Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1863-05-13
The Incoma Tax.

! 1AC lnCpElG TAX.
The frst OF May is the time designated
by the lax law for the assessment Of the
tax on incomes. the present assessment
being lur the year ending December 81.
lSG2. Every person, whether in business
or not. including those acting IN u iidu-
ciary character as guardians. trustees,a and
administrators must make the assistant a.
SCISSORS ii statement of all the receipts of
their business or property Of every kind
and description. and the assessors will de
eide what deductions are to be made
This tax Is annual. and the assessments
will be submitted 10 examination. and up-
peals may be taken. If persons refuse
10 make Il statement of their incomes, or
the statement is not deemed to be true.a
list will he made on the best information
the assessors can obtain, subject to the
oath or affirmation OF the persons assess
ed, as prescribed by the law. In taxing
trust funds the exemption of $500 will
net be made, unless oath is made that
the minor or beneficiary has no other in
come from which the $500 exemption can
be made. The following succinct ab-
stract of tue law relating to this annual
tax will be found useful in guiding per
son in making out a statement of their
incomes, and also gives the deductions 10
be made the assessors:
Mechanics, merchants and manufactu-
rers will return the whole amount of the
acaiLs or regenue of their business, and q
for labor, material, &c. COpartners Will
return their share or interest in the CO
partnership income. CorpOratOrs the
Il - - .-l-sF :. Al. -. -
dividends or otherwise. Evidences OF
debt, for adjusted accounts will be raAtsd
as if the person was making an inventory
of the same on settlement of an estate.
Farmers will return the value of the
produce of the farm. If a portion of the
same has been fed OUT to stock for sale
the value of the stock fattened, &c, will
be returned also all sales of such stock.
This will avoid the payment of a dou-
bic tax, viz: both for the p~roduct-grain
hay, &C., and the income from the stock
fattened from the same.) No deduction
VIII be made for the labor or services Of
himself or family. Expenses of hired
help will be deducted also all pay
ment for rent, insurance, ordinary repairs,
interest OF mortgages, &c. No deduction
will be made for any portion of the prod
ucts of the farm consumed in the family.
Produce on hand December 81, 1862,
must be valued at the then market price.
Salaried men must return the full
amount of the salaries they receive,
whether fixed by statutes or agreement.
or derived from fees, &c. Previous to
Sept. |, 1868, no deduction of three per
cent. was made from salaries of persons
in the employ of the United States. 1t
follows that the gross amount received
between the lst of January, 1862, and
August 81, 1862, inclusive, must be re-
turned.
A return must be made of the income
or dividends derived from stock in any
bank, insurance company, savings insti-
tuition, trust company, railroad, railroad
bonds, steamboat. ferry boat, or bridge,
between January |, 1862, and August 81,
1865, inclusive.
The net gains or profits of manufactur-
rers are to be taxed under section 90 of
the law, without regard to the fact that
they nave already paid 4 tax. The eX-
emption contained in the original statue
was removed by the amendment of'March
3, 1863"
All income derived from bonds, mort
SSECSy HChCof cNOSh IA Sdo NOLlH diAtNo vi
manufacturing companies, during the
whole of the year 1862, is to be returned
and taxed.
All income received from telegraph or
express companies, OF profits made by ex-
pressmen, are to be taxed, if received be
tween Jan. l, 1862, and Sept. 30, 1862,
inclusive.
Persons whose income does not exceed
$4,000, and who reside III the United
States, are liable TO a tax of three per
cen. upon all such part thereof rs is non
exempt. EXCEEDING $4,000, five percent
Provided, however, that the income de
rived from United States securities shall
be subject to a duty of one and a-half
per cent. alone. Citizens of the United
States residing abroad, and not in the
employ of the United States, are subject
to a duty of five per cent. upon their
property, stock, or securities, owned in
the United States, except Government
securities, and upon those one and a-half
per cent.
The following deductions will also be
made from the aggregate income of any
person, and the tax levied upon the re-
mainder, viz:
State and local taxes of the calender
year, January l, 1862, TO December 81.
Salaries of United States officials from
which has been already deducted by dis
bursting officers the three cent. tax of the
statute.
Interest, dividends, &c, of stock in
banks and other moneyed corporations,
from which the statute tax of three per
cent. has already been deducted or re-
tanned i. e. since Aug. 81, 1862.
Receipts derived from advertisements
on which a duty shall already have been
paid.
The sum of 5000 except in those cases
in which the sum of 5000 has already
been deducted from salaries or pay of.
Government officers as aforesaid.
The rent actually paid for rent of dwell
ling-house or estate, the residence of the
person assessed. THE value of rent of
house occupied by owner is o deduct
ed.
The amount of hired labor and the val
ne of the board of such labor.
Persons receiving rent are entitled to
deduct the cost of repairs, insurance, and
interest on incumbrance upon rented
property. The cost of extraordinary re-
pairs, new structures, &c, will in no case
be deducted.