The Fayette falcon. (Somerville, Tenn.) 190?-current, 1919-03-07
THIS TELLS HOW TO
| FIGURE INCOME TAX
Squarely Up to Every Individual
to Get Busy by March is
or Suffer Penalty.

Don't wait until the final due date
March 10th, for paying your Income
Tax and making your return. Avoid
the last minute rush Any person can
Hgure out his liability today as well as
ne can next week, and If there is any
point on which he needs advice he can
now get In touch with Revenue mar" /"
This word of advice Is from Edward
u. Craig, Collector of Internal Reye
nue., Nashville, who is collecting the
income Tax In Tennessee. Collector
Craig Is giving without charge every
aid OF his Office and his enlarged Geld
force to help the people get their pay
ments and their returns in by March
18th.
But the Income Tax men win not
pull your door-bell or your coat.tails
according to the Collectors announce.
ment. 1t Is squarely up to every indi-
vidual to figure out his own case ana
TO get busy If he comes within the
scope Of the new Revenue law.
Did You Earn This Muchi
Every unmarried: person who receiy.
ed income averaging 1925 a week
during 1918 and every married couple
who Jointly received income averaging
$500 week should secure at once
from the nearest Deputy Collector or
tne nearest bank blank Form 1O4O A.
lhat form contains the information he
WIN need to enable him to figure his
correct net Income and any tax that he
owes the Government.
The law requires that every unmar.
ried person who had q net income Of |
$1,000 or over and every married per.
son whose net income was $1,000 or
over tincluding the income of husband
DR. wife, and the earnings of minor
children, II any, must make a return
20 or before March 10Th. And this re-
luirement does not hinge on whether
ne person owes a tax.
Taxable Income.
An individual must include urser
ross Income all gains, profits and In.
ONE derived from salaries, wages. or
compensation for personal service Of 1
kind and In whatever form ,
aid' or from professions, vocations. ,
usiness, sales or dealings In property
all kinds. interest, rent, dividends
! profits derived from any source
'hatever. Very few items of income
re exempt. In
deductions include ordinary and nee. n
ssary business expenses, interest paid !,
: accrued on Indebtedness, taxes OF
! kinds except Federal income and '
1cess profits taxes and assessments o
y local benefits, losses actually sus- b
ined, debts ascertained to be worth
s., and depreciation on buildings, ma.
linery, fixtures, ETC.. used In business 1
further deduction Is allowed for con.
lDutions to corporations operated for
ligious, charitable. scientific or edu-
tionai purposes or for the prevention
cruelty 70 children or animals 10 an
Mount not exceeding 10 per cent Of
taxpayers net income as computed
thout the benefit Of the contribution
duction.
The taxpayer is not allowed to de-
CT any personal. living or family ex. fe
nse, any amount spent for improving -.
'perty. or any expense Of restoring II
'perty or making good it's exhaus- II
n for which an allowance is claimed
der depreciation. II
Figuring the Tax. Hi
Before figuring the normal tar the Hi
fdends are deducted as credits from Hi
income. together with the personal Ill
mption. As In previous years, diyi- Hill
ds OF domestic corporations are ex- s.
,t from normal tax when received ~
the stockholder. -
he normal tar rates for citizens so
residents are as follows: On the diff
$4,000 OF net income IN excess Of afii
credits the rate Is per cent: On Ly'
further taxabie income the rate IL ~ ~
ler cent. =.
he surtax rates apply to net In
e OF each individual 10 excess of liz,
DO. The personal exemption and onl
dividends are not deductible before 30
putting surtax. In the case OF re- fan
$ by husband and wife. the net Pin
me Of each is considered separate doc