Refugio County Record (Refugio, Tex.), Vol. 12, No. 27, Ed. 1 Monday, February 21, 1966 Page: 3 of 8
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Refugio County Record, Mon., Feb. 21, 1966—Page 3
in Our Time
w»V| f'_ ^ j \
A PiSPOSERUNfTAT THE
KITCHEN SINK /S THE HARDEST
working appliance w the house-
hold... FRU/T PUS, RINDS, HARDEST
BONES ARE PULVERIZED AMD
PL USHER DOWN THE DRAW W
SECONDS...
{pROPERL V DESIGNED AND ENGINEERED
BY GE, IT IS MADE OF THE TOUGHEST
SPACE-AGE MATERIAL OBTAINABLE.
STA/NLESS STEEL, POLYESTER OR EPOXY
CASTINGS GIVE IT ENDURANCE -
AGAINST WEAR FROM CHEMI-
CALS, ACIDS AND DETERGENTS
THAT WAS NOT POSSIBLE
A FEW YEARS AGO... JUST
ONE MORE REASON TO BE
THANKFUL FOR THE
talents and research
-U OF TN/S DAY.
T-. '.
Question and Answer
Column
(Series No. 6
This column of questions
and answers on federal tax
matters is provided by the
U.S. Internal Revenue Ser-
vice and is published as a
public service to taxpayers.
The column answers questions
most frequentlv asked 'by tax-
payers.
Q—What’s the difference be-
tween a short-term and a long-
term capital gain or loss?
A—A capital gain or loss re-
sults from the sale or exchange
of a capital asset (stock, per-
sonal residence, etc.). If you
held the asset six months or
less, its sale or exchange re-
sults in a short-term gain or
loss. If the transaction occurs
after you have the asset for
more than six months, a long-
term gain or loss is realized.
Long-term capital gains are
granted preferential tax treat-
ment. A complete discussion of
this subject may be found in
IR'S Document No. 5048, “'Sales
and Exchange of Assets,” free
and available by writing to the
District Director.
Q—What about political con-
tributions. Are they deductible?
A—No. The law does not per-
mit deductions for contributions
to political parties.
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Illliii
U.S. Individual Income Tax Return
for th* J*W*ry J-CeombefSl. lS6» V 0t»eM**sW. y**' hagmiting
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□ Mefrtcd filing Joint rtturo (evefttf
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- ' curity number.
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Wit*'* number. IfJofttl r«torn ' •
W>7.-» SptMl/X rntfow ' i
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a \o *p -aI'u
acco
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sons for delay in receiving re-
fund is that we do not have
the correct address. Put your
old address in the space pro-
vided on the return, just be-
low the block for name and ad-
dress.
Q—Who is liable for tax on in-
terest on savings bonds bought
for a child?
A—It depends on how the
bonds are registered. If the
child is listed as co-owner on
the bond, the purchaser is lia-
ble for tax on the interest. If
the child is sole owner with the
parent as beneficiary, the child
assumes the tax liability?
Q—My friend filed a tax re-
turn although his income was
under $600. Does that mean I
will have to file even though
I earned less than $600?
A—If you had income tax
withheld, a return must be filed
to obtain a' refund. If you had
$400 or more of net income from
self-employment then a tax re-
turn must be filed. Use sched-
ules C and C-3 to report self-
employment income and attach
them to Form 1040 to do this.
If you have no refund coming
and no self-employment income
to report, then no return is
necessary.
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pTgure your tail cm
Ructions,) Entertax QKjii
faX ;|^Srax'^rotrt^th?r?a?l^5^Sf?le1t^^ror Tax Rate Schedule, see ime 11)
Credits credits (from page 2, Pert V, hue 5) . . »/,•>
Payments 14 tax (subtract fine 13: from line 12). . . .
15 sl^mptoymenttax(ScheciuleC-3orF.i) . . .
^16 (add linss 14 and 15) ’> . ... . .
er i?a Totalfl^grat income tax withheld (attach Forms W-2)
it If sither you a.
- (6VJOrt«3I
l 17b I9b5> ts^at
on* «mploy*r ;: ; rinetotl* overpayment-allowed as a credit) {Office whtr* paid)
page Set .......™ ..... ..........
I y£{c'r mare'tnan 17b 1965 Elated;.tax payments
v_ or:6 timoJovar flncludt
MM
j msPtmctL1 ltc Total (addljss 17e and l?b) _ __
? ' Tax Due 18 if payments 17c)arelass than tax(Iire 16), enter Balance O^TPar fn f«ttwith thf. return*.
