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Cedar Rapids Gazette (Newspaper) - November 5, 1974, Cedar Rapids, Iowa 1Q The Cedar Rapids VmtUr. Tues.. Nov. 5. 1974 Don't Let Benefit Ilj Sylvia Porter NEW YORK If you're among the millions of tax- payers supporting a parent, say your mother, make sure (hat 1974's social security benefit boosts which are help- ing to make her life easier are nut simultaneously costing you a significant dependency deduction. Handle the matter properly in the next few weeks and you'll gel a dependency deduc- tion for her plus a deduction Second of five articles. for her medical expenses while she'll get her increased benefits and a little extra too. Overlook even a few minor details such as a interest payment to her on a forgotten savings account and you Sylvia Porter might forfeit a whopping lax break. To be specific, the lax law says you can get a dependency deduction for your mother only if (1) she has gross income of less than a year: and (2) you provide more than half her support. Medical Bills As an illustration, say that in 11173 your mother got social security benefits of and had no other income. To help her. you paid all her medical and dental bills in excess of medicare a total of Result: You got a depen- dency deduction of and also deducted the in medical expenses. The explanation: Social security benefits aren't count- ed for the gross Income lest; and (2) you contributed more than half your mother's sup- port. But this year has been much tougher, for with soaring living costs she hasn't been able to swing it even with her increased social security benefits. So you contributed more. Entire Amount Now here's how you, your mother and the tax collector make out: Your mother's social Knitter Alfred Frie, 71, of Monroe, Wis., knits a wool scarf while wearing a stocking cap he learned to knit two years ago while confined to a wheel chair in a nursing home. Frie has spent most of his life on crutches, having suffered paralysis of the leg when he was nine. Frie sells caps and scarves. He makes two a day. Dive in Economic Indicators Adds Weight to Claims of Recession 1 By John Cunniff NEW YORK (AP) Like the hands of a clock at the beginning or ending of Daylight Savings Time, the leading economic indicators sometimes mislead, but sel- dom totally. The composite index of these economic indicators fell 2.5 percent in September, the worst decline in 23 years, pointing to a sharp decline of economic activity for the remainder of the year. The indicators have been wrong before, and some of them cannot now be relied upon loo uncritically. Stock prices, for example, are an in- dicator of future activity, but an unreliable one. Dow Gains. In fact, as the dismal report was being released, the Dow Jones induslrial average soared 25.5 points, one of its John Cunniff sharpest gains of the year. But the market was looking far into the future not into next monlh. As some stock analysis might observe, the market already had discounted the bad news for the remainder of the year and was looking into the middle of when economic conditions might be better. Perhaps more indicative of the immediate future was the 6.4 percent drop in durable goods orders during Sep- tember, and the 8.4 percent decline in building permits. The level of building activity. Reports Blacks Turn Apathetic to Education CHICAGO (AP) Progress in expanding higher education opportunities for bla-jks has deteriorated because of a sluggish economy and blacks' own apathy, a minority educa- tion leader says. "Blacks are not pushing now1 as they did in the late said David Kent, president of the National Scholarship Service and Fund for Negro Students of New York. Al a minority education conference, he said some black college administrators have gol comfortable with their jobs and "lost sight of what their original objective was." Weaker Voice Therefore, blacks have a weaker voice during the current competition for Ihe educational dollar, he said. "We need as much pressure within government as we can mount. We need as much noise as we can make. We also need help. Where are the lib- erals who were once on our side? You just don't see Ihem anymore." Kenl said. "Progress has been made but il falls short of the mark. Parity of equality in educa- tional opportunity has not been achieved." Kenl said that between 19155 and 1971 blacks in colleges and iiniversiljps grew from 3.-1 percent In more (hail fi per- cent of Hie total college university enrollment. and One Percent Dnip But thai trend lias turned downward, between 1972 and 1973 minority enrollment dropped 1 percent, he said. The conference failed to draw its expected crowd of Only 500 registered. A spokesman said Ihe poor lur- nout was partly a reflection of blacks' growing disinterest. The conference was billed as the firs! educational assem- bly of blacks. Puerto Kicans. Mexican-Americans, Amer- ican Indians and oilier minori- ty groups. for example, follows directly from the number of permits issued several weeks before. II isn't an opinion about the fu- ture; it is a factual declaration. Past Conditions The 9.1 percent advance in new claims for unemployment insurance, on the other hand, is just as much a statement about past conditions as il is an in dication of things to come. So also is the measure of the average work week, which also is a component of the index of leading indicators, and which fell slightly in September. And the same applies lo the ratio of price to labor costs, which rose slightly. The only real strength in the September forecasts was in the measure of plant and eciuip- menl orders, which rose 4 per- cent, indicating business was al leasl Irying lo mod the demands for greater produc- lion efficiency. Cooling Fires However, a good many economists will interpret another indicator, the 4.2 per- cent decline in industrial- material prices as a sign thai the fires of inflation are cooling, although another monlh of declines is needed (or confirmation. The semantic argument about recession or no recession has become a senseless dis- pute. The facts seem to be ac- cumulating heavily on (he side of recession, no matter what some government officials say. To put it another way. the label doesn't count that much. If the consumer finds the con- tents of the can look and taste like pickles he's going to dis- believe the label that says fruit cocktail. The contents the fads rather than the label are what mailers. And now the index of leading indicators adds more pickles to the contents. 