Newspaper Archive of
The Malakoff News
Malakoff, Texas
March 5, 1981     The Malakoff News
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March 5, 1981

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The Malakoff News, Thursday, March 5, 1U1--13A In a series of tax tip articles by the East Texas Chapter of Society of Certified Public year 73 million of America's 91 collectively reduced by $17 billion. Most of taxpayers were average wage Many did not itemize deduc- r "trick" is not secret. They took of tax credits. In recent Congress has turned to the tax a way of extending tax advan- all taxpayers, including those have enough deductions to a tax deduc- reduces only taxable and is only available to those -~ allowed by law to itemize. A a direct reduction of the tax is an example of the difference the two. Say you are in the 25 bracket and this year you deductions to itemize. A expense of $8, by the time it final tax bill, would a $2 tax advantage. But But in order to claim them, you need to know what they are and who qualifies for each one. Tax credits are listed in the Form 1040 instruction book and in Pub. 17, "Your Federal Income Tax." Both are available free from IRS. There are also separate publications on may of the individual tax credits. These publications tell who qualifies for the credit and what forms, if any, you need to claim the credit. Although there are exceptions, you able to claim the credit for the elderly and reduce their taxes. (Schedules R and RP, "Credit for the Elderly" at- tached to Form 1040; Pub. 524, "Credit for the Elderly"). Political Contributions. [f you made contributions to qualified candidates or political office or to political commit- tees in 1980, you may be eligible for a maximum credit of $50 ($100 on a joint return). (Form 1040 or 1040A--no special additional form. Information in living with them may be eligible for a credit of up to $500, depending on in- come. Note that this is not like most credits because it will be refunded even if it exceeds taxes owed, or if no taxes are owed at all. Taxpayers now have the option of receiving this credit along with their pay each payday. A worksheet for figuring earned in- come credit is in the beginning of the tax package that comes in the mail and is also available separately. However, usually need to file your taxes on a Pub. 17 and Pub. 585, "Voluntary no special form is necessary to claim Form 1040 if you plan to claim a credit. There are special lines on that form for entering the do]Mr amount of the credit you're claiming. If you don't itemize deductions you may still be able to use the same simple tax table method that is used to complete the shorter 1040A. Here is a brief summary of some common credits: Child and Disabled Dependent Care. If you incur expenses to care for your child or your disabled dependent or disabled spouse so that you can work, you might be entitled to a credit. Twen- ty percent of those expenses-up to $400 for one person, $8O0 for more than one-- can be claimed. (Form 2441, "Credit for that same $8 coming as a Child and Dependent Care Expenses;" wouldn't have to itemize to Pub. 503, "Child and Disabled Depen- Your taxes would be reduced dent Care"). $8 because you subtract a Credit for the Elderly. Persons age 65 Methods to help Finance Political Campaigns"). Residential Energy Credit. Those who have installed certain energy- conserving devices in their homes - such as insulation, storm or thermal doors or windows -- may be entitled to a credit of 15 percent of the first $2,000 of the credit. It can be claimed directly on Form 1040 or 1040A. (Pub. 596, "Earned Income Credit;" Form W-5, "Earned Income Credit Advance Payment Cer- tificate," if you want to receive payments each payday.) Targeted Jobs Tax Credit. Em- ployers who hire members of any of the expenditures, not to exceed a credit of seven economically and socially disad- $300. Additional credit is available for the installation of renewable energy source property, such as solar heating. (Form 5695, "Energy Credits" at- tached to Form 1040; Pub. 903, "Energy Credits for Individuals"). Earned Income Credit. Certain low- income parents who earn less than $10,000 in 1980 and who have a child vantaged groups may be able to claim