The Highland weekly news. [volume] (Hillsborough [Hillsboro], Highland County, Ohio) 1853-1886, 1865-02-09
9fltsttIlanroas.
Internal NEUTRALITY-SUSPICIOUS..


and paid annually upon the annual
gains profits, or income of every person
residing in the United States, &C.,
whether derived from any kind Of
property, rents, interests, dividends.
salaries, or from any profession, trade, |
employment, or vocation" &c., duty
of FIVE per centum on the excess over
S600s and not exceeding So, ,0005 seven
and half per centum on the excess
over $4,000, and not exceeding $4,000;
and ten per centum on the excess over
$4,000. And the duty is to be assess
ed and collected on each year, ending
on the 31st day of December.
As the year 1864 is ended, II would
be we'll for all persons having transacted
business within the year, to make care
ful estimates of their "gains, profits, or
income" and make memorandum of
the same, to be preserved until they
may have opportunity to report to the
| Assistant Assessor of their Division,
who will aid them in making the proper
deductions, and take their sworn state.
0 ments of the taxable amounts. .".
q o. We propose, in this connection, to
t make a few general remarks and sug-
o gostious, that may be of service to some
of our readers in aiding to understand
: more fully the requirements of the law
and to prepare their reports. First,
n then, the term "gains," in the law, ap-
pears to apply to farmers, and other
p producers; profits to merchants,
traders, and manufacturers and /" in.
come to persons drawing salaries, re.
i ceiviug fees, or deriving dividends from
10 capital invested, &c.
:. 1st. A farmer is required to include
the whole gross proceeds of the year,
whether consumed by his family, sold
'r or had on hands for sale at the end oi
Ft the year. ... na ..
A merchant, or trader, or manufact
sr urer, will estimate the increase Or r"gains
a. Of his business over and beyond the
u original cost of stock, and carriage o.
y the same.
re Whilst salaried persons, or persons
r. deriving "incomc" from capital invested
ID fees, &c, should estimate the whole
10 amount. ....... . .,,...
lr 2l. 1t happens, in some instances
that the same person derives gains
n. profits, or income, from two or more
to kinds of business and in such cases
all they should report all of their gains
er combined, as fully as if they had bu
dc one source of revenue. ... f.....
Mt Sd. A very common mistake Of per
,r- sons is that they are entitled to deduc
We from their income the expense Of keep
in ing their families, whatever that ma
'. amount to and in addition to that, t
deduct 5000, whereas, in. fact, they ar
only allowed to deduct 5000, whateve
the family living may be. r..,5 o..
:. 4th. Another mistake, though nc
- very common, is the idea that the esti
-" mate of the income should be based up
on gold standard. The true standar
is currency aud the payment Of tn
IN tax is also in currency. ... --
oor Although the law only specifically el
ov, ~ eHpts 5000; it provides that the Secr'
MI tary of tho Treasury shall establls
'eS such regulations as may be nccesSar
: for the assessment and collection of IL
ave tax, if not provided for in the Law an
\, 81 be has designated several other item
~ that may bc exempted from the gro
= receipts in estimating tho annual il
.a come. :, al, ,,,I.--r, ai ,-.,ou M
~ For illustration, a farmer ia require
'S to report the gross receipts of his bus
10 ness, whether consumed BY his fapil
w w. sold, or had, on, hands for sale, at Il
m end of tho year; but he is not reqnr,
to report such grain, hay, &C., as he h
on hands for the support of his stpcI
~ and which he actually feeds to them.
all He is entitled to deduct the aRou
Ir paid by him for hired labor, inclpdi
- the subsistence Of the laborers nece
sary repairs on his farm, insuran'
Interest on Membranes, on his far
and taxes, State an and n National, qftiFO'R for
year. ,,r,,,nr-,i, al -aa
imy. A merchant or trader is allowed
IN deduct clerk hire, taxes, Insurance, re
VS. '" actually paid, and interest on inqu
brShces upon bis property, sc. ,,
In conclusion, We, may remark Il
the instruotions Of the Secretary Of
,.,,.. Treasury require that all the dilforc
H. Kinds ofincome be reported separate
NJ and in detail; and also, that each, it
:" i'''r 10 or exemption, above referred to,
'sI:%. :asl given in detail go that it win Be v