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"Wo art a natural high*m»rgy food for wintarl "I, the Cashew, hjvi itmwt as much high- quality protein nine months? The holding period in prior years was more than six months. Do you also know the amount of a capital toss you can use to offset your taxable income has increased from $1,000 to $2,000 Both of these changes can make a significant difference in your tax bill for 1977. Suppose, for example, that you never heard of the new nine month holding period, and you dispose of a capital asset after seven months, thinking that you will haye to pay tax on only one-half of your profit. When you fill out your 1977 tax return you might be surprised at the amount of tax you owe. r If you have moved, or plan a move, in 1977, you will find several changes in the tax law. The distance requirement of 50 miles has been changed to 35 miles, so you won't have to move as far in order to claim moving expenses. In addition, the maximum deduction for pre-move househunting and temporary living expenses has gone up from $1,000 to $1,500 as has the deduction for expenses related to buying, selling, or renting a home which increased by $500, and is now $3,000. Older Americans who sell their homes in 1977 will be glad to learn that there has been a sizable change in the tax break available to them on the sale. Previously, anyone age 65 or over who sold his or her home did not have to pay any tax on the gain if the adjusted sales price of the house was $20,000 or less. The exclusion amount has now been increased so that you pay no tax on the gain from the sale if the adjusted sales price is $35,000 or less. If the adjusted sales price is over $35,000, the tax break is prorated. Remember, the adjusted sales price of your home is the amount you receive after paying selling commissions and certain allowable fixing-up expenses, such as painting part of the interior of your home. Here's something else new for 1977. If you are a worker under the age of 70'_< and do not participate in any other pension or annuity plan during the year, you may for the first time, include ' your non-working spouse in your Individual Retirement Arrangement (IRA). If you establish an IRA for yourself and your non- working spouse, you may contribute a total of 15 percent of your compensation, to a top limit of $1,750. And for 1977, you have an additional forty-five days from the end of the tax year (until Feb. 14,1978) in which to make your contribution and still deduct it on your tax return. The advantage of an IRA, of course, is that contributions are not taxed until they are with­ drawn at which time you would normally be in a lower tax bracket. > Other changes that could mean a difference in your tax liability are in the areas of alimony, child support, and child care expenses. ( Alimony, previously an itemized deduction, is now an adjustment to income, which means that anyone can claim on his or her tax return the amount of alimony paid during the year. If you make child support payments to a former spouse, you may have to pay more money now in order to claim your children as dependents on your tax return. In prior .years, if the tax exemptions were not allocated in the divorce decree, and you were the noncustodial parent, you had to contribute $1,200 or more for the support of one or more children in order to take "the dependency exemp­ tions. That amount has now increased to $1,200 for each child. ? Expenses you pay for work- related child care may now be claimed as a tax credit. The credit is 20 percent of the amount you pay during the year for child care. The maximum amount of the credit allowed is $400 for one child and $800 for two or more children. It's obvious there are changes in store for many Americans when they prepare their 1977 federal tax returns. To get a head start on your taxes, contact the IRS for free publications on areas that will affect your taxes. You may order the publications by filling out the order form that is en­ closed in the tax packagge you receive, or by contacting your local IRS office. Newman Club To Hold Christmas Celebration The Newman club - at McHenry county college will have its Christmas celebration Sunday, Dec. 18, beginning with Mass at 6 p.m. at St. Thomas church, located at Route 176 and Oak street. The Newman club, as it is popularly called on a public school campus, is a Catholic community of students and faculty. Their program of faith, worship, service, social and cultural activities is enhanced by building a better com­ munity. The Newman club is dedicated to the service of human needs, committed to witness. Rev. John C. Holdren is sponsor of Newman club at McHenry County college. Each year the Newman club has a Christmas celebration where an invitation is extended to members over the past years who have been part of the club. Following the celebration of Mass, a special dinner will be served by Newman club members themselves. Each Newman club member is asked to bring a dish to pass. The meat has been donated through va r ious o rgan iza t ions . - Following the dinner, a band, will provide dancing music. The president of Newman- club is James Dostal; vice - president is Cathy Porzel;£ secretary is Alice Rabelhofer., The Newman club is divided' into various committees which include Spiritual, Apostolic,^ Social. Robert Coughlin is peer minister at McHenry County college, and also represen­ tative of the Newman club in Student Government. Newman club meets at tt college every Thursday at 12:: the :30 p.m. in Room 152. All/ are welcome to come and join n the activities. Further information on Newman club can b; ob­ tained by calling Father Holdren at 459-5909 or Robert. Coughlin at 385-9204. Defenders Complete \ Seven Recycling Years WHAT S NEW A hot new