Newspapers / The Waynesville Mountaineer (Waynesville, … / Feb. 10, 1955, edition 1 / Page 2
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?Your Income Tax - 7 More Expenses Tax Free This Year By FRANK O'BKIf N AP Newsfoaturcs What can 1 deduct" Where do 1 do if How much" Under what cn cumsiances? . These are the perennials of in riimr taxpaylnn tint" This *ar. v-ju will in lllinKf >??* income tax return under a branc ;rTaw that allow Import.", new tax cuttinR deductions - t around town expenses of employ cv for soil conservation expcn^ 'l tarmers, and. among personal de ductions. for intere-t on msta - ment purchases, child caie <"n tributions and medical costs. All previous deductions are still permitted. As always, you will Ret the biR Best tax benefit from deductions if you understand ciealy how i t> tax law groups them In the new law. as in the old. there are three main groups <>1 de ductions. These are: 1. Deductions of business ex penses of employes. 2. Personal Reductions. 3. The businessman (proprietor, partner, farmer or professional>. ran deduct from his profits all "ordinary and necessary" business expenses. This is done on special schedules designed to show all business expenses and income, and the results are transferred to sum mary schedule C of form 1040, where any losses brine carried for ward from previous years can be deducted from profits. Since the farmer is a businessman, he de ducts for his soli and water con servation costs as a business cost, not as an employe expense. This article will deal with the business expenses of employes. I he next article of this series will deal with personal deductions. Husiniss - connected employe expenses are deducted, within set limits from your gross 'total i in-1' come, on page 1 of form 1040, De- ' ducting them, if any. is a step in finding your adjusted Rross in come. the basis for figuring your I tax liability, ? There are two kinds of business connected deductions for employ- < es. Thev are handled separately. ? and differently, and it will help you to Ret the full advantage of t both your business-connected and < personal deductions io understand c clearly how to make your em- ; plow deductions. The two kinds of employe busi- i ness-eonnected deductions are: 1. Employe expenses that are t reimbursed, in oart of in whole, i by vour employer. 2 Employe expenses of which,.: no uart has been repaid to you t In the first?reimbursed- class. < you may include anv kind of at , : low able deduction for employe ex- i pepsps But the amount of these deductions may not exceed the ; amount of expense mone> you re- ' ceived. In the second?unreimbursed class you mac include, as a busi- < ness - connected expense, to be i deducted on pace 1 of form 1040. I oolv three types of expenses These are. expenses of travel away I from home tyou are away from < home" for tax purposes only when 1 you are absent on business over- t iii?hte transportation around town and the expenses of an outside < s,t*??man. _ - ' Thre" arc manv other kinds of d-ilnctible emnlove expenses in- ? <*Vudio" union does. small tools re- t oiilrrd bv Vour iob fees for mem- 1 bershiP in professional societies necessary entertainment of oils- ' tomers cost <if safety eouloment I yell slinolv and aM o'ber ordin ary- and necessary" expenses of 1 \iuir job Ithrn these vt reimbursed ex pnisrs, they ran be deducted on page 1 of form 1040. from your gross income, up to the amount you were reimbursed. But when they are unreimbursed, they must be listed among your miscellaneous, personal deductions, iunless you are an outside sales man) on page 3, where you may itemize your personal deductions. If you choose not to iteml/.e your personal deductions, you have no way to deduct your unreimbursed employe expenses other than costs of travel away from home, trans portation around town, and ex penses of an outside salesman. Consequently, before you decide whether to itemize your personal deductions or take the standard personal deduction ilO per cent of your adjusted gross income), it ; is well to know: a? whether you have deductible: employe expenses. bt if so. into what class of , business-'connected expenses they fall. "Transportation around town" ! ind "expenses of an outside sales- > man" are the new phrases in the new tax law, in connection w-ith business - connected, employe ex penses I Around-town transportation costs were formerly not allowed by law is deductible employe expenses: They now are. They include local i bus, street ear. subway and taxi I fares, and the cost of operating | (?Our own ear in your work 'but not I o and from home transportation ?osts. cither in your own car or | itberwised Salesmen who work outside heir employer's.place of business "outside salesmen") formerly "ould deduct their costs only imong their personal deductions and. therefore, only if theV item zedi. Under the new law, outside; salesmen may deduct their