Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1918-03-13
Federal. INCOME
TAX IN BRIEF
The Requirements Boiled Dem
for Busy Folks.

before June -. 1918
If you are single and your net in
come for 1917 was $1,000 or more you
must file a return.
If you Wprn married and living with
wife Cor hushanO and had net in
must ti!e il rHt1F:l
Husbands and wife's income must
be considered Jointly, plus income of
minor children.
Income of "a minor Or incompetent.
derived from separate estate, must
be reported by his legal representa-
tive
Severe penalties are provided for
those who neglect or evade the law.
For false or fraudulent return there
is a penalty not exceeding $1,000 fine
or years imprisonment, or both, plus
100 per cent. of tax.
For failure to make return on Or
before April 1, 1918, fine is from $50
to $1,000, plus so per cent. of tax due.
Returns must be filed with the Col
lcci0r 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
or otherwise inCapacitated.
Each return must be signed and
sworn Or affirmed by person eNecu'-
inc it.
Single persons are allowed %l'ooO
exemption in computing normal tax.
A married person living with wife
Cor huSland) is allowed $1,000 eX"Ep-
ton. plus 5000 for each dependent
child under IS.
4 head Of family. though single. is
allowed $4,000 exemption If actually
supporting one or more relatives.
Returns must show III" entire
amount Of earnings, gains ana profits
received during the year.
Officials and employees are not taxa
HE on the salaries or wages received
from Il state, county, city or town III
he United States.
Interest OH state and municipal
bouGs issued within the Z. : is eN-
"mOt from federal income tax and
should be omitted.
Interest on United States govern
m@nt bonds is also exempt, except on
inGiyiIUal holdings Of Liberty V0urs in
excess Of $1,000 par value.
Dividends are not subject TO normal
tax, but must be reported and included
in net income.
CTS Gcd lcGacics gro not income
ana should not be included on the re
turn Of the beneficiary.
Life insurance received as q bone-
ficiary or rs premiums paid back at
maturity or surrender of policy is not
income
Payments received FOR real or per
sOnal property sold is not income, but
the profit realized thereon is income
Amounts received in payment of
notes or mortgages is not income, but
the interest on such notes or mort
cages is taxable income.
From the entire gross income GER
tain allowances are made in arriving
at the net income.
Necessary expenses actually naid in
the conduct of business. trade or PRO
fcSSiOn may be claimed,
A farmer can claim naymp0ts for
labor, seed. fertilizer. stock feed. re-
pairs on buildings. eXccpt his dwelling:
rpuairS Of fences ana farm machinery
p,1torio1s ana small tools fo, ip,,nndi
ate use
The amount of rent paid for . farm
may also no claimed as = tpn,ut farm.
cr's c--r}c,,eo
po,n,op+c Cor 1.-Two e+oo,,. GRO ,-lo,,.,
hIo if bought for resaIe Rut if boruht
fo,. nroadipr ,,rrnccos ,.,ttla ,,o -, j.,
,ce.,,,on+ DOT on ox-,o,eo ava ,.o,.,,ot
no arovod
4 storpI,nnnor can claim amounts
roid Tor odvor+ic;pr c,orI, biro toIo
,,I,o,o v.,+or liub+ and two, ,1.o 1,.,,
oro and fraioht hills and co,t of ON
oro+irc and ronoi,.inr v,oro,s ,na
t,,,cl,e