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I c * . • • ' , « I" 5 Advise Taxpayers On Way To Correct State 1040 Form Dlinois taxpayers are ad­ vised how to correct errors on their IL-1040 tax forms which have already been filed. George E. Mahin, director of the Illinois Department of Revenue, cited several in­ stances which would require corrected returns. "Often the taxpayer will discover that he has forgotten to include wages which were not subject to withholding. jpther common mistakes include listing the wrong amount of dividends or interest received," Mahin said. Changes in information reported in an IL-1040 may also result from an Internal Revenue Service audit or7 examination. If a change is made in the federal return, either by the taxpayer or by the IRS, the taxpayer must notify the Illinois Department of Revenue. Notice must be filed not later than 20 days after the alteration has been agreed to or finally determined for federal income tax purposes, or twenty days after any income tax deficiency or refund, abatement or credit resulting from the income tax deficiency has been paid. The taxpayer must also notify the Depart­ ment of Revnue on Form IL- 506 of any change in the number of exemptions claimed on the U.S. Form 1040. If there is a change in the Illinois return (because of an error in that return or a PAGE 9-PLAINDEALER-WEDNESDAY, MARCH!. 1972 correction of an income tax return filed in another state) which affects the Illinois in­ come tax liability shown mi the taxpayer's first Illinois return, he should file in one of the following two ways: File a Form IL-843 if the change or correction results in a decrease of the tax liability shown on the original return. File an amended Illinois income tax return if the change or correction results in an in­ crease of the tax liability shown on the original An amended return is made by completing the return for the year in question and marking it "AMENDED" at the top. Taxpayers who discover corrections to be made before the duf date of April 17 mav make the corrections on another IL-1040 return, mark it "CORRECTED" at the top, and send it to the Department of Revenue, Mahin advised. Additional information on corrections or help with filing any Illinois tax return may be obtained by visiting the Department of Revenue's of­ fices located throughout the state from now through April 17. For locations of the offices, or for information by phone, Illinois citizens outside Cook county may call this toll-free number: 800-972-1630. Cook County residents may call 641- 2150. Both telephone numbers operate from 8:30 to 5 Monday through Friday. New York City has 22, 918 policemen. KIWANIS NEWS WONDER LAKE CLUB Speaker for the Feb. 21 meeting was James Bixby, president of the Wonder Lake Master Property Owners association. His discussion was titled, "Wonder Lake, Where Are We Going?" He reported there are over, thirty agencies, public, semi- public and private, which have an influence on Wonder Lake The following were mentioned: LE A.A. (Law Enforcement Assistance agency); E.P.A. (Environmental Protection agency); F.R.V.C.S.E. (Fox River Valley Clean Streams committee); F.R.V.C.D. (Fox River Valley Conservation district); W.P.C.B. (Water Pollution Control board); M.C.C.D. (McHenry County Conservation district); M.S.W.C.D. (McHenry County Soil and Water Conservation district); I.D.C. (Illinois Department of Conservation); I.P.H.D. (Illinois Department of Public Health); M.C.D.P.H. (McHenry County Department of Public Health); M.C.Z.B. (McHenry County Zoning Board); N.I.P.C. (Nor­ theastern Illinois Planning commission); M.C.P.C. (McHenry County Planning commission); M.P.O.A.W.L.A. (Master Property Owners association of Wonder Lake '73 Licenses To Be Manufactured Within Illinois Secretary of State John W. Lewis has announced the manufacture of Illinois license plates will be returned to the area); also eighteen sub­ division organizations, four school districts and two township governing bodies. Bixby presented a general summary of the functions of these organizations and their impact on Wonder Lake. In other matters, Gordon Gram announced that the annual Kiwanis bowling party will be held Saturday, April 9, at McHenry Recreation. state and provide a boost to the labor-depressed Freeport arm. A bid opening was held pst week for the manufacture of 1973 auto plates and 1973-74 truck plates. -f f Secretary Lewis said the low bidder was the Structo Division of King-Seeley Thermos Company of Freeport. The^ other bidder was the Stamping Company Conway, Ark., which produced the plates the last two yews. Secretary Lewis stated, "I am tremendously pleased that we can have the plates manufactured in Illinois and with a further reduction in cost." _____ Panama Canal reaches about 85 feet above sea level at its highest spot. la* ~ ^ McCLORY REPORTS From Washington A special attribute of the present occupant of the White House is his ability to anticipate problems before they reach a crisis stage. Evidence of this talent is to be found in the programs for a) welfare reform, b) revenue-sharing, c) governmental reorganization - and others. Currently, the President has anticipated the dilemma faced by elementary and high school administrators with respect to funds for education. Recent decisions of the California Supreme court, as well as court decisions in Minnesota, Texas and New Jersey, have held that property taxes used in school financing are discriminatory and un­ constitutional. These decisions, if affirmed, threaten the entire system by which public education is financed. This accounts for the in­ clusion in President Nixon's State of the Union message of a special section devoted to the question of public school financing. Calling the property tax "one of the most inequitable and regressive of all public levies," the President indicated that he was looking for alternatives to this method of