The Olneyville times. (Olneyville [Providence, R.I.]) 1887-1917, 1914-01-09
INCOME TAX
DUE MARCH |
Treasury Department Sends
Out Regulations.
TO FINE THOSE WHO DELAY
Fines From $40 to $1o00.-Neglect
to File Returns Brings so Per-
cent Addition to As
sessment.
TO FINE THOSE WHO DELAY

Washington.-The form TO be useo
and regulations TO be followed by in.
diyiduals in making returns OF in
come subject TO the new federal in
come taI have been sent out by the
Treasury Department Every citi-
zen of the United States, whether re-
siding at home or abroad, every per-
son residing in the United States and
every nonresident alien who has in
come from United States investments
Of $4,000 or over must make such re-
turn.
For the past year 1913, the specific
exemptions will be $500 or $333333
in the case OF married person, and
in future years $4,000 and $4,000.
Where the tax has withheld on part
OF the income at the source or where
part of the income comes as divi-
dends upon stock Of a corporation
which is taxable under the corpora
tion tax section of the law, the regu-
lations set forth that such income
shall be deducted from the individ-
ual's total net income when comput-
ing the amount on which he is taxa
ble
The law imposes a tax or one per
cent, and provides that individuals
who have an income over $4,000 and
not more than $4,000 shall pay an
additional tax of one per cent. on
such amount; on all over $4,000 and
not over S75,000 two per cent; on
all over SIS, 900 and not over 100000,
three per cent; all over 100000 and
not over $250,000, four per cent; all
over S250,000 and not over $500, 900,
five per cent, and all over $500,000.
six per cent.
Returns must be in the hands OF
the collector Of internal revenue in
the district where the payee lives or
where he has his principal place OF
business, not later than March 1.
Failure to observe this time limit to
be punished with fines ranging from
$40 to $1,000.
Refusal or neglect to file returns,
will result in an addition OF so per
cent. to the tax assessed. In case OF
false or fraudulent return, 100 per
cent will be added to the tax asses.
sed, and any person required to make.
render, sign or verify such return,
who makes a false or fraudulent
statement with intent to defeat or
evade the tax, will be guilty Of a mis-
demeanor and subject to a fine OF
not more than $1,000 or Imprisonment
for one year, or both.
An extension of thirty days from
March / in case OF sickness or abb
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 for medical attendance.
store accounts, family supplies,
wages of domestic servants, cost OF
board, room or house rent shall not
be deducted from gross income, and
individuals who own their own resi-
dences cannot deduct the estimated
value Of the rent.
The farmer is required to include
In his net income all money from
produce and animals sold and for
wool and hides OF slaughtered ami
mails, provided they are sold. He
may deduct the sums actually paid
for the animals sold or slaughtered
during the year. but the value OF
animals raised shall not be deducted
as expenses or loss.
The farmer also may deduct money
paid as expenses for producing farm
products. livestock, etc. and for re-
pairs for the current year. The cost
OF tools or machinery is deductible.
but must not exceed in value those
replaced