The Courier News from Blytheville, Arkansas on January 30, 1956 · Page 10
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The Courier News from Blytheville, Arkansas · Page 10

Blytheville, Arkansas
Issue Date:
Monday, January 30, 1956
Page 10
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(AGE TEN <*Ric.y cowing NBWS MONDAY, JANUARY 90, Income Tax Primer XII: Here Are the Final Steps In Filing Your Tax Return By RICHARD A. MULLENS Written for NBA Service This last article of the Tax Primer takes up the final steps in filling out Form 1040. It also describes what happens to your return after it is filed and, lastly, it gives some reminders to those of you who must file a Declaration of Estimated Tax for the current year 1956. Those of you who are using Form I040A do not have to compute your tax. If yen are usin enter in item 12, page 1 of Form 1040 the tax from either the Tax Table (see article 111 or the Tax Computation Schedule on page 2 of Form 1040. The first step in using the lax computation schedule on page 2 is to enter on line 1 your adjusted gross income, as, shown in Hem 11, page 1. What you enter In line 2 is important. You have a choice of showing either your itemized deductions or one of the amounts shown in (a) or (b) of the instnic- ' lions with line 2. Use whichever gives you the larger deduction. You can change your method of computation from itemized deductions to standard deductions and vice versa any time before the statute of limitations expires, which Is normally three years from the time your return Is due. For example suppose your itemized deductions are 5611 while your standard deduction (10 ; per cent of income) is 5590. You should itemize and claim the $611 deductions. Suppose also that a year or two later you ar a revenue agent discovers that an additional $1,000 should have been reported as^ income in '1955, This would increase your standard deduction by $100 (10 per oent of $1,000) making it $690. Since the standard deduction would then be larger than your itemized deductions, you could change to the larger one in making your new computation. Fill out the remainder of the tax computation schedule of page 2, following the instructions opposite each line and you will end up on line 9, with the amount which goes in item 12, page 1, of Form 1040. Remember, you should have a Form AV-2 from every employer who withheld tax from your pay. If you had more than one employer, add up the amounts deducted from your pay for F.I.C.A. (Social Security) tax. You are entitled to treat any deduction of F.I.C.A. tax in excess of $84 as additional income tax withheld. In other words any excess will be either credited or refunded to you provided you report the excess on your return as required on page 16 of the instructions. If you owe an additional amount to Uncle Sam, payment must be made when you file your Form 1040. The return must either be in the District Director's Office or postmarked not later than midnight of •April 16, 1956. If you have a refund coming, you can either have all or part of it paid back to you or credited against your 1956 estimated tax. Do not ask j to have any credited unless you expect to file a Declaration of Estimated Tax on or before April 16, 1956. After your return reaches the District Director's Office, it will be checked for mathematical accuracy. If you have made an error, the District Director will send you an explanation together with either a bill or a refund depending on whether you figured too little or too much tax. If you should receive a notice telling of a mathematical error in your return and you do not agree, write the Director explaining why you don't concur in his statement. You*- return will also be reviewed to determine whether it should be examined by a Revenue Agent. Ordinarily only those returns which have doubtful or suspicions items are examined closely. If your return is examined and additional tax proposed, you have the right to ask for a reconsidera- «.S.I»«VH>lMl MCOK HI HET9M 7. Bolanc* (l« S Lm !«• B. PrabCuba)(ion V. Profrf (or bo) tm lomucg {fm Ion) hem 0=^3 TAX COMFUTAT1OK—JF YOU BO NOT UII THC TAX TAIU line I.{MI not aicwriion ll'jQOO. twi ifaii.n«s).... i600bytooJr-t*ecJ FORM 1040 LOOKS LIKE THIS filled out by mythical taxpayers John and Jane Public. They took standard 10 per cent deduction. tion of the change If you do not agree with it. If you are not satisfied with a decision made in your District Director's Office, ask the Director for the address of his Regional Commissioner to which you can appeal. Ordinarily the Internal Revenue Service has three years from the time you file your return in which to charge you additional tax. But, if you mawe a fraudulent return, or if you fail to file a return, action can be taken by the Internal Revenue Service at any time to collect the tax and penalties. • April 16, 1956, is also the due date for filing: the Declaration of Estimated Tax for 1956 (Form 1040-ES) and paying the first installment of tax due thereon. In order to determine whether you must file a Form 1040-ES on April 16, follow whichever of the two rules shown below is applicable: 1. If you expect to receive income of more than $100 not subject to withholding, you must file a Form 1040-ES if your estimated gross Income exceeds 0600 times the number of exemptions to which you are entitled, plus $400. For example, if you expect to receive more than $100 not subject to withholding and are entitled to four exemptions, you must file a Form 1040-ES if your estimated gross income exceeds $2,800 ($600 x 4 plus $400 equals $2,800). 