The Courier News from Blytheville, Arkansas on January 18, 1955 · Page 3
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The Courier News from Blytheville, Arkansas · Page 3

Blytheville, Arkansas
Issue Date:
Tuesday, January 18, 1955
Page 3
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TUESDAY, JANUARY 18, 1WB BLYTHEYILLE (ARK.) COURIER NEWS PAQB THRW Your Income Tax-2 Select Form, with Care By FRANK O'BKIKN A I* Newsfwin (res The amount and kinds of income you had In 1954 determine which of the tax forms you are eligible to use. You may have a choice of forms. In that case, your choice will pro bably depend upon whether you decide to accept the standard de> duction for personal expenses, o: to Itemize your deductions so as If) yet more than the standard allowance. The standard allowance is approximately 10 per cent of you adjusted gross income; that Is, 10 per cent of yuur total income alter any business-connected deductions have been subtracted Deductions' will be discussed in articles 7 and 8 of this series. There are just two basic individual income tax forms—1040 and 1010A. H ut 1040 can be used as cither a short form or a long form, There is no separate short form 1010 or Jong form 1040. The forms have been considerably revised this year to conform to the new tax law. But the 1954 federal income tax forms are basically the same as those used now for many years. Persons with adjusted gross income of $5,000 or more must use form 1040. In doing so, they may either itemize their personal deductions, or take the standard deduction allowance. Persons with income of less than 5,000 may use form 1040A short form 1040, or long form 1040, depending on the kinds of their income, and how they want to handle it. There are :i number of deciding factors. Here they are, beginning with form 1040A, the simplest tax return, through 1040 short and 1040. long: 1040A—To be eligible to use this form, your income during 1954 must fit these specifications: 1. It must be less than $5.000. That means up to $4,999.99. If it is a joint return, the combined Income of husband and wife must not exceed $4,999.99. 2. It must consist entirely of wages from which income tax was with held and reported on a withholding form (W-2) you get from your employer or employers, or 3. of wages up to $4,899.99 from which tax has been withheld, plus not more than $100 more of other wages, interest and dividends. This would not include your, income, because only the taxable part counts in this $100. If it is a joint return, the husband and wife together must have no ' more than $100 of income from which taxes were not withheld. 4. Your income must not include receipts from any of the following if you are to use 1040A: —annuities; rents; royalties; retirement income; business profits or professional earnings; farming; transactions in securities or other property; earnings as a participant in partnerships, estates or trusts or reimbursed expenses which are taxable. 5. You may not use form 1040A if you want to deduct business- connected expenses from your income (such as travelling costs); or if you have a tax credit coming to you from dividend or retirement income; or if you claim the special "head of household" status or the new "joint return status" of a widow or widower whose spouse died in 1952, 1963 or 1954. Commissioner of Internal Revenue T. Colcman Andrews urged all who are eligible to use for n 1040A: ' This cord-type form wa: specifically designed to mak( tax filling as easy as possbik for many millions who can IHK It, I te smiplicity Itself. The ease preparation will save the i time and inconvenience. We wil .save time and money because the card processing is accomplish e< mechanically. Our savings are the tax payers' in the final analy His,for K is the taxpayers' money that pays Tor the collection of the nation's revenues." As previously, users of this form simply put down their name and social security number (husband and wife), address, whether or not H is a joint return, tota wages, total taxes withheld, other income, credits and exclusions and list exemptions. The wages, withholding^, othei income credits and exclusions of both husband and wife are set down separately on the card if it In a joint return. You then put the card, along with your W-2 forms in an envelope mailed with the form, and send it to the district director. The district director's office, using this information, figures your tax for you and sends you a bill or refund. The special credit (line 11 ; bhe card) is for any excess social -' security payments you or your ' wife may have made last year, and will be discussed In the sixth article in this series. The ex- Get a Better Job in TV We need hundreds more men to place in high-paying television jobs. We con train you quickly in day or night classes. Many men with limited formal education nre now earning up to J100 a week in TV service, electronics, announcing. Opportunities are over-increasing due (o crowing sales of television sets ami new stations. Keegan's Sclidol of Television is one of America's finest, using most modern training methods. Approved for veterans. Yon can become skilled in just a fo\v weeks; be on your way to a bripMor. more secure future for small monthly tuition fee. Write- KKKOAN'S SCHOOL OF TRUEVISION. 