BLYTHEVILLE (ARK.) COURIER NEWS MONDAT, JANUARY », Yew and Your lnc*m« Tax— Congress Changed a Few Points On Law for Filing Income Taxes EDITOR'S NOTE: Thb U th* tint •( • Mrl«< npUinlnt how to mak« oat jour income tax return for 1951. By JAMES MAKLOW WASHINGTON liPl — Highlights on your Income tax return, Including changes made In the law by Congress last year. Usual, unchanged point* to remember — Who must file—midnight of March 15 Is the deadline for filing a return of your 1951 Income. Who must file? Everyone who had $600 or more income lost year. Everyone — man, woman, child, married or single—who had that much income In 1951 must (lie R return, even though lie owes no tax. If he docs owe any he must pay it in full with his return. Under «00 I» Tai-Free Income under $600 is tax-free. So no return has to be filed on It. But some people with IMS than $600 Income In 1951 had tax withheld. They should file a- return to get a refund. It's the only way they will get it. Forms (or filing—The forms for making the return are the same a.s last year: form 1040-A. a single yellow sheet; and form 1040, a four- page return. Most people, because most fit the rules for aiing It and it's the easiest to use, will use form 1040-A. They're the under-»5.000 Income people who had all or meat of the tax withheld from them in 1951. The Short Form The unner-$5.000 people who can't use form 1040-A will use form HMO either as a short form finding their tax In the table on the back or as • long form figuring their own tax. People with *5,000 or more Income have no choice. They must use form 1040 aa • long form, figuring their own tax. which Isn't difficult. Husbands and wives — Husbands and wives can still split their income by filing a Joint return, even though one of them had no income, In order to get a lower tax. Exemption* — Kveryone filing a return gets a $600 exemption for himself, pills $600 for his wife. If she had no income or flics Jointly with him. She Can Claim Exemption If she had any Income, no matter how small, but doesn't file Jointly with her husband, he can claim no exemption for her. If she files her own return separately she claims her own $600 exemption. And you get the usual $600 exemption for each dependent. The ne*' changes to remember— Social Security—This year for the first time self-employed people be- Rin paying «. Social Security tax. They were brought under Social Security coverage by Congress late In 1950. But until now they haven't paid any tax. To do so now. they must use a special form, called schedule C. If you don't have this schedule C, get It from your nearest collector. The tax Is 2'i per cent of the first 53,600 of Income. This Social Security tax on the self-employed is. of course. In addition to the regular Income tax. Social Security Rule There's a new rule for those who. employed by others, had Social Security tax withheld from their pay check. The tax on the employed is 114 per cent on the first $3.600 of income, or a minimum of $54 a year. In the past if too much Social Security tax was withheld from your paycheck — because, perhaps. Arkansas News Briefs— Second Part of Highway Audit Hearings to Open Tomorrow By THE ASSOCIATED PRESS L-TTTLE ROCK—The second section of the Highway Audit Com- mlMion'i public hearings on operations of tl\e State Highway Department opens here tomorrow, Th« Investigative group will look Into maintenance work ol the department In the four-day hearing. Purchasing procedures were examined In the first public hearings. A survey of vouchers In the state auditor's office shows that the two dealm moat frequently mentioned by th* commission R$ "favored renders" enjoyed good business with the state In the first six months of this fiscal year. ^ R. A. Young & Son and Brown A Malone, both of Little Rock, did a $104,175 volume with the Highway Department from July 1, IBM until Jan, 1. you worked for more than one