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.
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BALL BEARING
CERAMIC SECTION
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REG.
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A i.Wi J A?J 4 Vd MVm J JVM 1 rU-
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