The Courier News from Blytheville, Arkansas on December 31, 1952 · Page 5
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The Courier News from Blytheville, Arkansas · Page 5

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Blytheville, Arkansas
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Wednesday, December 31, 1952
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Page 5
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WEDNESDAY, DEC. 51, 1952 Your Income Tax Primer Reporting Income Simple if Taxes Are Withheld By KICIIARD A. MUM.ES'S • NK.-V Special Correspondent Do you work for someone else? Do you gel a paycheck? If you do, this Is one of [he most Important articles of the Income Tax primer as far as j-ou are con- 1 cerned. Here you learn how to report income from your employer. And what Ix just as Important as far as saving you money on your taxes, this article tells you \vhat expense you can deduct on page 1 of your tax return. Farm 1WO, But tf you don't have "page 1 expenses." as they will be called here ior purpwes ot simplicity, don't' Mvoiry. Other expense deductions will be explained (n clear Rntl complete detail In later articles. Reporting Incoine-h simple for those who had taxrs withheld. E:\ch tmplayer Is required lo furnish you by Jan. 31 a Withholding Statement (Furm H'-2) tvlilrh shows total Wiigra before payroll , deduction!. Write thl« •mount In Item 2 on page 1 of your tax return. • If tax was not withheld you will have to figure Income from records, or aak your employer. Report such Income items on separate lilies op- posit* eacli e.mployer's name In Hern 2. This Includes lips received direct from customers and wages as ft domestic servant, farm hand, or 'casual laborer. Som« employers pay wages In property-other than cash. *In such cases, figure the fair market value of the property Hi the time you Yt- eelved It and report that amount «s Income. You can get the fair market value of hundreds of Items out of newspaper advertisements, classified ads, and stock exchange reports. If you receive property that Isn't listed, get help from your Director of Internal Revenue's Office. Noir let's take * look at .some In- ^pme Item* listed on page 5 of the ^tflclal Instructions which do not have to b« reported. Here are explanations of the Items most like]/ to Rive you trouble! Gifts from employer to employe. To be a true gift, the employer '_ must Intend to make a gift and •hould not take » deduction for It on his business tax return. Do not report the value of quarters provided by the employer when it Is necessary for you to live In to do your Job properly. Quarters provided principally for worker's benefit, or RS part of his wage, are taxable at fair rental value. Do not report value of meals provided when you work overtime, without extra pay, or if meals are provided to have you on call during meal lime. The fair value, of other meals provided by the ein- p'oyer ts taxable as part of your wagei. Small services, privileges, and facilities furnished employes for the promotion of good will, health, morale and efflcienc}' are not considered income to the employe. This Includes such Items aj medical services, courtesy discounts on purchases, group life insurance railroad passes, and occasional use of official cars for personal reasons. After showing all your Income »s an employe In Hem 2, page I «f your return, you are now ready to consider whether ynu have any deductions whtch can be shown In Item 2. The law allows many deductions but only two types can be deducted In Item 2 on Form 1040. These are "travel expenses" and "business expenses reimbursed by your employer." For example, if your job requires you to "travel" as defined below, those expenses can be deducted In Item 2 regjr.jless of whether you are reimbursed for the expenses. Of course, if you are reimbursed you must report that as income. Business expense of an em- ploye such as entertaining can only be deducted in item 2 If you are reimbursed for them by your