Show 8 Gunnison Valley News March Salina Sun free taxpayer assistance IRS gives for the Elderly (TCE) programs have volunteers to preVITA and pare basic tax returns TCE volunteers help older individuals those with disabilities and speaking taxpayers with their taxes Call the IRS for the nearest location in your area Materit Braille and Revenue (AKA) - The Internal Service offers free tax help to tax- payers worldwide 910 Guide to Free Publication ax Services describes a number of IKS tax materials and programs that are available through the IRS and explains how to access them overlook distribution of Don't capital As a mutual fund investor with a long term perspective you might not pay much attention to your activities And it s fund's a good idea to overlook daily price fluctuations - especially when your investment horizon is 0 20 or more the future Nonetheless years there’s one aspect of your mutual funds ttiat warrants your regular attention - capital gams distributions Like most mutual fund owners you may automatically reinvest dividends and capital gains distributions to buy more shares When a fund makes these distributions the net asset value (NAV) - the share puce - declines Does this mean you reyou're losing money9 No invest your distribution there will be no cumulative effect on your account value Your fund’s NAV may be lower but you will own more in shares Suppose you own 100 shares of Fund XYZ which has an NAV of $20 giving you $2000 worth of shares Now it's Distribution Day and F und XYZ distributes $0 20 per bs H&R Block capital gains taxes on these butions That’s why it may be a good idea to wait until after your fund makes its distribution before you If you make additional investments buy more shares before the distribution you will be liable for the extra capital gains even though you may have held the additional shares for a short time in essence you’re being taxed for gains that you didn’t really earn However if taxes are not a or if you are major consideration investing for your qualified retirement account - from which income is not faxed until you make withdrawals - then you may welcome beyour mutual fund distributions cause they amount to more shares If you're going to sell mutual fund shares it may make sense to do so before your fund makes its distributions although your own tax situation will again be a considerdistri- ation When you “time" the purchase of mutual fund shares with capital keep one more gains distributions factor in mind Delays can be costly For example if you wait to purchase additional shares of a fund because you want to avoid a 2 percent capital gain and the fund goes up 10 you will percent in the meantime have lost an opportunity for growth In the final analysis capital gains distributions are less important to your mutual fund strategy than other key factors such as But suitability and diversification share Your fund's NAV will have dropped to $19 80 barring changes in value caused by market fluctuations You will receive a $20 distribution (100 shares multiplied by $0 20 per share When you reinvest this $20 at the new lower NAV 01 new of $ 9 80 you will receive shares ($20 distribution divided by $1980 NAV) You now own 10101 shares at $19 80 a share for a total of $2000 - the same amount you had before the distribution And don't just ignore distributions now you own more shares so you'll hey’re worth looking at come out ahead if your fund's NAV rises Keep in mind that you will Edwardjones owe ImiIivmIuiI Imrslor Srinu Wttmt Laminated Structures Sim For all your tncing Avallehlmt accounting needs Kay Dix Monroe & Tam I Hansen Associates CPA your business needs1 tax preparation accounting firm with We can handle and personal We re £NCM Oft your level SMI x 48’ x 1 0’ 8395 60’ x 72’ x 13’ 20855 Sole prices through April 6 20001 LLtAnT Tax Preparation at no expense (call for details) Payro’l Processing Electronic Filing at no extra cost! And we’ll come to you! (801)465-030com mmhh lonltHyaxie Attn WMi'tffnadnaf clarybuildmg no 20 years experience combined 30 or Call Gunnison Office coming soon! Toll Free Anderson Tax Service Johnny Anderson Certified TCA Consultant 528-716- 2 or 528-353- 9 88 South Main Gunnison (Next to the STAR Theatre) Publication 910 includes the Internet address and telephone and on fax numbers for IRS information filing options a listing of 100 IRS Tan Mens gains funds mutual J O DIVOKCLI) PA CEAIMSTHEKIDSATTAXTIME? Special IRS rules determine which divorced parents can claim die dependency exemptions for their children In general under current rules only the parent with physical