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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Feb. 10, 1959)
Most Married Couples Said Requirements for Joint lax Editor' not: This If the second of five dispatches in which the Commissioner of Internal Revenue provides simple ruidposts for th preparation and filing of your in com tax return. By DANA LATHAM Commissioner of Internal Revenue (Written lor U.P.I.) Washington-CPD-Uncle Sam gives married folk a break on their taxes. II they meet several basic conditions-and most married couples do - husbands and wives can file a joint return, Tips on Reporting Income for Taxes Washington TPfc- Besides your regular wages or sal ary, you must report as in come on your tax return such monies as interest en your savings account, jury foes, tips, royalties from patents or copyrights, stock dividends, rents, estate or trust income, annuities, pensions and contest or gambling winnings. Some items not subject to Income tax are dividends on a veteran's life insur ance, social security bene fits, state bonus to veterans, life insurance proceeds up on death, workmen's com pensation for sickness and injury, stale unemployment benefits, refunds of Federal income tax, repayment of loans, and monthly govern ment allowances to families of servicemen. thereby possibly reducing their tax bill. Before filing, however, fig ure your tax two ways: on the basis of separate returns and on a joint basis. You may se lect whichever way means the smaller tax. Even if you filed separate returns last year, you may file jointly for 1958 income You have a new choice each year. Here's why a joint return may save you money: as you know, our rate structure is progressive. As taxable in come increases, the tax rate goes up. For example, a man with $10,000 taxable income will pay more than twice the tax a person earning $5,000 a year pays (all other things be ing equal). Now, when you file a joint return you are taxed as if your combined in come were divided evenly be tween husband and wife and each were paying only for his half. That way, the tax rate is lower. Infrequent Circumstances Joint filing is not permitted In some relatively infrequent circumstances. They are: If you were divorced or legally separated on or before Dec. 31, 1958; if you are married to a non-citizen who does not live in this country; or if you and your wife report your in come on the basis of different tax years (for example, you report your income for a 12 month period ending June 30 and your wife uses the regu lar calendar year). You may even file a joint return if your wife had no in come at all last year. In fact, that is one set of circum stances in which the joint re turn is virtually certain to re duce your tax bill. Even if you didn't marry her-or him-until New Year's Eve, but before midnight, you are considered married for the entire year (for tax pur poses) and may file a joint return. If you wife worked only ir regularly or part time and earned less than $600, a joint return will probably be to your advantage. She might get a refund (for taxes with held) if she filed separately. but you would lose her as an exemption and would not be able to file a joint return. (I'll discuss exemptions in detail in tomorrow's article.) You may also file a joint return if your spouse died during 1958 and you did not remarry before the end of the year. In some circumstances the surviving spouse may claim the same income-split ting benefits of a joint return Protestants Defend Knightsof Columbus Against 'Document7 Washington-UPB-A Protest ant organization has under taken to defend the Catholic Knights of Columbus against the implications of a "Hate Document'' now being circu lated in America. Protestants and O th e r Americans United for separy ation of church and state said the document, which purpurts to be a secret "oath" taken by Knights of Colum bus, is completely "fraudu lent." "This 'oath' couched in fan tastic language is supposed to bind Knights of Columbus to 'wage war' on their oppon ents and 'to spare neither sex nor condition,'" a statement issued here by POAU said. Oath' Widely Circulated "It seems strange that cred ence should be given to s manifest fabrication of this sort," it added, "yet we are convinced that the oath is being widely circulated and that it is gaining acceptance in some quarters" as a valid document. POAU said that "careful research" has proved there is no foundation whatever for the document. It is some times passed off as authentic on the grounds that it was once publisnea in trie con gressional record. This is true, POAU said but it was published in the record (in 1913) only as "a sample of bigotry." POAU, which has often criticized Catholic activities as a threat to U.S. constitu tional principles of separa tion of church and state, said its statement was issued in the hope of preventing the injection of any such false is sues in the 1960 election cam paign. It noted in this connection "the possibility of a presiden tial candidate of the Roman Catholic faith" presumably a reference to Democratic Sen. John F. Kennedy of Massachusetts. "We believe that there are serious and pressing church- state issues involved in the candidacy of a person of Ro man Catholic faith," POAU said. "Some of these issues are the Catholic boycott of public schools, the Catholic hierarchy's drive for public