Mount Vernon signal. (Mt. Vernon, Ky.) 18??-current, 1919-03-14
THIS TELLS HOW TO
FIGURE INCOME TAX
SuuareIy Up to Every Individual
to Get Busy by March ID
or Suffer Penalty.

"Dont wait until the maj due oate,
March 10th, for paying your income
Tax and making your return. AVOID
the last minute rush. Any person can
figure out his liability today ~ well as
he can next week, and II there Is any
point Oh which he needs advice he can
now get In touch with Revenue man."
This word Of advice Is being given
out by Internal Revenue men. Re
turns and payments are being col
lectrd In Kentucky by the following
Collectors Of Internal Revenue:
Josh 4. Griffith. ISL.
j. Rogers Gore.
Charlton Il. Thompson.
Elwood Hamilton.
John w. Hughes.
Every aid Of their offices and held
forces Is being given freely to the
public.
But the Income Tax men will not
null yorr door-bell or your coat-taifs,
according to the Collectors announce
ment. 1t is squarely up to every indi-
vidual to figure out his own case and
to get busy II he comes within the
scope of the new Revenue law.
Did You Earn This Muchf
Every unmarried person who re-
ceived income averaging Sl925 week
during 1918 and every married couple
who Jointly received income averaging
s3S. 80 week should secure nj once
from the nearest Deputy Collector oi
The nearest bank blank Form lOi0A
That form contains the informal ton 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
.'icd person who had Il net income OF
$1,000 or over ard every maj ri'd per
son whose net income was S2OOO OF
,yrr Gncluding the income OF HUSBAND
or wife and the earnings OF minol
hihlren, IL any must make 2.gyIgr,
IN or before March 18th. And this r,
s&,LEp,aeiA -tlaeSs- not hive On Whether
he person owes. n TAX.
Taxable Income.
An individual must include under
gross income all gains. profits and In
Oine derived from salaries, wages o,
compensation for personal service
,hatever kind and In whatever for'
AID or from professions, vacations
BUSINESS. sales or dealings In propert
4 all kinds, interest, rent, dividend
IT profits derived from any SQUIRE
whatever. Very few items OF incOmF
are exempt.
Deductions include ordinary and nee
essary business expenses. interest pale
or accrued on Indebtedness, taxes q
aIl kinds except Federal income an
excess profits taxes and assessments
~Socal benefits. losses actually sus
I'd, debts Gscertnined to be worth
I'D depreciation on buildings, -
!, nxrIfr-Fc.. used 5vfissSs..
ther deduction is allowed for -
ltions to corporations operated r.
,.rgious, charitable. scientific or csiu
catiOnal purposes or for the prevention
Of cruelty To children or animals to al
amount not exceeding Is per cent OF
the taxpayers net income as compute,
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 imprOvin:
properly or making good Its cxhaus
ton for which an allowance Is elaine
under depreciation.
Figuring the Tax.
Before figuring the normal tay n
dividends are deducted rs credits troi
net income, tOre, her with the person.
exemption. AS in previous years, div
dends OF domestic corporations are e,
empt from normal tax when receive
by the stakeholder.
The normal tax rates for citizr'
md residents are as follows: ON a.
first $4,000 of net Income In excess %
the credits the rate Is @ per cent; 9
any further taxable Income the rate
- per cent
The surtax rates apply to net ir
come Of each individual In excess
$4,000. The personal exemption am
the dividends are not deductible befor
computing surtnx. In the case Of re-
turns by husband and wife. tina no
income Of each IL considered separat,
Iy In computing any surtnx that nr
be due. Form 1910 should be used r.
making returns Of net income exceed
ing 5000. and the Instructions on tina
form will show how to figure the sur
tax.
Business House Returns.
Employers and others who pal,
wages, salaries. rents. interest or sim
liar determinable rains In an nmom'
OF $1,000 or over during 1918 TO nm!
person must file an Information return
with the Government. Blanks may BE-
secured from the Collector.
Every partnership must file return
showing its income and deductions and