Tax Tips

Tax tips presented as a public service by the Universal CIT Credit Corporation, a subsidiary of CIT Financial Corporation in cooperation with this station and the United States Internal Revenue Service. [Applause] >> Hey, John. How's it go? >> Oh, hello Tom. Here's your check. Thanks. Hope you can finish that job for me tomorrow. They're breathing down my neck. I got an order for 200 more. >> Tom, I was thinking of taking tomorrow off. >> How come? >> Have to go down the income tax office and get some help on my forms. >> What' you do? Strike Oilers, huh? >> Nah, the figures throw me. Even if they are kind of small. I think I better get the help. I stood in line last year. My wife and I are doing them at home this year. >> Yeah, they got a new short form this year. Why don't you use that? >> That's what I used. It's pretty simple. see you lose a whole day's pay. >> If I keep putting it off, those lines get longer and longer. Tom, >> well, why don't you give that form a try? >> Well, I'll look it over. >> They expect me to get the work out on schedule around here. >> Everything okay, dear? >> Yeah, everything's okay. Work's piling up. We're a little behind on orders. About this tax business. I hate to take a day off from work. I've been thinking of putting it off. We don't have to file this year until April 15th. >> Well, putting it off isn't going to do any good, John. >> But Tom needs me down at the plant. >> I don't see why you have to take time off this year to go to the tax office. >> Well, what do you mean? >> Well, I've been studying those tax instructions very carefully today. And Well, well, come on. I'll show you. Let's go in the living room. >> Before you start, make sure you have all the forms and the instruction sheet. >> Well, there's a whole lot of material here. I picked it up at the post office, but all we really need to know is in this 104A instruction sheet. >> Well, you made less than $5,000 last year, and it was all in wages reported on those withholding statements. >> That's right, Mary. Less than $5,000 in wages reported on withholding statements, and not more than $100 from all other sources. >> You see, we qualify for this. I've already filled in most of it. names, address, social security numbers, wages, and tax they held out. I got most of the information from your W2. I printed this even though it's our copy. It looks so much neater. >> See, I even filled in the exemptions. One for you, one for me, and one for the baby. >> That's fine. You know, some people put down the numbers but forget to write in the names of their exemptions. Looks like our number one exemption needs a little help. Oh, >> you finish it, John, while I take care of John Paul. >> Oh, you mean you want me to figure the tax now that you've done all the easy work, huh? >> No, silly. Just transfer the information to the punch card. You know, the one you mail in. >> Internal Revenue will figure the tax for us. If we owe any money, they'll send us a bill. If we've overpaid, they'll send us a refund. I think I should use a pen on this. >> It is a good idea to fill out the card in ink. Print your name and address. Write social security number and other figures clearly and accurately. Don't forget to sign it. And if it's a joint return. >> Oh, now you have to sign it, too. Finished. How to get it in the mail? >> Oh, John, don't bend it. It says, "Do not bend the card." >> Here, use this big envelope. >> That is important. You see, this card is designed to be processed by a machine to save the taxpayer time and money >> and the withholding statement. No. You know, I'll bet Tom will be surprised. >> I think I'll give him a call. >> So, by taking a little time and trouble at home, John saved a whole day's pay at the shop.