employer and you report the reimbursement in income. Huslneot expensed of employe, NOT reimbursed by the" employer can only he ducted on Page 3 of Long- Form 10(0 and will be itl*ciiu- ed in the nth article. Heart the Information on pages B and 6 of the official Instructions shown under "Travel Expenses of Employes" am) "Reimbursed Ex- peiiscs Other Than Travel." Jf you 'Siave any expenses which fit either • category, do not file on Form IOWA. These expenses cannot be deducted on that form. They can be deducted on either Short Form 1040 or Long-Form 1040. Note that the Bureau instructions eay travel expenses must be Incurred while traveling nt least overnight. Th« Tax court, however, permitted one taxpayer to deduct M "Travel Expenses" the cost of a trip out of town and back In one day. The Bureau has not yet decided to follow this Tax Court decision so If you try to deduct In Item 2 on page 1 of Form 1<MO for trips out of town but not overnight, you may h»ve to go to the Tax Court to win this point. A deduction for travel expenses or business expenses reimbursed by your employer must be supported by a statement attached to your return. Th«.re is no set lotm. A sample statement is reprinted with this article to show you how It can be done, and Incidentally, to remind you of what Items can be deducted. Watch lor tomorrow's article If bake, batter soii with DEDUCTING TRAVEL EXPENSES If you deduct (ravel expenses of business expenses rcimoursad by your employer in item 2, page. 1 of Form Ifl-10, attach a statement, like this sample, to your return: , • r : , nl i n nKo n j;' u ' cc - da y business trip to Denver, Colo., )» July, 1952. My expenses were as follows: Railroad, airplane mid taxi fares $27 50 Meals, lodging am! hotel expenses 35 00' Telephone and telegraph charges. .... ' I'G<> Tips, public steno S 'Q' O • To<ftl iwel "^5 I entertained a business customer for my emplover for which I was reimbursed. Said reimbursement is'in- eluded in ute total wages shown on my Form \V-2. Cost of entertainment 515.00 ' you have any dividends, Inleres or business JJJCOJHC. Tax Primer Q & A — Q, I was an enlisted man in Ko- rea for twn months ol jyj2. The Army senf me i Form Vi'-2 for 19511 showing taxable Income of $1050. Do I subtract two months' pay i rO m Dial and report the resi? A. No, you should report the full amount .The Army Is supposed to subtract combat pay before sending or- the Form W-2. (). On a recent business Irlji 1 received a per diem allowance of 58 from my employer, but rny business evii-nses were W a day. How should 1 deduct the 50? A. You must Include the ts received from your employer as Income In Item 2. page 1, of Form 1040, but you can also show in the same place a deduction of $S per day for reimbursed expenses. The remaining expense of $1 can only be deducted on page 3 of Form 1040 under conditions described In Article 10. •' Q. I live in Newark and commute each clay to my J 0 i, i u Nev y ork Can I deduct my travel expense? A. No. Travel from home to work and back Is not deductible, even If you live In another city. Who hi 952 World's Champion Liar?-Why a Texan, of Course By JOHN B. RTJMSEY BURLINGTON. Wis. Ifi — The World's Champion Liar of 1952 was announced today by the Bur- Hnglon Liars' Club, and the winner of the 23rd annual Ananias Award is—not surprisingly—a Texan. After 12 months of sorting through mounds of prodigious tall tales. Hie club selected Airman 3 C. Harry V. Cummings of Dallas for his tall tale about Japanese mosquitoes. Cuinmlngs, stationed at Joltnxon Air Force base near Tokyo, is the third Texan to win the crown tn recent years, bill he had to draw on foreign material for this winning whopper: "Ons night In July I had Just turned in for the night when I heard the door open. At first I thought it was one of the other' guys who slept in the room with me. When I got a better look I saw It was two mosquitoes. They stood nearly 6 feet tall, and believe me, I was loo terrified to move, so I Just lay there when they approached