employer—you could get a rffund only by filing a claim for It. Now, If It happened to you in 1951. you can credit it against your income tax In form 1040-A or form J040 without filing a special claim, j You'll see the place to do this on the form. Dependents—While no one with . less than $600 income has to file a > return, until now no one with more : than $500 income could be claimed as a dependent. »500 Figure Eliminated Under the new law the $500 figure is eliminated and anyone with IrsA than $600 income, who fits the other requirements, can be claimed 5 a dependent. i Medical expenses—Until now no; one could deduct for medical expense* unless they exceeded five per cent of his income. And then he could deduct (or only that part i which exceeded five per cent. This I rule, has'been changed a bit. | xNow a taxpayer—If he or his wife : is 65 or older—can deduct the en- lire amount of his medical expense. 1 , for r tho care of both. For example: A man Is 65 and his wife 45. She had the expense, Dul such a taxpayer can't do this if one of his dependents had ' the medical expense. l,aw Otherwise Unchanged ; The law otherwise remains unchanged for taxpayers under 65 They can deduct only that port of the medical bill which Is more than [ive per cent of Income. \ Profit on sale of a home—An in- \ dividual who sells his residence and j then buys or builds a new resl- '- tlenc« one year before or after his sale, will pay no tax or any pain from the sale of the old residence unless he receives more for it than he paid for the new one. ! r Small Tornado Hits South of Stuttgart STUTTGART—Eight utility poles were knocked down and a *hed wu destroyed when » small tornado (truck near Almyra 14 miles Boutheast of here. No other danisgt wai reported In the Saturday night twister. Wynne Man Heads Arkansas Press Association LITTLE ROCK—A, P. Murray, publisher of the Wynne Progress, Is th« new president of th« Arkansas Prc^s Association. Murray was elected at the closing session of the organization's convention here Saturday. He succeeds O. A. Verbeck, publisher of the Pordyce News-AdvocaU. NOTICE Jow you can get dally over- trucking service to all point* north ... at th« !>. A. Tucker Truck Lines In Rlvlhrvlltf, I, i clr tic * YValnnt Street*. Phone 8611 for prompt service. L. A. TUCKER TRUCK 1 UCKER 4 LINES 1 No Man or Woman Can Enjoy Life With Stomach Gas! Popr digestion—swelling with gas after meals -heavy feeling around waistline—rifting of -sour food. These arc some of the penalties of an Upset Stoinnch. CERTA-VIN Is helping such victims right Slid left here in Blyth'c- vllle. This jieV medicine helps you digest food faster and better. It Is tnken before meals; thus it works with your food. Gas pains got Inches of bloat vanish] Contains Herbs nnd Vitamin B-l with Iron to enrich the blood and make nerves stronger. Weak, miserable people soon feel different all over. So don't go on suPTerlng. Get CERTA- VIN—Klrby Bros. Drug Co. CfO May Enter Arkansas Politics LITTLE ROCK—The CIO, usually a silent partner to Its political friends In Arkansas, may undertake a bold campaign to further Its program this year. Delegates to the annual convention of ClO's Arkansas Industrial Union Council here over the weekend, voted to set up Ihc state's first. Jull-tlme Political Action Committee. And there was talk on the convention floor of organizing a door- to-door campaign to support labor's candidates In the general election next fall. Aluminum Plant Contract to Be Signed WASHINGTON W— Formal signing of a power contract, which clears the way for new expansion of aluminum production facilities in Arkansas, was set lor today In the office of Secretary of Interior Chapman. NOW OPEN the DAIRY QUEEN Daily 11 a.m. to 10 p.m. Daily 11 a.m. to 10 p.m. by Felix Carney An outfit called SPORTS- VISION, INC. . . is going to see to it that all set-side folks get the TV low-clown on the major football