Yerington times. [volume] (Yerington, Nev.) 1907-1932, 1918-03-23
FEDERAL INCOME !
!. s TAX N BRIEF
The Requirements DoIIsd DsWa
for Busy Felks. .

April I, 1919.
/. Tax duo may BE- paid nov q - q
before June ID. 1913.
: II .yop were single ana yeur net in-
come fox 1917 was 1900 Or more ysat
must ole . return.
II you were married and living NO.
wife Cor husband) and had Z net -
come Of $4,000 or more for 1911 ys1
must nis = return.
Husbands aad wife's income mus4
b considersd Jointly. plus income -
minor children.
. Income Of q minor Or Incompetent
derived from . separate estate. auskl
b. reported by his legal representa-
tive.
Severe penalties are provided ~
those who neglect Or evade the Law.
For false or fraudulent return there
IL penalty not exceeding $1,000 nnet
or years Imprisonment, or both. pluns
100 per cent. Of tax.
( For failure to make return on 0r
before April 1. 1918, fine il from 50
to $1,000. plus so per cent. Of tax due.
Returns must be filed with the Col,
1ectOr of Internal Revenue of district
In which you live.
An agent may ME return FOR . per-
son who is III, absent from the country
or otherwise incapacitated.
Each return must be signed ande
sworn or anirmed BY person execute
ing it.
Single persons are allowed $LOOe
exemption in computing normal tax.
A married person living with wife
Tor husband) Ia allowed $2,OOO exomp-
: ton, plus 500 for each depcndenc
child under 10.
head OF family. though single, -
allowed $1,000 exemption II actuallI
supporting one or more relatives.
Returns must show the entEA
amount Of earnings. gains and prc0to
received during the year.
Omcials and employees are not taxa
BILE on the salaries or wages receives
from state. county, city or town IN
the United States.
Interest on state and municipan
bonds issued within the U. 5. 10 en-,
empt from federal income tax anO
should be omitted
Interest on United States governs
Ment bonds Is also exempt. except oat
individual holdings Of Liberty Fours In
excess Of 5000 par value.
Dividends are not subject to normal
tax, but must be reported ana inciuooOs
In net income.
Gifts and legacfes are not income
ana should not De Included on the 10
turn of the beneficiary.
Life insurance received as q beue-
iciary or as premiums paid back q
maturity or surrender OF policy Is noc
income.
Payments received for real or per-
sonal property sold is not income. but
the profit realized thereon is income
for the year OF sale.
Amounts received In payment oe
notes or mortgages Is not income. Out
the interest on such notes or mort
gnges Is taxable Income.
From the entire gross income GER
tain allowances are made in arriving
at the net income
Necessary expenses actually paid IN
the conduct OF business. trade or pro-
fession may be claimed.
A farmer can claim payments for
labor, seed. fertilizer, stock feed. re-
pairs on buildings except his dwelling:
repairs OF fences and farm machinery.
materials ana small TOOLS f0r immedt-
ate use.
The amount OF rent paid Tor farm
may also be claimed as tenant farm
ers expense.
Payments Tor i've Stock are ahOWa-
hie II cougnt TOR resale. But II boughe
Tor breeding purposes cattle are an IN
vestment, NOT an expense. ana cennet
be allowed.
A storekeeper can claim amounts
PAID TOR advertising. clerk hlre. teie-