a credit. These groups include- han- dicapped individuals undergoing vocational rehabilitation, Vietnam-era veterans and welfare recipients. This credit is worth up to an additional $3,000 per certified employee for the first year of employment and up to $1,500 per cer- tiffed employee for the second year of employment. (Form 5884, "Jobs IRS has another free booklet, Put). Credit" attached to either Form 1040 or 900, "Index to Tax Publications." This Form 1120; Pub. 906, "Targeted Jobs contains an alphabetical list of topics and WIN Credits"). and the corresponding publications You may be qualified for some of covering each topic. these tax credits. Check the recom- Look under "credits" for tax credits mended publication or call the IRS not mentioned here. The index will forms/tax information number listed in direct you to the publication with the the telephone directory. Also bear in necessary information. All these mind that this summary is not all- publicatious andformsareavailableby inclusive; there are several other less suing the order form in your tax common credits, package. I Rabies Vaccination Clinics 1981 schedule Saturday, March7 Thursday, March 12: Saturday, March 14: Dr. Troy C. White, Veterinarian Eustace at Byer's Feed Store .......... I0 to II am. Athens across from Fire Station ....... 12 to 2 p.m. Poynor .............................. 3 to 3:30 p.m. I.~Rue ............................ 3-45 to 4:15 p.m. Trinidad School ...................... 3:30 to 4 p.m. Malakoff Elementary School ...... 4:15 to 4:45 p.m. Cross Roads .......................... 5 to 5:45 p.m. Carroll Springs, Mitchell's .......... II to I1:30 a.m. Athens across from Fire Station ......... 12 to 2 p.m. Murchison ........................ 2:30 to 3:15 p.m. Brownsboro School Shop Bldg ...... 3:30 to 4:15 p.m. Chandler School ................... 4:30 to 5:15 p.m. $3.00 per animal from your tax bill after or older, or those under 65 who receive . )ther figuring, a taxable pension or annuity from a .(~f~/ e -~+wo+--+a++bl+etre~ yt~mig~t~ ~ ~~~~+ 'rcentage ,,f firs.t.time ' .i ! i .... ", Two Locations To ,me buyer , less IE. '80 ", ......... ,......'." ...... ; t' i i .... ,,,"".l Hwy. 90 Caney City Hwy. 85 Gun Barrel City .~Xcentage of home buyers en- average monthly payment was $558, up A~". 7 a.m. ti112 a.m. midnight PhoneAhud 7 a.m. til 7 p.m. ~ housing market for the first from $421 in 1979. "7~ ~ t~'~ ~"f([ I ? ueclined from nearly half the As part of a trend that began in 1979, %/~ 4135'1089 ,o,, ,,,,... 887-2725 m 1977 to less than one-third in first-time buyers relied more on "Ports the Family Housing relatives for help in making the down ~.t -~ WE ACCEPT FOOD STAMPS SPecials;.; good March 5th thru March 11th , a Public information service of payment on their homes. And a greater ) Title Insurance Comn~nv inpercentage received half or more of the r-- d! annual national survey of down payment from this source in 1980. mmebuyers In 1977, 756 rcent of first-time 0 ..... pe ,"rst-timebuyersrepresented buyers came up with the down payment Metzger Milk' eent of the market, comparedto entirely from their own savings and in- Mrs. Bairds FREEZER PACKS :_Asreentinflationin 1977,mountedthe peakin year1978 toVeStments'51.1 percent.BY 1980, this total was down A. AA Town Talk Bread ' [ _ . , i~:ntage of first-time buyers The percentage of first-time buyers ~ /]/? + [ E.+h./o, ._~.,i,,l [ ~;,,~t, .... u_ pc,,,,,; t 36.7 percent and held steady receiving help from relatives in making .2/99$ ,,o, ] 5 Ibs Ground Beef e Z~cent in 1979 the down payment was 32 6 percent in I gal. jug n n " . . 10 Ibs Pork Rnbs '.first-time buyers who did enter both 19"/9 and 1980, coml ared to 14.3 J Large lear I 5 Ibs. Sausage 5 Ibs. Sirloin Steak :: ,,.." r ..... :nS,zng market in 1980 pa'id percent in 19'77 and 8.7 percent in 19"78. ' '1 5 Ibs. Bacon J 5 Ibs. Round Steak :,._ .uy more for a home than However, in 1980, 26,2 percent of first- I'k ____ ..,,,,.--." 5 Ibs Beef Ribs I 2/zt Ibs Bacon in. Dee, mug ++unt, erparts in past years, and time buyers received half or more of.. btoarettes .----- g~--'-" i lob.