The journal. (Caldwell, Ohio) 1934-1961, 1960-02-11
|IneomeTux Hints
for
Noble eCounfiuns
Issued by the Public Accountants
Society of Ohio An Affiliate of
the National Society of
PuhIic Accountants

claim?
Each exemption is a $500 de-
duction. That is, for each ex-
emption you are allowed to
make $500 tax free.
Exemptions determine the
| amount of tax-free income you
are allowed each year, and are
devised to make the tax fair be-
tween single persons, married
couples, and large and small fam
| lilies.
You are entitled to one ex-
emption for yourself. You are
entitled to one additional ex-
emption if, on December 81, 1859,
you had attained IS years of age,
or if you were blind.
| If you were both IS and blind,
you are entitled to two additional
| exemptions. You are also entitled
to exemption on the same basis
for your wife, if you file a joint
| return.
If you file a separate return,
you can claim youS wife's exemp-
tions only if she has no income
and was not claimed on any other
taxpayers return for 1859.
If your wife or husband died
in 1859, the additional exemp-
tions for age and blindness are
| determined as at the date of
death, rather than December
Thirty-First.
You are entitled to one ex-
emption for each dependent. Ad-
ditional exemptions for old age
and blindness apply only to you
and your wife or husband, not
to dependents.
How many dependents can you
claim?
Each dependent must meet all
five of the following conditions
| /. Dependent must have receiv-
ed over one-half of his support
| from you III 1909.
2. Dependent did not have over
$500 income in 1859, unless the
dependent was your child OF
stepchild under l9 years of age
or if over l9 years of age, full
time student, in which case the
dependent child can earn any
amount as long as you actually
provide over one-half of the cos
of support.
i 3. Dependent is not claimed by
any other taxpayer and does no
file a joint return with another
taxpayer. For instance, do no
list a dependent married daugh
ter who files a joint return will
her husband.
| 4. Dependent must be a citizel
of the United States or a resi-
dent Of the United States, Can
ada, Mexico, The Republic o
Panama or the Canal Zone.
Il 5. Dependent must be closel.
related to you or be anyone els
, who meets requirements |, 2, 3
and above and had your hom,
as his principal place of abod
and was a member of your house
hold, even if not related to you
If the dependent has Worke.
part time and earned less thai
$500 in 1859 or was your chile
under l9 or over 10 and a stu
dent, and income tax was with
held from such earnings, tn
dependent should file a tax re
turn to secure refund of the ia.
withheld.
This will in no way proven
you from also claiming the eX
emption for the dependent, pro
vided, of course, that dependen
meets all five of the above con
ditions.
Should you file a joint return
If you were married on DeCem
Der 81, 1859 you may file join
return with your spouse regard
less of how long a time you hav
been married and regardless c
whether or not your spouse ha
income.
If your net taxable income
over $4,000, a joint return Wi
| result in a lower tax.
In making a joint return yo
include all the income, exemr
tions and deductions of both tn
husband and wife. In heading tn
return you list both names. Fo
instance: John j. and Mary N
Doe. Also, you show both socis
security numbers and both ot
cupations if both have income
1t is not necessary that bot
have income in order to file
joint return.
Husband and wife must bot
sign and date a joint return
Each assumes the responSiblllt
for any tax due. If one does NJ
pay, then the other must. If yO
are entitled to refund, tn
check will be issued in bot
names and both will have to er
dorse the check before cashing
In some cases it is not pO
sible to secure the signature {
your spouse directly on the ia
return. 1t is possible to file
joint return without having yor
spouse actually sign the retur