207-K OTidison Avo., Memphis, Tennessee. MANILA OFFICERS — Norman Hauls (left) is stepping down as retiring Worshipful Master of the Manila Masonic lodge while Milton Towles takes over as head of the organization. claim either of these, you enclose a written ex- clusion (line 12) is for pay re- cevfed while off work due to sickness and will be discussed in the fifth article of the series. If you should planation with your 1040A return. The box at line 10 on the 1040 A card, for "other income' 'is for all income other than wages on which taxes have been withheld. This would include any wages on which taxe has not been withheld, Interest, and dividends. You may exclude $50 of your dividend income under the law, entering mainder If it Is a only joint the re- return. your wife is entitled to a separate $50 exclusion. If what you and your wife (if it Is a joint return) enter at line 10 adds up to more than $100, you may not use 1WOA, even though your total income might be well under $5,000. A special, single-page i us true t- jn sheet fur form 1040A was mailed with the form, in addition to the regular instruction booklet. II tells you how to use the form, line by line. Short form 1040—Here, your adjusted gross income must be less than $5,000—up to and including $4.999.99, that is. You may have total income of over $5,000 and still use this form if your deductions for employee expenses cut your adjusted gross Income to under $5,000. Any sort of income may be reported on *this form, so you may want to use this short- form 1040 if you are forced off of 1C40A by some kind of income that may not be reported there. For nistance, if you want to claim a tax credit for dividend income, or have any retirement or rental income, you must use form 1040, short or long. ^Also, if you have some employe expenses that you want to deduct from your income (not possible with 1040A), this is your next simplest form; These business- connected deductions, in general, include certain reimbursed expenses, and costs to you as an employe of travel and transportation, or your expenses as an outside salesman. You may use this form and deduct from your tax any credits you have coming to you from dividend or retirement income. But you may not itemize personal . expense deductions and still use the short form. A table on the back page of the Instructions. mailed to you with your tax forms will tell you your tax liability according to Police Search Canal for Body Of Girl, 20 SVFFIELD, conn. W — Police resume draining a frozen canal here today In their search (or ZChyear- old Delia Cienski, whose bloodied undergarments were found on its banks after her disappearance Sunday night. Police said she bad'gone to the canal on a parking date with 35- year-old Joseph DcMalo, of Springfield, Mass. Sought in a 16-stat* alarm, De- Malo is charged in the warrant with assault with intent to rape. Chief Sutula said Celia and her sister -Ann, 22, had met DeMaio and Jerry Celetti, 34, also or Springfield, in a Thompsonville hotel Sunday afternoon. The two couples double-dated until late Sunday when Celia asked DeMaio to take her home, Chief Sutula said. Chief Sutula said DeMaio and Celetti had criminal records in Massachusetts — DeMaio for rape and Celletti for assault. He said a warrant had also been obtained for the arrest of Celetti on the same charge of assault with intent to rape, although police gave no indication he was at the canal with Celia. Romeo, But No Juliet DETROIT (/Pj — Calvin Watson, 40, asked and received court permission yesterday to cnange his name to Borneo because that was what many of his friends called him. Asked whether his wife planned to change her name to Juliet, Watson replied: "No, Sir. We' are divorced. I'm going to be a Borneo in name only." I1USY PURVEYORS OF CHILI — These Steele Rotary Club members helped in serving some more than 400 persons at the club's annual chili supper. They are J. C. Kinningham, Phillip Koury, Rev. Howard Hamrick, H. D. Cook and the Rev. Marvin Niblack. (Photo by Yeager) Only One of Its Kind Huge Traffic Interchange Opened your marital status, the number of your exemptions, and the size of your -adjusted gross income. The table automatically gives you the deductions. Long form 1040—Regardless ol the size of your income, if you want to itemize your personal deductions, you must use the long form. If your adjusted gross income is over $5,000 you must use it, whether you want to itemize ,or want to take the standard deduction for personal expenses. The principal difference between long and short 1040 is that in using the long form you work out your tax ability yourself, instead of finding it in a table. You get the help of a table, on page 14 .of the instructions, that does part of the work for you after you have found your taxable income. The next article. No. 3 in this series, will deal with the joint return, in which important changes have been matie by the new tax law, and requirements for