The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1913-07-17
TAX CALLS
FOR CLOSE FIGURING
FULL or REBATES AND CHECKS
TAXES POKER WINNINGS
mo DISCOUNTS.

The income tax provision Of the ne.
tariff bill as II was amended by tn
senate Is an appalling and fearsom
collection Of technicalities.
The public at large need not be pu
to any worry about 1t until January |
next ann then will have three month,
In which to fight II ont with their con
sciences as to how much of their &C.
Hal Income they will return for taxa
ton The returns are to be made thi,
year for the last 10 months of 1919
and thereafter to be made for the full
calendar year.
II you have an Income Of $4,000 f.,
those ten months or less. you need not
worry. II you are an unmarried per
son and the income Is over that, get
out your pad and pencil and begin f.
4 figure. But If you are married, you
need not take notice unless your in :
come Is over $4,000. and if you have
one enid IN addition 10 the wife, not
unless your income IL over s.5oo aud
If there are two children. $4,000
/ But here the exemption on account
! of children stops. The man with ~
children gets no extra rebate, although
tAeir upkeep diminishes his income
The rule aaoat corporations is DIFF
fersnt and this article deals arlp Wit,,
persons having incomes under 500 hna
Others would best consult their Ian
yers If they want to know the ropes.
Bill Defines Incomes.
Suppose You are unmarried with an
income reaching more than $4,000 Far
the last 10 months of 1913. You VIII
pay I per cent on all the income =
excess Of that $4,000. If married. and
nc children, neo win pay per cent
all in excess of $4,000 up to $40 600
when the law claps on little more
tax.
Income means rains FROM whateY~er
seusee derived. If Won are profess
sional man, then fees from your prar
tice are Included. selarv vents f,'7r-
your houses, dividends from vo'"
stocks. all must he lumned to chow
your net income If yan made q lue'Tv
turn in the stock market or came oi'
ahead IN a years opening Of iaekpo'e
Won must turn in the accounting. Aur-
ton bridge counts. roe. II Won win, h,
your losses there will not offset in
come from your salary.
IT you are q merchant YOU will bs
allowed to offset the money vN,l nat
YOUR clerks, your rent, light, che, but
YOU can not charge off on your boolle
anything on account of Your own
time or services rendered In your bus !
mess, nor expenses Of your household |
If you own property you VIII be A. !
lowed to deduct repairs, insurance !
taxes. etc, from your rents so IS -
show the net income.
II you came into life Insurance it is
not taxed until you invest it. and then
the income from It IL taxed. Interest
On money in the bank must he includ
I'd in your other income and be taxed
Employer Collects Tax.
If your income is from a salary
your employer must take the tax out
If your pay envelope some time dur
ng the year and turn it in. The gov
rnment calls this collecting at the
ource." In addition. YOU will have 20
make a statement showing what 9TH
r sources of income you have, whe- l.
1aff !
like that.
IT the collector Of internal revenue 9
cts an idea that you are not making i
al return he can add $50, 400 or $780, {,
ONE and force you to GO into ccur' Z
nd reveal your true income IS t g
g relieved from the tax the collectc, ..
as put on. n
eavy. in fine and imprisonment. th' u
lea Of the lawmakers being to i'm E.
'ess upon the paving public the the r,
" that honesty v the best policy !,
I'll, the idea being to reveal the ren'
come of every taxable citizen. II
u own stock in a corporation which
VS. dividends. that corporation noti n.
S the collector, and If you don't r.
axe proper return tn that effect in m
ur own declaration you are liable ar
be caught. "a
The collection Of the income taT the he
IT year for the whole country. is lfo
imated to cost about s120oooo and tn
i require hard work by all the IN I'll
nal revenue officials
Elatkead Conper Ctr;te