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8 1984 Tax Preparation Guide IRS tapes are available (Continufd from page 61 334 Disability income exclusion--Do 1 qualify? 434 Bad debt deduction Itemized Deductions Tape Number Subject 122 Should 1 itemize my deductions? 127 Medical and dental expenses 130 Medical insurance 126 Medicines and drugs 117 Taxes 120 Sales tax 116 Interest expense 128 Contributions 129 Casualty losses 121 Miscellaneous expenses 118 Office- i n -the-home expenses 119 Educational expenses Tax credits Tape Number Subject 220 Child care credit- Do 1 qualify? 219 Earned income credit 218 Residential energy credit 225 Credit for the elderly 217 Tax credit for contributions to candidates for public office 226 Investment credit 227 Qualified royalty owners exemption (windfall profit tax) DENNIS CONWAY 3319 W. Elm St. McHenry 385-7111 IRA? Check with State Farm •Competitive Rates 'Guaranteed Lifetime Income. •Waiver of Premium for Disability Option. •"Good Neighbor" Service. < S T A T ! F A R M (C$) INSURANCt Like a good neighbor, State Farm is there Slate Farm Lite Insurance Company Home Off ice Bloomington I l l inois NOW IS THE f --i - _L Whether you're a corporate executive, snhall business person or just concerned about youi^ personal financial status, Financial Planning is for you. We can orjganize and maintain a plan for your specif it needs. So J call i|s today for a no-obligation interview cjnd b^ prepared fdr tomorrow. j_ [_ ] _ ...THE TIME IS NOW 7" t ] -- -f-- --{ ;-- i -I-- t OUR SPECIALISTS CAN: 1 • HELP YOU LOWER YOUR TAXES « HELP YOU KEEP UP WITH INFLATION » HELP YOU ORGANIZE AND INCREASE YOUR RETIREMENT PLAN • HELP YOU UNDERSTAND FINANCIAL BASICS * HELP YOU ORGANIZE YOUR FINANCIAL DATA _i . -- 4 - 4 - tHELP YOU SET YOUR FINANCIAL GOALS ' * HELP YOU IMPLEMENT THE DECISIONS AND GOALS Yoli HAVE * * A P\ IT • f- - ! -- --4 -- i~ -- 4-- 4 MADE - f- A practice of total comprehensive financial-planning on a free tiasis only, by the hour or yearly retainer. FINANCIAL PLANNING CONSULTANTS, LTp. lOWest Terra Cotta Avenue, Crystal Lake, Illinois •At/ " (815) 459-4550 t IRS outlines rules for commercial tax preparers Commercial tax return preparers must comply with specific require­ ments when making out their clients returns the Internal Revenue Service advises. To guard against undesirable ac­ tions the IRS explains paid prepar­ ers are responsible for providing a copy of the complete return to the client for his/her records when the client signs. Preparers are required too keep copies of prepared returns or a list containing taxpayers' names and identification numbers for three years. These records must be avaiable for IRS inspection dur­ ing this period. Form 1040, 1040A and 1040EZ paid preparers are also required to sign and date completed returns and to provide their employer identfication number on the returns. Because of potential misu&, rubber stamps and signature fasimiles are not accepted by the IRS. The handling of refund checks is also requlated. A penalty of $500 can be assessed against paid preparers who endorse, cash or in any way ne­ gotiate a client refund check. In ad­ dition understating a clients tax lia­ bility can lead to a penalty of $500 for willful understating or a penalty of $100 for negligent or intentional disregard of rules and regulations. Publications aid businesses Three free publications issued by the Internal Revenue Service explain federal tax rights and responsibili­ ties for small business owners, the IRS says. Publication 334, Tax Guide for Small Business, goes into detail on such subjects as setting up a tax re­ cord system, determination of net in­ come, tax credit and business assets. Publiacation 583 Information for Bu­ siness Taxpayers explains what a small hlisin#»«!« nwnar to Irnnw to meet tax obligations such as how to obtain indentification number and what records may be helpful to keep. The third free item, your Business Tax Kit, includes publications, blank forms and instructions. This tax kit is "customized" by the IRS to fit a particular business, upon request by the business owner. Taxpayers can obtain these free publications by writing or calling the IRS. We Calculate The Savings For You! ^7^7/ MM •=1.1 CDGS® TUF FILE The perfect combination of beauty and strength. WAS $24.97 19 97 NOW • v-a f PORTA FILE Perfect for all those cancelled checks. WAS $5.96 NOW 4.76 YOU'LL NEED A CALCULATOR to compute your tax return. NOW 20 % REG. PRICE BIC SUPER SAVER "_f PACK OF PENS Join the BIC Super Sale! WAS $2.09 NOW 1.67 . qoAM" »-m C\ub 47 \C400^We'120'Ml Woodstock Store: Daily 9-9; Sun.10-5 McHenry Store: Daily 9-9; Sun.10-6