(Avoid mc Each year, there are somewh; predictable trouble spots on feder, income tax forms, according to th Internal Revenue Service, arej where large numbers of taxpasei make incorrect entries and thereb slow the piocessing of their ta forms. These trouble spots fall into iw broad categories: items that recu each year but require a certai amount of care and attention to dt tail, such as beingcareful to select th correct figure from the tax table? and changes to the form resultin from changes in tax laws one year t the next, such as the addition of new line to a form or movement of a existino lin^ a - D ? ?v m iivn pvaiiivn on in form. Not surprisingly, the largest pe centage of errors are made on Fori 1040 the so-called long form T assist filers of this form, IRS hi compiled the following list of pro! lem areas to double-check: Good Tax Records Equal Easier Return Preparation Keeping accurate and complete tax records makes tax return preparation easier, the Internal Revenue Service advises. You should keep the necessary records to prepare a complete and accurate income tax return. Generally, you should keep your records for as long as their contents may be material in administering any Internal Revenue law. Records that support an item of income or a deduction should be kept until the statute of limitations for the return expires (generally three years from the date the return was due of filed, or two years from the Tax Assistan Free income tax assista VITA (the Volunteer lneo gram) sponsored by the Sti the Wake Forest Universit assistance will be available 216 W. Fourth Street, each 2 p.m., Feb. 11 through M be held each Wednesday th p.m. at the Senior Center 3111 lICPT tlliUH IIIUJ UljU'llj nam^s, addresses and precii Truman. For more informs ji OLDE1 AMERICA : t ; J There are exemptions ar ;j you! Use the handy ordei ta* narUa st common n I. Medical Deductions. Actuall) j| this item is not entered on Form le 1040. hut on a required schedule is Probably because Schedule A ps *as redesigned last year, this >> item lead the list of last year's x most common errors Due to changes to the rules on medicat deductions. IRS expects prob0 lems again this year. Be sure to ir check the new limitation on " medical expenses, e ?; 2. Figure from Tax Table Because g of the number of pages and figo ures involved, this item is always a high on the list of most common n errors. Double-check the figure ie from the tax table for your filing status and enter on line 38/ Check the box for Tax Table rT1 o 3. Unemployment compensation, is Last year, perhaps due to the v growth of the number of unemployed taxpayers and changes in 3 date the tax was paid, whichever occurs later). Other records, that concern income averaging or property transactions?purchase of a home, for example?should be kept for as long as they are material. , Copies of tax returns filed should be kept even after the cancelled checks, receipts and other records are disposed of. since they may be helpful in preparing future returns. You should keep tnem for at least three years to conform to the statute of limitations. If you are considering income averaging you will need your records for the past four years. Additional information on maintaining records is contained in IRS Publication 552, Recordkeeping for Individuals and a List of Tax Publications, available free by using the mail-order form in your tax package. ice Offered nee is available through ?ine Tax Assistance projdent Bar Association ol y School of Law. VITA at the Legal Aid Society, Saturday from 10 a.m. to arch 3. irough April 11 from W4 at 512 N. Trade St^e^. . ...... giMti' anil fhtinte ,r icts. Ask for Ms. Yellock ition, call 722-7399. ?I Fm id credits for r form in your :e IRS Publica-INDIVI hbASUNAE IN OUR 0 T^rTTTr^m^rrrT [ij j jin^ jyjifi /our Church is what you ne call us for the be Bookcases Carpeting Chairs i?i r> i. _ i_i uesKS Draperies Entrance Mats Computer Tables Winston-Salem's Quality Office Eqi ' 'Our Seve 1?3 * * INE O^ICE fuON' 11j.i.'.jmijii,i.'il724-6912 tassaKSSK I * errors on Form 1040 the tax law. this item moved inio ^ *>u i)*e I olio* the uisiuu* in the list of most common errors tions for remitting payment If di Double check your figures on the the rev erse is true, enter the dif* S1 worksheet on page I I of the lax ference on line 65. Overpaid instruction booklet, and make Enter on line 66. Refund, the appropriate entries on lines 2Ua portion of the line 65 overpas- ct and 20b. ment that vou want refunded to ol >OU 9. In 4. Child C'arr* r'r^.lit I * r ? i.u.M o. r.arneu income C redit (EIC) !o ihere was a trade-off: computa- Not Claimed. If sou are a work- ih lions for ihis lax credit became ing parent and hase living with th more complicated, b.ui_majis _yxm atieaM one ctuUk and if vour uf taxpayers svere entitled to a adjusted gross income (line 32) is in larger credit. Read your mstruc- less than $10,000. sou probably ur lions carefully and double-check qualify . See page 16 of the your computations on Form instructions. 