Christmas gift [or the family IN-SINK-ERATOR H OT WATER DISPENSER rr a Steamlna 190* hot water InalanNy at your kitchen sink. a Ideal lor making cofteo, tea, soups, cofoote, other kwfcsnt foods. W fWQM Vueny, WW I WTvQII YOfm UDQ#f sink. Plugs right m ...come In and maka your own freacupofcoftoo uslngaHaOT Water Dispenser In our showroom. A toy for space-age youngsters, laser-like sword is powered by D-type bat­ teries to light up. a soft plastic tube for imaginative hand-to-hand combat weapon. The McHenry County Defenders will celebrate the completion of seven years of recycling with the Dec. 17 drive.. Defenders are responsible for the drives that have been held in McHenry for almost four \ years. Other cities in McHenry have become involved recycling too: Crystal Lake, Cary, Algonquin-Lake In The Hills, Harvard, Lake Zurich and Woodstock, along with other organizations that oc­ casionally hold their own drives. Throughout the county, millions of pounds of paper and thousands of pounds of glass, tin and aluminum have been recycled.. This year alone county in recy< McHenry recycled 460,000 pounds of paper. These figures not only illustrate the solid waste problem, but show what a great savings in virgin materials and resources can result. The power required to recycle any material is considerably less than that necessary to produce new materials. The location of the Dec. 17 McHenry recycling drive has been changed to the West campus high school parking lot because of needed space for holiday parking at the McHenry Market Place. This month's drive will be sponsored by students of the West Campus Env i ronmen ta l Sc i ence classes. GLAVIANO'S INTERIORS l T ' i ~ " , r ~ r - ' r ' n i i T i M ' n t i r T i j w T j i 414 S. RTE. >1 McHENRY. ILL. 385-3764 SAY A VERY SPECIAL fBBMSmOim WITH* TRAVEL GIFT CERTIFICATE A ptrtict |rtt idi* tor ttm* iMd wm 'tart ti tar tar.' A trip aill to CHMN-O-LAKES MS 3405W. ELM (RT. 120), McHENRY (815) 385-7500 j EDUCATIONAL) College Honors J RECOGNIZED FRAMED MIRRORS, DOOR MIRRORS, VENETIANS Elegant CLASSIC or handsome CONTEMPORARY Designs. Specials on CUSTOM MIRRORS too! NO ONE CAN BEAT OUR PRICES ON '78 CADILLACS STOP IN • WE'LL PROVE IT! NEW 1977's STILL ON SALE OVERTON CADILLAC-PONTIAC R o u t e 3 1 & 1 2 0 - M c H e n r y ( 8 1 5 ) 3 8 5 6 0 0 0 SUPER SAVINGS ON DOOR MIRRORS Genuine Plate Glass. Brilliant, flawless with polished edges. SIZE REG. PRICE SALE PRICE SUPER SAVINGS ON DOOR MIRRORS Genuine Plate Glass. Brilliant, flawless with polished edges. 16x68 18x68 20x68 22x68 24x68 30.52 33.28 36.76 40.82 44.16 22.89 24.96 27.57 30.62 33.12 Natural Energy Food NUTS! "Our Food Voluos Are:" • UNSATURATED OIL • PROTEIN • MINERALS • SOME VITAMINS "We are waiting for you . . . . • LARGE ALMONDS " *2.00 • URGE CASHEW PIECES L»- $2.10 • ENGLISH WALNUT PIECES «• *2.30 "Y US INCRID'S HEALTH MART 13 W. GRAND AVE. POX LAKE. ILL. (312)5t7-t24* Easy on, easy off... feather-light 'totes' fold to carry in your pocket! Your shoe glides in easily with no "rubber grab," so these new rubbers go on in seconds. No pulling or tugging! Fit slim slip-ons or widest brogues! Smartly styled 'totes' are so light you won'tknow you're wearing them. Pure natural rubber, not plastic, with non-skid soles. Jet Black, sizes to fit men's shoes 6 to 13. ea/ii Jrotoud ; • Die. ttsw [M, men Woodstock, Illinois McHenry, Illinois Shop Mon.-Fri. 9-9; Sat. 9-5; Sun. 12-4 5SS28 OPEN FRIDAYS TIL 8:30 NOW THRU DEC. 24th McHenry Paint. Glass & Wallcovering 3411 W. ELM ST., McHENRY PHONE 385-7353 OPEN CHRISTMAS EVE TIL 4:00 ̂ RICHARD J. GOC y Richard J. Goc of Wonder Lake was among nine new students at Western Illinois university to be awarded a $300 scholarship as a President's Scholar for 1077-78. University President Leslie F. Malpass made the awards based on the students' high academic [ standing in the high schools of Illinois. Recipients must have ! achieved a grade point average of at least 3.5 on a scale of 4.0 equals straight A. Richard, of !' 3721 W. Lake Shore drive, is an accounting major. ^ Beautiful A 50's Parly RHINO'S fiSEW AH6gt;frT0NfTE SATURDAY, DEC. 17th 9:30 to 1:30 PRIZES WILL BE GIVEN FOR: | • FONZ LOOK-A-LIKE / • GREASIEST HAIR * • TIGHTEST SWEATER • TWIST CONTEST MUSIC BY "GRAFFITI RHINO'S 1406 N. RIVERSIDE DR. - McHENRY • 385-9812 "Great Food and Drink" OPEN DAILY FROM 11 A.M. CLOSED SUNDAYS Some people like changes; others prefer things the way they are. But whatever side of the fence you're on, one thing is certain: When you fill out your 1977 tax return, you won't be able to avoid the many changes in the tax law that have come about through recent legislation. You have probably heard that the standard deduction has been replaced by a zero bracket amount which is a flat $2,200 for singles and $3,2P0 for marrieds filing jointly. And there has been quite a bit of publicity about the new tax tables with the ze ro b racke t amoun t , pe r sona l exempt ions , and general tax credit built right in. These changes affect most taxpayers, but don't require you to plan ahead. Because some of the new provisions do, however, demand pre­ planning, it makes sense to start gathering your records together and examining the tax consequences of some of your actions. For instance, if you own a capital asset, such as stock, bonds or real property that you intend to sell this year, are you aware that in order to qualify for long ierm capital gain or loss treatment, you must have owned that asset for more than Now Under New with • Complete New Mwra FEATURING LUNCHEON ft DINNER SPECIALS I " 4512 WEST RTE. 120 McHEQIRY, ILL. (815)385-2667 RESTAURANT t LOUNGE a PAGE 4 - PIJLTNDEALER - FRIDAY, DECEMBER If. i«7 There's no such thing 1* is surprising how a as something for nothing * little success can go to in life. one's head.