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Show The Paper That Dares To Take Page 6 The Utah Independent February 24, 1977 rvi too Continued from pace A Stand CKLIST I Purchase of goods or tickets from chari- ers; special masks worn by welders) . expenses. table organizations (excess of amount paid .Business entertainment not Business gift expenses exceeding $25 over the fair market value of the goods or Eyeglasses Food or beverages specially prescribed by services) . per recipient. a physician (for treatment of Illness, and In Employment agency fees under certain cirstapostage, (e.g., expenses cumstances. addition to(- not as substitute for, regular tionery, phone calls) while rendering services Cost of a periodic physical examination if diet; physician's statement needed) for charitable organizations. by employer. Gynecologist Care of unrelated student in taxpayers required Installation and maintenance of a of Cost batteries and aid? Hearing a a with home written under agreement the taxpayer's emHome health services is lim- telephone required by qualifying (deduction organization based on business use) . (deduction Hospital expenses ployment to ited $50 per month). Cost of bond if required for employment. Insulin treatment INTEREST Invalid chair Expenses of an office in your home if emLab tests Home mortgage. ployment requires it'. overcome to lessons Auto loan. (designed Lipreadlng Payments made by a teacher to a substia handicap) Installment purchases (television, washer, tute. Educational expense required by your, emNeurologist dryer, etc.) . Bank credit can can deduct the finance ployer to maintain your position or fof mainNursing services (for medical care, including nurse's board paid by you) charge as interest if no part is for service taining or sharpening your skills for your Occupational therapist charges, loan fees, credit investigation fees, employment. Political Campaign Contributions. Taxor similar charges. Ophthalmologist Optician deductible as interest by buyer payers may now claim either a deduction . Points Optometrist where financing agreement provides that (line 32, Schedule A, Form 1040) or a credit Oral surgery they are to be paid for use of lender's money. (line 52, Form. 1040) , for campaign contribulicensed Osteopath, Not deductible If points represent charges tions to an individual who is a candidate for Pediatrician for services rendered by the lending institu- nomination or election to any Federal, State, examinations Physical tion (e.g., VA loan points are service charges or local office in any primary, general or spePhysical therapist and are not deductible as interest) . Not de- cial election. The deduction or credit is also Physician ductible if paid by seller (are treated as applicable for any (1) committee supportPodiatrist selling expenses and represent a reduction ing a candidate for Federal, State, or local Psychiatrist elective public office, (2) national commitof amount realized). Psychoanalyst Penalty for prepayment of a mortgage tee of a national political party. (3) State Psychologist deductible as interest. committee of a national political party, or Psychotherapy Revolving charge accounts may deduct (4) local committee of a national political Radium therapy the "finance charge" if the charges are based paify. The maximum deduction is $100 ($200 Sacroiliac belt (prescribed by a doctor) on your unpaid balance and computed for the Seeing-ey- e couples filing Jointly) . The amount ofcondog and maintenance one-half of the political monthly. tax credit is Speech therapist Other charge accounts for Installment pur- tribution, with a $25 ceiling ($50 for couples Splints chases may deduct the lesser of (l) 6 of filing Jointly) . Supplementary medical insurance (Part B) the average monthly balance (average Presidential Election Campaign Fund. under Medicare balance monthly equals the total of the un- Additionally taxpayers may voluntarily earSurgeon balances for all 12 months, divided by mark $1 of their taxes ($2 on Joint returns) Telephoneteletype special communica- paid or 12) (2) the portion of the total fee or for the Presidential Election Campaign Fund. tions equipment for the deaf For any questions concerning any of these Transportation expenses for medical pur- service charge allocable to the year. items, contact your local IRS office. Tou may CASUALTY OR THEFT LOSSES poses (7f per mile plus parking and tolls or also obtain helpful publications and addiactual fares for taxi, buses, etc.) flood, (e.g., storm, tornado, fire, Casualty forms by contacting your local IRS Vaccines or auto accident provided not caused by a tional office. Vitamins prescribed by a doctor (but not willful act or willful losor theft negligence) taken as a food supplement or to preserve ses to nonbusiness OTHER TAX RELIEF MEASURES the amount property general health) of your casualty loss deduction is generally Required to file a Wheelchairs tax return if the lesser of (1) the decrease in fair market for medical baths purposes Whirlpool value of the property as a result of the casgross income is at least Filing status ualty, or (2) your adjusted basis in the propTAXES erty. This amount must.be further reduced Single (under age 65) $2, 450 Real estate or other recovery, and, in Single (age 65 or older) by any insurance 3,200 State and local gasoline case the of 'held 65 fbr with property personal use, Qualifying wldow(er) under General sales the $100 limltalon. Tou 2, 850 by may use Form dependent child- State and local income 4684 for computing your personal casualty Qualifying wldow(er) 65 or older with Personal property loss. 3, 600 dependent child If sales tax tables are used in arriving at CREDIT FOR CHILD AND DEPENDENT CARE Married couple (both spouses under your deduction, you may add to the amount 3. 