile travel expense. Payne said "now is the time to start gathering information on your deductions because you will have to make decisions .on whether to pay some of your bills now or wait until after Dec. 31." Two Measles Cases Reported SALT LAKE. Two cases of measles have' been reported in an elementary school in the south end of the Salt Lake Valley. Contrary to popular belief, measles is a very serious disease can which have disastrous complications. "When measles attacks children in our community,' every effort is made to prevent its spread, including exclusion of children from school if they cannot prove protection from the illness by said Dan Kinnersley, meetings nurseries, shopping, Health movies social Lake Salt similar or County Department. gatherings. And, avoid having The department is asking help other children come into your from parents, in identifying home while the illness is present" children who may be ill with he recommends. measles-lik- e symptoms, usually Anyone suspecting measles or cough, runny nose, including watery eyes, high fever (104) and exposure to measles is asked to call their doctor or notify the rash lasting one to two weeks. any Health Department CommunicaKinnersley recommends child showing signs of measles be ble Disease Section, for kept isolated in the home. "Do not information and take the child to school, church vaccine," 468-284- 2, NATP. The standard deduction for a married couple filing jointly is $5,000 this year, compared to $3,760 in 1987. For a single person, the standard deduction increases from $2,540 to $3,000. If you itemized deductions are less than the standard deduction, or even slightly more, you might want to consider taking the standard deduction this year, and doubling up next year," Payne said. Doubling up may include postponing real estate taxes into next year and deferring, where possible, payment of other deductible expenses into next year. Conversely, Payne said, if you feel will have fewer you deductible expenses next year, you may want to accelerate some expenses, such as elective medical costs, to this year. for The itemized rules deductions remain basically the same as for last year. Some of the more common items include: - MEDICAL EXPENSES Only unreimbtlrsed medical expenses in excess of 7.5 percent of your adjusted gross income may be deducted. Generally all health insurance premiums, hospital, doctor and dental bills, prescription medicines and such things as eyeglasses, hearing aids and wheelchairs are deductible. You also can deduct nine cents a mile for travel to receive medical treatment, as well as meals and lodging while away from home for medical treatment for yourself or a person you are accompanying. TAXES State and local income taxes are fully deductible, - as are personal property and real estate taxes. Payne noted that if you wish to accelerate expenses, it is possible to pay next years state income tax in advance. - INTEREST Mortgage interest on your first and second home is usually fully deductible, but there is a combined ceiling of $1.1 million for acquisition and equity mortgages. Consumer interest continues toward the planned phaseout. For 1988 you may only deduct 40 percent of the interest you pay on such things as auto loans, bank or revolving cards charge accounts. In 1989 the deduction drops to 20 percent. - Donations of CHARITIES items to both cash and non-cas- h approved charities are deductible and you may claim 12 cents a mile expense for travel involved in charitable work. You may not, however, claim an expense for your time. EXPENSE MOVING last year, moving Starting expenses can be deducted only as part of itemized expenses on Schedule A. The move must be and your new job must be at least 35 miles farther from your present home than your old job-relate- d job was. - A MISCELLANEOUS number of deductions in the are miscellaneous category restricted. Only the combined total exceeding 2 percent of your Mexican Food Fest Slated At Center SALT LAKE. The flavors of many lands will be available at an Food Bazaar International beginning at noon on Monday at the Mexican Civic Center, 155 So. 600 West. Those participating are bringing special food preparations, pastries and breads to sell to hundreds of visitors expected to attend. Booth areas will be provided to those who plan to sell food items. This event, sponsored by the Hispanic community of Utah, offers an opportunity to all cooks Jiving, in Utah who wish to represent the country of their choice with their favorite recipes. For more information, those interested may call Tina Polanco ; at 532-414- 0. i njh mm a |