The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1914-02-20
SUBSCRIPTIONS RATES:
ARE you SUBJECT TO THE IN.
COME TAX?


subject TO the new federal income tax
We haven't any information on tn
point but we presume that there are
few in our midst who will be require
70 settle with Uncle Sam.
Under the terms Of the law ever
person who is subject to the tax is n
ouired 10 render a report by March
1914. and failure to do SO will max
the negligent individual subject to
fine or not less than $40 or more thar
$1,000 II should be borne in mind. too
that no collector is going TO come
around 10 ask you TO make a report ol
take your money but you are required
10 make your report on your own initla
tive. In some instances, even though
your income isn't taxable, you are re
CURED TO make a report claiming your
exemptions. and il therefore behooyes
every person to inform himself in re-
gard to the law in order to avoid pen
a'ties.
The following informatioa in regard
to the new law. gathered from various
sources. should be of interest to all
citizens, regardless Of whether they are
subject to the tax or not:
The first report, for individuals, Gov
ers a period Of ten months. from March
], 1913, TO December 81, 1913, inclu.
siye. In making individual reports
only 1912 or sc Of the annual income
or annual expenses are considered in
this first report. For corporations,
however the reports cover the entire
year Of 1919
The blanks for making reports can
be obtained from the collector Of in
ternal revenue
The law specifies that every person
Of lawful age having a net income OF
$4,000 or more, for the taxable year
must make return, whether such is
subject to tax or not This feature of
the law applies to every citizen of the
United States. whether residing at
home or abroad, and also to every per.
sen residing in the United States but
not citizen thereof Non-residen:
aliens are taxable in like manner upon
heir net income derived from property |
IN the United States.
Guardians, trustees, executors, re-
seivers and agents must make their re-
ports. just the same as If they were
making returns for themselves as in
lividuals
Partnerships are not required to
make income tax reports. but the in
lividuals composing the partnerships
must account for all the profits in their
reports, whether such profits
lave been distributed or not.
Every corporation. whether organiz-
d for profit or not, except certain
rade, fraternal. charitable associations,
itc., must file report of income ire
pective Of the amount thereof.
Il will be observed that this income
ak law covers az businessee, trades.
occupations. professions, SO that the
aTmer, cattleman. oil producer. lau-
er doctor, minister, all are obliged
o make report. il their net income
mounts to $4,000 or over and applies
0 women as well as men.
All corporations pay tax of one per
ent on their net income. whether this
icome be large or small. so if Pc
on's entire income is derived from
orporations that are taxable upon
leir net income. he need not make q
etursi. unless his or her income should
{ over $4,000 for the year. However.
a person has other income. no mat.
II how small, from other sources than
vidends from corporations. he or she
ust make a report, even though they
ay not have to pay tax.
From this brief resume, We pass to
c all-important question which must
answered by each one himself-Is
y net income ssoooe
The majority Of people to whom this
cstion is put will reply. off-hand. IN
e negative and dismiss the question
income tax reports from their minds. 4
me government has prepared tax !
inks. showing how one shall arrive 9
his or her net income and it is 5
Ihly important that every one ex- 9
ine these reports carefully in order :,
i they may learn whether or not
" are liable and thus avoid the pen q
\ which The law pfescribea FOR faii
70 file such reports 10