my bed. "I heard one of (hem say, 'Do yon think we should eat him here, •^ should we carry him home?' "After a moment's consideralion, the other replied, 'Let's eat him here. If we carry him home the big mosquitoes will take him away from us.' " Another Texan, John S. Kendeix of Brooke Army Hosiptal at San Antonio, won an honorable men- lion. He said that o.s chief en°l- ncer of a hospital ship, he was once faced with the task of getting a large boiler instnl-ed In the heart of the ship within a matter of hours. "I went ashore," he l!ed,'"bouohi 100 pounds of alum, dumped It into the boiler and filled it with water, when the boiler had shrunk to about the size of a radiator, I lowered it through the hatches bolted It into place, washed it out «'lln hot water, and when It had expanded to normal size, fired It "P—and we look off oh time." The judges also gave honorable mention to Pred Craven of Atlanta. Ga., who said his brother had a well-trained dog. When the brother carried the gun on his right shoulder, the dog hunted rabbits. If the gun was on the left shoulder, tie dog hunted squirrels. The brother got out a new fish- Ing rod to show lo Craven, and in a few minutes the dog appeared from behind the barn carrying a can ot worms. Elliot Sieiii of Bristol, Conn., won admiration for his fantasy about a lifelong Democrat who switched to Elsenhower. He entered the voting machine and grabbed (he Republican lever. The GOP lever, unaccustomed to Ihe touch of this through-and-through Demo"-it, kicked bac'c and broke his arm. Normal Weather For January WASHINGTON w-The weather Bureau, in Its 30-day forecast, said yesterday that January Is ll.i-e- ly to produce: Temperatures belojv normal In Ihe eastern 'third ot the U. S. and the Gulf states; above normal temperatures for most of the rest of the nation cxcep', the Far \VesV where It will be near normal. In Ihn Probate Courl for the Chickasawba District of Mississippi County, Arkansas In the Matter of the Estate of Altie Smith, • Deceased ' Ko . 2.151 Notice fo Cfedllors' Last known address: 2218 Marguerite Street, BlytheviUe. Arkansas. Date of death! October 18. 1952. The undersigned was appointed administrator of the estate of Ihe above nnmed decedent on the 23rd day of December, 1952. All persons having claims against the estate must exhibit them, duly verified lo the undersigned wjtbln six months from the date of the first publication of this notice, or they shall be forever barred and precluded from any benefit in the estate. This notice first published 24 December, 1952. Thomas ,1. Smith 2218 Marguerite Street BlytheviUe. ArfamsaB W. S. Rader. Jr., attorney at law, BlytheviUe, Arkansas. 1224-31 ^AJJK^COURIKK NEWS Letter Gets Free Hide to Ohio ST. JOSEPH, Mo . W>,-naymond Brown mailed a calendar to a frlenrt In Rising Sun, o,, about 10 daya ago. ! I,l Ar °W c<i "« calendar Into mailbox. Mrs. Josephine Holt came along a second Inter and put a letter, conlalnlriB her water bill payment In the mailbox. Yesterday Mrs. Holt's Idler was returned here from Rising sun H had fallen into the'calendar envelope. • PAGE FIVE RENT NOTICE Sealed . bids (proposals) for the leasing of approximately 800 acres of lands located on the" BlytheviUe Airport property will be received by the City Council of mythcvllle, Arkansas, at the office ot the city Clerk. City Hall, BlytheviUe, Arkansas, until 11:00 o'clock A.M. Monday, January 5, 1953, at which time the bids will be.publicly opened In the City Courtroom and read. Bid forms may be obtained in the offices, of the City Clerk at nny time. Attaclieil to these will be two typee of leases so that bidders may offer their bids on either or bolh types ot leases. Bidders will bid only upon the entire acreage shown on Ihe map. This map (plat) will be available lor Inspection In Ihe office of the City Clerk, Rental will be for cash payable In advance, subject to conditions In the leases attached to Ihe bid forms. The City of BlytheviUe reserves the rlghb to reject any and all bids (proposals) and to waive any and all irregularities and informalities. If (he City of BlytheviUe, Arkansas, rejects any or all bids (proposals), its decteion Is final. Cash money of the United State. 