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Show THE SALT LAKE TIMES Tax Legislation: Increased Deduction, Personal Exemption, Housing Credit standard deduction, personal exemption credit, housing credit these are some of the changes on the 1975 tax return that will mean less taxes for the majority of taxpayers. Take the change in the standard deduction. On last years return, of taxpayers were limited to 15 maxiincome a to. adjusted gross mum of $2,000. This year, the percentage has been increased to 16 with a maximum of $2,600 for a married couple filing jointly, or $2,300 for a single person ($1,300 for a married person filing separately). Many taxpayers who have always itemized and filed the 1040 form may find it to their advantage to use the simpler Form 1040A this year and take the standard deduction. It's a good idea to work out the tax liability both by itemizing and by taking the standard deduction. While it may take a little longer to go through the process twice, it just may mean, saving a considerable amount. Here's an example which shows how it can be to the taxpayers advantage to use the standard deduction. Mr. and Mrs. T. have itemized deductions for medical costs, charitable contributions, interest payments, etc., totaling $2,350 on an adjusted gross income of $20,000. While 16 of their adjusted gross income is $3,200, or more than the maximum standard deduction of $2,600, they would still save $250 by filing the short 1040A form and taking the standard deduction. And they might even save themselves Liberalized Page Five FRIDAY, JANUARY 2, 1976 Mr. and Mrs. A. have adjusted gross income of $6,500. Their earned income credit is $150, computed by subtracting 10 percent of the amount of income over $4,000 from the maximum credit of $400. Even if Mr. and Mrs. A. had no tax liability, they would receive a check for the $150. The earned income credit may be claimed by those who have no tax liability if the other conditions are met. So people who may not otherwise be required to file a return should do so to get a check for the earned income credit, even if no income tax had been withheld. Mention of checks may bring to mind last years rebate and the e special $50 payment to social security recipients. Where do they fit on this years Federal return? The answer is nowhere Neither of those checks are considered income by the IRS and so one-tim- are not taxable. Theres sider: one more credit to con- the housing credit. This credit applies only to those taxpayers who bought certain newly constructed homes last year. A Survey Shows High Hansel and Gretel, Popular Grand Employment of Opera, Debuts at U of U Jan. 28 - 31 Hansel and Gretel one of the appreciate what you have done for Utah Tech Grads most ever them, Strauss told the popular grand operas Want a job? Your best chance is with a tion. vocational-technica- educa- l survey of day and students who completed their training during the 1974-7- 5 school year at Utah Technical College at Salt Lake shows this advice to be factual. A follow-u- p extended-da- y Of the students available for work, 91 per cent are employed in their field of training, or a related field. In addition, three per cent fields, are working in and another six per cent are non-relate- id unemployed. The survey, conducted by the college, contracted 1,228 individuals out of 1,412 who left the school with a marketable skill. Of those, 1,098 were available for work. Those not available for employment were continuing schooling at Utah Tech or some other school, in the military and for other reasons. written will make its Utah debut January 28 to 31 in Kingsbury Hall at the University of Utah. The announcement was made by Ardean Watts, director of the Utah Opera Company and professor of music at the U. fairy-tal- e The popular three-ac- t is somewhat of a novelty, says professor Watts. It is probably the only grand opera that has ever been written about children for children but which has as much he .appeal to adult opera-goers, says. Hansel and Gretel was composed by Englebert Humperdinck. Begun in 1891, the entire score, including the orchestration, was finished be- fore the end of 1892. The text was written by Humperdinck's sister, Adel Wette. The opera was first performed in Germany on December 23, 1893, with Richard Strauss conducting and his wife playing the part of Gretel. The German public had better composer. Humperdincks work was a boost to the vitality and individuality of Germanys musical heritage. It was quickly produced by many theaters in Europe. Hansel and Gretel was the first complete opera ever broadcast from the Metropolitan Opera in New York City (Christmas Day, 1931). "The opera has style and says Director Watts. Musically, the sophisticated score is expressive and colorful He believes Hansel and Gretel should be a welcome tonic for many of the entertainment ills that beset us." The two-hou- r will production feature an all