The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1919-03-04
This. TELLS HOW TO
II II FIGURE 10 INCOME TAX
:SquareIy Up to Every Individual
TO Get Busy by March IS
or Suffer Penalty.

or Suffer Penalty.
n aift iihl1l fhe 'iinnl idne Sdate
March is, for paying pour Income
Tax and making your return. Avoid
the last minute rush. Any person can
figure out his liability today as well as
he can next week, and If there is any
nolnt oIlwhlch he needs adyice ,he can
now get in touch with Revenue man. =
This word of advice Is from Hubert
+. Bolen, Collector OF Internal Reve-
nue, Oklahoma CITY, who Is collecting
the Income Tax in Oklahoma. Collec-
tor Bolen is giving without charge ev-
cry aid of his Office and his enlarged
field force to help the people get their
payments and their returns in by
March 18th.
But the Income Tax men will not
pull your. .door-bell or your coat-tails,
according to the Collectors announce
ment. It is squarely up to every indi-
vidual to figure out his own case and
to get busy il he comes within the
scope Of the new Revenue law.
Did You Earn This Much?
Every unmarried person who re-
ceived income averaging $19.25 week
during 1918 and every married couple
who Jointly, received INCOME averaging
s$3s I'D agweek should secure at once
from, the nearest Deputy Collector or
the nearest bank a blank Form 1040 A.
That form contains the information he
will need to enable him to figure his
correct net income and any tax that he
owes the Government. - 49,, e47.,,s
\ Theylaw requires that every unmar-
ried person who had net income of
81. 600 or over and every married per-
son whose net income was $1,000 or
over linclgding the income of husband
or wife and the earnings of minor
children, II any must make a return
on or before March 10. And this re-
ouirement does not hinge on whether
the person owes tax.
Taxable Income.
An individual must include under
gross income all gains, profits and In
come derived from salaries, wages or
compensation for personal service OF
whatever kind and in whatever form
paid or from professions, vocations,
business sales or dealings in property
of all kinds, interest, rent, dividends
or profits derived from any source
whatever. Very few items Of income
are exempt.
\ sI9cauctions include ordinary ana tec53
essary business expenses, interest paid
or accrued on indebtedness, taxes OF
all kinds except Federal income and
excess profits taxes and assessments
for local benefits, losses actually sus-
tanned, ,=debts saseertaiAed to be worth
less and depreciation on buildings, ma
chinery, fixtures, etc, used in business.
A further deduction is allowed for con-
tributions to corporations operated for
religious, charitable, scientific or edu-
.eational purposes or for the prevention
of cruelty to children or animals. tosan
amount not exceeding 15s per cent OF
the taxpayers net income as computed
without the benefit Of the contribution
deduction.
The taxpayer is not allowed to de-
duct any personal, living or family ex-
pense, any amount spent for improving
property or making good its eXhaus-
,tion fofswhich an allowance is claimed
under depreciation.
Figuring the Tax.
Before figuring the normal tax the
dividends are deducted as credits from
net income, together with the personal
exemption. AS in previous years, divi-
dends of domestic corporations are ex-
empt from normal tax when received
by the stakeholder. s~,.s,e /, y~,.;. q
The normal tax rates for citizens
and residents are as follows: On the
first $1,000 Of net income. in excess Of
the credits the rate is 6 per cent; on
any further taxable income the rate is
- per cent.
The surtax rates apply to net in
come of each individual In excess of
$1,000. The personal exemption and
the dividends are not tleductible before
computing surtax. In the case of re-
turns by husband and wife, the net
income of each is considered separate
ly in computing any surtax that may
be due Form 1910 should be used for
making returns of net income exceed
ing $1,000, and the instructions on that
form will show how to figure the sur
tax.
Business House Returns.
Employers and others who paid
wages, salaries, rents, interest or sim
liar determinable gains in an amount
of $1,000 or over during 1918 to any
person must file an information return
with the Government. Blanks may be
secured from theFColleetor. ~ ~ = s
Every partnership must file a return
showingits income. and deductions and
the name and address Of each partnerf
with his share of the profits or losses
during the past year: Personal fseryice.
corporations will file similar informa-
ttqn' for a9ls. sy yaG Dt evG &
*k+itklt,h XXX ~, x t,tltts