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Show 1953 FEDERAL TAX TOPICS (Editor't Note: Now being the time of year that everyone is worrying about income tax, it has been suggested that we run a lew dos and don'ts for your information, in-formation, during the next few weeks. Instructions and answers to questions that may arise can be obtained by contacting your local of.'ice of the Internal Revenue Reve-nue Department, Room 219, Post Office Building, Cedar City, or phone 1193.) Your Rights of Appeal: If you believe there is an error in any bill, statement, or refund in connection with your 1953 income in-come tax, you are entitled to present pre-sent your reasons to the District Director of Internal Revenue and have the matter reconsidered. jAlso, If any audit or investigation investiga-tion causes proposed changes in your tax, to which you do not agree, you are entitled to have I the matter reconsidered by the district director. If agreement is no'; reached, the district director will advise you of further appeal rights. j Income Tax Return Short Form ; 1940: Income Tax Return, Form 1040, may be used either as a short fom or as a long form. The short form is simpler than the long form. It differs from Form 1040A in that (a) you must find your 'own tax; (b) you may include in.ccme from sources not eligible for reporting on Form 1040A, and (c) you may deduct travel and reimbursed expenses from your wages. Therefore, if your income was less than $5,000 and you do not desire to itemize nonbusiness deductions (contributions, interest, inter-est, etc.), find your tax from the table on the back of the form, tear off the first sheet and file it as a Short Form 1040A. Income Tax Return Long Form 1040: If your nonbusiness deductions are more than 10 per cent of your income, you will ordinarily save money by itemizing your deductions on Long Form 1040 in making your 1953 income tax return. re-turn. You will then figure your tax according to the computation on page three of the return, and file the entire form, which is called the long-form return. If your nonbusiness deductions are so close to 10 that you are in doubt which is the better form, try both the short form and the long form of 1040 to see which gives you the lesser tax. |