2. If you expect to receive income of S100 or less which Is not subject to withholding", the necessity for filing: Form 1040-ES depends on your marital status and the amount of your estimated Tokyo Rose Learns Terms Of Her Parole from Prison CHICAGO Ml — Tokyo Rose, welcomed home from prison by her family, reports to the U. S. courthouse in Chicago today to learn the terms of her parole from the federal reformatory at Alderson, W. Va She served 6'/ 2 years of a 10- year term for treason. Tokyo Rose — Mrs. Iva Ikuko Toguri D'Aquino — whose low- voiced talk of pretty girls and home over Radio Tokyo tantalized GIs in the Pacific in World War II — went into hiding from reporters after her arrival in Chicago yesterday. A brother, Fred Toguri, said she didn't want to talk to.newsmen before her appearance at the courthouse because "she doesn't want to do anything to jeopardize her parole." Mrs. D'Aquino feels she has 1949. Robinson said she will not be kept in custody while the legal question of whether a natural-born American can be deported Is settled. Mrs. D'Aquino's husband, Philip, a Portuguese, is working for a newspaper in Tokyo. Mrs. D'Aquino, Who was born in Los Angeles, was served with de^ portation papers when she was released from prison Saturday. Vet Settles Dog Squabble ST. LOUIS (A) — A mongrel dog, subject of a court suit, couldn't decide who Its owner was so the •served her punishment" and that W« e P ut « "P to a veterinarian, she wants to remain in America The vet found the animal was 2 and be an American citizen. i years old as Mrs. James Lancaster She drove from West Virginia claimed her pet Tippy was. Magis- with her father, Jun Toguri, the brother and a sister. The family moved to Chicago after all persons of Japanese ancestry were re-located from the West Coast in World War II. . The government contends Tokyo Rose lost her citizenship on conviction of treason in San Francisco in wages. A single individual (not the head of household or surviving spouse) is required to file Form 1040-ES if his total estimated gross income exceeds $5,000. A married couple filing jointly or a person entitled to the status of head of household or surviving spouse is required to file an estimate if the estimated gross income is expected to exceed $10,000. Husbands and wives who are not entitled to file a joint return or who do not combine their income for purposes of applying the above rules under test 2 will be treated as single individuals who should file if the total estimated gross income exceeds $5,000. Don't forget to keep a copy of your completed tax return and Declaration of Estimated Tax in a ThQmas ruled in her favor. Mrs. Sarahlee Rapoport had brought the suit against Mrs. Lancaster, her neighbor, claiming the pet was her dog Lassie. Gabbert earlier had let both women call the dog; but it turned a friendly nose toward him and wagged its tail. Read Courier News Classified Ads. Learn Causes of Chronic Ailments FREE BOOK—Explains Constipation and Colon Troubles This new 130-page book explains many interesting facts about Piles, Fistula, Colon disorders and Stomach Conditions as well as associated safe place. Attach to your file copy I ailments. Contains pictures, charts, any figures or facts that will help | diagrams. Sent FREE. Write today, answer possible inquiries from the i McCleary Clinic and Hospital, D1322 Internal Revenue Service. I Elms Blvd., Excelsior Springs S, Mo. Don't Take Chances with Colds- RELIEVE SUFFERING ONE SURE WAY THAT Does More Than Work on Chest and large bronchial tubes. Congestion starts breaking up. Coughing eases. Warming relief comes, lasts for hours. So when colds strike, depend on- WICKS w VAPO ROB Rut an Rt/isf.. Breathe in Refftf Vitki and VopoRub aril Keg. Jtad* Marti. When a chest C9ld makes you miserable, you need Vlcks VapoRub-the proved medication that acts two ways at once. When you rub it on, Vapo- Rub quickly relieves muscular soreness. At the same time, VapoRub's medicated vapors bring relief with every breath. Soothing medication travels deep into your nose, throat People 60 to 80 We Have a Letter We'd Like to Send You... . . . but we don't want to send it without your permission! It will tell you how you can apply for a $1,000 life insurance policy to help take care of final expenses without burdening your family. And you can handle the entire transaction by mail—with OLD AMERICAN of KANSAS CITY. No obligation. No one will call! You can give us permission to send this free information by simply mailing a postcard or letter ("giving age* to Old American Ins. Co., 3 W. 9th, Dept. L103B, Kansas City, Mo. get regular, reliable AUTO, SERVICE: At PHILLIPS MOTOR CO. 300 Broadway MOTOR TUNE-UP OuA Spccinffy This Week's C f- 05 SPECIAL * PRICE >|«M Partt Will your coin-bank stand the weight of a stock car? This bank withstood the test I A coin-bank should be strong. It should'fiof be a gadget. This one is no toy — it is heavily constructed of sfeol— built to last a lifetime! Available in gold, copper or silver finish. It's a perpetual calendar, and a bank — changes dales as you insert coins — reminds you to deposit a coin daily. Takes all U. S. coins, with a special slot for your "folding money." —: Oldest Bank in Mississippi County :— OUK CHIME CLOCK PLAYS: "Lord, thru this hour Be thou our guide So by thy power No foot shall slide." THE FARMERS BANK & TRUST CO. TIME TRIED - PANIC TESTED Mwih«r rs*«r»i ReMm feitam >n4 T. D. 1.0. When you buy from Hayt One-Stop Shopping Center! 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