+ , ' memselves for substantially the down payment from relativeS vs. i I 5' F era 2t/z Ibs.' Sausage 32 Ibs'lbs SmokedRin SausaSausagee ,Ortgage payments, the survey 15.2 percent in 1979 and 6.8 percent in 1 -- -- -- Loca-Lola ' l 5,bs. Fryers " g g ,~edian price of ahome nur- 11~ASs a percentage of the down payment I (; m~g ' ,P,ck 25 LBS. [ 25 LBS.. 35 LBS. ~Y a first-time buyer was $81"~450 made by all first-time buyers, relatives ~ are ex~c~e~Crapared t $50'800 in1979" The accuntedfrl9"5percentfthettalinlcentin1978..1980'vs"14.4 percent in 1979 and 6.2 per- J iP pack Cans 0NLY $2895 / $i1495 $3995 ,r."||n "tn"ti"~t visit" t'~ Tneramlw"usmguureausurvey i +' carp . [" "{ ~- 'No t~ Adrninist~'a~lon'me(iical'cen[ also noted significant changes in the WO J Year a ' er,~a.~ nf 7.~ nnn nw: way repeat home buyers moved up in nm ................... + . 2 Litof I + b. the housing market. Fewelb relied on .+ + ..... :~ ~/'~ ~" + ++ + +:= "'~1~It + + " '('+ ) F[O. 4 f,O. 5 ....... " + +~" the sale of a previous home as themmr. ce for all or most of the down payment, fU ctne 111 [ A II t T" .1. _ I ...... 8 lira. Rump Roast ILJ .... I As the median price of a home for I 0 ]., // ONLY q II W 19s..,ound S!eak I 10 Ibs. Pork Ribs7 Ibs. Pikes Peak help Prevent I repeat buyers moved up to $75,750 in O O t: ,acno. ; o oS. 3,fi0m :steak I Birlh I 1980 from $84,600 in 1979, and monthly ~ . ....... I S Ibs. 6010 n 10 bs. Chuck Roast i , U lOS. :seven : teal g a I -': _""''--'" - . mortgage payments rose from $466 to turf'Inf. _ noeia[ sins. Ground Beefl " 15 Ibs Fryers me Ncdion's I $660, a greater percentage of these - . I 15 Ibs Fryers I0 bs. Seven Roast NUlYllh~;r-I~n-~ I buyers made part or all of the down hild="U'lUUrHealthVm' ]]payment from savings and investmen. V~FVvmql~m 25 LBS. I 30 LBS. 56 LBS. tsln- 1980, 39 7 percent of repeat buyers ~l'ob|e~r~Y .... I received allof the down payment from Schlitz" $'762 Stills5 I $9Q95 $7Q95 the sale of a previous home, compared Case of 24-12 oz. cans O plus tax I i ' J ...... I to 55.8 percent in 1979. And 46.6 percent [ -11' q 4F O ,Porl llhe _ ] of repeat buyers received 90 percent [NO I~.,~L- ~.~ I from this source, down from 61.1 per- F[U~/~,70 ,,l~r~[m,, ,I.., cent in1979, Coors or Budweiser .,,,.. + No. 7 . s + IMI~II~I01 l V| I The Family Housing Bureau survey II + I was made as part of Chicago Title In- P+~ea .~t ! il P JL : 10 Ibs. Chuck Roast I I ,ll~Wl~d~l~ , surance Company's continuing v;i~2'OZ" Cans --1:) plus ~llX , l: II~ B~B~fl~Pb$O~t I I ~l~ll 1 l~ I program to foster interest in home ........ ow rshi The om n " nm...,..-. ~.~.-~--~- I ne p. c pa y nssues real 5 Ibs. Pork Chops 5 Sausage OlI IH UIgP I estate title insurance, which insures the 6 6/IJ It I I0 Ibs. Ground Beef l 5 Ibs. Bacon ,5 Ibs. Bologna l FOUNDATION I existence ornon-existenceofrightsto t[ comes to meaG ] 2011m.Frym I Z0Zbs eorkRibs5!bs.Ground.Beef] ......... ] property for lenders and home owners, i " 3 IDa. HOt Llni[s ~ This insurance pays the policy holdor ~J'',/~/)' u' 0, " J"m''+" ,o,,., I ~'hts s~oce contdbutoO [ for any losses if the title insurer is found b~ tobewronginitsdetermination. ~/i~fba,,~.h corn,+ [ I ! ' WHOLE 75 LBS. l' + 35LBS. 30LBS. I I WHOLE HAMS "--95 " ^95 " "9s Smoked 041 1 PORK LOIN I ",11 I Supr Cured lb. | + I Cut & wrapped 133 - ......... ,to. , ~ ....specm~, 1 1 1 PnnK cHOPS 5 'bs. Club Steak I0 ,bs. Rump & Pikes I0 ,bs. Ground Beef II Itlone -owcn ,v,,,, v 5 Ibs. T-Bone Steak Peak Roast l0 Ibs. Chuck Roast I 9uarantoa I n I k- 1 AlSO 5 Ibs. Sirloin Steak I0 Ibs. Short Ribs 10 Ibs. Seven Roast " - ,/ #,, A V I ,L it + 5 Ibs. Round Steak 5 Ibs. Bacon 5 Ibs. Sausage II o..,,.rv,,,,,, we s.,, . ,an AOg 20 Ibs. Fryers1 , ce STONEWARE SLABSLICED so Pu, eAUSAGE 100 LBS. ONLY "1 | :EE/TEA SERVICE --..-.. ,L J, [0 Ibs. PORK 0 _ .... -....-n NINfiPOTwitKCOVER.6EASY.ORIPCUI URGUN VoITB.I 118 No. I . _ I MATCHINfiCREAMER -- [0 17o. 12 pnl~M'.l=lng ;o[~;,,~ " / v/o. 7 2 I uvutm't mtn olrllol/ UttlBe lOIbs. Sauup I 51bs. ArmRoastl ..._ tSO r utn l-llUI- o 5 Ibs. Pork C'hops | 5 Ibs. Beef Ribs | 3 Down 1U |DS, J, j' CENTERCUT 1! 101bs. Pork iRbs I 51bs. Ground Beef / ALLMBULK lb. 1 ,b. S54" ..... 1++ ......... +~14:P! ~+I 301 N. BEATON ST. - CORSIcANA U.S.D.A. CHOICE HEAVY BEEF ' 1 28 )mum lb. NO EXTRA CHARGE FOR CUTTING & WRAPPING III lb. lb. WITH COUPON WITH SIDE OR QUARTER OF BEEF. Good March 5-1 l, 1981