Missouri Valley times. [volume] (Missouri Valley, Iowa) 1874-1931, 1919-02-27

ply u giving without charge every
aid OF his once and his enlarged held
force to help the pseels Set their pay
ments and their returns in BY March
18th.
But the Incsms TAx men will not
pull yeur dosr-bell or ySur coat-tails,
according to the Collectors announce
ment. 1t IL squarsly up to every indl-
vidual to figure ent his own case and
to get busy Il - Genes within the
scope Of the new Heyeaus Law.
Old Ysu Gasn This Muehs
Every unmarried person who receiv-
ed income averaging 1925 week
during 1918 and every married couple
who Jointly received income averaging
$3.50 a week should secure at once
from the nearest Deputy Collector or
the nearest bank blank Form 1910 A.
That form contains the Information he
will need to enable him to figure his
correct net income and any tax that he
owes fine Government.
The law requires that every, unmar-
ried person who had net income Of
$1,000 or over and every married per-
son whose net Income was $1,000 or
over (includinE the income of husband
or v lie, ard the earnings of minor
children, If amy must make return
On or before March 18th. And this re-
sulrement does not hinge on whether
the person owes q tax.
Taxable Income.
An individual must include under
gross income all gains, profits and in
conc 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 kinds except Federal income and
excess profits taxes and assessments
for local benefits. losses actually sus-
famed. debts ascertainsd to be worth
less. and depreciation on buildings, ma
cl,imery, fixtures, etc, used in business.
A further deduction Is allowed for con
trihMtions 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-
duct any personal, living or family ex-
pense, any amount spent for improving
property, or any expense Of restoring
property or making good its 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. A. In previous years. divi-
T dends Of domestic corporations are ex-
enpt from normal tax when received
by the stakeholder.
The normal tax rates for citizens
and residents are Is follows: On the
first $4,000 Of net income In excess OF
the credits the rate Is 9 per. cent; OH
any Further taxable income the rate Ii
l2 per cent.
The surtax rates apply to net In,
come Of each individual In excess ot
5000. The personal exemption and
the dividends are not deductible before
computing surtax. In the case OF re
turns by husband and wife, the mel
Income Of each is considered separat to-
" in computing any sdrtlx that may
be due. Form 1910 should be used FOL
making returns of net income excaetl
| ing $1,000, and the Instructions ON thai
form will show how to figure the sur
| tax.
] Buslness Houss Returns.
Employers and others who paiJ
wages, salaries, rents, interest or sim
liar determinable gains in an xmoun
Of $1,000 or over during 1918 to ail,
person must file an information return
with the Government. Blanks may b,
| secured from the Collector.
Every partnership must Gle return
showing Its income and deductions ant
1 the name and iddress Of each partner
I with his share of the profits or l0Ssel
during the past year. Personal servic.
corporations will die similar informa
/ ton for 1918.