Jackson County journal. (Sylva, N.C.) 19??-19??, 1918-07-05
Fedora INCOME
TX IN bRIIEE: F

before June 10, 1918.
If you are single and your net IN
come for 1917 was $1,000 or more you
must file return.
Ii you were married and living with
wife Cor husband) and had net III
come of $4,000 or more for 1871 you
must file a return.
husbands and wife's income must
he considered jointly, plus income OF
minor children.
Income of a minor or incompetent,
derived from a separate estate, must
be reported by his legal representa-
tive
Severe penalties are provided Tor
those who neglect or evade the law.
For false or fraudulent return there
is q penalty not exceeding $4,000 hhe
or years imprisonment, Or both, plus
100 per cent. of tax
For failure to make return on or
before April l, 1918, fine is from $50
to 81 900, plus so per cent. of tax due
returns must be filed with the Col
lector of Internal Revenue Of district
in which you live.
An agent may file return for per
son who is i'll, absent from the country
OF otherwise incapacitated.
Each return must be signed and
sworn or affirmed by person eNecut-
inc it.
Single persons are allowed $1,000
exemption in computing normal tax.
A married person living with Wife
Cor hCsband) is allowed $1,000 eXemp-
ton. plus 5000 for each dependent
child under Is.
A head of family. though single, is
allowed $1,000 exemption if actually
suppor5inc one or more relatives.
Returns must show the entire
amount of earnings, gains and profits
received during the year
Officials and employees are not taxa;
bic on the salaries or wages received
from Il srate, county, city or town il
the United States.
Interest on state and mlniclna
bonds issued within the U. S. IS eX
empt from federal income tax anC
sh0ald lie omitted
Interest on United States govern
ment bonds is also exempt except or
| individual holdings Of Liberty Foers il
excess of $1,000 par value.
Dividends are not subject to norma
| tax, but must be reported and include
| in net income.
Gifts and legacies are not income
aud should not be included on the re
| turn of the beneficiary
Life insurance received as a bene
| ficiary or as premiums paid back a
| maturity or surrender Of policy is no
| income.
| Payments received for real or pei
sonal property sold is not income. bu
| the profit realized thereon is incOm
for the year of sale.
Amounts received in payment G
| notes or mortga ges is not income, hu
| the interest on such notes or NOR
CAGES is taxable income
From the entire gross income ce1
! tain allowances are made in arriyin
| at the net income.
Necessary expenses actually paid
the conduct Of business, trade or pro
fession may be claimed
/ A farmer can claim payments fo
labor, seed, fertilizer, stock feed, r.
pairs on buildings, except his dwelling
repairs CT fences and farm machiner,
materials and small tools for immed
ate use
The amount OF rent paid for a far
may also be claimed as g tenant farm
ers expense.
Payments for live stock are allow;
Bile if bought for resale But if bougl
for breeding purposes cattle are an il
be allowed
stOreseeDcr can claim amour
paid for advertising, clerk hire, tel
phone, water, light and fuel, also dra
age and freight bills and cost of O.
Grating and repairing wagons al
trucks
A physician can claim cost of h
professional supplies, rent, office hel
telephone, expense of team or autOn
bile used in making professional cal
and expenses attending medical CO
ventions
A dentist can claim similar item,
except team or auto expense, wh;t
are not necessary in his profession.
Expenses that are personal or CO
nected in any way with the support
well being of a person or family a
not allowable
The costs Of n.achineg. instrument
vehicles or implements that are mo
or less permanent in character are n
allowable as an expense. They are
vestments.
interest paid on a mortgage or 9th
personal Indebtedness is allowable ,
q personal return
All taxes paid within the year G;
be taken out on a federal return. q
cert federal income taxes, inheritan
taxes and assessments for local i,
prOvements.
Losses sustained in business
through fire, storm or shipwreck or