BUSINESS Doctors Laud Haydon After Heart Implant
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- MANCUKSTKR HKRAU). S;ilurcl;iv. r> l> Hi. I9H5 MANCHESTER FOCUS SPORTS WEATHER BUSINESS Lydall announces Kitchen is ‘hot spot’ MHS pucksters Cloudy skies tonight; Foulds agreement for most home fires make tournament little change Tuesday Tax law changes affect wait on capital gains ... page 3 ... page 16 ... page 11 ... page 2 such forms that you are not reporting with an return, you must be prepared to start paying your 1985 Under Ihe new tax law. you need wail only for more explanation of why you aren't reporting the sale. taxes. The first installment payment of your 1985 lax than six months to sell stocks or other investments you may also be due April 15. 1985. If you don t prepay bought after June 22, 1984, at a profit that will be taxed Your W ARNING! Report all income! The IRS has been enough of your 1985 tax through your estimated lax as the more favorable long-term capital gain. On your checking on an increasing scale whether taxpayers payments or through your withholding, you can be hit Money's with a penalty that will be figured at 1 3 percent until at pre-June 23, 1984. investments, you have to wait for WU are including in their returns all the income reported more than a year to qualify as long-terrn gains (during as paid to them by banks, corporations, etc. Taxes least June .30, 1985. The IRS will then set a new rate. which time your paper profit may shrink drastically K k Worth have been assessed, plus interest, on any income Generally, you must pay an estimated tax if you or drop away altogether.) Sylvia Porter unreported by the taxpayer. expect to owe, after withholding and credits, at le a « $500 in tax for 1985; and expect yodr withholding to be Jlanrhfatpr Mrralft This is a highly important change to all investors. For 1984 returns, the IRS is getting even tougher. less than 80 percent of the tax sl)dwn on your 1985 tax, ...... _____ * Kilrknrlav/Monday, PoKFeb. 18, 1985 — Single copy: 25<l: To be more specific, if you bought capital assets — Any 1984 income for which an information return Manchester. Conn. — A City of Village Charm stocks, bonds, a hou.se, etc. — on or before June 22. (Form 1099) was filed for you that you don't report on or 100 percent of the tax shown on your '84 return 1984, your gain or loss on selling an asset will be a your 1984 return could be hit with lax plus interest plus (assuming the return covered all 12 months). may for the fir.st lime receive from your broker a new long-term gain or loss if you held it for more than one As an employee, you may be able to estimate your information return Form 1099-B or another statement a 5 percent negligence penalty plus 50 percent of the year before selling it. It will be a short-term gain or tax requirements retroactively. Request your em reporting the proceeds of your '84 sales. regular interest. If this happens, you can avoid the loss if you held it for only one year or less before ployer to withhold much higher than required If you do receive such form or statement, a copy of added penalties only if you can convince the IRS that selling it. you weren't negligent. amounts from your salary in the latter part of 1985. Charity helps which the broker sends to the Internal Revenue If you bought your stocks, house, etc., after June 22, If you had any income from bartering in 1984 you While the withholding actually may take place in Doctors laud Service, you will have to reconcile the total on the 1984, your gain or loss on selling an asset will be a- December 1985, the withheld amount is viewed as form or statement with the total .sales you will report al.so may receive similar information forms and the long-term gain or loss if you held it for more than six being withheld equally over the year. If, say, your on your 1984 Schedule D — Capital Gains and Losses, like reporting your bartering income. Again, you will months before selling it. Your gain or loss, however, have to show where such income was reported on employer withholds $5,000 of your year-end salary, victim after of Form 1040. will be a short-term gain or loss if you held it for only Form 1040 or any of the attached schedules. If you you are considered to have paid one-fourth, or $1,250, The newly required reconciliation Is made in on April 15. June 15, Sept. 15 and in the last quarter. six months or less before selling it. Section A, Part IV of Schedule D. In making the believe some of the income was not taxable, you will The effective tax on