The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

/ nuu u HOLD ON TO THOSE TAX RECORDS! You filed your 1973 federal income tax return a while back now, so that's out of the way for another year. But wait a minute! Where are your tax records? Just as certain documents were essential for you to fill out your Form 1040, they may well be necessary for you at some time in the future. Obviously, if this year's tax return is selected by the In­ ternal Revenue Service for an audit, you will need those rec­ ords to show how you deter­ mined what you thought to be the correct tax due. Even if your return is accepted as filed, for your peace of mind and good business practice you should keep all tax records as long as they remain useful to you. The law specifies only that you must maintain records re­ quired to establish the correct amount of income, credits, deductions, and other matters to be reported on returns. This means that you should keep all information that will- sub­ stantiate the items claimed on your tax return. There is no requirement as to the particular kinds of rec­ ords for tax purposes. oth^r than that they must be per­ manent, accurate nnr) com­ plete. However, it might pay to look over your tax accounting methods, for no one should remain under the illusion that bits and pieces of paper thrown into a discarded shoe box can be considered proper records at tax time. Records are required by law --adequate records--but good records should be required by you, the taxpayer, since fre­ quently the difference between some documentation and good record-keeping is income tax savings. The IRS recommends that all taxpayers carefully con­ sider keeping track of such records as medical-care insur­ ance premiums; cost of medi­ cine and drugs; medical and dental expenses; state, local, and property taxes; charitable contributions; interest and finance charges; disabled de­ pendent and child care; politi­ cal contributions; business and educational expenses; non­ business expenses, such as in­ vestment advice and publica­ tions; and reimbursements for casualty losses or thefts. How long should you keep tax records? It varies, depend­ ing on the information docu­ mented. In general, records must be retained as long as th^"- "ortent may be material in the administrat ion of any internal revenue law. Receiptsf canceled checks, and other records supporting a deduction, credit , expense^ or CROSSWORD PUZZLE T O D A Y ' S A N S W E R It always happens so fast. And, this time, you're right. It did happen to "the other guy." You kno\y: The guy who wouldn't hurt a fly, turn down a friendly dririk--or take a cab home instead of driving. A nice guy who'd now and then smoke in bed, maybe swim out a little too far, sometimes hurry a little down the stairs. We know you knew him. And that you'll miss him. We just don't want you to join him. "Oops" is a pitiful epitaph. A reminder from the National Safety Council . A non-profi t , non-governmental public service organization. Our only goal is a safer America. National. Safety Council If you don' t l ike thinking about safety, think where you'd be without i t . TV/vr 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 own my own construction business. I've hired my son to work for me this summer. Is it true that I don't have to pay social security taxes on his wages? A. Yes. If you employ your son or daughter and he or she is under 21, you do not have to pay social securi ty taxes on his or her wages. However, this exception does not apply if your business is a corpora­ t ion or a partnership which contains a partner other than you or your wife. Q. I'm selling my home and have to pay "points" to the bank for it to arrange financing terms for- the buyer. Are these "points" deductible by me as interest? A. No. Although "points" paid by a home buyer are usually deductible as interest , "points" paid by a seller , which basic­ al ly are loan placement fees paid to the lender as a condi­ t ion to arranging financing terms for the buyer, are not deductible as interest . However, these charges are a sell ing expense reducing the amount realized on the sale for purposes of computing your gain. HEARING AIDS Richard Stoll has been* serving McHenry County for over 15 years. Office hours 9:00 am to &Q0 pm dally. Free Loaners while your aid is in service. Free hearing test on request. New and used aids. A fair trade-in on all makes. Fresh batteries, cords and ear molds, made to order. Appointment with Mr. Stoll can b^k arranged within a few hoUrs. Evenings by 140if N, Greeji"K*. 