local cast, full opera orchestra, and the Salt Lake Boys Choir. Professor Watts says children attending any of the four performances will be given a 20 percent discount on the price of all seats. This is family entertainment at warmth, its best, he says. Other information about Utah Tech students, based on fall quahome built before March 26, 1975, rter statistics, shows that slightly which had never been occupied, is more than 50 per cent are ages 21 eligible for the credit. The other through 29, with 23 per cent 20 and A new study will examine the history (eggs, fry, juveniles, and conditions which must be met are: younger. Also, 86 per cent of the in adults), growth, metabolism, and the house must be a principal students come from Salt Lake ecological requirements for troutwill behavior will be examined under and streams Mountain Uinta County. Other counties showing residence; flow regimes at all seadifferent reflow on minimum the residence must be acquired significant numbers of students are concentrate of sons the year. Selected interDavis, Tooele and Utah Counties. quirements, it was announced by related and occupied as a principal resiphysical, chemical, and biodence after March 12, 1975, and Less than one percent of the two Federal and one State agency. will be studied students come from other states These agencies, sponsors of the logical components before January 1, 1977; This would have the taxpayer must enter into a and foreign countries. There also study, are tbe U.S. Bureau of simultaneously. Reclamation, the U.S. Fish and great application in developing binding purchase contract before are 1,283 veterans at Utah Tech. In Wildlife Service, and the Utah water resource project plans by the of the addition, about one-ha- lf January 1, 1976; Wildlife Resources. A Bureau of Reclamation. Wildlife Division of students are married, and about 85 the cost of a returns preparer. except in the case of selfcontract has been awarded to the agencies can use the analysis of In addition to the increase in the construction, the taxpayers must per cent are high school graduates. Utah State University Cooperative impacts to the stream fishery in standard deduction, another new . attach to their return, certification pro- determining minimum flow recom-- . Fishery Unit for a six-yechange for 1975 is the low income by the seller that the purchase gram of study. The objectives of mendations. allowance which has been raised. price is the lowest price at which Part of the study requirements the study are to predict and This increase is reflected in revised the residence was offered for sale to construct a series of diverare quantify, through the use of a tax tables which now have a ceiling since February 28, 1975. sion structures, waterways, and general stream model, changes in of $15,000. Last year only taxfish to control streamflows weirs all meets stream An which who occur individual the the ecosystem (continued from page 1) payers who earned $10,000 or less tests for claim flows to in of and credit variation 5 study a with purposes. The Upper help may could use the tables. schedule. present of and accurately Strawberry River, Utah, in the Because of the change in the low percent the purchase price, up to official noted the $3.5 predict efficiently The utility of fish in and other aquatic Uinta National Forest, has been $2,000. income allowance, the filing re- a maximum billion project has been on the changes life populations which would result. selected for the field study area. Another tax break dealing with boards since 1962 and in quirements for individuals have homeowners is the drawing 'Survival at all stages of trout life The study, to be completed in six provision that the environmental review also been revised. For example, process years at a cost of $1,200,000, last year a single taxpayer was the seller of an old principal resifor four nearly years." dence now has 18, rather than 12 Public hearings on the draft required to file a return if earnings months, as in the past, to purchase environmental were $2,050 or higher; now the impact statement a new principal residence, to defer in September by the held were filing requirement for a single of a tax gain. individual is $2,350. Whether a recognition Bureau of Land Management in file to is or is This Election a Presidential not, Utah, Arizona, Nevada and Caliperson required a if were taxes elections with and withheld, however, coming up, fornia. year return should be filed to claim any taxpayers should be aware that the Testimony at the hearings, as refund which may be due. maximum tax credit for contriwell as a statewide poll by Utah Speaking about refunds, keep in butions to candidates for public Sen. Frank Moss, established that mind that early filers get their office has been increased to $25 per the majority of Utah residents and refunds quickest. Taxpayers who taxpayer ($50 for a joint return). state governmental