Image provided by: University of Oregon Libraries; Eugene, OR
About Herald and news. (Klamath Falls, Or.) 1942-current | View Entire Issue (Jan. 13, 1960)
HERALD AND NEWS, Klamath Falls, Ore. Wcdnosdav. .Jan. 13. 1!)fi0 PAGE'S A Income Tax Facts Editor'! Note: This is one in a jeries of articles on federal in come tax filing. These articles are based on information provided by the American Institute of Certi fied Public Accountants and the Southern Oregon Society of Certi fied Public Accountants in cooper ation with the Internal Revenue Service. TAXES AND OTHER TAX DEDUCTIONS Most of the non-federal taxes you pay can be deducted from your federal income tax return. You can also deduct many of your interest payments on your personal debts, men as bank loans or home mort gages. An explanation of these de ductions is contained in the instruc tion booklet you receive with your income tax forms from the Inter nal Revenue Service each year. Here are some valuable facts that deserve emphasis: The interest on a mortgage Is deductible on your federal income tax return. Sometimes, the month ly payments you make to the bank include an additional amount which the bank holds for the payment of taxes, insurance, and so on. In this case, the bank is acting as your agent in paying tax on your prop erty. Real estate taxes paid by the bank for you are deductible as if you had paid them directly 11 you oought a new house dur ing 1959, you and the previous owner may deduct the various tax es paid on the property, but only in proportion to the number of days each of you owned the house. This is true regardless of who paid the taxes. If you arc late in paying any of your income tax, you will prob ably have to pay what is called an "addition to the tax." This "ad dition" may be interest, but it may ."Ifo be a penalty. It is impor .ai:t that you find out exactly what it is you are paying, because interest would be deductible from your next tax return, whereas, a penalty would not. By the way, don't assume that because the ad dition is assessed on a per annum percentage basis that it is neces sarily Jhterest. Penalties may also be assessed on the same basis. To deduct automobile expenses in connection with business travel, you should first add up the total cost of maintaining your car, in cluding depreciation, gasoline, oil. repairs, and garage rent. Divide this total by the number of miles you drove in 1959 to find the aver age cost per mile. You then multi ply the average cost by the num ber of miles you drove your car for business travel only. This will give you the amount you should deduct for business use of the car. If you don't happen to use your car for business, there are still expenses that you can deduct. Among the usual deductible ex penses are state and local sales and use taxes on the purchase of a car, auto license fees, state gasoline taxes, and losses from an accident not due to your "willful negligence" and not covered by insurance. You may deduct state and local retail sales taxes, but not federal excise taxes. Since it would be dif ficult for you to collect a bill for every small item you buy, a rea sonable estimate of the amount of slate and local sales taxes you have paid may be acceptable. You can do this by estimating how much of your total income was spent on items covered by such taxes, and then multiplying the amount by the sales tax percent age. This will give the amount to deduct as estimated sales tax paid. For example, consider the ciga rette. Say you and your wife con sume three packs of cigarettes a day. They sell for 27 cents a pack, which includes a 3 per cent city sales tax, or 1 cent a pack. You estimate that you buy 1.095 packs a year 3 x 3tai, for $295.85 (27 cents x 1.0951, of which $10.95 was a city sales tax. The $10.95 would be the amount to claim. Although this particular example results in a small deduction, it il lustrates the method you can use to estimate your other taxes. There arc a number of slate lev ies that arc not deductible. For example, you cannot deduct state gift or inheritance taxes, nor can you deduct estate or succession taxes. There are also certain stale license fees that arc not deductible, such as, dog license fees, and hunt ing and fishing license fees. State income taxes paid by you are deductible. It is important to remember that, on your 1959 fed eral income tax return, you can only deduct those interest and tax payments that were made durinf 1959. You can get more information about all of your deductible ex penses from the instruction book let furnished by the Internal Reve nue Service each year. Worry of FALSE TEETH Slipping or Irritating? Don't be embarrassed by loose teeth slipping, dropping or wobbling when you eat, talk or laugh. Just sprinkle a little PASTEETH on your plates. This pleasant powder gives remarkable sen&e or added comfort and security by holding plates more firmly. No gummv. gooey, pasty taste or eellng. It's alkaline inon-ac:n. Oft FASTFETH a' c -H- - - " - - " ' Card Lessons To Be Given Klamath Falls YMCA will again effer courses of contract bridge lessons to its members. This is enother of the YMCA projects which has proven very popular over the past years. During 1959 approximately 100 YMCA mem bers have participated in various contract bridge classes. "Contract