Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1919-01-23
WISCONSIN INCOME TAXES
Directions Prepared for The Demo-
crat by n. r. Briggs, Assessor.

Directions Prepared FOR me Demo-
crat by n. r. Briggs, Assessor.
All income from whatever source
should be reported on page two wheth-
er it is taxable or not If any income
is not taxable, it should nevertheless be
reported upon Lage two, and then de-
Quoted On page three. as, for instance,
U. S. Pensions. These are not taxable
under the Wisconsin Income Tax law,
but should be reported as income and
then be deducted on page three. All
income should be reported, and if any
of it is not taxable, this will be given
attention in the Office Of the Assessor of
Incomes All blanks are carefully ex-
amined and care is taken to see that
while everyone is assessed all that he
should be, no one is assessed too much.
Deductions and Exemptions.
WAGES AND SALARIES paid in
producing income may be deducted.
Deduction of reasonable salaries for
copartnerships is authorized. However,
the names Of persons to whom wages
were paid must be reported and no de-
duction can be made for wages of per-
sonal Or household servants.
THE NECESSARY EXPENSES ac
tually paid may be deducted, as, for
business, insurance, freight light, or,
on farm, feed, seed, twine, threshing,
etc.
TAXES paid upon property from
which income was derived may be de-
Quoted. This does not include taxes on
residences or on non producing land.
INTEREST paid within the year is
deductible but the name of the person
to whom it is paid must be reported.
LOSSES sustained within the year
not compensated for by insurance and
not accounted for by inventories are
deductible.
UNITED STATES PENSIONS may
be deducted but should be reported also
on page two of the blank
UNITED STATES SALARIES are
not taxable but should be reported on
page two and then deducted on page
three.
Dividends
Dividends received from Wisconsin
corporations taxable under the income
tax law are deductible The dividends
received must be reported as income on
%xx-o ho foI
expense on page three. The question
i, on page four in regard to dividends
must be fully answered. Many cor
porations~dQ business both within and
withoutfthe state. The dividends from
such corporations are not entirely ex
empt to the individual but only that
part of the dividends represented by
business done within the state. On
such dividends. it is best to consult the
assessor of incomes. Where dividends
are enormously deducted, correction
will be made and the tax payer notified.
All dividends from corporations without
the state are taxable.
Dividends from bank stock are not
taxable but should be reported on both
sides Of the return.
Railroad, express, telephone, tele-
graph, freight and insurance compan-
les are not taxed under the Wisconsin
Income Tax law and dividends received
by individuals from these companies
are taxable.
Depreciation and Repairs
Actual and necessary repairs may be
deducted as painting, carpenter work,
etc. No deductions can be made for
improvements as porches, additions, &C.
ment floors, new fences, etc. Deprecia-
tion is supposed to cover only wear and
tear in excess of repairs. Depreciation
and repairs on frame houses and stores
should not exceed % per cent, on barns
per cent, on fences and machinery
10 per cent, and on automobiles 18 per
cent. The question on depreciation on
the last page must be fully answered.
Farmers are allowed depreciation and
repairs MOTTO exceed the above amounts
on barns and sheds but not on the
farm house.
The last article will deal with gifts,
inheritances, insurance received, sale Of
real estate, inventories and some gener-
al suggestions.