gomes across (he country this year. If you're a football fan . . . this news is for you. Every week now . . . the big games are being t'ilmed for delayed telecasting across the nation. And big sponsors such as Phillips Petroleum are picking up the checks for the events. j The Coaxial cable is adding iU bit for sports minded folks, too . . . giving everybody B chance to see the big games from their living room bleachers. So . . . !f you like sports . . . television is for you. You'll get everything from roller skating to football. Just a reminder though. Go to the games in person whenever you can. But when you can't . . . the sports world is open to you through your television set. And it's fun for everybody. Television fun depends on performance and reception. You can he sure of the best with the famous GENERA1 ELECTRIC BLACK DAYLIGHT sets. And to make it even surer . . . we have top technicians to give you puar anteed service and install* tion at BLYTHEVILLE SALES CO., 109 E. Main St. Phone: 361G. APPLIANCES PRICES SLASHED! NEVER BEFORE IN OUR HISTORY HAVE PRICES BEEN CUT SO LOW! UNHEARD OF SAVINGS ON FULLY GUARANTEED PRODUCTS! Naturally, we can't afford to trade on the items listed in this sale. We must sell these items and you'll find in most cases the cut in price is far more than what would be a normal trade-in value. REFRIGERATORS Was ., Now You Save General Electric, 6 cu. ft. $209.95 $20.00 $189.95 General Electric Deluxe, 8 cu. ft. 329.95 40.00 289.95 General Electric 10 cu. ft. .... 329.95 40.00 289.95 Philco 13 cu. ft. deluxe ......... 444.95 60.00 384.95 Philco 1 1 cu. ft. deluxe ......... 364.95 50.00 314.95 Philco 11 cu. ft. deluxe ...... ... 374.95 60.00 314.95 Philco 9 Cu. Ft ................. 279.95 40,00 239.95 Philco 9 Cu. Ft. Standard ....... 259.95 30.00 229.95 Philco 11 Cu. Ft. Deluxe ....... 354.95 40.00 314.95 Philco 9 Cubic Ft ............... 299.95 30.00 269.95 Philco 1 1 Cubic Ft ............. 334.95 35.00 299.95 Philco 11 Cu. Ft. Standard ..... 304.95 40.00 269.95 RANGES Philco Deluxe Range No. 407 ... 379.95 60.00 319.95 Philco Electric Range . . ..... 239.95 30.00 209.95 Philco Deluxe 2-Oven .......... 379.95 30.00 349.95 General Electric 2-Oven ........ 444.95 60.00 389.95 Philco Deluxe Ranee .......... 399.95 T .00 349.95 Philco Electric Range ...... . ..... 2:9.95 20.00 199.95 Philco Deluxe 2-Oven . I ~ ..... ". *37fc95 60.00 319.95 Caloric Gas Ranae ............ 249,95 50.00 199.95 Vesta Apt. Size Gas Ranee ... 109.95 15.00 94.95 Fstate Gas Range No. 5032 ..... 219.95 20.00 199.95 Estate Gas Range No. 5035 ..... 239.95 30.CO 209.95 Estate Gas Ranne, 2 oven ...... 259.95 40.CO 229.95 Perfection Gas Range ......... 173.59 86.75 86.75 TELEVISION GE Console, rec. player, FM radio 529.95 IOC 00 429.95 GE 16" Table Model ........... 305.95 60.00 245.95 GE12"ConsoIette ............. 309.95 100.00 209.95 GE 17" Consolette ............. 399.95 40.00 359.95 FREEZERS Philco Freezer, 12 Cu. Ft ....... 399,95 4Q.OO 359.95 Philco Freezer, 8 Cu. Ft ......... 325.00 30.00 295.0D 11 Cubic Ft .................... 419.95 30,00 389.95 8 Cubic Ft .......... .......... 349.95 30.00 319.95 Victor Freezer, 16 Cu. Ft ........ 484,95 70.00 414.95 Victor Freezer ................. 524.95 75.00 449.95 OIL HEATERS ' Monarch Oil Heater ....... 98.95 2S.CO 73,95 Monarch Heater, with fan ..... 139.95 40.00 99.95 Estate Oil Heater, low boy ..... 99.95 25.00 74.95 Frugal Oil Heater .............. 79.95 20.00 59 4 95 MISCELLANEOUS fl ' Gen. Electric Clothes Dryer ... 249.95 30.00 219.95 GE Dishwasher & Sink Comb. 399.95 40.00 354.95 66" Amer. Beauty Sink & Cab. . 189,95 35.00 154.95 40 Gal. GE Water Heater ...... 159.95 25.00 134.95 Hubbard & Hoke Appliance Co.
What members have found on this page
Get access to Newspapers.com
- The largest online newspaper archive
- 8,800+ newspapers from the 1700s–2000s
- Millions of additional pages added every month