% or Refeid is It payments (linkl7c) are larger than tax (line 16) enter Ove^ayment
J 20 Amount of line wish credited to 1966 Estimated Ta;
21 Subtract fine ZQfron^l 9. Apply to:SU.S. Savings Bond»,witn6»cess ref unded erG Refund only
j...jiiSiiibtiabtiiibe^M^ —---------------- -• _.. - .... ■ ....... , ■■
a Sign
Here * .^Vit^uroT BOTH HUSBAND Arid WtSTSost SIGN .even if pmy one had income;"
Sign Ks'a ol preparer other than taxpayer.
"" Address'”'
.........................Date....................
■ * u.s Gov»sMt«>RixT!«s6rfiaitKi-p--i7i^eis
ill
How to make your tax refund
grow
Q—The pump at the station
where I buy gas shows how
much of the cost is for taxes.
Can I use this figure when I
temize my deductions?
A—No. Part of this total tax
figure is for Federal excise tax-
es, which are not deductible.
Only state and local taxes are
deductible.
Look on page 9 of the 1040
instructions for the amount you
may deduct for gas taxes in
this state.
Q—If you use a diaper service
on the advice of a doctor can
this cost be included with your
medical expenses?
A—No. Even though diaper
services may have some rela-
tionship to medical care, they
are not considered deductible
medical expenses.
Q—Where do you report ali-
mony income on the return?
A—It should be reported on
line 8, part II, page 2 of Form
1040. This is also where other
income such as state tax re-
funds, prizes and the like should
be reported.
Q—How do you avoid getting
bad tax advice? This happened
to a friend of mine last year
and it was pretty expensive.
A—Most tax advisers are
competent. Local accounting
and legal societies will be able
to supply you with a list of
qualified tax advisers in this
area. Also your Internal Rev-
enue office stands ready to help
you.
Q—Can I deduct the Federal
tax I pay on my phone bill?
A—No. This is an excise tax
and is not deductible.
Q—I’m moving next month
and I have a refund coming?
Should I put my new address
on the return?
A—-Yes, use your new ad-
dress. One of the major rea-
Q—I use my car for business.
What can I deduct per mile?
A—Some individuals may de-
duct 10c a mile for the first
15,000 miles of business use
and 7c a mile thereafter in
lieu of actual expenses and de-
preciation. Check your 1040 in-
structions to see if you qualify
for this deduction.
If you do qualify, a speedo-
meter reading at the beginning
and end of each business trip
will establish the amount you
can deduct. Tolls and parking
fees are deductible in addition
to the mileage allowance.
Q—How much of the tax I
pay on whiskey can I deduct?
A—No deduction is allowed
on an individual non-business
return for Federal, state or lo-
cal taxes on alcoholic bever-
ages.
Q—Our two daughters are
very busy baby-sitting. Is there
any chance they might have to
pay tax on this income? They
are only 14 and 15.
A—'Age is not a determining
factor. If either of them earn-
ed $600 or more during the year,
an income-tax return must be
filed, although no tax would be
due on up to $900 of income.
If either earned $400 or more,
however, she would be liable for
self-employment tax.
Q—I was in an auto accident
last year and had to pay part of
the cost of having the other
fellow’s car fixed. Is that de-
ductible?
A—No. The deduction for a
casualty loss is allowed only to
the person who owns the prop-
erty.
Two Canadian provinces have
joined the switch to reflective
license plates. Both Newfound-
land and the North West Terri-
tories will issue safety tag li-
cense plates visible at night at
distances up to 2,000 feet. The
plates, to be issued in 1966, will
be the first reflective plates is-
sued north of the border.
Get your tax refund in cash, and chances are the money
fritters away.
Get your tax refund in the form of a U. S. Savings Bond
and it will grow 33 1/3% larger at maturity. Tucked
away to be part of a down payment on a home someday,
a stepping stone to somebody’s education, or maybe
just a big help when some emergency pops up.
You’ll find an opportunity to take your refund in Sav-
ings Bonds when you come to that line at the bottom
of your ’65 tax return.
Besides hanging on to your refund, you’ll have the
satisfaction of seeing it grow and grow. You’ll also
have the satisfaction of helping your country.
Think it over when you ask for your refund this year.
FOR YOUR INFORMATION, Series E Bonds
pay back $4 for every $3 at maturity, can be
cashed in when you need them, provide certain
tax savings, can be bought where you bank or
work. Ask about Series H Bonds for income
by check every 6 months.
Buy United States Savings Bonds
STAR-SPANGLED SAVINGS PLAN
FOR ALL AMERICANS
* Star-Spangled
Security E
. PM MlimCANt ,w
*****
The U.S. Government does not pay for this advertisement. It is presented as a public
service in cooperation with the Treasury Department and Tto Advertising Council,
* *
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Refugio County Record (Refugio, Tex.), Vol. 12, No. 27, Ed. 1 Monday, February 21, 1966, newspaper, February 21, 1966; Refugio, Texas. (https://texashistory.unt.edu/ark:/67531/metapth635387/m1/3/?q=Lamar+University: accessed June 10, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Dennis M. O’Connor Public Library.