The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1914-01-14
Will have TO PAY
TAX ON INCOMES over $4,000
DUE MARCH FIRST
EXCEPTIONS ANNOUNCED

Persons Liable to Taxation Under the
New Law Face Severe Penalty for
Delay in Making Returns or For
Falsely Returning Their Incomes
to the Collectors.
The form to be used and regula-
tions to be followed by individuals in
making returns on incomes subject to
the new Federal income tax were set
out from Washington Monday by the
treasury department. Every citizen
Of the United States, whether resid-
ing at home or abroad, every person
residing in the United States and
every nonresident alien, who has in
come from United States investments
Of $4,000 or more, must make re-
turns.
For the past year, 1913, specific
exemptions will be $4,000, or S3,-
1898 in the case Of a married per-
son, and in future years $4,000 and
$4,000. Where the tax has been
withheld on part of the income at the
source, or where part Of the income
comes as dividends upon stock Of a
corporation taxable under the cor
poration tax section Of the law, the
regulations set forth that such in
come shall be deducted from the in
diyidual's total net income when
computing the amount on which he
is taxable.
The law imposes a tax Of 1 per
cent. and provides that individuals
who have an income between s20,-
900 and $4,000, shall pay an addi-
tional tax of 1 per cent. on such
amount; on all between $4,000 and
$4,000, 2 per cent; $4,000 to
100000, 8 per cent; 100000 to
s250,OO0, 4 per cent; s250,O0o to
100000, 5 per cent, and all over
100000, 6 per cent. Returns must
! be IN the hands Of the collector OF
internal revenue, in the district
where ne has his principal place OF
business, not later than March l.
failure to observe this limit to be
punished with fines ranging from $40
to $1,000.
Refusal or neglect to file returns
except in case Of sickness or absence
will result in an addition of so pei
cent. Of the tax assessed. In the
! case Of false or fraudulent returns
100 per cent. will be added to the tax
assessed and any person required tc
make, render, sign or verify such re-
turns, who makes false or fraudu.
lent statement with intent to defeat
or evade the tax, will be guilty Of g
misdemeanor and subject to fine Of
not more than $4,000 or imprison'
ment for one year, or both.
An extension of thirty days from
/ March / in case Of sickness or ab-
sence may be allowed by the proper
collector, provided an application is
made by the individual concerned
Returns must be accompanied by
oath or affirmation. Expenses fol
medical attendance, store accounts
family supplies, wages Of domestic
servants, cost Of board, room OF
house rent shall not be deducted
from gross income, and individuals
who own their own residences car
not deduct the estimated value ot
the rent.
The farmer is required to include
in his net income all money from
produce and animals sold, for WOO
and hides Of slaughtered animals
provided they are sold. He may de-
duct the sums actually paid for the
animals sold or slaughtered during
the year, but the value Of animals
raised shall cot be deducted as ex.
penses or loss. The farmer also may
deduct money paid as expenses fol
producing farm products, live stock
etc.. and for repairs for the current
year.
The cost of tools or machir cry is
deductable. Persons receiving fees
or emoluments for personal or other
services must include all actual re.
ceipts for services during the year
together with all unpaid accounts
charges for services of contingent in.
come for the year, "if good and col
lectible."
Debts contracted, within current
year may be deducted from gross in
come, when found worthless, but not
before legal proceedings have proved
unavailing. Debts contracted in pre-
vious years, which eventually prove
worthless, may be deducted subse-
quently ur FER the head Of losses,
when they are charged off.
Amounts due or accrued to indi-
vidual members Of partnership
from net earnings shall be included
in the return Of the individual,
whether distributed or not, and
United States pensions must be in
cluded as income. Estimated advance
of real estate value is not required
to be reported unless placed as an
asset on the individuals books. Costs
Of suits and other legal proceedings
arising out of ordinary business may
be treated as expense and deducted
from gross income Of business.
In computing net income compen-
sation of all officers and employees of
State or any political subdivision
thereof shall be excluded, but not
where paid By the United States.
REVIVES OLD CUSTOM.