European Stars And Stripes (Newspaper) - March 6, 1989, Darmstadt, Hesse Common sense tips for hassle free filing by the associated press it s easy to avoid the most common error found on Federal tax returns just be sure to claim the right Standard deduction every year a experts Sam pts returns on which errors have been found and every year the results Are the same thousands of taxpayers Don l itemize deductions write Down the wrong Standard deduction the problem was made worse by the 1986 tax overhaul which limited the Standard deduction Lor taxpayers mostly students can be claimed As a dependent by someone Ella. The new Taw also complicated the Standard deduction for those Are . If you file the Long form 1040, got your Standard v deduction from Page 17 of the instructions. See pages 28and29ifyoulile1woaor.1woez. Thousands of other taxpayers Nike errors in. Arithmetic and although such mistakes usually Are caught by an irs computer they Likely will delay any refund. Another common error can be most costly. Large numbers of lower income working families that Are eligible Tor the earned income credit fail to claim it others make the wrong calculations. To determine whether you Are eligible Check the worksheet on Page 20 of the 100 instructions or Page 35 of the 1040a instructions. Some other things to remember be sure you copy the right figure when you Road across the tax tables to find your lax liability. Even the Rule for rounding Oil to whole dollars has been complicated. The irs says for example that you May round off $t,391o $1 and $2.50 to s3. But if you have to add iwo figures to arrive at the amount to enter of a line round Oft Only the total not the individual figures. If you had two or More employers and earned More than $45,000 last year you May have had Loo much social Security tax withheld from your paychecks. The excess May be subtracted from income taxes owed. Tax on your series e or be . Savings Bonds is due no later than when they Are redeemed. However you May choose to report the interest each year when it accrues and pay tax Anu airy. V. The Law says you have not filed a return unless it is signed. You could face a $500 penalty for Ming a return that does not include Basic information necessary to determine your tax liability. And even if you feel me need to protest Don l Cross out or alter the under penalties of perjury declaration just above the signature line trial you it void the return. Keep All records pertaining to your faxes Lor at least three yeas. Records on the Safe purchaser improvement of property including your Home should be kept permanently As should paperwork on your individual retirement account. " you Meisl file schedule b Lor form Emo or schedule 1 for 1040a it you received taxable interest or dividends exceeding 1400. The irs needs to know How much tax exempt interest you received last year ii should be listed on line 8b. Don t include infer esl earned on your individual retirement account. By feb. Is you should have received from your employer a w 2 form showing your 1968 income. If you did task Lor it. Lack of a w-2 does not excuse you from filing and paying any due lax by the april 17 deadline. If you canno Complete your Ratum by the deadline file a form 4b68 instead which gives you an automatic Extension to aug. 15. However you must estimate How much tax you owe and Send a Check for that amount with form 4868. A stax facts files . Taxes overseas americans living abroad 3 million How Many iia. 900,000 the sequence numbers listed under "198b" in the upper right Corner of your tax forms Tell you in what order the supplemental forms and schedules should be attached to your 1040. You May have heard frat if you use the reprinted stick on Label on your return you Are making it easier for the irs to select your return Lor an audit. Nonsense say experts outside Iho irs the Label simply makes it easier Lor your return to be processed through a computer. If you Are self employed. You May deduct on line Bof form 1040 25 percent of what you paid for health insurance for yourself and your family the deduction May not exceed your Hel sail employment income and Ilo health insurance investors in enterprises that generate losses May be subject to a whole new set of lax rules. In general a loss from a passive activity something in which you do nol materially participate May not be used to avoid taxes on non passive income such As wages. Check irspubteion925. If you deduct Alimony payments your return must show the social Security number of the recipient the recipient s return must show your number. Don t forget to put a stamp on your envelope in t a filed return until it is received by the irs end the postal service probably will not Send it without a stamp finance Center Federal s makes other iras less interesting if you think cd rates will go to higher Levels before april 17lh, our variable account is exactly right for you you can Combine maturing cd and new deposits into this one easily managed account which has no maturity no annual fee and no exit fees. The Curron rate of 8.55 apr with an effective yield of 8,90% is guaranteed through april 17, 1939. This rate is subject to change and could Sqq higher. Annualized Eflee Uve a Reid on he variable account based on month compounding q 8 55% in addition to the variable account we offer fixed rate certificates with maturities from 12 months to 60 months. These High yield cd have a $1,000 minimum Deposit requirement and compound monthly. 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