filing as a head of household. (Next: The new law on joint returns. DETROIT iff) —Detroit opens today the first three links in what its engineers describe as the only traffic interchange of its kind in the world. It is no up-and-around cloverleaf. It is a 12-bridge network that covers the equivalent of 11 city blocks. Direction, say from north to west, can be changed merely by moving into the left-hand (or third) lane and veering in a gentle curve. There are no stop signs or lights. The speed limit is 55 miles an hour. The interchange, which will cost Actor Ordered To Pay for Bite LOS ANGELES ifP) — The court has approved a $600 setlement by actor Sonny Tufts for the bite he allegedly took on the right thigh of a 19-year-old dancer and swimmer, Margarie Von. She sued Tufts for $26,000 damages, claiming the 44-year-old actor sank his teeth- into her while she was reclining below deck aboard a yacht anchored off Balboat Feb. 20, 1954. She claimed he inflicted a three-inch scar. Last year another dancer, Barbara Gray Atkins, sued Tufts for $25,000 claiming he bit her left thigh at her Hollywood apartment. She dropped the suit before it reached trial. You can always tell an Easy to fee u-hy Old&mobilc is such a standout! It's the only car on the road with that oaring, distinctive "flying color"flair. Most distinctive car of all for '55 plus the most dynamic performance, too- "ROCKET" 202 ! Yon hrar it often thcs« days—"77icr<? goes n new Olds" And no wonder. First of all, you can'l miss the smart "flying color" flair that's turning heads everywhere. It's so daringly new (hat only Oldsmobile could fashion it. And of course (here's the one, the only, the Oldsmohilc "Rocket"—202 high-compression horsepower ready lo respond instantly to your every command! Come in! Try an exciting "Rocket" Ride at our showroom now! Sit YOUR NIAREST OLDSMOBILI DIALER HORNER-WILSON MOTOR CO. 317 E. MAIN Phone 2-2056 $15,300,000 when completed later this year, is at the junction of the north-south John C. Lodge Expressway and the east-west Edsel Ford Expressway. It was started in 1951. The Lodge, to cost 75 million dollars, is due to be completed in 1,956; the 120-million-dollar Ford in 1957. Lodge, from a downtown loop running by Detroit's rising multimillion-dollar civic center, will join James Couzens Highway to the northwest below the widely publicized Northland shopping center. Ford will run from the western city limits across Detroit, then veer northeast through Harper Woods and Grosse Pointe. Both expressways have six lanes 12 feet wide, with center islands averaging about 14 feet in width. "This type of interchange is the exact opposite of the cloverlead so widely used in the East," said Alfred Berarducci, city expressway engineer. "Knowing that the cloverlead design cannot handle the heavy volumes of traffic our expressways will handle we had to invent a new type. "This directional type of inter- Missouri Bank Robber Caught SPRINGFIELD, Mo. f/Pj—Pollw arrested Ed J. White, 22, ju»t an hour after the Farmers State Bank ut Republic, Mo., was robbed of 13,536 yesterday. They found the full $2,536 Wi tti* car White wan driving—but that wasn't all. Officers satd the car had been stolen the previous night from W. A. Sherman, assistant manager of a skating rink, shortly after the man had hidden $700 In it. White, who didn't know about the $700, admitted holding up the bank and was charged with armed robbery. Told about ttie $700, he exclaimed: "No Jdddin'. And I hod bo go rob a bank." No More Triple Feature TOKYO (^Pj—Concerned over th« long hours Japanese spend in theaters, the Welfare Ministry is p^an- ning a S 1 /^ -hour limit on movie*. That would end the popular triple feature. PILE VICTIMS: ftcfc to THORNTON-MINOR Wotfca In minutai. taste for hour*! This d in ic- proved ointment k a com* plttt formula with wrredienk to r*- liav* p*ia, burning 1 , itchir^, MX! to h*lp r*doo* swell in« . Enjoy Dtw coat* (orl! — asfe today for Thomton-Mitvx Ointsofdt or Suppositories, only tl.OO at txa drug (tare. change is simplicity Itself. The motorists do not have to learn any-1 thing new or fret over a compli-! cated set of directions. "As a driver approaches the in-; terchange he merely stays to the left to turn Jen or to the right 10 ! turn right. There will be no stops i to interfere with through traffic, anywhere." • ; Wherever traffic merges there; are four one-way lanes for more i than 100 yards, the incoming one j gradually blending iiuo the others.' Dr. L B. Shaw Chiropodist — Foot Specialist Will Be At WALLS HOSPITAL Thurs., Jan. 20 For Appointment Call 3-4406 Fast,_Pleasant Relief for ' PAIN Best You Can Get... Do As Millions Do...Make Si. Joseph Aspirin Your 1sl Choica 200 Tablets 79« • 100 Tablets 49t • 12 Tablets 10* • FIRESTONE'S SALE CONTINUES Paints - Appliances - Hardware Aluminum Ware - Dishes - Small Appliances DRASTICALLY REDUCED In a Gigantic Storewide Sale! Sale Continues Through Saturday, January 22nd CUSTOMER SATISFACTION GUARANTEED 'Get Bit' When You Trade at Firestone FIRESTONE 307 w. Main Q. 0. HarddWdy Pho " -1 - 1102

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