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        March/April 2000     
         
        Avoid These Tax
        Mistakes 
        An IRS Official Explains What to
        Watch For 
          
            
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                 Tax
                season is here, and if it's anything like the last few years,
                millions of taxpayers will inad- vertently make a mistake. 
                To help you avoid taxing mistakes, we talked to Steve Danish, an
                IRS spokesman, to find the six most common mistakes taxpayers
                make. Mistake
                #1: 
                Incorrect
                Social Security
                number.  This is the most common mistake taxpayers make on
                their returns, according to Danish.  His suggestion: With
                electronic filing, computers can catch the mistake and eliminate
                human error."  | 
              
                  
                Mistake #2: 
                Dumping
                tax-related records.  You should keep all tax-related
                documents for at least five years including W-2
                 
                forms, statements from financial institutions, and any
                paperwork relating to deductions that you have taken.
                 
                 
                Mistake #3: 
                Writing down incorrect figures
                from the tax tables.  "Take your time and be sure your
                taxable income figure is correct," Danish advises.
                
 Mistake
                #4: 
                Incorrectly
                taking tax credits.  "Tax filers need to be sure they
                meet income and other 
                 
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                eligibility
                requirements before claiming the Earned Income, Household, or
                Child and Dependant Care credits." 
                Mistake #5: 
                Claiming
                a child or dependent twice.  "In cases of divorced
                parents or a child away at college, be sure you know who is (or
                isn't) claiming a dependent," Danish said.
 Mistake
                #6: 
                Filing
                too soon.  "Some people file their return early
                because they want to get their money.  However, they may
                not have received all of their W-@ and 1099 forms, so their
                income is not accurate," Danis said.  | 
             
           
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         This newsletter
        provided by:  
         Dana C. Sydney 
        Clarence Barney 
        
         
         
         
          
        CFA Asset  
        Management, Inc. 
          
        1801 N. Kickapoo 
        Lincoln, IL 62656 
        (217) 732-1528
         
        
         
        Securities offered through H.D. Vest
        Investment Securities, Inc., Member:  SIPC, 6333 North State
        Highway 161, Fourth Floor, Irving, TX 75038, (972) 870-6000
   Are
        You Old Enough for Social Security? Many
        workers anxiously await the day they retire -- either completely or
        partially -- from work.  Increasingly, workers plan to retire
        early, but doing so could impact and reduce Social Security
        benefits.  Here's a look at the age which you can retire with full
        benefits. Year
        of Birth/Full 
        Retirement Age
         
          - 
            
1937
            or earlier / age 65  
          - 
            
1938
            / 65 and 2 months  
          - 
            
1939
            / 65 and 4 months  
          - 
            
1940
            / 65 and 6 months  
          - 
            
1941
            / 65 and 8 months  
          - 
            
1942
            / 65 and 10 months  
          - 
            
1943
            - 54 / age 66  
          - 
            
1955
            / 66 and 2 months  
          - 
            
1956
            / 66 and 4 months  
          - 
            
1957
            / 66 and 6 months  
          - 
            
1958
            / 66 and 8 months  
          - 
            
1959
            / 66 and 10 months  
          - 
            
1960
            and later / age 67  
         
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