long-term capital gains cannot This can reduce or eliminate any amount that may Haydon after reconciliation, you must show the proceeds of any have to explain why it wasn't taxable. exceed 20 percent. Long-term capital gains are have been required as an estimated tax payment on Route 6 wreck sales you reported that were not reported to you on those dates. A real safety net for you! getting a real tax break. any Form 1099-B, etc.. and any proceeds shown on any BE ON GUARD! After you complete your '84 If you sold any stocks, bonds, etc., during 1984. you By Bill YInglIng Herald Reporter heart implant Economists say inflation rate no victory If Stephanie Wheeler needs blood, she doesn’t have Business to worry. There is an abundant supply with her name on it. none of which is directly controlled by Bv Brian AAallov Bv Elaine S. Povich ing power of a dollar in half in less than think tank American Enterprise Insti Wheeler was reported in serious condition today a( United Press International' In United Press International 18 years and is high enough to do tute, which sponsors the committee. the federal government. Manchester Memorial Hospital, recovering from Relatives ‘relieved’ enormous damage to the economy. “ The committee has two reasons for "Inflation remains well under con multiple injuries — including several broken bones — LOUISVILLE, Ky, - Murray P. after the operation "Our objective should be a continued concern," Broida said in a telephone Schoeneberger joins staff WASHINGTON - The current 4 trol," Reagan said in his budget she suffered in an automobile accident in Andover last Haydon went through a “ very unevent gradual reducation in inflation to the interview. “ If you’ve been hc'ped by percent rate of inflation, cited by message, attributing the restraint to Tuesday. ful night" le.ss than 24 hours after a — see page 9 Prc.sident Reagan in his budget as point where it is no longer a significant his fiscal policies and the Federal something that's out of your control, it After being admitted, the Columbia resident had to Shirley Schoeneberger of 54 Perkins St. has "p erfect” operation to implant the being "w ell under control," should not factor in personal and business deci Reserve's light control of the flow of could turn around." have emergency orthopedic surgery, said her joined the staff of the Joyce G. Epstein Realty Co. world's third man-made heart and be considered in any sense a victory, a sions," the report said. “ The reduction money. husband, Russell Wheeler. She is now out of the at .349 E. Center St, v He also warned if projected $230 waved to his family during a visit group of economists said Friday. of inhation to the neighborhood of 4 hospital’s intensive care unit, but requires additonal plastic-and-metal device. Schoeneberger "The recovery has fostered a new billion budget deficit is not decreased, today, doctors said. The Committee to Fight Inflation, led percent is in no sense a victory." surgery before she can be released, he said. Haydon’s clinical condition was has been a licensed sense of confidence in America's inflation could rise again. Dr. Allan M. Lansing, medical by Henry Fowler, President Johnson's The committee also warned that Meanwhile, employees at CIGNA Insurance Co. in listed as critical but stable today. realtor for several economic future as it offers the In his fiscal 1986 budget, Reagan director of the Humana Heart Institute, treasury secretary, said in a report there is a serious danger that the rate of Hartford have donated 52 pints of blood specifically to Dr. William DeVries, the pioneer years and has re pro.spect of .sustained economic growth proposed cutting $50 billion from the said Haydon's vital signs were "ex that although 4 percent inflation seems inflation, rather than further declining, Mrs. Wheeler, said Naomi Blank, CIGNA's surgeon who implanted both Schroed- presented Busy Bee with low and .stable inflation for the deficit, with harsh program cuts while tremely stable." low in comparison to the double-digit coordinator of Contributions and Civic Affairs. er’s Jarvik-7 heart and a similar model Products in the could increase. first time in many years," Reagan's allowing military spending to rise. “ I'm very plea.sed to tell you Mr. levels of the late 1970s. it is well above budget said. Russell Wheeler is chief medical technologist at Murray Haydon hud a very uneventful that kept Dr. Barney Clark alive for 112 Manchester area. "Obviously, if you go from a 13 Senate Republicans are working on the average rate of 1.5 percent that CIGNA.