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PAGE 15 -PLAINDEALER-WEDNESDAY, MARCH 24, 1971 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) I operated my own business last year, but didn't make much money from it. How much income can I earn before I have to file a tax return? A) If you have net earnings from self-employment of $400 or more, you must file a federal income tax return and you may have to pay a self-employment tax. The Tax Reform Act of 1969 liberalized the filing requirements for single wage earners and in some cases for married wage earners by in­ creasing the amount of income required before a return need be filed. However, even if a return would not have been required based on his total income, a taxpayer still must file if his self-employment income was $400 or more. See the instructions for Form 1040 and Schedule C (Form 1040) for more details. Q) Each year I hear of cases where refunds are delayed because taxpayers make errors on their returns. What are some checks I can make to avoid an error and get my refund faster? A) To insure the prompt processing of your return, you should check the following before sending your return: (1) Recheck all your mathematical computations; (2) Be sure you used the correct tax table or tax rate schedule and added the surcharge to your regular tax; (3) Be sure you used the peel- off label that came on the cover of your tax package (If you don't have the label, write name, address, and Social Security number in the spaces at the top of the front of Form 1040); (4) Be sure that your return is signed and dated; joint returns must have the signatures of husband and wife; (5) Be certain all W-2's and supporting documents are attached. Q) A few months ago a ring that cost little but had great sentimental value to me was stolen from my home. Since the ring meant so much to me, can m McCLORY REPORTS From Washington President Nixon's State of the World message has drawn many comments -- but few thoughtful criticisms. Most of those who have carped at the President's statement of foreign policy have selected isolated areas without offering to view the world as a whole. As the President declared: "We have set a new direction. We are on course." Indeed, the new direction aims at a "full generation of peace." After twenty-five years of military buildups and mutual security commitments, the President's new policy, denominated "The Nixon Doctrine," has resulted in bringing American troops home from South Vietnam, South Korea, Japan, Thailan, The Philippines -- and elsewhere. The President has signaled the end of an era of economic and military dominance. In its place, he has developed a policy whereby we can cooperate as partners with these and other friendly nations. Without sacrificing our role of world leadership (so vital as, for instance, in the present Mideast crisis) we are in­ spiring greater self-reliance in those nations which had developed the habit of relying entirely on our American economic aid and military might. In addition to inaugurating a viable partnership with friendly nations, President Nixon has opened the door of reconciliation with the People's Republic of China (Red China). This surprising overture reveals the practical realism of the President. He knows that a generation of peace cannot be achieved while threatened by a confrontation with a growing nuclear power - with which we do not now have normal diplomatic relations. While our conversations in Warsaw with representatives of the People's Republic of China have been informal - and secret - the President's New China Policy NEW INCOME TAX LAWS? Yes, the most sweeping changes that have occurred since income tax originated in 1913! And, yes, the new tax act affects YOU! Today -- more than ever -- /ou nee^ com­ petent help with your income tax return. Montgomery Ward Tax Specialists have been highly trained in all phases of the new tax laws and are waiting to serve you. This year, have peace of mind -- let a Mont­ gomery Ward Tax Specialist do your income tax. ! Our 12th Year of Income TAX Strvic* Rte. 14 459-3120 Free Parking Crystal lake I take into account its sen­ timental value in claiming a theft loss? A) No, the law does not recognize sentimental value as a factor in determining the amount of the loss. Your loss from the theft of the ring or other personal property is its cost, or fair market value, whichever is less. The loss is reduced by any insurance or other recovery and that part of the remainder that exceeds $100 is deductible if you itemize. Q) My wife and I were divorced this past October. Can I still file a joint return since we were legally married most of the year? A) No, if you are divorced by a final decree on or before the last day of your tax year, you are considered single for the entire year unless you remarry. Q) I was laid off from my job several weeks ago after THE LAW SERVES YOU by Illinois State Bat Association 'j A random survey by the Illinois State Bar association of 540 inquiries received from you readers revealed that nearly one in five raised some question about wills or probating an estate. The most common question, ISBA reports, is who gets what if so-and-so dies, although this may be worded "Can my sister working for the firm for several years. Is the severance pay that I received taxable? A) Yes, severance pay is considered compensation for services and is taxable. In addition, lump-sum payment for cancellation of< an em­ ployment contract is income in the tax year it is received. claim the diamond ring even though I took care of old Aunt Minnie for 20 years?" To test your knowledge about the distribution of property after death, ISBA offers this quiz of 10 commonly asked questions. The correct answers are printed at the end of the column : 1. If a husband dies without a will, leaving a wife and only child, the child will inherit more than the mother. True or false? 