custody for the majority of the year is entitled to claim the children as de- pendents divorced parent A noncustodial can claim children as dependents if at least $600 he or she contributes per child in support In addition the noncustodial parent must have divorce decree or other a written statement giving him or her the dependency exemption A noncustodial parent also can claim the exemption if the custodial parent signs a statement giving the parexemption to the noncustodial ent The noncustodial parent must attachthestatementtohisorhertax Rtum Ihe only other time a noncusto- dial parent can claim the exemption is when a decree or other states that par- written agreement with- ent can claim the exemption out regard to any condition For these rules to apply the di- vorced parents together must pro- vide more than half the total sup- The children port of the children be in the custody ofoneorboth of parents for mote than the year H&R Block points out that divorced parents who were entitled under IRS rules to claim a depen- dency exemption in prior years but did not do so can file amended re- turns and take the exemption in 2000 1 with related IRS tax publications forms tax education and assistance programs and tax tips on a number This Guide also proof subjects vides directions on how to access recorded tax information and automated refund information Call to order a free copy of 910 Publication Learn about the following programs and more in Publication 910: Taxpayer Advocate Service Taxpayer advocates independently represent the interests of taxpayers by helping to resolve tax problems that have not been fixed through normal channels The ad- - als in Braille Federal tax materials are available at Regional Libraries for the Blind and Physically HandiLicapped in conjunction with the brary of Congress Materials in Braille include Publication 17 Your Federal Income Tax Publication Guide For Small Business and Forms 1040 1040A and A and B 1040EZ and Schedules copcut with instructions 334 Tax vocate has the authority to through red tape and intercede for peoplewhoare experiencing a hardship because of a tax problem Call at the IRS for the Taxpayer Advocate Service Volunteer Tax Help The Volunteer Income Tax Assistance (VITA) and Tax Counseling ies of Form 1040 with schedules and instructions are in Publication 1614 copies of Form 3 and EIC and 1040A Schedules instructions are in Publication 1615 The copies can be used as but can't worksheets to figure tax be filed as tax returns Check for changes in fax laws when filing this year's returns related expenses tion assistance wen return lax this you y°lr year These changes may mean the difference between getting a tax refund and paying more taxes See the instructions in your tax package for information modifications' more these on 1999 have to IRS at If you If you have a chlld who was un‘ er a£e 17 at the end of 1999 you may be able to claim either or both the Child Tax educa- or vou mav repay part of the credit on your return this year For more details on the recapture of education credits order a free copy of Form 8863 Education Credits by calling the Credit and the Credit The total tionol Child Tax of tJlebe credits can be as much as $500 The ra le for business use of a vehicle 1999 through Decemfrom April ber 31 1999 is 31 cents a mile The rate returned to 32 cents a mile on 2000 January This filing season most 1040 tax packages will contain an envelope if you are rewith two labels-o- paid interest on a qualified loan this year you may be deduct up to $1500 of the interest on your return even if you don't itemize deductions on Sched- questing a refund and one if you are not requesting a refund The labels will enable the IRS to more efficiently sort the refund returns from the re- ule A And in the year 2000 you may deduct up to $2000 of the interest you pay on a qualified stu- contain student able to be able to dent mittance Revenue rate Zip returns These labels will address of the Internal Service Center and sepa4 Zip Codes and PostNel the barcodes If you converted part or all of an the adIf you need to ing children and you aie notable to IRA to a Roth IRA in 1998 and you dress on your tax return envelope claim the full $5(X) Child Tax Credit for each child you may be able to chose to report the taxable amount the US Postal Service will imprint the the proper PostNet barcode on the ciajm the Additional Child Tax over four years you must report open years Credit The Additional Child Tax amount that is taxable in 1999 on face of the envelope Barcodes facilitate the sorting of the tax returns Credit