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Tips On Taxes
For Late Reporters
It’s a good guess that preparing your income
tax return ranks with mowing the lawn and
cleaning out the attic as being among the chores
you’d like to avoid most in your leisure time.
“I start worrying over springtime problems
after they get here,” you figure. But already
“early birds” have unscrambled expense records
that may result in tax refunds for them.
Alas, by March the “early bird” opportunities
are flitted away. But if that W-2 form is still be
fore you, these things are worth considering in
several deduction categories:
MEDICAL-DENTAL BILLS
You can deduct medical and dental expenses
in excess of three per cent of your gross income.
If—for example—your gross income was $6,000
you can deduct expenses more than $180. Medi
cal and dental expenses include not only doctor
and dentist bills, but also such things as X-rays,
hospital insurance premiums, and hearing aids.
Drugs in excess of one per cent of your gross
income can be deducted as a medical expense,
too. But be sure to separate drug purchases from
other things you buy at the drug store. Tooth
paste, cosmetics, and toiletries are not included,
nor can vitamins, iron supplements, or other
formulas taken to preserve and tone general
health.
Parents’ travel to visit a hospitalized child is
deductible as a medical expense. The rule is
that the entire cost of keeping invalids or other
wise sick persons in an institution where they
receive constant care qualifies as a ’^^dical de
duction. An example: Parents of a . ..ntally ill
child may deduct transportation costs for their
regular trips to visit the child.
YOUR CONTRIBUTIONS
Include contributions to church, United Fund,
Scouts, Salvation Army, building fund campaigns
for a hospital or college. Deductible contribu
tions to charity can go as high as 20 per cent
of your gross income and up to 30 per cent in
some cases. The instruction booklet you receive
from the Internal Revenue Service gives infor
mation on the various organizations that are
considered deductible for tax purposes.
The fair market value of stock, land, furniture,
and clothing, for example, contributed to a
charitable organization is also deductible.
INTEREST EXPENSES
Biggest item here generally is the interest on
a home mortgage. The bank’s monthly statement
usually shows the apportionment of the payment
among principal, interest, taxes, and insurance.
Total the interest figures for the year. Add
interest paid on an auto loan, or to a finance
company, credit union, or even to department
stores on installment purchases.
Since your interest expense is likely to be
fairly consistent month to month, it isn’t dif
ficult to determine your total interest expenses.
OF TAX FIGURES
Real estate taxes head the list. This figure is
not necessarily the total of the monthly pay
ments collected for taxes in your mortgage pay
ments, for example, but the actual payments
made either directly or through your bank.
Include also in your tax deduction schedule the
cost of your auto and drivers licenses, sales tax
(the rule of thumb is one per cent of total in
come up to $10,000 plus the actual tax on major
purchases), and the state tax on gasoline.
AND OF OTHER THINGS . . .
Don’t forget to list any additional income you
receive. Such income as interest on a savings
account, gambling winnings, prizes, dividends,
and so on. Any additional income must be added
to your wage or salary when determining your
taxable income.
Other deductions may include such things as
cost of a safety deposit box and dues paid to
professional organizations.
WHO'S THIS
UNCLE SAM
YOU'RE CLAIMING
AS A DEPENDENT?
ONE FOR TWO—Single Iruck iire at left will replace duals
at right. The new tire, under development by Firestone, has been
put through many tests on indoor and outdoor equipment, includ
ing the company's test track in Texas. Quantities are in use on
commercial trucking fleets for evaluation. The tires will be avail
able in tubeless and tubed construction.
Company Making Single Tires
To Replace Duals On Trucks
The company has announced
that the new tire is a fresh ap
proach to the problem of im
proving traction and of reducing
space requirements and weight.
The 18-19.5 tire and rim as
sembly weighs 286 pounds, com
pared to 410 pounds for the 11-
22.5 dual assembly.
Tire cord such as that pro
duced at the Gastonia plant will
soon be finding its way into
large, single truck tires, replac
ing duals on tractor-trailer rigs.
This look into the future of
truck tires comes from recent
development by Firestone engi
neers.
Of this development, company
president Raymond C. Firestone
has said that it promises a great
advancement in truck transpor
tation in both service and econ
omy.
The new tire is almost twice
as wide as a conventional truck
tire for the average tractor-
trailer. Its load-carrying capaci
ty goes bewond that of the two
tires it replaces.
Gastonia Home
Of The Prathers
Mr. and Mrs. Jacob H. Prather
Jr. went to live at 2100 Garland
avenue in Gastonia, following
their February 20 wedding in
Loray Baptist Church. Mrs. Pra
ther is the former Betty Merlyn
Moss, daughter of Mr. and Mrs.