2. A father may disinherit a son in his will. True or false? 3. If a man who has two brothers but no children or grandchildren dies without a will, his wife receives the entire estate. True or false? 4. Divorce revokes a will as it pertains to the ex-spouse. True or false? 5. A 10-year-old child can make a valid will. True or false? 6. A dying man dictates his will but dies before he can sign it. The will is still valid. True or false? 7. Once a will is signed by the maker and properly witnessed, it cannot be changed. True or false? 8. You can reduce court costs by not having a will. True or fals^.? 9. An adopted child has the same inheritance rights under the law as a natural child. True or false? 10. A person may name anyone as executor of his will. True or false' For additonal information, write to the Illinois State Bar Association, Illinois Bar Center, Springfield 62701 and request the free pamphlet on "Wills." Enclose a self- addressed, stamped, business- size envelope. Answers to qt 1. Tr ie. The wife would receive one-third of the estate, the child two-thirds. 2. True. 3. True. 4. True. 5. False. The maker of a will must be at least 18 years of age and of sound mind and memory. 6. False. A will must be in writing, signed by the maker and witnessed by two or more competent persons. * 7. False. In fact, it is ad­ visable to review a will periodically, but changes in the will must be in accordance with the law. 8. False. A properly drafted will may reduce the cost and time of probating an estate. And consider the confusion caused by Aunt Minnie's diamond ring. 9. True. 10. True. The court generally will approve as ^xecutoj competent adult named in the will, including corporations qualified under Illinois law. OUR SALESMEN ARE CHIRPING ABOUT THE BIG SAVINGS AT CONLON-COLUNS FORD CAR CITY may well be one of the fruits of these efforts. The unfriendly and unsettled nations of Latin America are dealt with firmly. The President ' declared quite bluntly that those governments (presumably Peru, Chile and Ecuador) "which display unremitting hostility cannot expect our assistance." President Nixon quite properly called attention to the fact that during the first years of his Administration, he has been persistently and ef­ fectively "winding down the war he inherited." Reversing a foreign policy that has been pursued for 25 years is no easy task. Yet, that is the record of this Ad­ ministration. In addition to giving our foreign policy a new direction - this Administration has achieved such notable foreign policy successes as (a) •> resumption of the Warsaw c o n v e r s a t i o n s w i t h representatives of Red China, (b) the SALT (Strategic Arms' Limitation Talks), (c) ratification of the nuclear non- proliferation treaty, (d) sub­ mission of a draft treaty barring nuclear weapons from the seabed, and (e) cooperation to eifect a Mideast cease-fire. Many other Administration efforts are directed toward world peace and security. However, building a new policy which reverses a 25-year trend - - takes time. Also, it requires understanding - and support. The members of Congress and the citizens of the nation have the opportunity for a clear appreciation of the President's dedication to the cause of peace. The President has called upon citizens and public leaders alike to exhibit qualities of mutual respect, tolerance, compassion, and perspective. As the President declared: "Such qualities will enable us to bring Americans together and, in so doing, help to bring the world together." Cotton Gen. Mgr. S2£ BILL CONLON President HAS SPRUNG And Savings Are Coming Up Roses During This Month- Our Salesman Have Been Instructed To Let No Deal Wilt- We're Out To Outdo Ourselves WM&y * NORM COLLINS V. President! Walt Nickels Sales Mgr. """"500 NEW 1971 FORDS T MARCH AT ONE LOW DISCOUNTED PRICE im Lawrence Finance Mgr Mike Elliot PINTOS •1919 Vi TON TRUCKS •2446 MAVERICKS MUSTANGS •2102 '2606 Bob Butler TORINOS *2435 CUSTOMS *2503 GAL. 500's 2755 9 PASS. COUNTRY SEDANS *3206 Ray Bobek T-BIRDS '4386 YOUR USED CAR WILL NEVER BE WORTH MORE DURING THIS SALE OVER 150 A-l GUARANTEED USED CARS ON SALE AT AUCTION PRICES (ALL CARS LISTED HAVE WHITEWALLS AND RADIO) SAVE HUNDRED $ $ $ $ ON 1970 FORD EXECUTIVE DRIVEN CARS $1695 BUG Sharp U393 *'68 OLDSMOB1LE 98-4 DOOR Full Power, Air Conditioning. 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Sharp $1995 sams $1895 S199S Art Collins $1695 $1895 $1995 $2195- *'68 PONTIAC - BONNEVILLE 2 DR Hardtop - V8 Engine, Automatic $1595 Transmission, Power Steering $2195 *'69 DODGE - SUPER BEE s V8 Engine, Automatic Transmission, Power Steering 12+95^ *' 69 VOLKSWAGEN BUG Air Conditioned, Gaslonie Heater Just like new *' 67 MUSTANG - 2 DOOR HARDTOP V8 Engine, Automatic Transmission, $1195 Power Steering 1 $1395 *'66 CHEVROLET - IMPALA (V8) V8 Engine, Automatic Transmission, Power $995 Steering, Air Conditioning, Vinyl Roof $JjQ95 *'66 FORD - CONVERTIBLE V8 Engine, Automatic Transmission, $895 Art Friedberg Power Steering. Sharp $995" *'66 RAMBLER - STATION WAGON $795 Louie Stowel V8 Engine, Automatic Transmission, Power Steering JWr5 (•Remainder of New Car Warranty) w«Mon lAxt *ooos roc* c*vstai i akE H E R E A R E MSOHQUIN laki IN rue H U N T i E Y m CAuPl»/T ©TJ Aerial View of Our New 30,000 Sq. Ft. Facility on 6 Acres. Plenty of Parking. CONLON-COLLINS FORD RTE. 14, 1 Ml. E. 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