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Show Don't Procrastinate Filing Income Taxes Is there anything more tempting to put off than the computations required for annual federal and state income tax returns? Not much that I can think of other than going to the dentist. But, as with the dentist, a last-minute dash to complete tax forms-while accomplishing ac-complishing the necessary-can necessary-can leave you with a less than completely satisfactory job done, higher bills than might otherwise result, and a throbbing headache. For your own benefit, preparation of tax return forms. Check this with your trust officer. Thinking ahead to next year-start saving and collecting your deduction and interest income records for 1979 returns now. If they are all in one place next January, your job will be half done. To help keep track of charitable contibutions and other deductible expenditures ex-penditures some banks now offer "tax-saver" check registers with spaces for deduction notations. And, finally, remember to keep minimum of three years after the year in which you filed the return. In case of a dispute, you may need them to verify any deductions you claimed. begin now to think about the items ycu will need to complete your returns. And, in drawing up the list, don't forget your relationship with your Full Service Bank. In particular, you should remember that : -Interest earned on deposits must be counted as income. You will receive a 1099 form or a year-end statement from your bank indicating the amount of interest paid or credited to your savings account or certificate of deposit. You may deduct the interest (including auto loans) from your gross income if you itemize your deductions and file long form 1040. Some banks do not automatically notify customers of the total interest paid during the year, but all will provide the information if you simply call and inquire. -Interest paid on overdraft of"line-of-credit" checking accounts and-or credit card finance charges are also deductible. All banks send total amounts for these, although the yearly finance charge on a bank card is usually included as a line item on your year-end statement. -Don't forget the interest on your home mortgage-it is usually your biggest interest deduction. -If you withdrew funds from a certificate of deposit before it reached maturity you lost interest in the form of a penalty for early withdrawal, with-drawal, although what was accrued through the year is listed as income. This amount is now tax deductible, deduc-tible, even if you do not itemize. -Bank customers who opened an "individual retirement account", IRA during 1978 may claim a deduction for the amount contributed. That contribution con-tribution may be either 15 per cent of your income or $1,500, whichever is less. The limit goes up to $1,750 is your non-wage earning spouse is included. -If you are among the more than 878,000 bank customers with a trust account, ac-count, your trust service package may include the . |