10. In 2441. Child unci Disabled Denen- r-./- c Kl . ~ r , , nL r . r r t. c . r ' klC F.rror or Not Qualified In ,K dent Cure Credit Enter figure on rt, . ^ th ac i.-n- u tr Urn order to qualify, you must have rtine 45 and attach Form 244 a 4*^*2 . u n i .u 11 a dependent child living with 5. Balance Due/ Refund The mi- >ou and >ou musl hav? wo,rked fo , poriani item usually makes the urtng the year, plus other limt- n) list of most common errors If * tauons. Follow the instructions f() your total lax owed (line'56) is carefully and enter on line 59. or larger than your total lax pay- 8. Dividends. Vou must complete fo incuts made (line 64), enter the' and attach Schedule B if you tu difference on line 68. Amount have $400 or more in^imdend all A Five-Part Check For Dependency Many people depend on each ments must be met. The following other. However, to claim a person as quiz should help you determine a dependent on the federal income whether or not a person is your detax certain specific require- pendent True False 1. You furnished more lhan half the person's financial support during the year ____ 2. His or her income is less than $1000 unless the person is your child or stepchild and under nineteen or a full-time student for at least 5 months of the year. 3. The person was a U.S. citizen, resident or national, or a resident of Canada or Mexico for some part of the year you wish to clairh him or her.' 4. The person is your child, stepchild, parent, stepparent, grandparent, grandchild, brother, sister, stepbrother. stepsister, in-law. or. if related bv blood. , your aunt, uncle, niece, or nephew. If the person is not one of the listed relatives, he or she was a member, of your household and lived with you for the entire year. 5. If married, the person is not filing a joint return with his or her spouse OR neither the person or the person's spouse is required to file but they are filing a joint return only tocl&im a refund of tax withheld _ Correct Answers: TRUE for all five. If you checked TRUE for all statements you may clairh the person as your dependent. Note: There are special rules for children of divorced or separated parents and for persons supported by more than one taxpayer. Additional information can be found in the free IRS Publication 501. Exemptions To obtain a copy of this handy reference, use the order form found in your tax package. v vvu w j I m I III m ni;rm ' " ' y 1< REGISTER TODAY TO PUT YOUR X WHERE IT COUNTS ON THE BALLOT COME TAX (HP , SERVICE \m\M DUAL OR BUSINESS | loot BfOOkilown Ave H Phone (919) 72A-OSJ3 |H|^'\^W*1 FFICE, OR IN YOUR HOME OR OFFICE IfcjjjJ^ B4i * ArohU Ktndall l Files I ?.C. Frailer Folding Chairs HhHHHHHHHI Folding Tables Reception Seating H Sofas Stacking Chairs Typing Tables nnl\/ RhrLnu/no^ ^3 Vf J ' l W V- l\ V/TY I I^VJ H nth Year" I 11 "Babt" Johnson iTu? * CAHPETING kb I Trade-li 7758 Northpoint Blvd m Northpoint] Telephone 724-6912 H H I * J IUU13I % f y The Chronicle, Thursday. February 9, 1984-Page B7 iriBUILDING ON l jydiir nnntq ou enier I %# m\ I m I (J vidends on line ^a. >our exelu- t on ($100 for indisidujl tilers. F II >00 fv>r married tiling loinilv) I ? ' PI'c^J and' m 1'i^i^'aU ng ' Ron! Fctnto rnis fi>r iiuiivulu.il lilcrs You I\Ci4l JZolUlcr ?. ust have copies of sour returns Property management ' Commence! Real Esta,e rni Read ami follow instruc>ns aiui douhle-check -RTrnarHcnn M . . r a * a % * v * a M a V4 u \/ A A 1 MUM Property, Inc. .\e 1 ^ 1016 Knollwood Street Winston-Salem, N.C. ? 768,2721 v?.........??,, ml?i "f-ffi at what we * vjfjb si a zzzl lab have to rent -&gk i0l?. ftfducmg machms &a construction equip ' ^ ^ i ^ appliances .uvami. ?jjrm 0 5 t t ^^woo-c baby supplies fizj m a i televisions 0 1 \*j 6^i\ furniture tsOHfiH ^ 'jliiii i chairs & tables furniiurf apf'liancis i l~^j w chin* 1 glassware li - rollaway beds ,r 1 i reducing equipment " * ^ "b 1 ~ .?& audio visual equip - ck^- w ** 0^ a^ mj hospital t convalescent needs nwots? tiuum ^ m?j 765-6560 ^2 ^0^0 hwism - many other items - mnt?t.*tk),o.b J.00 TAO..TVTUJ NWY AT VAUIV ID IOAO TOWHI wtMfTON 1AUM NC ^^r^ltenaww? > -G?ci- 996-4551 , KB >" ..SiMffittV'' AmWW tXfiffifff/fit* *MIM9099SI a*BA ^gfn^K"| "Drive an '84 COUGAR home today I for only $10,500. It's loaded with I equipment." $-f n cnn| m?uuu| "See me for a great deal on I any of these cars." I ""^Tv^m"^1 Cadillac's to Hondas! I i ?*v A?1 x " 9 ueai, (jai men 7 ? Trade-Up ? You'll Save! I nnrawrffiffrmrfflH J ^ ASIUAJLm