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This newspaper page contains 5 articles. Subscribers can read the full text of each article.
Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jan 27, 1955
Page
2
The article explains two main types of business connected employee deductions and how to claim them. It covers reimbursed versus unreimbursed expenses, which counts as travel away from home, local transportation, and outside sales costs, plus other ordinary business expenses. It notes how these deductions affect adjusted gross income and standard vs itemized deductions.
The law now allows deductions of business connected costs for outside salesmen. Eligible items include local transportation such as bus, streetcar, subway, taxi, and car operating costs. Also deductible are telephone, stationery, secretarial help, and customer entertainment as necessary and reasonable expenses. Travel away from home may include room and board. Meals are not part of local expenses.
The text explains calculating total wages by adding employer reimbursements for business expenses then subtracting actual expenses up to the reimbursed amount. If actual expenses are less than reimbursements you gain income. if only partly reimbursed you may deduct the remainder as personal expenses if you itemize. Unreimbursed expenses may be carried over with certain exceptions.
A Navy FJ3 Fury jet climbed to 10 000 feet in 83 seconds from a standing start at Miramar Naval Air Station to set an unofficial record. The National Aeronautical Association confirmed the mark as unofficial while the Navy did not claim a record. Built by North American, the Fury is a carrier version of the F86 Sabre.
A British Meteor jet first transcontinental rail route reference is linked to Stanford and Fargo Bank in San Francisco. The event marks a symbol of completion and safe keeping, tied to a Wells Fargo context and a 75.5 second time reference from the NAA.
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