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THE FORSYTH COUNTY NEWS-JULY 20, 19721
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 taxpayers. The column answers questions
most frequently asked by taxpayers.
Q) My employer transferred
me Fo another state last year
and as a result I plan to claim
a moving expense deduction. In
addition, my wife and I are
thinking of filing separate re
turns. Are the dollar limita
tions on moving expenses dif
ferent for spouses filing jointly
and separately?
A) In addition to direct costs
of moving, expenses may be
deducted for the sale or pur
chase of a residence or the
termination or acquisition of
a lease, house-hunting trips,
and temporary lodging and
meals at the new location.
However, the total deduction
for these three categories
cannot exceed $2,500 with the
latter two limited to no more
VOTE FOR
W aymon Tate
FOR
Coroner
YOUR VOTE AND INFLUENCE
WILL BE APPRECIATED
Radiator Repair
PROFESSIONAL RADIATOR REPAIR WORK ON
ANY MODEL CAR OR TRUCK* ALSO ANY TYPE
WELDING DONE EVERYDAY EXCEPT SUNDAY
AND WEDNESDAY
OTWELL FORD
AVON HUGHES - ED PRESSLEY
*"" PHONE 887-2311
ELECT
Larry D. Watson
FORSYTH COUNTY COMMISSION POST 5
'^' v '>w VA
In 1930 the electricity to run
a vacuum cleaner half an hour
cost three cents. Now it’s only
a penny*. You could clean up
with a value like that.
♦Based on Georgia Power’s average price per residential
kilowatt-hour. It's 20 percent below the national average.
Georgia Power Company
A citizen wherever we serve ®
PAGE 18
Ask Mb,
t : ———■ • i lllMd
than SI,OOO in total. The limi
tation is half the above
amounts, $1,250 and SSOO, for
certain married couples filing
separate returns. However, if
you and your wife file sep
arate income tax returns and
one of the following circum
stances exists, the $1,250 and
SSOO limitations do not apply:
1) Only one spouse com
mences work at a new princi
pal place of work for which
a deduction is allowable, or
2) Both spouses commence
work at new principal places
of work which are at least 50
miles apart and they do not
reside together at the same
residence during the taxable
year.
Under the second situation,
a husband and wife filing a
joint return may each deduct
up to $2,500 for expenses in
connection with the sale or
purchase of a residence or the
termination or acquisition of
a lease and SI,OOO for ex
penses for house-hunting trips
and temporary lodging and
meals at the new location.
Married couples who meet
the qualifications under the
revised rules may disregard
the dollar limitations for mar
ried filing separately listed on
Form 3903, Moving Expense
Adjustment.
Q) Some friends and I are
planning to form an invest
ment club. Does the IRS have
a publication on the tax duties
and responsibilities of such a
club and its members?
A) Yes. Call your local IRS
office or write to your IRS
district office and ask for a
copy of Publication 550, Tax
Information on Investment
Income and Expenses. It’s
available free.
Q) I should have filed an
estimated income tax return
last year, but I didn’t. Will I
have to pay an estimated tax
penalty this year after my
Form 1040 is processed?
A) The six percent penalty
for underpayment of 1971 es
timated income tax does not
apply in the case of single
persons with gross incomes of
not more than SIO,OOO or mar
ried persons filing jointly,
heads of households and sur
viving spouses with incomes
of not more than $20,000
provided the taxpayer did not
have more than S2OO (S4OO in
Impel
SAFETY
If you’re overdue for a
dental checkup, see your
dentist before you set out on
a trip to clear up any tooth
problems that might spoil
your travel. Dental work of a
less pressing nature can be
continued when you return.
* * *
When you enter a
wilderness area with your car,
it makes good sense to carry
an extra can of gas, a set of
signalling flares, a spare
fanbelt and fuse, and a first
aid kit. If the area is dry, take
plenty of water along.
* * #
Even on short trips it’s a
good idea to carry travelers
checks. They’re refundable if
lost or stolen and command
much wider acceptance than
do personal checks. Around
the world and in the U.S., it’s
hard to beat the safety and
easy spendability of First
National City Travelers
Checks. They are sold by
most banks in convenient
denominations and can be
redeemed or refunded in
more places than any other
travelers check.
* * *
Before you set out on your
next trip, ask your insurance
man about a “floater” policy
that will protect your baggage
against loss or theft. The cost
is often very low compared to
the risk of loss.
IT PA rs
TO READ
THE FORSYTH
COl NT) NEW’S
REGULARLY;
THE REST RU)
FOR YOl l< MONEY
the case of married taxpayers
filing jointly) in income other
than wages. In addition, the
waiver applies only for tax
year 1971.
Q) My son purchased a car
last year. Does the amount he
paid count toward his support
when I figure out whether or
not I can claim him as a de
pendent?
A) No. The purchase of an
automobile, whether by you or
your dependent, is not con
sidered when determining total
support.
Q) If I let the IRS compute
my tax, will it delay any re
fund I may have coming?
PAYNE
REFRIGERATION REPAIR
SANFORD PHONE
payne t,. 887-8578
FREEZERS
AUTOMOTIVE AIR CONDITIONING
RFO 2 OLD ALPHARETTA HO
AIPHARETTA GA. 30201
At Home Federal you’ll find that you can earn a peachy 6% on your savings investment.
On certificates of *5,000.00 or more you earn 6% interest a year and the interest is
compounded daily for an annual yield of 6.18%
What’s more the earnings are safe, and the rate is guaranteed, maturities from 2 to 10 years
are available...and, remember earnings in by the 10th earn from the Ist. See one of the
Home Folk’s experienced counselors about setting up a peachy 6% account for yourself!
*A) No. The IRS can com
pute the tax and issue a re
fund within 4-6 weeks from
the date the return is filed
with the service center. So,
actually, your refund will not
be delayed by having IRS
compute the tax since the
computations are checked on
all returns received.
Q) Do you have to use sales
tax tables in your tax forms
instructions to compute your
sales tax deduction?
A) No. If you kept records,
you can deduct the actual
amounts you paid in sales tax
for 1971. However, if you use
the sales tax tables to deter
mine your deduction, you may
add to the amount shown
sales tax paid on the purchase
of automobiles, airplanes,
boats, mobile homes and ma
terials to build your own
home.
For more information on
estimated tax, see Publication
505, Tax Withholding and
Declaration of Estimated Tax.
It’s available free by dropping
a postcard to your IRS dis
trict office.
FEDERAL
I Mpaailttii
imojitin
To The People
of Forsyth County
/ am a candidate for member of Forsyth County Board of Education
subject to the Democratic Primary to be held August 8, 1972.
/ acquired my elementary and high school education in Forsyth-
County. / have an A. B. Degree from Oglethorpe University and a
Master's Degree in administration from University of Georgia.
My life has been spent in the field of education. / have worked as
teacher, Principal, Coach, and Superintendent in Forsyth County.
/ believe my experience qualifies me to be a member of the Board of
Education.
/ pledge you efficient and honest service in working with other Board
Members and Superintendent to provide the best possible program of
Education for children of Forsyth County.
YOUR SUPPORT AND INFLUENCE
WILL BE APPRECIATED
Respectfully , Almon Hill
"fSASEBAU. pl-AYEP WAS ill! Szi Jt) r ATHLETICS l«
Al reach /// ;a> ' lemQ m
HOME
FEDERAL
GAINESVILLE, GA. - GUMMING, GA -
and COLLEGE SQUARE, Fmt 4 at Georgia J 65