Here Are Tips On Figuring Income Taxes More Thon
This column of questions and answers on
federal tax matters is provided by the local
office of the U. S. Internal Revenue Service
and is published as a public service to tax
payers. The column answers questions most
frequently asked by taxpayers.
Q—I pay someone to look after my chil
dren until I get home from work.
Can I deduct this expense?
A—Child care expenses may be deduct
ed when certain conditions are met.
Be sure to check the instructions
that come with the tax forms. They
explain what you have to do to
qualify for this deduction.
as a medical expense. If you drive,
you may take a deduction of 5c a
mile, in lieu of your actual expenses
for gas and oil, plus whatever you
spend for tolls and parking fees.
The costs of meals and lodging while
in route or at the destination are not
deductible except to the extent they
are furnished to your son by a hos
pital.
Q—My ex-wife has custody of our chil
dren but I claim them as depend
ents. Do I still take their withhold-
holding exemptions?
A—Yes, you can if they qualify as your
dependents. Generally the withhold
ing exemptions are the same as the
exemptions that will be allowable
on your income tax return.
Q
If I have to take my son to another
city for medical treatment, will I be
allowed any deduction for our travtl
costs?
A—If the trip is taken to obtain medical
care and not for personal reasons
then your transportation costs as
well as your son’s will be deductible
Q—If someone comes to check on your
tax return how can you tell if he’s
really an IRS agent?
A—An IRS agent will normally identify
himself by exhibiting distinctive cre
dentials. If he fails to so Identify
himself, he should he requested to
produce his credentials.
Q—My wife is expecting a baby before
the end of December. Since it’s
pretty sure to be born before the
end of the year, can we start taking
a withholding exemption for the
baby now?
A—No, the exemption cannot be claim
ed for withholding purposes until
the birth occurs. However, for a
child born anytime before the end
of the year, the full $600 exemption
may be taken on your income tax
return.
An overflow crowd of approximately
3,000 persons—including 2,000 chil
dren—attended the Christmas party
given by the Company for the children
of Fieldcrest employees in the Eden area
mills and offices, Sunday afternoon, De
cember 17, in Morehead Auditorium.
Haven H. Newton, division vice presi
dent—industrial relations, was the mas
ter of ceremonies and extended greet
ings from the management of the Com
pany. The Rev. J. K. McConnell, Indus
trial chaplain, gave the invocation.
A program of songs was presented by
Mrs. Mamie Link Dickson, of the Draper
Mill Accounting Department, and Har
old Squires, of the Draper Standards
Department. Mr. Squires led the chil
dren in group singing of carols.
“The Old Rebel’’, television personali
ty from Channel 2, Station WFMY-TV,
Greensboro, presented a show, includ
ing much audience participation, which
was greatly enjoyed.
At the conclusion of the programi
Santa Claus arrived and after greetinS
the children was assisted by the mill
superintendents and other officials ib
distributing Christmas stockings filled
with candy bars to all of the children.
Future Of Millions Rests With American Textile Industry
Look at the illustration at right.
Which of the people do not belong
in this group: truck driver, paper mill
employee, power company manager,
sheep rancher, corn farmer, construction
worker, machinery manufacturer, chem
ist, cotton producer, textile mill em
ployee?
The fact is that all of them belong.
In 1966 the textile industry paid this
group about $10 billion for its services.
Truckers earned more than $100 mil
lion from the textile industry, hauling
about 90 per cent of the textiles moved
in this country.
Paper manufacturers earned $240 mil
lion from the sale of paper cartons and
countless other packing materials to the
textile industry.
Power companies sold the industry
more than 16 billion kilowatt hours of
electric power last year at a cost of
$150 million. One South Carolina power
company reported that 38 per cent of
its total sales was to the textile industry.
Sheep ranchers sold 370 million
pounds of wool to the industry for ap
proximately $190 million.
Twenty-three million bushels of corn
were used to make 315 million pounds
of cornstarch for the textile industry,
for which it paid $31 million.
Construction workers built more than
$500 million worth of new plants for the
industry, and textile machinery manu
facturers sold it about $640 million
worth of new equipment.
Man-made yarn and fiber plants sup
plied the industry with a whopping
$2.4 billion worth of fibers—about 4
billion pounds.
Cotton producers sold the industry
about 91/2 million bales of raw cotton at
a cost of more than $1 billion.
Add to all of these expenses the
$4.6 billion in wages paid textile em
ployees in 1966 and the total bill comes
to about $10 billion.
It has been estimated that more than
15 million American workers and theil
families depend on the textile industry
for at least a part of their livelihoods-
This is the main reason the industn
objects to the three billion square yards
of textile imports flowing into the
ted States annually from low-wage fore'
ign countries. They take jobs from mu'
lions of Americans who depend on m
textile lifeline.
WHISTL^
THE MILL