leaders are file their returns in January can Also, the maximum deduction for strongly in favor of the project, expect a refund, if one is due, in contributions to candidates has Mr. Gould commented. SHOULD WE WORRY ABOUT CHOLESTEROL? four to five weeks, while the late, been hiked to $100 ($200 on a joint The National Park Service close to the April 15th deadline return). announced last week a scheduled Only one in five persons needs to He reached his conclusions after three-mont- h filers may have to wait as long as of the projects study worry about the amount of fat and conducting an exhaustive study of The IRS is making it easier for on air quality of eight weeks for a refund check. So possible impact cholesterol he eats, according to all the literature related to it makes good sense to get started taxpayers to file the shorter Form Capitol Reef National Park, Bryce Dr. Raymond Reiser, Distin- possible relationships between1 1040A the Canyon National Park and Glen gathering records and documents 1040A by automatically sending guished Professor of Biochem- fats in the diet and heart disease. package, complete with inNational Recreation Area.. together early like now in order Canyon Dr. Reisers view coincides istry and Biophysics at Texas to get an early start filing your structions, to those taxpayers who This data reportedly would be A&M University. with the report from the nicely deduction took standard last the return. in the Department of weighed of Minnesota (that I University short not use the form. Interiors DR. REISER is speaking, of Another change for filers is that year but did of or rejection approval in discussed this column two course, in the context of fears of each taxpayer with a tax liability Taxpayers will receive a tax pack- the project. This implie a decision "no benefit" acweeks that ago) heart disease. "It is evident, he can claim a $30 credit for each age through the mail during the no earlier than March or April. to men who had some crued 17,000 first week in January. In the reports, "that even if diet changes Utah Gov. Calvin L. Hampton 4V4 dependent and personal exemption. in a year participated study to can lower serum (blood) cholesusually find said in Salt Lake City the blood cholesterol Keep in mind, though, that this package, taxpayers if see Tuesday lowering terol, no benefit is gained by 70 to credit does not apply to the exemp- everything they need to complete project setback is the result of the heart attacks. 95 percent of the population from prevented 1975 return. the tions for age or blindness. ThereInterior Departments procrastinaalso says: PolyDR. REISER doing so. tion in getting the project fore, for a married couple with two unsaturated vegetable oils are "Of the others, some may children, a credit of $120 could be foods healthful but they have no approved." benefit a little but most require claimed on a joint return. This I believe very deeply in the value in lowmedicinal special drugs to reduce their cholesterol need to measure the environmental of cholesterol. revisions, as most of the others, levels ering excess S as been enacted for this to levels. normal but blood of this He cholesterol year only. any project, impact regards a Another credit which may beneshouldnt require four years, he "LIMITING the consumption of level of more than 250 mg of families is the fit many continued. Tm sorry they had to eggs, dairy products and meat for cholesterol per 100 milliliters of earqed income credit. Specifically, delay the project but it was obvieveryone makes no more sense blood as excessive. This means, iut applies to taxpayers with dethan putting everyone on a says Dr. Reiser, that only 5 of ously necessary because the next inmen and women and only about and of diabetic diet," Dr. Reiser adds. million) adjusted ($80 gross pendents group expenditures d of people from 50 to 70 come (or earned income, if greater) would be consistent only with going normal he "no "And, persays, under $8,000. The maximum credit son will increase his blood cho- might benefit. ahead with the project. We will "The rest of the population," he is 10 percent of a worker's first slow down our planning for the new lesterol to pathological levels by Above income. of earned town by the same amount. $4,000 says, "can eat all the eggs, blitter, eating saturated fat." an is reduced Dr. Reisers . conclusions were cheese, ice cream and marbled The governor said this is the $4,000 the credit by 10 the of amount equal to announced recently in several beef they wish without fear of in15th blockade he has seen to the percent scientific papers and through the creasing their risk of coronary taxpayer's adjusted gross income. Kaiparowits project as a result of This is how it works. Extension Service of Texas A&M. heart attacks." environmental concerns. Uinta Mountain Streamflow Study Announced by Government Agencies ar Kaiparowits Pro ject Delayed Red badge low-inco- one-thir- |