The Springdale news., 1919-01-24
INCOME TAX DRIVE
 NOW UNDER WAY
r.tt.etar la-k Walker NateS Sate- ment Relative to 1919 laE, and Gives instructions as b Preparing Statement

made ta handle the largest collection in the history of Income Tax. Il am not waiting for the final passage of the new Revenue blH by Congress, said Collector. Jack Walker. today. nor for the new regulations ana pIahh zorr5S 10 he issued To get this big tax n and get 1t accurate and com. #atefa. lrga that ae afl begin now.
 s.TEe- income tax obligations lrn- posed by the old iaHs as well as the measure now iii Congress, consist, hf tlNo distinct operations. one !s' to file return or statement of all items af income and items et deductlohs allowable by las, and to. ao thls with
 la he period named in the law. he other is. to pay Lax, r any IS due.
 Neither of these obligations can De met without careful feVteW ei income and expenditure for the tax year. That Is the big job right nov, and that Is why sas the Income lax 5IriFe iS already under way. livery, where the pencil $ busy. The old year k done; all its fruits are glean.= e5: and e,eir person #2o Jared well, or earned d sa5a competence mus aaai*4e his 5Ne ease aa cold .lGufes=
 When the ReW hili is enacted into law. 1 will have the proper return forms distributed throughout the Dis- frict. and everybody WilI be informed of the date when the sworn return must be filed. l. is my plan to send my me- out to central locations, ana have them travel through the l}js= triet. aiding taxpayers in the prepara- ton of the returns and n deciding doubtful points A #3!l go rght to the people with the Income Tax, and with the cooperation which the pubic can FIRe tbe government nsHn, the re turns will be filed by everybody who comes under the la#s provisions, the rfeht taxes Will be Ba#d. and the b.s- triet will have done its tall patriotic duty toward the governments sup l port
 Meanwhile. iet ne saEz again, there 1 is 10 need If delaying the prepara- l tiFF If figures. Anything that Con l eress does now VIII not affect the amount of 8 persons earnings for 1al6. Let us avoid the belated throwing together of figures that may l hit or miss. Guesses cannot be ae- Ieepted as the basis Of taxation. IL 1 k clearly the duty of every person to compile correct figures and ascertain whether his income for 1918 &as sufficient to make necessary a sworn return.
 The year l9ls was banner year i for salaries and Ha#es and the h4gH war prices brought unusual proiiss t i the average small tfadesman and te the farmer The aPiEsun III N ash. inoton is that million eltlzens 3na residents will make this year then I rirst income tax returns.
 ..Af sIans ladzeats taa6 the income tax this year WilI reach nearly exerz working nan and a=an2Hs and nearly every merchant, shop keeper and faf mer Not all will have to pay tht tax. but nearly all will be oDhdgee to make a sworn statement of tas i gearis income.
 T am therefore advising every un- married person Who eaarned $l00e ol over turing the year f9is and every l married person. 1gho together witt wife or husband. ealned S2000, | i sharpen his pencil and agure out how ae stands
 H mast ascertain accurately hi. ZfE~H #fft Hlitt A14#t it4 s'0 -tA At = l There's his salary or wages, including overtime pay aad any bonus reeelVee
 as additional comrensatiou \ mar
 ried person having children under ll ho are orkin should include thj
 earnings of those children.
 Ii ae -oia any property at q pro
 ttt the gam mas4 he computed ant
 included in gross Income for the year
 interest on bank deposits. whethe
 withdrawn or added to his bank bal
 ances, must be included in all calcu
 Iations of income Bond interest r.
 ce.ved during the year must also b, included, except interest on municipal
 county or state bonds Interest CT
 United States Bonds need not be in
 eluded by the ordinary bond holde
 who purchased small amounts Hold
 ers If large amounts of Liberty Bond
 however, should asK then bankers |
 W4ite to my office for the rule apply
 ing To JaX on such interest.
 Dividends ea stock shares are in come and must be included in tn
 zf5ss figures. although the law d0ei
 Hat imrese fhe normal tax on dis ItEib4tions made bp domestic corpora tiens
 l person buying and selling mer ehandise must find his profits for tht year on tthe following basis: First ascertain the gross sales or total east receipts, then add together the in xeHtory at the beginning Cf the yea and the purchases If goods for re sale From this latter sum sub
 tract the inventory of goods on ham l at the years end. and the result i. the net earnings of the business.
 Il professional man arrives at his i professional income by ascertaininl the total of the fees for services anf de3uctine therefrom all expenses con ] neesed directly and solely with his practice
 \ farmer must figure up all in- I come derived from the sale or eX. chance of products during the year i whether such produce was raised on the farm or purchased and resold
 He IS allowed to deduct from this to. tal his expenses of the year connect ed with the planting, cultivation. har- ] Vestiag and marketing of the crop, or l the care, feeding and marketing of itfe stock. He iS not allowed to de duct the amount expended in 1918 in purchasing stock for resale; but when such stock IS sold its cost Is to be de ducted from sale price in ascertainine the gain To be included in his return of income. The cost price of stock bought prior to 1917 cannot be de- dueted as n the case just cited. if