The Barre daily times. (Barre, Vt.) 1897-1959, 1918-02-07
INCOME TAXPAYERS h,
GET INSTRUCTIONS
Returns Must Be in Hands of the CoIlec.
lectors Not Later Than March /.
1o1s-More than 100000
People Pay This Year


| Have you filed your income tax return
If not this article which has been pre-
pared with the approval of L. $. revenue
experts tells YOU how. when and where
TO do it. The first thing to be understood
Is that the income tax applies only tc
your income for the calendar year 1917
Your income for prior years and youl
estimated income for 1915 arc not to be
considered.
The war revenue act of Oct ., 1917
provides for a normal rate OF tax of .
per cent on net incomes of unmarried
persons in excess of 81 900 and upon in
comes of married persons or heads of
families in excess of $1,000 If you are
unmarried and your income for 1917 was
81 900 or more you must get tax blank
fill it out and file it with the collector of
internal revenue in the district in which
you live. II married and your net in
come was $1,000 or more YOU must file
return with the collector. Returns
must be in the hands of collectors not
later than March |, 1918. The old in
come tax under the act of Sept. 8, 1916.
still is in effect, so that the total of
your tax will be the sum of these taxes
added together Under the act OF 1916
the normal rate Of tax is 2 per cent on
incomes OF married persons in excess of
81 900 and on incomes of single persons
in excess of $4,000.
For example, if you are married and
your net income for 1917 was 81 500 YOU
will pay tax of $50. This is per cent
on the amount above your exemption of
So 900 under the act of 1917 and per
cent on the amount above your cxemp-
ton OF 81 900 under act Of 1916. An ad-
ditionsl exemption of $500 is allowed a
married person or head of family for
each dependent child If under Is years of
age or incapable of selfsupport.
A taxpayer is considered to be the
head OF family and entitled to all the
exemptions allowed married person ii
he is actually supporting one or more
persons closely connected with him by
blood relationship. relationship by mar
rage, or by adoption.
Women as well as men must pay an |
income tax. The combined net income of |
, married couple in excess of $1,000 is as
,essed They may file joint return or
zach file separate return If desired. If |
, Joint return is filed either one may
lain the exemption or it may be divided |
between them A widow, woman liv-
ng apart from her husband or maid is
assessed on her net income above 81 900.
met income means gross income less
ertain deductions provided for by the
yet. Expenses actually incurred in carry
ne on any business may be deducted, but
lot family nor living expenses.
Deductions.
In making out ovur return you may
In making out your return You NAV
Interest paid on mortgages and notes
nd other indebtedness. except indebted
ess for the purchase of tax exempt Sc
urities;
Rent paid for offices or business places:
Taxes paid, except for local improve
lents such as sewer and water, income
axes aud excess profits taxes;
Losses sustained in business or trade
rising from fires: storm or other cas-
atty or by theft: If not compensated
,r by insurance or otherwise. If prop
rty was purchased prior to March /,
llS, the fair market price or value on
Iarch !, 1918 is the basis for figuring
re loss.
Losses sustained in speculations ard-
dc lines not connected with vour rcgu-
r. business, but these deductions must
ot exceed the profits from similar tran
lctions.
Debts sscertsined TO be worthless and
iargcd of within the wear.
Reasonable depreciation for business
ructurcs but not for your residence.
Depreciation for oil, gas wells. mines,
G..
Items Included.
You must include under gross income
~ following items:
Salaries. wages and commissions or
Of whatever kind for per
nal services.
Al profits derived from business. trade
commerce.
Profits from the sals Of property, real
personal
Rcnts.
Interest on note. bonds and hank De
sits. including savings hanks
Incomes received from h3ucisrics. that