Southend Reporter from Chicago, Illinois on March 24, 1977 · Page 18
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March 24, 1977

Southend Reporter from Chicago, Illinois · Page 18

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Chicago, Illinois
Issue Date:
Thursday, March 24, 1977
Page:
Page 18
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Page 18 article text (OCR)

If Economist Newspapers. Wodm-sday. March 2:1. l!)77 Tax reform act benefits told tips for consumers from Your 'BETTER BUSINESS BUREAU The Tax Reform act of W« is several hundred P*ge$ of complicated and ·ometlmes confusing legislation which has been called by some "The Lawyers' Relief act of 1976." Unfortunately, without a SUMMIT FURNITURE OUTLET NOW OPEN TO THE PUBLIC SUPER BARGAINS CHEAPEST PRICES SHOW ROOM SAMPLES UNCLAIMED LAY WAYS professional tax expert to help in preparing their tax forms, many Americans may overlook the benefits of the new law. Because the tax changes affect so many families, the Better Business bureau offers a few guidelines to understanding i the act. Many provisions are of in- I terest only to companies or to individuals in (he higher income brackets. The changes may increase or decrease the actual tax paid I in these cases For example, investors ! using "tax shelters" will now be subject to rules which are designed to limit I deductions for some investments. Yet, persons deriving income from "personal service"--from lawyers and doctors to plumbers and I mechanics--may now apply the maximum tax rate of 50 : per cent to pensions, annuities and deferred compensations. Child care costs A significant provision of the new tax law will affect the ordinary American family with children under 15 years of age. Previously, an itemized deduction up to $4,800, was allowed for child care expenses, for two parents working full-time or for a working single person. Now, however, this deduction has been replaced by a "credit" which can be claimed even if only one parent is working or if one is a full-time student. The credit amounts to 20 per cent of actual employment-related expenses for care of a child under 15, or $400 ($800 for two or more children)--whichever is less. The credit--unlike the prior deduction--applies regardless of income level or whether deductions are itemized. It can be claimed even for payments to relatives provided they are not dependents. Another provision of the 1976 law applies to housewives and to others whose income is earned inside the ESP Irene ODD CHESTS ODD CHAIRS ODD BEDS M A T T R E S S E S ODD TABLES A M P S BEDROOM ,, S E T S 7-PC LIV . RM SETS ODD DRESSERS W MIRRORS 515 5148 KITCHEN S E T S Ml 9 8 REMNANT RUGS ASST SIZES FAST E-Z CREDIT BANK AMERICARD A M A S T E R CHARGE HOURS: MOM -THUR.-FRI 9 to 8:30 TUES -WED.-SAT. 9 to 5:30 SUNDAY 1 1 to 4:30 SUMMIT FURNITURE OUTLET 7604 W. 63rd ST ' MMII IUINOIS 594-1020 By IRENE F.HUGHES With all the flowers blooming, how can we be experiencing such bad news across the world? Perhaps the news will come out earlier than expected about the head of Argentina having difficul- Ities staying in office, and it all may be due to a small | argument over the price of | oiL The ruler of Libya, Col. JQuaddafi, may experience danger to his person also-I and that too, may be due to prices of oil. Even Mr. Trudeau of j Canada may be shocked at the uncovering of plots to get him out of power later this year. « Our world seems to be in a great transformation period, but I predict we'll still move forward hi progress in all areas of life Letters "My family and I want to move to Australia. I hear it's a good land to start over in, so I want to get there. What are your feelings on my success there?" MJH I predict yoi'll look aroud the United States first Also, it might be wise to get information about varlons job possibilities there by contacting their sources «f sack iiforaa- . Tfcey have orguiza- UMS similar to on own Commerce aid Industry aid Chambers of Commerce. Also, their government might be aWe to send yon brochares--or, go to the local Anstralitn consal general's office aid maybe taey can help yon. Look in the phone book for that information. I predict you'll go and probably stay and be successful. "Will 1 marry this guy that Fm now dating? He's a Pices and I'm a Virgo." DJB. 'Is my love life going to improve? My husband left Sane 4.00 on the Knapp work shoe. Cushioned Comfort K48 K58 Sizes to 14. Wide Widths. Regular $23.99 NOW, ONLY. " $ 19 KNAPP The more for the money shoe NOW OPEN SUNDAY, 1 2 00 lo 5-00 0 OAKIAWN C^ -.5-. p. ·«=. C * i «80*-*i. ·«.· * . « « . - , v, »ton..Thurs fri 9 30199 00 tue* Wed Sat 930toS3D Swn_ 12*0305 OT me three years ago, and all I've done is try to raise our four children--with no social life of my own. Is there hope?" E.L. I predict you'll get yourself in better shape and start going to social affairs aid meet a companion before the year is out. home These individuals now are permitted to set up an Individual Retirement account (an IRA) which is basically designed for workers whose employers do not have pension plans. Contributions to the new "family" IRAs can be made either by adding to an employed spouse's IRA deposit (up to a combined total of $1,750] or by establishing two accounts up to $875 each, with'the right of survivorship if desired. The deduction limit, however, is still 15 per cent of the employed spouse's compensation and the plan still is not permitted