The Anderson daily intelligencer. [volume] (Anderson, S.C.) 1914-1915, 1914-02-28

--Wa5uulBIOn, tSD. Sl---lI "a taTmef
Is SO fortunate as to, hayeia net. iaeome
Iof over, $4,000, q year In case he III a
s5rSS=ehetoT az S+i2ces.E. married, thc Is
lsubjeet 70 the income tax, and UNDER
the law each individual mpst J. luake
returns to the Internal reyenue- col
leetor, of, his district ON or before the
,tlrst day, OF March il he has a net in
come of $4,000 or over $4,000 for the
ten months of 1879 Willie the in
terest of most farmers I'm this subject
is purely academic. the department. of
IAgriculture has received inquiries in
dtceting that some wish TO know Just
what is required of them under the
new law.
The Income tax law OF October 8,
913,. places tax OF. 1. per cent. up
on all net incoRias OF over $4,000, with
an additional tax on incomes Of 500
COO or:more. The first question aris-
ing in the minds of most people is
what constitutes a net t4ncone. For a
man receiving regular salary, or a
business nian with good system or
bookkeeping, 1t is easy to determine
whether ortnot his income is taxable.
But for the farmer who, receives no
stated INCOME, and who often, fails to
keep accurate account OF receipts and
expenditures, it. is more dtifcult To
calculate his net income
&. In order that farmers may lie aost-
cd on the income tax as il may con
Germ them, the following Information
has been furnished by the internal
evenue. bncrau ofthe treasury depart
ment: p
WINS, Is MI fleomey
In general, an income consists of
amounts derived from salaries, wages.
or compensFti lon ltor; personal service,
PAID in any form; also from profes-
sions, business, sales or dealings In
property, or from rents; interest on
bonds or mortgages, = SiiRsaS::sas o.,
stocks, o ruther income frc.n invest
ments. These items constitute gross
s;isIlcome, .ftpn wilicil tnerei siInIIifi he
deducted the expenses Of as-.lng. ON
tho business, interest paif IN sindcbt-
ednpss worthless debts. charged x oil.
losses by ,tEe9 storm or 4shi rnareclS, not
covered by 81 strBnee; exilaustis;n.
Wear and fteardqf prpperty, !, and any, in
some nponl wbica,s sthe income tax has
s,!raady been DEDUCTED at the source,
tas. for liastareqp bivid deldg on tho stock
oft corpQratl lon -Rllfels has Z already
DAG tue tax on Its, earhins !. s.i, \, {,
sss Ihe provisions regarding net if-
epmaes OF $4,000 apply only tuaiihmar-
tas1 ~ nslsohs, OF 10 married persons
bHsh. yi y, M.tms 1ausqand. "a
nt,tt,,,, .sHu sa are
s;s = ~ ali eMchlptton on. OF 00son
~ ,a,sts.s ~, sallaol is5 M s
49, tfp a. -, stpn. @ne mas
Z, y @ sn.s auoea 70 the h1sband's
;is s,,sioSt ~ " yIle total
g,a e Sat " & ,slie
y. IS
E::,; go = -. Ssssss,s q Y!
ne ,rn5o ~ an :,
h5th Il 60 5on e.. - ~ sss:'1te ,nenine 81
sfaint oxemnt;o,, tr.. i2t ne
Ss 339 "a itYSsflSF,- :. @p1ltIa ep ! be
r: Is,s a.. =. g, n ,l:s.H .s5fi, 81
AssStstiFe 'SSitsstt,iFe..of s;siist I
:. ~ mLising al mis- net Income sitlle
ssl,neonfe- This would ,ieapsist L .of 4 any
ltems Of, the kind aboHc eHumefated.
anu esnecialiys all Z raeaiDts from he
ssle OF products of every description
rom me fafsn Fi,ss EolId isESss::!.5 isESsss s:!g:s.
all money received for produce and
ysnihlnls seids and for the, wool and
!htues, OF AhlnHais Slaughtered, ,iE the
.ssuSl ,ss' anu. hides aressoId, but he may
e4enuSl from these items the amounts
actually paid as purchase money for
an9 animals sold or slaughtered dur
.lng tne year. When the animals
Ialsed by the owner arc sold or
,al elughsered, however, their value
i19ulal not be edncted,
- ron rom the giiQss tl't.1 me there should
spe aeaicted amounts of money aal an
~ pail as EXPENSES Off pperatilg the
|, s,arIIl and prodl.ci g the farm nT6dncts,
I've steek ,etc. bis would. inoi,,ds 5
Is!sl .farrn Ia hofy: arm supplies IS IS
eased that are tiacessary to carry on
tbs sbs, 9lsiness and not On tnsestJneps