385*01^5 M^fenrv.IU.l^ Mirw-w nnrtfi^af^cHenry State niVar vnS8 Schaid has been in this location lor 15 years Q. I've taken a new job more than 50 miles away from where I presently l ive and work. Can I deduct my moving expenses? A. The first requirement you must sat isfy to deduct moving expenses is that the distance between your new place of work and your old residence must be at least 50 miles far­ ther than the distance from your old residence to your old place of work. For example, if i t is 55 miles from your new- place of work to your old res­ idence and i t is 7 miles from your old residence to your old place of work, you would not qualify for the deduction be­ cause ' the difference ' .n tances is only 4^'TnTTes. Secondly, during the 12- month period immediately af­ ter you arrive in the general area of your new place of work, you must work full- t ime for at least . ' !9 weeks. I t is not necessary that you work for one employer for the .°,9 weeks, nor that the weeks be consecutive. For addit ional information, see IRS Publication 521, "Tax Information on Moving Ex­ penses." I t 's available free from your IRS office. Q. Is it possible for me to re­ duce the amount of tax with­ held from my pay? A. Yes. This is done by fi l ing a new W-4 Form with your employer, claiming all the ex­ emptions to which you are en­ t i t led. In addit ion, you may qualify to claim the special withholding allowance. For de­ tai ls , see your employer or call your local IRS office. HOSPITAL NOTES MEMORIAL HOSPITAL WOODSTOCK Marguerite Kosman and Bertha Stoll, McHenry, were patients in Memorial hospitai, Woodstock. HARVARD HOSPITAL Arthur Sullivan, McHenry, was a recent patient in Harvard hospital. ACROSS 1. Chester­ fields 6. Paltry 11. Pianist, Claudio 12. German city 13. Cereal grass (2 wds.) 15. Circus enclosure 16. Ont., Sask., Alta., etc. 19. Launch­ ing-- 22. Cigar shape 23. Flash Gordon's girl 24. Hibernia (2 wds ) 26. Little Caroline 27.-- Pearson 28. Statute 29. Disgust 30. Get away! 31. Oahu promon­ tory (2 wds.) 38. Contract 39. Like a Poe story 40. Swindle 41. Ready for the laun­ dry DOWN 1. Ottawa or Washing­ ton (abbr.) 2. Mining find 3. N.D.'s coach Parseghi- an 4. Cigarette ingredi ent 5. Moslem ruler ' s wife 6. Land " 'crost the Bay!" 7. Sentry's word 8. Draper ' s measure 9. "Brown October 10. Spoiled child 14. Memorial memento 16. Funny­ man 17. "--You Glad You're You?" 18. "A Doll's House" heroine ® H Q N O S 3 1 n a v IlppU. 3 N HV H 19. Dough 20. "Green Mountain Boys" leader 21. Impala, e.g. 22. That (Fr.) 23. Circular plate 25. Deci­ phered 29. Seaside 30. Compla­ cent 31. Appreci­ ate (si.) 32. Daughter of Cad­ mus 33. Needle (comb, form) 34. Hawaiian game 35. Blunder 36. Islet 37. Ottoman official NOW PLAYING ! HARVARD 21-23 N. AYER ST. { } HARVARD, ILL. * <815)943 4451 ° t * * * * * * * * FAMILY ENTERTAINMENT PROGRAM NOW FEATURED - FRI. JUNE 28 thru THURS. JULY 4: Door* Open 6:50 - Cartoon at 7:00 - Feature at 7:10 - Out at 8:56 < PG A ACADEMY AWARD BEST ACTRESS;; item of income should be kept at least -three years from the due date of the return or the date the tax is paid, whichever is later. Recordkeeping is important during these three years be­ cause under the law, the IRS can audit individual income tax returns three years back when errors are suspected. There are other tax records that should be kept longer than three years. Records of how m^ch you paid for your home and its major improvements, for example, should be main­ tained to establish your cost basis when you sell. You should retain indefi­ nitely records of costs of any stocks, bonds, or other invest­ ments so you can similarly compute gain or loss when you sell. And records should be kept on any property received by gift or inheritance so that you may determine tax due if you decide to sell someday. Touch WINNER George GLenda ; Of Class Segal Jackson t > ^^^PROGRAM^R^RESENTE^N3^M^5J!