1 ! or a check certified by one of the Hanks. In BlytheviUe, Arkansas, must accompany each bid submitted In an amount equal to five per ccnl (5%) of the total amount, of the bid. If two bids are made on the alternate forms, then 5% of the total amount of the larger bid. The bidder will agree in submitting h!» bid that if he docs not deposit the full amount of the cash rental at the office ot the City Clerk.within seven (7) days from receipt of Notice of acceptance of his bid by the City, that the City may retain this 5% deposited with the bid us liquidated damages. For further informntton, see W. I. Malin, City clerk. CITY OP BLYTHEVIUJE, ARKANSAS BY. DAN BLODQETT. MAYOR . 12:29-30-31 Read Courier News Classified Ads. Best Pickup deal in tow FORD! Kmwriii «d him n .... « dependent on mjlarill wpfrly condition*. a OUT OF 4 FORD PICKUPS RUN FOR USS THAN 2</ a « A MILE! • The big on-the-job Ford Truck Ecdnomy Run proved it. See the facts for yourself in your Ford Dealer'* Economy Run book—see actual owners' running expense records (not including fixed expenses) for gas, oil, maintenance and repairs! V-8 or Six -only (he FoRn Pickup offers you this choice! All-new 101-h.p. Coat Clipper Six, nr famous truck V-8 now uppcd to 106 h.p.J Now—up to 14% MORI go* Savlnfis! N»w LOW-FRICTION engirt*! The Ford F-l is the Om.Y Pickup with an all-new, ultra-modem Ix)W-FRicriON engine! New short-stroke design—less gas is sacrificed to friction—you save up to one gallon in seven! Over 7 cubic faet more payload ipacei The Ford Pickup carries a full H-ton load. Supported load capacity is a full 38.8 cu. ft., n« compared to 3L6 cu. ft. in the next leading make. Your old truck may b* worth much more than you think ... . Sec your Ford Dealer righl away for an F-l Pickup! COME IN TODAY! Get the deal of a lifetime! . . FOftD HOCKS I AST LOHOm ( Uilr.g M<ili>a'ihotUn Jdt. »n 1,049,000 hutht, li!< lruur.no ..pnH rrevt foii Ttu<Vi lart l«n««r> FORD TRUCKING COSTS LESS PHILLIPS MOTOR COMPANY 300 Broadway Blytheville, Ark. JANUARY SAVINGS! BUY THESE NOW IN EVERY SIZE! NATION-WIDE* SHEETS - •. i ^ An economy price ... *n ^"*T ," t economy value! These «r« *"' £^" 'k* mu *''1 "heels home- f makers count on for long thrifty wear through rugged u»e, constant laundering. They're long staple eotlon, durably stitched. Scoop them up now «t smart savings! 72x108" 81x99" 81 x 108 1.99 PENCO' FINE MUSLINS Like the durability of muslins? You'll love it in lhc« eheeU that give you long wear pliu t finer tenure. Long-staple cotton it woven more threads to the nquare incli for eitrn strength, comfort. Ideal for the whole family. Wonderful buys! NEW LOW PRICE! ^W 81x108" 72 x 108 -'- . 2.29 LUXURY PENCALE'SHEETS Now you can «leep on lui- urioiu percales without straining that budget! Petal-sofl beaulie* .. . pliable, silky... juai wonderful to »leep on. Nice lo launder too, because they're no fine, ao easy to handle. Buy them by the doien for the whole year! NEW LOW PRICE! Jmd 81 x 108 j-- 72 x 108 2.69 '. White Tailored Sheets A great time saver! Tailored to fit any standard bed mattress — comes in either twin or double bed size. They're a snap to put on — comfortable — long wearing — and they're pre-shrunk! Nation-Wide Twin size .... .2.19 Double size .... 2.39 Penco Twin size ..... 2.49 Double size .... 2.69 Pencale Twin size 2.79 Double size .... 2. Pillow Cases Nation-Wide 36"x36". . . .39c 42" x 36" .... 43c Penco 36"x36". . . .45c 42" x 36" .... 49c Pencale 42" x 38i" . . . 63c Mafress Protectors Twin Sire - - - 2.98 Double Sixe - - 3.98 Pillow Tubing Penco Bleached 42" yd. 59e Nation-Wide Bleached 42" yd. 49c Nation-Wide Bleached 36" yd. 47c Nation-Wide 81" Sheeting Unbleached . . . .yd. 73c Bleached .......yd 79c Wizard Sheeting Unbleached, 81" yd. 55c

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