2BSS The Office of Optometrist Eyes Examined Glasses Fitted 8 Contact Lenses By appointment only 395-6356 Closed Sun. and Mon. Lindale Plaza security benefits have been lifted to more than this year and she is .spending Ihe entire amount on her own sup- port. You have supported her to the tune of instead of and thereby you lose your 11174 dependency deduc- tion, for this is not more than half her support1. You also lose the of medical deduc- tions. Who wins? The tax collector. Here's why: Your mother gels no benefit from her dependency exemption, since she has no income from which to deducl il. You lose a deduction and a medical deduction. The entire difference goes to the IRS. What To Do What then should you do? Make sure, say Prentice-Hall's lop tax experts, that in the weeks remaining before year- end you nail down the entire in deductions by seeing to it I hut you contribute more than half your mother's sup- port in Id74. By giving her a few hundred dollars more this year, you well might wind up pocketing us much us, say, hi taxes money thai otherwise would go to the IRS. "Right warns I'rentice-llall, is "an ideal opportunity for sig- nificant and successful lax strategy." Find out NOW how much your mother's gross income for '74 will be and talk things over lo check on jusl what sources of possible revenue she has with which you might not be familiar. Check up on your own via her old tax returns and related papers for all it might take to throw the whole tax strategy oul of balance would be one "forgotten" savings account thai earns a few dollars in interest. You won't see Form 1099 reporting that interest until it's too lale to adjust your con- tribution. And you wouldn't want to lose for the want of 810! A little bit of generosity before the year ends could pay off big at lax time. Don't assume thai, If you can't take the dependency exemption for a person, you can't deduct his or her medical expenses, for this is not so. Yon cannot get the depen- dency exemption if, say, a parent you support earns more than a year but you can get a medical deduction if you actually pay the medical bills and provide more (ban half the person's support regardless of his or her other income. For instance, say your mother has investments that give her an annual income of not enough for her to live on, so you contribute another including for medical bills. Result: There's no depen- dency deduction, for your mother's income was over But, since you paid more than half her living expenses, you qualify for a deduction on the you spent in medical bills. Next: Standard deductions, auto expenses, weddings. Of National Bible Week WASHINGTON (HIM) President ford has been named honorary chairman of the 34th interfaith observance of National Bible week Nov. 24 lo Dec. 1. "Bible reading has been a tradition in my family for as long as I can said In accepting the chair- manship. "The celebration of National Bible week gives op- portunity lo share with my fellow Americans my special regard for the Scriptures as a unifying source of wisdom and inspiration." Ford said his favorite Bible passages are the fifth and sixth verses from the third chapter of Proverbs: "Trust in the Lord with all thine heart; and lean not unto thine own understanding. In all thy ways acknowledge Him. and He shall direct thy paths." "It was not chance." Ford said, "that led me lo have my Bible opened to these words as 1 took the oath nf President. Ifalher, it was my firm belief In their meaning a belief that has made them my daily prayer." National Bible week lias been sponsored since by the Laymen's National Bible Com- mittee, an interfailh, New York-based organisation. It is scheduled each year lo coincide wilh Thanksgiving, described by (he group as; "America's only non-sectarian religious holiday." GAZETTE TELEPHONE NUMBERS Newi, Sports, Bookkeeping, General Infor- mation and Officei Not lilted Below Ciitulation-Submiption Dept.......398-833: Mon. thru Sal. 8 a.m. la 7 p.m. Sundays Unlil 12 Noon Holidays 1! a.m. 1o7 p.m. Want Ads........................398-8234 Morvthru Fri. 8 a.m. to 5 p.m. Saturday unlil 12 Noon Diiplay Admitting................398-8222 8 a.m. to 5 p.m. Morion Office ....................398-8430 There are two kinds of coughs: Temporary ones that usually come and go with a cold, and chronic ones that hang on and get worse. Temporary ones are not much of a problem. They need little if any treatment. But those chronic ones need attention and fast. They could indicate Bronchitis or Emphysema, or Lung Cancer, all of which are treatable or even curable if you don't wait too long. If you do put it off, any of them could kill you much too soon. Take your nagging cough to your doctor. Who knows, you might just leave it there and wouldn't that be a blessed relief. We care. Blue Cross Blue Shield of Iowa Dos City HEALTH "Regisforod Mark Bluo Cross Association Sorvico Maik of Itio Nnllonnl of Blun Shlolrf Phns Cedar Rapids Representative Robert J. Sedenka Phono 362-6304 Phom 366-3348 Benton and Linn Counties Representative Lloyd Schaufenbuel 362-6373 366-9348 "FOR INDIVIDUAL ENROLLMENT' Now AVAILABLE: Group Enrollment 2 thru 4 Employees Johnson County Representative Bert Vincent 337-2440 Jones and Cedar Counties Representative Edward A. Schlatter 377-3283 Office 366-3348
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