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IRS offers
tax help
Internal Revenue Service estimated 2,750,000 individual income tax returns for 19*7 will lx- filed by Virginians. Approximately 2,800 returns will come from Rappahannock County according to IRS figures.
“This year the Tax Reform Act of 1986 will have a major impact on the preparation of tax returns,” said Jack Petrie, IRS District Director in Richmond. “The changes made by the Act are summarized in the tax package and many new publications are available to help Virginians learn more,” he noted.
Some of the major changes include:
• Reduced tax rates; for 1987 there are only five rates ranging from 11 percent to 35 percent.
• Increased exemptions and standard deduction amounts.
• Social Security numbers of dependents age five and older must be listed on the tax return.
• Certain itemized deductions have been eliminated or reduced. For example, the deduction for sales tax is eliminated and the deductions for consumer or personal interest has been reduced. Most miscellaneous deductions will be deductible if they exceed two percent of adjusted gross income. • Deductions for contributing to an Individual Retirement Account will be limited if an individual is covered by an employer’s plan and has income exceeding certain amounts. The following provisions were eliminated by the Tax Reform Act: the dividend exclusion, the deducNikolakaki
on Dean’s List
Josephine Nikolakaki has been named to the Dean's List for the fall semester at Longwood College,
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