Evening star., 1918-02-08
Women, Too, Are Taxed.

Women, Too, Are Taxed.
Women as well as men must pay an
income tax. The combined net income
is assessed. They may file a joint re-
turn or each file separate return if
desired. Ii a joint return is filed.
either one may claim the exemption, or
it may be divided between them. A
widow. woman living apart from her
husband. or a maid is assessed on her
net income above $1,000.
Net income" means gross income
less certain deductions provided for by
the act. Expenses actually incurred in
carrying on any business may be de-
Quoted, but not family or living ex-
penses.
To Be Deducted From Gross Income
In making out your return you may
deduct the following from gross in
come:
Interest paid on mortgages and notes
and other Indebtedness, except indebt-
edness for the purchase of tax exempt
securities
Rent paid for offices or business
places.
Taxes paid, except for local improve
ments such as sewer and water, income
taxes and excess profits taxes.
Losses sustained in business or trade
| arising from fires. storm or other cas-
/
by insurance or otherwise. If properay
was purchased prior to March /, 1913.
| the fair market price or value on
March /, 1913, is the basis for figuring
| the loss.
| Losses sustained in speculations and
| side lines not connected with your
regular business. but these deductions
must not exceed the profits from SINH
| lar transactions.
Debts ascertained to be worthless and
charged of within the year.
Reasonable depreciation for business
| structures. but not for your residence.
Depreciation for oil. gas wells. mines,
| etc.
To Be Included Under Gross Income.
You must include under gross in
| come the following items:
| Salaries. wages and commissions or
COMPENSATION of whatever kind for
personal services.
i All profits derived from business,
trade or commerce.
| Profits from the sale of property.
real or personal
| Rents
| Interest on notes. bonds and bank de-
posits including savings banks.
Incomes received from hduciaries-
| that is, amounts received from incomes
] of estates. trusts. ETC.. through trus-
tees, administrators or executors.
Dividends on stock, whether received
as cash or stock. Only dividends paid
out of earnings or profits accrued since
March i. 1913. are taxable.
| Net partnership profits. whether d.
yfded and distributed or not.
| Royalties from mines. oil and gas
| wells, patents. copyrights and fran
| chises.
Non-Taxable Items Not reported.
| The following items are not taxable
! and need not be reported in your re-
| turn:
| Gifts.
| Value of property acquired through
! will or by Inheritance. 1t must be un-
| derstood, however, that the income re-
| ceived from such property is taxable.
| Proceeds of life insurance policies
I Returns of premiums on life endow-
| ment and annuity policies
| Interest on bonds and other obliga-
| tions of the United States government
or its possessions and of any state or
| a city town, county or village.
| Interest on the second liberty bond
issue of September "a. 1917. to an
/ amount not exceeding $1,000 of such
! bonds. If you own more than that
| amount the interest on the additional
| bonds is exempt from the normal tax
| but not from the surtax.
| Interest on securities issued under
| the provisions of the federal farm loan
| act of July II, 1916.
| Salaries of officers and employees of a
| state or political subdivision of a state
| including school teachers.