600 65) filing Jointly shown in the tax tables only the sales tax Certain payments made for child and de- Married couple (1- spouse 65 or older) paid on the purchase of five classes of items: 4, 350 automobiles, airplanes, boats, mobile homes, pendent care may now be claimed as a credit filing Jointly and materials used to build a new.home when against tax instead of as an itemized deduc- Married couple (both spouses 65 or 5, 100 older) filing Jointly tion. you are your own contractor. 750 When using the sales tax tables, add to If a taxpayer maintained a household that Married filing separately your adjusted gross income any nontaxable included a child under age 15 or a dependent Additional Personal Exemption for Age. income (e.g., Social Security, Veterans' pen- or spouse incapable of self-car- e, a taxpayer Besides, the $750 exemption allowed sions or compensation payments. Railroad may be allowed a 20 credit for employ- a taxpayer, aregular husband and wife who are 65 Retirement annuities, workmen's compensa- ment related expenses. These expenses must or older on. the last day of .the taxable year tion, untaxed portion of long-tercapital have been-paiduring the taxable year in are each entitled to an additional exemption to order dividends enable of the taxpayer to work either of $750 because of age. Tou are considered gains, recovery pension costs, untaxed under the dividend exclusion, inter- full or part time. 65 on the day before your 65th birthday. est on municipal bonds, unemployment comFor detailed information, see the instruc- Thus, if your 65th birthday is on January 1, . 2441 on assistance tions Form for 17. and payments) pensation public page 1977, you will be entitled to the additional CONTRIBUTIONS' MISCELLANEOUS $750 personal exemption because of age for In general, contributions may be deducted Alimony and separate maintenance (peri- .your 1976 Federal Income tax return. General Tax Credit. A new general tax up to 50 percent of your adjusted grqss in- odic payments) . For this credit, the taxcome (line 15c, Form 1040). However, conAppraisal fees for Casualty loss or to deter- credit is available. tributions to certain nonprofit foundations, mine the fair market value of charitable con- payer may claim the greater of (1) $35 per exemption shown on line 6d. Form 1040A or veterans organizations, or fraternal societies tributions. Form 1040, or (2) 2 percent of taxable inare limited to 20 of adjusted gross Income. Unioq dues. Cost of prepartion of Income tax return. come j(llne 15, Form 1040A or line 47, Form Gash contributions to qualified organizaCost of tools for employee (depreciated 1040) but not more than $180 ($90, if martions for (1) religious, charitable, scientific, ried, filing separately) . literary or educational purposes, (2) preven- over the useful life of the tools). tion of cruelty to children or animals, or Dues for Chamber of Commerce (if as a Multiple Support Agreements. In general, a person may be claimed as a dependent of (3) Federal, State or. local governmental, business expense) . another taxpayer, provided five tests are met: Rental cost of a box for units (tuition for children attending par(1) Support, (2) gross Income, (3) member ochial schools is not deductible). Fair marproperty. of household or relationship, (4) citizenship, ket value of property (e.g., clothing, books, Fees paid to Investment counselors. and (5) separate return. But in some cases, Subscriptions to business publications. equipment, furniture) for charitable purtwo or more individuals provide support for Telephone and postage in connection with poses. (For gifts of appreciated property, spean individual, and no one has contributed investments. cial rules apply. Contact local IRS office.) more than half the person's support. HowUniforms required for employment and not Travel expenses (actual or 7c per mile plus ever, it still may be possible for one of the parking and tolls) for charitable purposes generally wearable off the Job, Maintenance of uniforms required for em- individuals to be entitled to a $750 depend(may not deduct Insurance or depreciation ency deduction if the following requirements in either case) . ployment. met for multiple support: are Cost and upkeep of Uniforms used in Special safety apparel (e.g., steel toe safety 1. Two or more persons any one of. whom shoes or helmets worn by construction work charitable activities (e.g., scoutmaster). could claim the person as a dependent if it Dentures Dermatologist Out-of-poc- ket - X-ra- ys - d m safe-depo- sit me-producing inco- |