busi ness-connected expenses as a busi ness cost. An outside salesman is one who ; -ells fjjjl (img, Thi> does not in- j ?lude part time salesmen, like milk ?Jolivery men. who rnav also do : .ome business soliciting hut whose main job is delivering The outside salesman can deduct ill his "necessary and reasonable" nusiness co-ts These include: Costs of telephone, stationery, secretarial help and entertainment ; if hi- customers, in addition to lo :a| transportation and away-from notne travel costs. Travel eosts away from home, for salesmen and for others, in cludes eosts of room and board. | Local expenses do not include meals. You handle all your (partly or ?ntirelvi reimbursed employe ex prn-es like this; You first add to your total wages ?vervthing received from your em ployer as renavmenl for your busi ness-connected exennses. Then you subtract from the total cour actual expenses, up to the lotal of expanse rhonev paid to sou hv your emnJovor. You cannot subtract, a- a business-connected TOBACCO CANVAS READY AT ARMY CHIEFS HEAR BLAST AT CUTS GENERAL MATTHEW B. RIDGWAY (left). Army Chief of Staff, and Secretary of the Army Robert T. Stevens are shown before the House Armed Services Committee in Washington. Stevens stated that the nation s reserve forces must be brought quickly to combat readiness. Representative Carl Vinson (D-Ca ), committee chair man. then blasted the Administration for cutting the si/e of the Army without consulting Congress. (International Soundphoto) Navy Reopens Its Graduate Training Program Chief Charlie Holcomb. travel ling Navy recruiter for Haywood County, said today that the Navy Department has authorized the re opening of the High School Grad uate Training Program wherein high school graduates may oe as sured of an opportunity to attend one of 53 basic vocational Navy trade schools. The programs thrown open to the high school graduate cover the fields of electronics, hospital and dental corps, aviation, and special ized schools for general service. There are 14 schools in the elec tronics field, covering aviation, shipboard and construction bat talion ratings. In the Hospital Corps High School graduate train ing program opportunity is pro vided for attendance at either the Hospital Corps. or the Dental Corps schools. Completion of ill" Aviation School of Fundamental, another field under the program, provides opportunity for attend ance at either of the other schools specializing in aviation. The specialized schools for gen eral service cover 2tj different Navy ratings In.the broad fluids of engineering, construction battalion ratings, clerical, radio, electronics, gunnery and seamanship. Good physical condition, between the ages of 17 and 31, with no prior military service, and good moral character were described as the basic requirements for enlistment under the program. Candidates must also attain a qualifying score on the Navy's enlistment examin ation. and present documentary evidence of graduation from high school This newly reinstitutcd program was discontinued about 18 month ago, according to Chief Holcomb. Application can be made by con tacting the Travelling Navy Re cruiter. who will be in Waynesville from 10 a.m. - 1:30 p.m. Monday at the PostofTice. expense, more of your reimbursed expenses than was reimbursed. If your aetual expenses were less than the expense money you received, you will come out of this computation with increased total income. It' your actual expenses were more than the expense* money you received, (that is. if you were only partly reimbursed) you can deduct the remainder (your out-of-pocket expenses) among your personal ex penses, if you itemize, on page 3 of form 1040. And. as stated earlier, you may also carry over to your personal deductions (if you choose to item ise them) all of your unreimbursed employe expenses except cost* of travel away from home, around town transportation, and all the necessary and ordinary business I expenses of an outside salesman There is no special box or sched ule in the tax form to fleure your | emplovp expense deductions. You must itemize them on a separate work sheet, which von attach to your return (always keeping a copy for yourself). You subtract vour permissible emoloye deduc tions from your total incoqic 'make this subtraction a part of the work sheet). and enter the result as vour total wares In item 2. on pace I of form 1040 (Next: Your personal deduc tion*.) * "W IP" -I?u For indoor pointinr choron, mix tho povtt in ? r*lvamz?l xiorl Mil W prrvrt ' aptatiorin* Noxi strop h a viro, faotonoH to th? pad-* handlr atlarhmon*. aorooi lit* tnpnf Diopoil and inoit toromnvo ox raoa pamt from th? bruah dnnnf raintinf. Totally blind fish are found in caves in many parts of Ihe world. i ;iiv/v _ ? | ? Traffic Safety Officials Endorse Tubeless Tires Tube less tires, rapidly becoming ' standard equipment on many pas- ; senger cars, have moved out of the