funds, the appointment of an ambassador to the Vatican, and the possibility of a na tional law, like the law in Massachusetts and Connecti cut, which forbids physicians to give birth control infor mation. "Dishonest controversial ists must be given no oppor tunity to blow up such inane items as the 'Knights of Col umbus oath' into hostile head lines or to divert attention from significant issues by such old wives' tales." Sophomore Girls Organize Club Sophomore Tri Hi Y girls met at the Young Men's Christian association recently to organize their club and nominate officers. Fourteen girls from the sophomore class at Medford High school were present to nominate officers. Officer nominations were president, Rita Johnson, Marida Winch- ell, and Becky Rowan; vice president, Nancy Donahue, and Susan Yoder; secretary, Karen Simcox, Jackie White: treasurer, Salli Reule, Betty Kyker; Chaplain, Suzy Thomp. Elections will be held at the next meeting. A committee of Betty Kyler, Becky Rowan and Jeanette Dahlstrom was apponited to select a club name. Plans for a slumber party were discussed and will be announced at the next meet ing Feb. 12 at 7:30 p.m. at the YMCA. U. S. candy consumption is 18 pounds per capita a year. To Meet Returns for the two years following. - A couple filing jointly has the same choice of forms an individual has. Generally, the couple's combined income was less than $10,000, either the short card form 1040A or the long form 1040 may be used. If income was $10,000 or more, the couple must use form 1040. When husband and wife file a joint return, both must sign it. Each becomes individ ually liable for any tax owed the government. The wife, for example, can be held legally liable even though she did no work and received no income during the year. Pay Requirement The way to avoid any prob lem is to enclose with your return a check or money or der for the amount you owe (if you compute your tax yourself). This is not Just suggestion, but a requirement. In filing a joint return you add both the husband's and the wife's income (if any) and list the exemptions and de ductions (standard or item ized) to which both are enti tled. Keep in mind, however, that if you file separate re turns and one of, you itemizes his or her deductions, the oth er must also itemize his. You must attach to your joint return both the hus band's and the wife's Forms W-2. If you file separately, at tach the right W-2 form to the right return. One tax item which affects couples more often than it af fects individuals is buying or selling a house. As a general rule, if you sell your home or any other personal property, such as stocks or bonds, you must pay a tax on the profit you make, There is an exception which applies in certain cases where you sell your residence. If you sold your home in 1958 for a higher price than you paid, you need not pay tax on the profit if you buy and occupy another house within 12 months before or after the sale and pay as much or more for the new one as you got for the one you sold Have 18 Months If you sold your home and built a new one-instead of buying an existing house-you have 18 months after the sale instead of 12. That is, you must move In within IB months. If you buy or build a new house for less than you sold the old one, you must pay tax on part, or all, of the profit from selling the old. If you owned the old house for more than six months, the tax may be at lower rates. Information of this kind should be reported in detail on a separate tax form, called Schedule D. Summarize it on page 3 of form 1040. I will discuss deducting in terest payments on the mort- ease on vour house in the fourth article of the series. (Next: Exemptions) More than automatic. .it can think! new concept in Laundry Equipment for your home PROGRAM COMPUTERS dick into action setting up exactly the right program for washing every fabric ... 1000 Laundromat has 8 separate pro grams plus special settings for pre-wash, rinse and spin, drain and spin. Matching Electric Dryer computes 8 separate pro grams for extra drying convenience. Separate custom washing programs for: SILKS SYNTHETICS BLANKETS WASH 'N WEAR DRIP-DRY COTTONS LINENS and it TINTS EASY BUDGET TERMS ' 's Burden of Annual Tax Filing Chore Lighter This Year By United Press International Washington (DPD Nearly one American in three is fil ing a Federal income tax re turn this year. For millions of taxpayers, the burden of this annual chore is lighter this year thanks to a change in the rules. We estimate that by mid night April 15, the filing deadline, some 30 million tax payers will have made their accounting for 1958 to Uncle Sam on the pocket-sized, punch card Form 1040 A. About twice as many peo ple will be able to use Form 1040 A as last year. The rea son: we liberalized the rules. The government won't lose any money - in fact it may even save some in- clerical costs - and the extra 15 mil lion taxpayers eligible to use Form 1040A will probably save lots of time this income tax season. Pretty Much Same Except for this change, the tax rules and rates are pretty much the same as last year. Congress made quite a few technical changes in the tax laws last summer, but thev generally do not affect the ordinary wage or salary earner. In particular, one thing is as important this year as it ever was: file your return as soon as you can. If you're en titled