is refundable— it may give your return You may be able to take an IRA deduction if you were covThis year the IRS has partnered you a refund even if you do not owe ered by a retirement plan and your with the National Center for Missany tax in1999 modified adjusted gross The earned income tax credit ing and Exploited Children less than $41000 and (NCMEC) to dramatically expand (EITC) could be as much as $3816 if come was of housefiled head as the distribution of photos of lost single you you have more than one qualifying hold or married (filing separately) children and abducted if have one child to $2312 runaway you up you moved since child and as much as and you lived apart from your Pictures of missing children will you filed your last tax return? Are qualifying spouse for all of 1999 or if your 1999 appear in 1999 IRS tax form instrucyou planning to move before your $347 even if you don't have chiltax refund will be sent back to you? dren The amount you can earn and modified adjusted gross income was tions and taxpayer information pubIf so be sure to take the necessary still be eligible for the credit in 1999 less than $61000 and you filed as lications on pages that would othsteps so that your refund isn't lost or is $30580 if married (filing jointly) or qualifying erwise be blank The photos will be you have more than one returned to the Internal Revenue widow(er) child $26928 if you have one qualiprovided by NCMEC and will be Service Note: In the tax year 2000 these Set aside a few minutes in your fying child and $10200 even if you accompanied by information about dollar amounts will increase by the children and the NCMEC's busy moving schedule and add the don't have children $1000 This year if your only capiIf you aren't eligible for the EITC IRS to your list of people and places hotline number to notify about a change of address but claim it anyway you could be tal gains are capital gain distribuYou can help bring these If the IRS doesn't have your current prohibited from claiming the credit tions from mutual funds you will children home by looking at the address then a tax refund or any for not have to file Schedule D Check to 10 years once discovered up and calling local auletters about past returns may never the box on line 13 of Form 1040 and photographs It you claimed an education credit thorities or NCMEC when you see get to you the instrucin on your 1998 tax return and in use the worksheet Call the IRS at one of these children tions to figure your tax and ask for Form 8822 Change of 1999 you your spouse if filing For further details on tax law If you are you may Address to complete and send to jointly or your dependent received of Pubbe able to deduct up to 60 percent of changes download a copy the IRS a refund of qualified tuition and lication 553 Highlights of 1999 Tax your health insurance Review the instructions in the tax package on Changes from wwwirsgov or you Never Seen Before In Utah! health insurance can order a free copy by calling the IRS at deduction 3 Section 6:12 Roof Pitch The standard mileage rate for Courtesy of Article Resource AsMODULAR HOME business use of a vehicle prior to sociation w ww a ra copy co m Come see the Spring Home Show April 1 1999 was 32 cents a mile infoaracopycom at the Salt Palace and March loan Don't lose your tax refund in the moving process view this gorgeous home!! 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The Rack The Wheel Water Torture Schedule Why D torment yourself when a professional can help? understand the most complicated Dr Brian Peterson It's municipal bonds our or stop by today for more information Call pleasure to help get you every cent Of) La 6 wurwedwanijoneieom Member And our have coming HR BLOCK Suite A Ltah 84701 6801 (435)8 Kit hfiehl Phone you forms Hurst IR Timothy 180 North job to GUNNISON EPHRAIM RICHFIELD 47 S Mam 71 S Mam 545 S Main SlPC Edwardjones STn£ lnrtnrv Stine 10 6 Sat MF Sat Sat an specialist is now offering a hew to eliminate or significantly reduce snoring The simple procedure to gently shrink the excess Somnoplasty procedure uses radiofrequency tissue in the soft palate It is done in the office and takes about 30 minutes Patients can resume rormal activities immediately Dr Peterson is offering this procedure HALF THE PRICE at nearly of other Utah physicians Dr Peterson is Call today for more information "It was simple and painless" patient Jeffery Hansen MD Brian R Petenson MD office NephiCunnisonFrice d "My whole family is sleeping better" patient Vicky Westergard D also Sur°7 Hearing A Balance Disorder Facial PUaMc Suiyety Sleep A J |