novelty class and have been en- < dorsed strongly by traffic safety < authorities across the nation. According to a recent report i from A. J. White, director of Motor Vehicle Resarch. Inc. of South Lee, New Hampshire, the tube less t tires, if adopted generally, should ? bring about a much greater margin of safety for motorists Blowouts are virtually unknown in tires without tubes In old sty le tires, White siad. unless cars are driven from low to high speeds slowly, to allow for heat buildup blowouts are likely to occur. This caught the attention of State Motor Vehicle Department authorities. They recommend that Tar Heel motorists, with conventional rub ber on their cars, start a long trip at low speeds, gradually increasing until normal highway speed is at tained. Tit is practice will help to prevent dangerous tire failures, thev said. Other light on blowouts, as re vealcl by White, concerned "ozone puncture" or "spark bite." terms used to describe the build un and discharge of static electricity at the compression point of the tire and tube when the car stops. "An electrical discharge creates ozrfne. a gas that ruptures and dissolves inner tube rubber, caus ing them to fail." he said. "This discharge of static electricity is felt b> niany motorists daily and is a natural phenomenon of a car traveling on a drv road without an adequate ground connection." The tubelcss tire would not be subject to this type of puncture. White said. Pressure build up, while tires are rotating, may be alleviated in the future by inflating them with nitro gen instead of compressed air. he predicted. "Meanwhile the tubeless tire of fers the best margin of safety to motorists." Travel Tinte FLAGSTAFF. Ariz. <A1H __ Edi tors of the high school student newspaper don't think their par ents had it so rough even it' they did have to ride horseback or walk miles to school. They noted tiiat pupils living in Sedona, 30 miles awav. travel 43.200 miles bv bus going back and forth to school for four years. BOMBS FALL IN THE FAR ?" ""~~~~1 this map C *5 TIEN t i f. V7V TOUMEN * J ft*] ? dji ?> TUNGCHl aRetlfr ? W%J ? Ap_ 0 Wopeng ? I ? YICHANG D?iru4i 4 lands (l) ' ? 1 . O PAICHAI \ fro?,.; ? ?V t ? \ Tachen Islands \ Jj j q Ching 8 " >/ '*?? ? Jhuangchia* TACHEN I /A SIA ||SH|kiang]^1 ^ Tu.i.ang^y TACHEN '* |j C KW N A/^ I I J?T I =^X> POOCMOWs^r f0S( flB ^==N 7 S matsu c??lm l| fuTsiSfe I Vxvwk""" ^ El 1 ^ HINCMW* IL MU-Ao3 "AN I fAM0?0T^V .Taip^J jy%^ * i ^^TUNGSHAN /FORMOSaII No gasoline-no, not a single onej has higher octane than New1955 GULF NOflffl I This lamp is burning the "DIRTY-BURNING TAIL-END" of gasoline which GULF refines out This lamp is burning NEW SUPER-REFINED GULF NO-NOX, the clean-burning super-fuel but octane alone is not enough... That's why new Super-Refined Gulf NO-NO is specially made to burn clean?to protect your engine?to give you thousands of extra miles of full engine power. Fill up with new Super-Refined Gulf NO-NOX and k' the d'tferehce. right from the start, in full engine po*f that lasts! You'll get: ? More complete engine protection than with called "miracle-additive" gasolines. ? Extra gas mileage in the short-trip, stop-and-godriv ing motorists do most. ? Stall-proof smoothness . . . instant starts fast fucl-sasing warm-up. ? No knock, no pre-ignition?c\en in today> compression engines. r ??? ?? ?? ?? ? ? ? ? ? ? ? ? ? _ ? ? ? ? ? ? ? ? ? ? ? ? I I Always remember: Octane alone is not enough. Only a gasoline thai burns clean can make its full octane power really work for you mile after mile. . ? ' Thai's why, instead of trying to fight harmful deposits w ith so-called "miracle additives"? inside your engine?Gulf believes in prevent ing them from forming in the first place; re moves the cause?the "dirty-burning tail end" of gasoline, at the refinery, to bring you new NO-NOX. Just look at the plates in the photo above, and sec what a difference Gulf super-refining makes! ? We al (Julf make this promise* to America's motorists. We will not permit a single compet itor? mKnotasingleone ? to offer a gaso line superior to our own superb No-Nox. ? It is our sincere belief that No-Nox is the finest gasoline on the market today, and no mat ter what others do or sav we will keep it the I I I- _ __ __ ? This is GULF'S PLEDGE to the motoring public finest ? in power, in performance, in cnginf protection. ? This is not a boast, not a claim. It is a plid?' to you, the motoring public?a pledge backd by the resources?and the integrity ? of t.ulf Oil ( orporatmm^^^^-^^^^^ New1955 GULF NOM (GW Its super-refined... to burn clean! The "55 gasoline for all high-compression engines l1?/ * IMl I j ! ENLOE and REED, distributor DIAL UL 6-1.109 LAKE Jt>A? RMRIl^ ? if. ? rfc ? ?""StSJT ^ *? '?* * ? 8NBi
The Waynesville Mountaineer (Waynesville, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Feb. 10, 1955, edition 1
2
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