^^|t SEPARATE PROGRAMS REQUIRE SEPARATE ADMISSIONS If ADULT FILMS *?eatwic PRESENTED EACH NITE NINE TO ELEVEN - « We Listen I Films Selected For Our Majority of Couples Audiencel < FEATURES FULL LENGTH <*OLOR & SOUND IMroillllllMllllltlOOIIliMllMiiliMKiiiiiiymiiin, NEW - CLEAN - COMFORTABLE - CONTROLLED NOW FEATURED - FRI. JUNE 28 thru THURS. JULY 4: THE SUITCASE CAPER A POINT OF VIEW > The Pioneer In Special Price* For Couples & Sr. Citizens! Alto, retain copies of yoUtJL previously fllcd tax reutrns a«™ • part of your records. They help in preparing future lax returns as well as in such con. putations as fllinf a claim for refund or income averaging * HOW fOWTm^ x LWJ O O O D W N E W S MDOW OF AN AU/tN, TEXAS REAL ESTATE MAN AHP /WEttX, LEFT$750,000//VBEQUESTS TO AID VOUNG PEOPLE. THE FOW STAR TtL£GRAM SEPCRTBP 7H0 e&vEsrs incl upep aoo,ooo to prov/PE scHouxswrz SI men SCHOOL. SENKX&, A TRUST TO PHOVlPE FUNPS FOR CIVIC IMPROVE MEMS fVR your*? PEOPLE, A &/FT TDWCEONIUO&nV. EXPLICIT ADULT FILMS FOR MATURE Men rfc'p* & WOMEN ONLY! OUR ISA est Air Show on Earth! 01 NAVY BLUE AMOS U S. ARMY GOLDEN NIGHTS PARACIUTE TtAM U.S. AMY SMEIt EAGLES >«l.lCO»>TElJ TEAM Phn World Famous Stun' Flyrs * Wbhoovw * u JULY 6-7 1974 MPOUtf and MIDGET RACE* Qfltaa open S .OO A M ActMttae start 130 A.M Feature Starts 1 30 to 5 P M To A«otd Traffic Coma Earty • DIRECTIONS Tali* Rooeavott Road or North A FOLLOW THE StQNS--Taieptona fBtl PARKING ON FIELD FO« OVER 20 000 CARS / * A V BALLOON RACES EACH DAY 5 BALLOONS • 1 and 2 PASSENGER TYPE • STARTS 4:30 P.M Presented by the Antique Airplane Association, Greater Chicago Area, Inc. d fatter fir&fK Being wanted My Dad was no great singer. In fact, he couldn't read a note in a songbook if his life depended on it. His fifth grade education in W i l l i a m s o n C o u n t y , I l l i n o i s , c o m p l e t e l y skipped do-re-mi-fa-so-la- ti-do and their cousins, the sharps and flats. But when I was a small boy, he often took me in his arms and sang a little tune that went something like this: Two arms that hold me tight Two lips that kiss goodnight To me he'll always be That little boy of mine. No one can ever know Just whet his coming has meant To me he's something heaven has sent That little toy of mine. The way he sang it, I felt as if the words had been written especially for me. They made me feel good inside, so wanted and so loved. Those words told me that I was a gift from heaven, and not a castoff from hell. Some lucky kids are born with silver spoons in their mouths. But this Kind of silver spoon I'm talking about didn't come from a Jewelry store. Instead, it's having a Mom or Dad who tells them how glad they are to have them. We often greet a guest, "Come right in -- it's so great to see you!" How about saying that to someone who lives with us all the time, whether it's a youngster or a parent? We never outgrow the joy of being told that we're a gift from heaven! R.J. Hastings is editor of T h e I l l i n o i s B a p t i s t in Springfield May's Liquor Department Values •• I ffmrr- SET LOCALLY I Gordons Vodka Hill & Hill Whiskey 80 PROOF DISTILLED FROM 100% AMERICAN GRAIN 80 PROOF - A GREAT BLEND Gordon's Gin 90 PROOF - LONDON DRY GREAT FLAVOR 3.49 Gallo Brandy 80 PROOF - A FINE SMOOTH CALIFORNIA BRANDY CANADIAN WHISKY Black Velvet fifth 3.79 80 PROOF A GREAT CANADIAN IMPORT Windsor Canadian fifth 100 PROOF SMOOTH SOUTHERN LIQUEUR Southern Comfort fifth 4.?? 80 PROOF - LIGHT OR DARK - IMPORTED FROM THE WEST INDIES Pott Rum f.Mh 3-49 80 PROOF ENJOY THE SMOOTH MELLOW FLAVOR Sunnvbrook Whiskev fifth 3-4? We Reserve The Right s. To Limit -Quantities A nay D R U G yu> Prtc* Patey |u» •><••» 4400 WEST ROUTE 120 \