Masonry Magazine February 1972 Page. 15
TAX FORMS
Remember, just because the IRS did not send you the proper form or schedule in your 1971 tax package does not mean that you do not have to file such a form. If, for example, you did not pay estimated tax in 1971, you may not receive a 1972 estimated tax form. But this has no effect on your need to file 1972 estimated tax forms. Additional forms and schedules are available at IRS offices.
The peel-off label on the front cover of the Form 1040 packages was designed to reduce the likelihood of delays in processing and to avoid error in crediting the taxpayer. Remember, your Social Security number is your tax identification number. Be sure to include it on all tax forms, on any documents submitted by you, and on all checks or money orders. Forms can easily become separated from each other and from an accompanying check. The IRS urges all taxpayers to identify everything by the inclusion of the Social Security number to help them to provide proper and prompt processing.
UNION MEMBERS
The tax effects of being a union member have been recently compiled by the Commerce Clearing House. How are a union member's finances affected by the IRS?
First, all initiation fees and dues paid by a union member to acquire and maintain membership in his union are deductible as business expenses-provided, of course, the union member itemizes his deductions.
Assessments paid to support a union's old-age pension fund are deductible if they are required as a condition of union membership and the holding of a union job. However, these assessments are deductible only if the member acquires no vested interest in the fund.
On the other hand, assessments to provide health, accident and death benefits for union members are not deductible; these assessments are regarded as personal expenditures.
Where a union member receives sickness and accident benefits from a union fund, these benefits are excludible from gross income.
Union assessments for "out-of-work" benefit payments to unemployed members has been held by the IRS to be deductible to the extent that they are paid to unemployed members who are physically capable of working.
Finally, CCH reported that strikes and lock-out benefits are nontaxable if (1) they are given to both member and nonmember strikers; (2) they are dependent upon individual need; (3) they are dependent upon the unavailability of unemployment compensation or local public assistance; and (4) they are unencumbered by conditions.
(Continued on page 25)
Number One Compact Loader
Reliability Makes the Difference
No other compact loader can match the Bobcat loader's performance record on construction sites or at handling materials. Bobcat loaders free men and heavy equipment from costly, time-consuming jobs.
M-600 Bobcat -
The original Compact
America's first and still foremost compact loader, ½ yd., 1000 lb. load capacity, 8½ lift height, 54" wide, gas-LP-diesel-electric power, 4-wheel drive traction, pivot turning ability, 27 attachments multiply its value on any site.
M-371 Bobcat-
World's smallest Compact
Just 35" wide, less than 8' long and 6' high, 3% yd., 500 lb. capacity, 7' lift height, 14 hp Kohler gas power, 4-wheel drive traction and pivot turning, choice of buckets and grapple fork that change in less than one minute.
ASK ABOUT RENTAL, LEASING
AND FREE DEMONSTRATION
MELROE DIVISION CLARK EQUIPMENT COMPANY GWINNER, NORTH DAKOTA