for em- ployes who are covered by qualified pension plans--or their spouses. Alimony computation Other tax changes will be helpful to many divorced persons. Alimony can be treated now as a deduction to adjusted gross income-rather than as an itemized deduction. This makes it easier to claim medical deductions, and it also helps those who use standard deductions. Also, a non-custodial parent of more than one child will in some cases now be required to contribute more (at least $1,200 per child) in child support in order to claim an exemption. Previously, sick pay ex- clusiSns were permitted for persons under 65 who retired on disability and were totallj disabled. Nu-Earth fertilizer being offered free Spring is finally here and Nu Earth, the fertilizer and soil builder produced by the Metropolitan Sanitary District of Greater Chicago, is once again being made available to the public free of charge. Free two-pound bags of Nu Earth will be available at the district's booth at the 1977 Chicago Flower and Garden show, Saturday to April 3 at McCormick Place. j Truckloads of Nu Earth are available on request from the district and smaller quantities also are obtainable. Last year, the district delivered approximately 8,400 truckloads free of charge to schools, churches, community organizations, hospitals, senior citizens homes, park districts,. 20 Chicago wards and many individuals. About 200 truckloads were delivered to the Mayor's Farm program. Since the Nu Earth program was begun in June, 1974, the district has delivered more than % million cubic yards of Nu Earth to the public. Nu Earth is a byproduct of the Imhoff sewage treatment process and is produced by the biological decomposition of sewage solids which settle in the Imhoff tanks. Because of its high organic matter content, Nu Earth is similar in appearance to a peat or muck soil. Nu Earth contains a high proportion of humus due to a long period of stabilization. The water retention capacity of soil, so important for plants, is greatly improved by incorporating Nu Earth into the soil. Organic matter also improves the losseness of the soil and makes it easier to work and easier for plant roots to penetrate. Nu Earth mixed with any type of poor soil eliminates the need for top soil.' It is an excellent mulch. For persons wishing to obtain several bushels or boxes of Nu Earth (they must furnish their own containers), local stockpiles are located in Stickney, just south of the intersection of Lombard ave. and Pershing rd.; near Lake Calumet, on the frontage road to the west of the Calumet expwy. between 115th and 130th sts.; and in Skokie, just east of the intersection of Oakton st. and Central Park ave. All three sites are open all day, seven days a week. Persons who wish delivery of 24 cubic yards (a large dump truck) or more of Nu Earth should call the district, 751-5720, to make arrangements for delivery. Users of smaller quantities may fill their own pickups at the Lawndale ave. stockpile in Summit. This site can only be reached by coming from the north on Lawndale ave. (Exit 1-55 at 1st ave., go east on 47th st. to Lawndale ave., then south to the stockpile.) it WANTHH OtDOBtMAN KEft STEMS, PLAQUES, BTC HUVATf COUKTOt 214-5941 One-stop shopping for welding equipment. Bring in your tired gas apparatus. Well make it look and work like new. Bring in any UNION CARBiDEgas weldmgand cutting equipment, and if it's economically repairable, we'll put it through their remanufacturmg process Your apparatus will work as good as new. Itwill even be re-labeled with the UL mark, and will still meet currentOSHA standards. It's likeget- tmg new equipment for just about half what it would cost to replace it Bring this ad in and save 15% iff the regular price (maximum 6 repair items) INDUSTRIAL OASM WfLDINO mtirfL.1 CORPORATION WER FTS Just Save $250 or More. Get spring off to a bright start with a free gift. You're sure to find something to suit your pleasure. There are more than , twenty gifts from which to choose! Deposit $250 or more in a new or existing Colonial savings account. Then choose your free gift from the appropriate group. More than 20 to choose from. That's all there is to it. Of course, at Colonial your money on deposit always earns the highest interest rates permitted by law--up to 7%%. And, accounts are insured up to $40,000. When you visit us, ask about our many other services such as NOW Accounts, Home Mortgages, Monthly Income, IRA/Keogh PJans and Special Savings Clubs. $250 to $999 Deposit Bar-B-Que Apron Bar-B-Que Mil Crystalite Vinyl Table Clolh Tomato Seedstarter Kit OTIer Ends April 10,1977 OuanWtes lumrtet) $1,000 to $4,999 Deposit Ashton Grass Shears Durand Intl. Fruit Bowl Set Garden Tool Set (4 pc.) Melamine 20 PC. Dish Set Nylon Fixed Umbrellas Shaw Folding Umbrellas Tape Measure 50* Steel Van-Cavex Rake Wearever Casserole Server $5,000 Deposit and up Emerson AM/FM Portable Folding Lawn Chair Folding Chaise Folding Table Fostoria Sleam Iron GAF Instant 100XF Camera Kit/Film Kidde Fire Away 10 Nelson Hibachi Safari Tote Bag Colonial Savings ifDwision ot Alliance Savinosl ^^ (Division ot Alliance Savings) The Most Trusted Name For Your Money iEWSPAPEKJ 4740 W. 95th St., Oa\ Lawn 60453 Phpne 425-7000 111th and Southwest Highway, Palos Hills 60465 Phone 974-1515 Also, Alliance Savings at 5359 W. Fullerton and 8303 W. Higgins, Chicago :WSPAPLR|

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