Pleasant Grove Review | 1977-02-10 | Page 6 | Most Taxpayers have at Least One Break on 1976 Tax Forms

Most Taxpayers Have at Least One Break on 1976 Tax Forms Most taxpayers have at least one tax break coming, the Internal Revenue Service said. Called the General Tax Credit, this tax benefit amounts to $35 per dependent depen-dent or 2 percent of the first $9,000 of taxable income, whichever is greater. In addition, ad-dition, the credit applies no matter how much the taxpayer tax-payer earns, or whether a long Form 1040, or short Form 1040 A is used to file, according to the IRS. The General Tax Credit is an extension of last year's Personal Exemption Credit but the amounts have been increased from the exemption of last year, the IRS said. The new credit does not affect af-fect the $750 exemption allowed for each dependent when figuring taxable income. in-come. The IRS stressed that instructions in-structions in the tax packages for both the Form 1040 and the 1040A contain complete instructions on how to claim the credit and other changes in the lax law. The tax forms themselves indicate in-dicate how to compute the credit and where to enter it on the return.