financing education. He soon will be delivering a separate message to the Congress based upon recom­ mendations of the Advisory Commission on In­ tergovernmental Relations, headed by Robert E. Merrian of Illinois, former director of the Bureau of the Budget. While the President has not specified the type of financial support he would recommend for primary and secondary education, there is widespread speculation that he might propose a so-called Value- Added Tax (VAT). Such a new federal tax, levied at even a modest rate, say 5 percent, would be capable of producing an estimated $15 to $20 billion per year - or more than one- third of the total cost of running the nation's grammar and high schools. A Value-Added Tax is one which is levied at each stage of processing or handling of a given product or service. A graphic example can be shown in file case of a bale of raw cotton which is ultimately converted to a woman's dress. The Value-Added Tax would be levied a) when the raw cotton is converted to thread, b) when the thread is processed into cotton material, c) when the cotton material is dyed, sized and bolted, d) when it is processed for wholesaling, e) when the material is retailed to a dressmaker, f) when the dress manufacturer sells the garment at wholesale, and g) when the retailer ultimately sells the dress to the customer. The tax applied at the modest 5 percent rate is levied against the increase in value which occurs at each stage of ser­ vicing and processing from raw cotton to the final finished product sold at retail. While the ultimate cost of the finished article might be only slightly higher, the total revenue from the tax when applied generally to all products and services would produce vast sums of new revenues. The Value-Added Tax has been employed in various European countries for some time. It accounts for more than 47 percent of the total tax revenue of France, some 32 percent of the tax revenue of West Germany, and is a major revenue producer in other countries. The cost of collecting the Value-Added Tax is relatively small since the manufacturers, processors, other who deal in goods and services act as tax accountants and collectors. While the item of taxes is almost totally concealed, the ultimate con­ sumer, of course, becomes the actual taxpayer. The principal objection to the Value-Added Tax is that it is regarded as "regressive" i.e. it constitutes a greater burden to wage-earners than to high- income citizens. Still it should be noted that those with higher incomes usually purchase larger amounts of goods and services, and thus would pay a much larger total tax than those who are relatively small purchasers of these items. However, in order * meet this charge, there is speculation that some type of exemption or rebate would be granted to those with lower incomes. The prospect of enactment of a Value-Added Tax or other new federal tax this year is quite remote. Still, the President's initiative in recognizing the need for equalizing educatiinal op­ portunity as well as sharing more equitably the cost of primary and secondary education indicates the emergence of a critical national problem which may require a prompt solution. MMJ VWVV»»»»»» ¥ » ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ » ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ * ' Are You New Ir McHenry Area Do You Know Someone New? WE WOULD LIKE TO EXTEND A ROYAL WELCOME TO EVERY NEWCOMER TO OUR AREA ! ! CALL JOAN STULL 385-5418 FRAN OLSEN 385-5740 thi'jfM'.'im.u Special Sale FABRICS 2 to 10 yard Remnant Lengths Fabulous Selection Of • All Purpose Cotton Prints • Miracle Blend, Zantrel & Cotton • Polyester & Cotton Prints • Gingham Prints • Sportswear Fabrics ' ' K N O W Y O U R N E W A R E A -- " O V A L W E L C O M E D O E S I T B E S T . J • I ' K L ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ K YOUR CHOICE DRITZ MAGNETIC SEAM GUIDE DRITZ GOLDEN : CHAIN WEIGHTS For tHe haute couture look in dress and blouse, 24" long flat links control • drape, make hems hang evenly. SMITH'S IRON ON" TAPE KIT Instant S.O.S. for all linens, cotton and other cloths, drapes, shades, furnishings. 12 rolls.^W® DRITZ SEWING TRAY See-thru tray holds 20 spools and 20 bobbins. Built in pin cushion; extra compartments. SMC DRITZ THREAD BOX See-thru plastic box holds 26 large and small spools, with individual thread cutters, pin cushion and extra compartments. SMC : DRITZ MATERNITY PANEL W I N DELUXE DRESSMAKER ZIG-ZAG SEWING MACHINE 209 95 RETAIL ** VALUE PLUS OVER $2500.00 IN DISCOUNT CERTIFICATES No purchase necessary. This is not a national contest This and every Hornsby store will give away one Deluxe Dressmaker ZIG-ZAG Sewing Machine in this com­ munity. HORNSBYS Clip and Deposit AT HORNSBY'S before March 25 or 26. (PLEASE PRINT) YOUR NAME ADDRESS CITY STATF ZIP MORE IMPORTANT FASHION SEWING NOTION SAVINGS FROM HORNSBY'S Guarantees even seams of any width. Power grip magnet never slips or loosens. Releases instantly. Fits all machines. Come In And Browse Big Selection Of FASHION PATTERNS TOO s New For Spring : SNAP FASTENER :-EASY ATTACHER" • KIT No sewing, professional way to end your snap problems. 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Ex­ clusive doublecord zips up or down - frees snags SXW ANY TWO ITEMS HERE Mfgrs. Regular 50' EACH CLINTON DRESS mi?, CLINTON SILK PINS PIN CUSHION PACK Contains 300 brass pins IV Easy handling; 300 rust proof long JftCeach dress maker silk pins BWeach 0 DRITZ SEAM RIPPER Safety ball protects fabric. Rips seams, cuts stitched button­ holes UflCeach CLINTON DRESS MAKER SILK PINS Stainless steel with plastic heads Easy to seeand pickup »Ceach Shop N' Save On ALL SEWING NEEDS AT HORNSBY'S DRITZ STITCH WITCHERY Needle less sewing fast. Holds thru washing and dry cleaning. For hemming, ap pliqu^s, trims, etc. X each MARKET PLACE SHOPPING CENTER 4400 W. Route 120, McHenry DAILY 9 to 9 SUNDAY 9 to b >