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Newspaper
Biddeford Saco Journal
Location
Biddeford, Maine, United States of America
Date
Jan 08, 1976
Page
7
IRS guidelines compare standard deductions and itemizing for the year. Totals rise to 16 percent or up to 2600 dollars for married couples, with single filers at 2300. The article outlines when itemizing pays, distinctions among adjustments credits and deductions, audit rates, and common deductible items like state taxes interest health costs and charitable gifts.
Washington AP reports that 65 and older Americans qualify for higher income thresholds and extra exemptions, reducing the need to file. The rules include $3,100 single and $4,150–$4,900 joint limits, plus a $750 extra exemption for over 65 and a $30 tax credit with retirement income credits up to $457. Social Security payments remain fully tax free.
A historical note explains that death prevented eight presidents from finishing their terms, but Richard Nixon was the ninth who did not complete his term and was the first to resign.
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