Buford H. Moss.
She was graduated from Ash
ley High School and attended
Limestone College, Gaffney,
S. C. She is employed in the pay
roll department at Firestone.
Her husband, the son of Mr.
and Mrs. J. H. Prather, attended
Ashley High School, and served
four years in the U. S. Air Force.
He is a member of the Gastonia
police department.
MARCH 20 THROUGH 26
‘Water—^Key To Survival’
Theme Of Wildlife Week
Yeoman Barker
At Hawaii Station
Yeoman 3rd class Jimmie F.
Barker, son of Firestone carpen
ter James C. Barker Sr., de
parted Gastonia for San Diego,
Calif., February 22. He had spent
30 days’ leave here, visiting his
parents at 102 South Vance
street.
Jimmie was scheduled to trav
el from San Diego to Barbers
Point, Hawaii, for assignment to
the U. S. Naval Air Station for
a year.
Yeoman Barker, a clerical
worker, was serving aboard the
repair vessel USS Jason in Pacif
ic waters before transfer to his
new duties in Hawaii. He joined
the Navy more than three years
ago, and had spent much of the
time on duty to Mexico, China,
Japan, Korea, Okinawa, Formosa
and Hawaii.
He finished the tenth grade at
Gastonia Ashley High school,
and completed the last two years
of secondary education in the
Navy, under the Armed Forces
Institute (USAFI) program.
The Navy has an excellent
educational setup, he is con
vinced—but his advice to would-
be joiners: “Get all the schooling
you can before you sign up.”
Barker’s address: GM Group
1, US Naval Air Station 14; Fleet
Post Office, San Francisco, Calif.
National Wildlife Week
will be observed March 20-
26, with the theme of “Water
—Key to Your Survival”,
calling attention to the im
portance of proper apprecia
tion and management of this
most essential natural
wealth.
The North Carolina Wildlife
Federation, Inc. will join the Na
tional Wildlife Federation for
this emphasis in a year-round
educational campaign on our
natural resources as essential to
our life and well-being.
On water as a vital resource,
the Federation points out that
water supplies are critical in
many parts of the United States,
and that underground supplies
are rapidly being depleted. Some
areas which used to have ade
quate supplies are now threat
ened with a shortage, as de
mands increase in proportion to
growing population.
Answers to these problems?
The Federation and its state af
filiates suggest these possibili
ties:
1. Clean up existing water
supplies so they can be used re
peatedly for a variety of bene
ficial purposes. These efforts
would include control of pollu
tion and siltation.
2. Safeguard existing water
supplies through sound land-
cover practices and watershed
programs which hold rain where
it falls. Additional research into
evaporation control and weather
modification may be productive.
Economical development of nu
clear energy may reduce needs
for hydro-electric power.
3. Seek new water supplies,
through research into saline
water conversion and develop
ment of additional sources.
4. Develop, through wise plan
ning, policies for obtaining the
most public benefit from water
supplies.
What can the average citizen
contribute to the conservation
of water and other natural re
sources? The Federation lists
these courses of action:
• Encourage teaching of con
servation in grade and high
schools of your community. Pro
mote opportunities for students
to take part in outdoor conserva
tion programs.
• Promote educational and
publicity drives to call attention
to the need for conservation in
schools, community groups, oth
er organizations. Show how
abuse of lands results in soil
erosion, water pollution, waste
AMONG other features are:
Less unsprung weight, lower
spring rate, softer ride, less
space required, fewer parts,
greater safety, sharp reduction
in sidewall damage and greater
off-road mobility.
The marketed tire will reduce
the number of tires carried in
inventory, and eliminate extra
rims and wheel spacers. Load
rating of the single tire is com
parable to a set of duals, making
way for payload increase.
The tire eliminates sidewall
damage from rocks wedged be
tween duals, and overload dam
age on irregular surfaces. The
single unit is possible through
construction principles which
permit the use of inflation pres
sures lower than those required
on dual units.
of farms and forests, wildlife
living places and outdoor recrea
tion areas,
• Set up a conservation-edu-
cation committee in your com
munity. Ask civic, church, school
and leaders of other areas of
community life to serve, in
studying ways and means of pro
moting conservation.
• Help get support for conser-
vation-education activities. Work
with your public library and
other community services to
make available teaching aids,
demonstrating and project ma
terials on conservation.
THE LOOM FIXER
When you fail to learn from
your mistakes, you turn away
the best schoolmaster of your
life.
Glasses affect vision—especial
ly if they're emptied many
times.
March, 1960 Page 7