to a refund, you'll have to wait less time for it if you file early. In all, nearly 70 million persons will file 1958 returns. You must file if you were a citizen or resident of the United States under 65 years of age with income last year of at least $600. If you were age 65 by Dec. 31, 1958, you must file only if your income was $1,200 or more. You will also have to file a return if you made less than $600 (or $1,200 over 65), had some money withheld by your employer and want to get it back m a refund. Two Basic Returns There are two basic tax re turns - Form 1040A, a buff colored punch card about the size of a check, and Form 1040, four pages printed on white paper. Many taxpayers incur need less trouble for themselves by filing the long Form 1040 when they could use the short card Form 1040 A. Form 1040A is for persons whose gross income was less than $10,000 last year includ ing not more than $200 from dividends, interest, and wages on which tax was NOT with held by an employer. For ex ample, a man whose salary was $500 (on which tax was withheld) and who got $40 in dividends from stock or from odd jobs would be eligible to file on Form 1040A. But if he got $250 in dividends or odd income he would have to file on Form 1040. In both cases, the taxpayer must report both his regular income and his 'other" income. A husband and wife earn ing less than $10,000 from their combined wages and salaries, with no more than $200 from dividends, interest, and wages not subject to with holding of income, also may use the Form 1040A to file a joint return. . (More about joint husband-wife returns in tomorrow's article.) 16 Items Form 1040A calls for 16 items" of basic information such as your name and ad dress, social security number, employer's name, your wages, amount of tax withheld, names of children and other dependents and signature. You'll also find three lines relating to the computation of your tax liability. If your in come was less than $5,000, you have the option of figur ing your own tax from the Tax Table or having the In ternal Revenue Service do it for you. You then will be sent bill for the balance due or a check for the refund. YOaCANM su5f,Wfestinghouse WAITS "WESTIIKHOUSC UCsUf SMl-Dd A0AZ SaVfS" CBVV Wm WASHING ACTION .fete dotbea daw than trrer, with care than ever! AUTOMATIC LINT EJECTOR sweeps oat every trace of tint and scam. No traps or filters to dean. MA?! TRIBUNE, Medford, Oregon, Tuesday, February 10, If S 3A QUITS COLLEGE POST New York -(DPD- Mark Van Duren, holder of the Pulitzer Prize for poetry and one of the nation's most esteemed literary critics, announced Monday he would retire in June as professor of English at Columbia University. Van Doren, a member of the Col umbia faculty since 1920, said he was stepping down from his teaching post to be "free to do more writing and, when feel like it, not to do any thing." a Fs.vf.ifj ELECTRIC COMPANY 214 West Main Street, Medford T Builders Supply hffh. QUALITY ml?, BLOCKS Li -Si Drain Tile y5! Bricks, Flues. Ne W. McAadrcws Ph. SP 2-41Q7 w Make Hubbard's Your One Stop Headquarters For Hardware, Housewares and Sporting Goods! COVERED Butter Dish Unbreakable plastic butter tray and cover holds quarter pound cube. Choice of red or yellow tray. Reg. 39c SPECIAL 6 Days 27 0 HERE'S KeAmonent new. V cu&Aioned fjAotectioti j utf&nntoa SHELF KUSHI0NS Now you can ororecr under-counter l orful beauty. Hush noise and clatter, keep pots, pans, lids, bowls luiniuneu. easy ro wipe clean wirn a damp cloth, tut to any length from continuous rolls. Choice of Pink, Turquoise, Red and Yellow o 1 1 ' width 89c yd. o 22" width 1 89 yd. How to Select COLOR HARMONIES for your rooms . . and always be right! 4- o 1 MIRRO MEASURE CUP SET MIRRO has iust introduced a new four piece anodized copper-tone measure cup set with handles JUST 98 Ironing Table and Pad Set 14"x54" All Steel Adjustable Height Iron Table complete with sponge pad and silicone cover. $088 Complete Coor fietttnonq Book Shows you, at a glance, over 1400 beautiful "go-together" color combinations ... all arranged in perfect color harmonies. Borrow this wonderful book . ; . take it home with you for "on-the-spot" color matching of yonr walls, rugs and furnishings . . . THERE'S NO CHARGE! See all the lorely new colors in Super Kern-Tone, the de lue latex wall paint and Kem-Glo, the miracle alkyd enamel! Borrow the Color Hermeirj Book from is today I ill J ! 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LANGLEY Spindrift Reel Salt water type steelhead and salmon spinning reels of truly superior quality. All metal construction exclusive Lane ley "Self Centering" feature. One piece metal spool holds 250 yards of 10 lb. test Mono Filament. Reg. $34.50 Both Right Models. $2250 and Left Hand Saw Attachment For Electric Drills Just chuck into any g e a d '" electric drill and saw wood or plywood Complete with guard. Hubbard's are loaded and have to move them. Regular S3. 95. Now Vi Price Only $1.98 RAMSET FASTENERS Hubbard Bros, now RENT and SELL hand drivers. Ram set power drivers and stock charges, and the more com monly used types of RAM SET pins and studs to be used in concrete and steeL Free Delivery Within Medrerd mite More: nnnnr-MT n ftn it-n .w S II II II II 111! I I 1 I fa. I I fll I fl 1 -V City Li r V 111! r - O PHONE SP 2-6189 MSmBEZiSJ-- RIVERSIDE Phone SP 3-6241 MEDFORD, OREGON
