The Parisian. (Paris, Tenn.) 1907-1962, 1919-03-14
THIS TELLS HOW TO
FIGURE INCOME TAX
squarek Up to Every individual
to GET Busy by March IS
or Suffer Penalty.


.aDon't wait until the final dine date,
March Is. for paying your Income Tax
and making your return Avoid the
last minute rush. Any person can fig
ure out his liability Today as well as he.
can next week, aud IL there Is any
point on which he needs Advice he can
now get In touch with~a Revenue man."
This word OF advice Is from Edward
q. Craig. Collector OF Internal REEVE
nue., Nashville, who Is collecting the
Income Tax In Tennessee. Collector
Craig is giving without charge every
aid cf his. office and BIS enlarged field
force TO help the people ger their pay
lnenis and their returns in BY ..;rch
18th
Eur the Income Tax men viii not
,,ull Your ,ioor.bell CT Your coat-tails,
according TO lie Collectors announce.
HcnI II is sluaie.y up 10 every indi.
,fIu.iI to figure ont his own case and
sct busy II he comes within the
scope of tie new Revenue law.
t.
Did You carr This Much7
Every rrrfirrasi person who re-
.civetl 'naoi avciaasing Si02s q week
hndre 1918 as.,l every married couple
.slo ia Nj, ravuIsci lneoDie averaging
~ il pssk i.ual secure a; once
I'll. hp st.rr3~r Deputy Collector or
! a.ai.si bark blank Form 1910 A.
ISL iorH ,oamins The information he
!, III reed 10 enable him to fi.ure his
orrp.I nci income md any tux that he
,Mes ilie government.
The Inv requires fiat every nnmar-
r!esi person wfo lad a ret income OF
$1,000 or nyer and every married per-
SOP whose net Income vas $1,000 or
over (incai,sng the income of husband
or wife na,l the cummings of minor
children, II any) wist make return
on or before Marci, 18th. And this re-
qilirenetBt does moi hinge on whether
the person owes TAX.
Taxable income.
An individual must include under
gross 'nerne all sa;ns. 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 OF 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 Oh Indebtedness, taxes Of
all kinds except Federal income and
excess profits taxes and assessments
for local benefits, losses actually sus-
tanned, debts ascertaineato be worth
less mud depreciation OH buildings, ma
chinery. hxtures. 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 not exceeding Is per cent OF
the taxpayers net income as computed
without the benefit OF the contribution
deduction.
The taxpayer is not allowed to de-
duet any personal, living or family ex-
pense, any amount spent for improving
property or any expense of restoring
property or making good It's exhaus-
ton 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. divi-
dends Of domestic corporations are ex.
einpt from normal tax when received
by The stakeholder.
The normal tax rates for citizens
and residents are as follows: On the
first $4,000 OF net Income in excess of
the credits the rate Is O per cent; on
sny further taxable income the rate 10
i. per cent.
The surtax rates apply TO net in,
come OF each individual In excess Of
$4,000. The personal exemption and
the dividends are not deductible before
computing surtax. In the case of re-
turns by husband and wife, the net in
come OF each is considered separately
In computing any surtax that may be
due. Form 1910 should be used for
making returns Of net income exceed
Ing $4,000. and the Instructions on that
form win 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