bridge provides a n outstanding program for self-development, proper thinking habits, self-reliance and control. Bridge is to the mind what athletics is to the body," states Mrs. David A. Richardson, instructor. "Bridge for teen-agers has be come a popular objective through out the nation. Many youngsters are already playing' tournament bridge and winning high honors in championship games. This year, for the first time, the YMCA is offering a special course of 10 lessons for the youth of the YMCA," she continued. This class is planned to intro duce the younger players to the game. The initial 10 lessons will be extended to meet the needs of (he students. Tills class will be gin the first week in February. It is necessary that registration be made immediately, either at the office of the YMCA Headquar ters, 722 Pine Street, or through Mrs. Richardson,' certified Goren bridge teacher, who will be the instructor. Classes will also be held soon at the YMCA Headquarters build ing for adult members. Both men and women are welcome. Bcgin n e r s bridge class will start Wednesday, January 20, at 10 a.m. This class is for those who have never played bridge, or those who have only played auction bridge. Intermediate and advanced classes will start Wednesday, Feb ruary 10 and will at that time be combined with the beginners class. Registration for these classes must also be made imme diately with the instructor, Mrs. Richardson. Please telephone TU 2-1126 or TU 2-0160. SEA! BIG 50 FT. ROLL b PLASTIC HOSE PRE SEASON SALE DURING THIS TERRIFIC SALE gj and every day at Pay Less. Shop our 9c sale and have the most S fun you've ever had on such a small sum. TERRIFIC ITEMS Guaranteed 5 Years in WRITING! Sturdy, pliable water hose that you can use for years to come! Buy now for terrific savings! NOW ONLY S TERRIFIC PRICES! RUBBER MAibAljt BATH SPRAY ALLERGIC HOUNDS NORTH BUCKINGHAMSHIRE, England (UPI) A spokesman for the Whaddon Chase Fox Hunt announced postponement of fur ther hunting. T5ie hounds have hay fever, he said, and "can't smell a bone, let alone a fox.' Rip Van Winkle couldn't sleep with nagging backache Now! You can set tht fast relief you reed from nagiling backache, headache and muscular aches and pains that oflen cause restless nights and miserable tired-out feelings. When these discom forts come on with over-exertion or uress and strain you want relief want it fast! Another disturbance may he mild bladder irritation following Wrong food and drink -often setting! lip a restless uncomfortable feeling. Doan's Pills work fast in 3 separate ways: 1. by spcedvpain-relieving action to ease torment of nagging backache, headaches, muscular aches and pains. 2. by soothing effect on bladder irrita tion. 3. by mild diuretic action tending to increase output of the IS miles of kidney tubes. Enjoy & good night's sleep and the game happy relief millions have for over ou years. New, large lire taves money. Get Doin'iPUlj today! t millions nave lor Doan's ft f. w- . In popular bathroom colors. The "ideal" for shampoos. "CHIP 'N DIP TIME" BALL BEARING CERAMIC SECTION Lazy Susan 5)99 WW I REG. 3.98 A i.Wi J A?J 4 Vd MVm J JVM 1 rU- 0Ui B. V 100 VIRGIN WOOL V WORSTED Cr KNITTING YARN D 56 Start that knitting project now! Over 20 beautiful colors from which to choose! ' 4 4 PLY-FULL SKEIN SS- fWW 6" Sq. GLASS T.V. ASHTRAY J7 6'2" GLASS STAR mm ASHTRAY4 87 fJi w Poylesi Empire Complete Household BRUSH ASSORTMENT CONTAINING VEGETABLE BRUSH TOILET BOWL BRUSH PASTRY BRUSH HAND SCRUB BRUSH NAIL BRUSH BATH BRUSH 1.69 VALUE AT PAY LESS m. lye J PRESCRIPTION DRUG STORES I PERT 'N PRETTY COSTUME JEWELRY Bracelets, earrings and necklaces. Many- styles. YOUR CHOICE fit . rT.. 1 SALE DATES JAN. 13 thru 17th LIMIT RIGHTS RESERVED 0J0 RCA feSrT All time a a w tj r. mt m m cpptkled CERAMIC" CUPS-tt MUGS 5 For 1 9c Pay Less mm. M4 HIT TOYO CAP 8c cr&RVES SsEPLUGSi . ..i. At These LATEST RELEASE 12-in. LP. Hi-Fi ECORDS CAPITOL - EMARCY - ETC. favorite artists, such as: Rosemary Cloon- GARDEN TOOLS YOUR Qe bi 1 " 18 Pk. SPRW cl0TH PINS 19c Val. m I IS KMl t a n "LACQUERED WOOD" SALAD BOWLS 6 FOR n W sVtf. 0 19c Vol. "Package of 4" ' PUSTIC DOILIES 9c Xs- 15c Pass Cases ey . . . tlarry James Frankie Lane . . . Er rol Garner . . . Morton Gould . . Vincent Lop ez ... and many others. Look them over . . . . you will be pleased. 3.98 VALUE Lawrence Welk im C0ME am BON.h?. UnbreaW 2 FOR i r 1" Big Buy . i Si Ethylene PERMANENT F ANTI- I FREEZE 3.45 m 88 j&f W Vol. Gal. , SPRING GET READY FOR ELECTRIC SPIT Bar-B-Q 22" Heavy Steel Bowl Electric driven spit - UP Approved motor Chrome legs with wheeli. Legi may be removed tor easy stor age and hauling! k Adjusting chrome grill -ft- Steel wind hood REMOVE THE LEGS AND USE IT IN YOUR FIREPLACE ... or Loy-lt-Awoy Now! Have It By Spring! 29.95 VAL. AT PAYLESS ucoj TOYS! 3 5 Voues to 25e HyoB BRUSH 19e BAB PANTS Shock OtOOT 1t Reg- VOODBURY OR JERGEN'S BEAUTY SOAP 4 Bar AA. Pk. For Ami1 Konsyl IOOK Plastic RA-C r.EHUlHE TOT KH C AS ComP'VE! 2 EVER' u BULK LAXATIVE Reg. 2.25 NOW ONLY 49 Gift Nfw? nt CIRCLE SPACE SAVING! Belt Hanger A? 9q POCKET PACK Reg. 5c KLEENEX 3 FOR STAND-UP SHAVE MIRRORS Reg. 19e 25c THERMOMETERS 9c 1 BRIGHTEN UP YOUR HOME! ARTIFICIAL Flowers 13c VALUE 15' NOVELTY CERAMIC FIGURINES 29' IT'S FUN TO SHOP AT PAY LESS DRUG
