The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1918-02-08
If You Are Liable You Must
Get Blank and File Re
port.
BEFORE MARCH FIRST TOO
Some of the Things 100000
Americans Ought to
Know.

Save you fled your income tax re-
| turn? II not,-this article which mas
! been prepared with the approval OF
y. S. Revenue experts tells you how,
when and where to do it. The first
thing to be understood Is that the In
come tax applies only to your income
! for the calendar year 1917. Your in
| come for prior years and your estt-
mated income for 1918 are not to be
considered
! 8. 1917, provides for a normal rate
, of tax of 2 per cent on net incomes
! OF unmarried persons in excess OF
! 81 900 and upon incomes OF married
| persons or heads Of families IN excess
Of $4,000. If you are unmarried and
YOUR income for 1917 was $1,000 or
| more you must get a tax blank, MI 1t
F.! out and file it with the collector OF
! internal revenue in the district In
which you live II married and your
net income was $4,000 or more you
must file a return with the collector
! Returns must be In the hands OF col
| lectors not later than March L, 91s:
The old income tax under the Act OF
/ Se0IeTleT .. IL TO- SlA44 40 Ia SA4@SSR ~
! that the total OF your tax will be the
sum OF these taxes added together.
ITnder the Act Of 1915 the normal
rate of tax is > per cert on incomes
| OF married persons in excess OF
! $4,000 and on incomes Of single per-
sons in excess Of $4,000
For example. II you are married
and your net income for 1917 was
! $500 you will pay tax OF $50 This
! is Q per cent on the amount ABOVE
! Your exemption Of $1,000 under the act
| OF 1917. and per cent on the amount
| above your exemption of $4,000 under
! the act OF 1916. An additional exemp-
| tion of 5000 is allowed a married per
son or head OF family for each de-
pendent child il under eighteen years
: of age or incapable OF self-suppoFt:
| A taxpayer IS considered to be the
head of a family and entitled to all
! the exceptions allowed a married per
son If he Is actually supporting one
! or more persons closely connected
with him by blood relationship, reIa-
! tiouship by marriage. or by adoption
Women as well as men must pay
an income tax. The combined net in
! come of 4 married couple in excess
! of s.. 900 is assessed. They may file
! a Joint return or each file separate
return If desired. If joint return
! is fled either one may claim tho e1-
! emption OF 1t may be divided between
( them. 4 widow. woman living
| apart from her husband or a maid is
assessed on her net income above
81. 600.
:.Net Income" means gross income
| less certain deductions provided for
b. the act. Expenses actually incur
( red in carrying on any business may
be deducted. but not for family nor
; living expenses.
In making out your return you
may deduct the following from gross
income:
Interest paid on mortgages and
notes and other Indebtedness, except
indebtedness for the purchase OF tax
exempt securities.
Rent paid for Office or business
Taxes paid. except for local I'm
provements such as sewer and water,
income taxes and excess profits taxes.
Losses sustained in business or
trade arising from fires, storm or
other casualty or by theft, if not COM
oensated for by insurance or other
wise. II property was purchased prior
to March /. 1913. the fair market
price of value on March I. 1913, Is
the basis for figuring the loss.
Losses sustained In speculations
and side lines not connected with
vour regular business, but these de-
auctions must not exceed the prodts
from similar transactions.
Debts ascertained to be worthless
and charged off within the year.
Reasonable depreciation for busi-
ness structures but not for your resi-
Depreciation for oil or gas wells,
mines, etc.
You must include under gross in
come the following items:
Salaries, wages and commissions
or compensation Of whatever kind for
personal services.
All profits derived from business.
Profits from the sale OF property,
real or personal.
Rents.
Interst on notes. bonds and bank
deposits. including savings banks.
Incomes received from dduciacies,
that is amounts received from IN
comes OF estates. trusts. etc. through
trustees, administrators or executors.
Dividensd on stock, whether reeeiv-
ed as cash or stock. Only dividends
paid out OF earnings or profits accru-
ed since March 1, 1913, are taxable.
Net partnership profits, whether
divided and distributed or not
Royalties from mines. oil and gas
wells, patents, copyrights and fran
chises.
The following items are not tax
able and need not be reported in your
return:
Gifts.