The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1919-03-08

squarely Up 10 Every Individual
to Get Busy by March 15
or Suffer Penalty.

" Gct DuSy Wy Hioi o''
or Suffer Penalty.
"Don't wait until the final due date,
March 18th, for paying your Income
Tax and making your return. Avoid
the last minute rush. Any person can
figure out his liability today as we'll as
he can next week, and if there is any
point on w;ich he needs advice he can
i now get in touch with a Revenue man. ;,
This word OF advice is from Duncan
C. Heyward, Collector OF Internal
Revenue, Columbia, who is collecting
the Income Tax in South Carolina.
C0liecter Heyward is giving without
charge every aid OF his Office and his
enlarged field force TO help the people
get their payments and their returns
Ia by March 18th.
But the Income Tax men will not
pull your door-bel or your ceat-ralis,
according to the Collectors announce
ment. II is squarely up to every 1ndi-
ytdnsl to figure out his own case and
to get busy II he comes within the
scope Of the new Revenue law.
Did Yeu Earn This Much?
Every unmarried person who re-
ceiYed income averaging $19.25 a week
during 1918 and every married couple
Who jointly received income averaging
q
from the nearest Deputy Collector OF
the nearest bank a blank Form l04D 4.
That form contains the information he
SIN need to enable him to figure his
correct net income and any tax that he
ewes the Government.
The law requires that every unlaar-
RED person who had q net income OF
$1,000 or over and every married per-
son whose net income was $1,000 or
over (!neluding the income OF husband
or wife and the earnings Of minor
children, II any) must make a return
on or before March 10Th. And this re-
qu.rement 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.
Deductions include ordinary and nee
essary business expenses, interest paid
or accrued on Indebtedness. taxes OF
all kiads except Federal income and
excess profits taxes and assessments
for local benefits. losses actually sus-
tafned. debts ascertained 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-
cational purposes or for the prevention
OF cruelty to children or animals to an
amount net exceeding ID 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 eS-
pense, any amount spent for improving
property or making good its e1haus-
tion for which 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; diyi-
aends Of domestic corporations are eI.
elnpt from normal tax when received
By the steckholder.
The normal tax rates for citizens
and residents are as follows: On the
first $1,000 OF net income In excess OF
fhe credits the rate is 6 per cent; on
eny further taxable income the rate Is
u per cent
The surtax rates apply to net in
come of each individual In excess Of
5000. The personal exemption and
the dividends are nor deductible before
computing surtax In the case CT re
turns by husband and wife, the nel
income Of each Is considered separate
" In computing, any surtax that may
be due. Form 1910 should be used 10,
making returns Of net income exceed
ing $1,000, and the Instructions on that
S.r,, VIII chow how tn figure the sur