Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1919-03-06
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This TELLS HOW TO
FIGURE INCOME TAX
SquareIy Up to Every Individual
to Get Busy by March Is
or Suffer Penalty.

~ = 49, I
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 well as
he can next week, and If there Is any
point on which he needs advice he can
now get in touch with a Revenue man."
This word Of advice is being given
out by Internal Revenue men. Re
turns and payments are being col
lected in Missouri by the following
Collectors of Internal Revenue:
George Moore.
George F. Crutchley.
Every aid of their offices and field
forces is being given freely to the
public.
But the Income Tax men will not
pull your door-bell or your coat-tails,
according to the Collectors announce
ment. 1t is squarely up to every indi-
yidual to figure out his own case and
to get busy If he m within the
scope of the new Revenue law.
Did You Earn This Much?
Every unmarried person who re-
ceived income averaging $19.25 a week
during 1918 and every married couple
who Jointly received income averaging
$3.50 a week should secur at once
from the nearest Deputy Collector or
the nearest bank a blank Form 1040 A
That form contains the information he
will 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 a net income of
$1,000 or over and every married per-
son whose net income was $1,000 or
over (~including the income of husband
or wife and the earnings of minor
children, If any must make a return
on or before March 18th. And this re.
quirement does not hinge on whether
the person owe a 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, voQetions,
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 paic
or accrued on Indebtedness, taxes Of
all kinds except Federal income ant
excess profits taxes and assessments
for local benefits, losses actually sus
tanned, 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 fo'
religious, charitable, scientific or edu
catfonal purposes or for the prevention
of cruelty to children or animals to al
amount mo- exceeding is per cent o
the taxpayers net income as computes
without the benefit of the contribution
deduction.
The taxpayer is not allowed to de
duct any personal, living or family eG
pense, any amount spent for improvin
property or making good its exhauS
ton for which an allowance is elaine
under depreciation.
Figuring the Tax.
i Before figuring the normal tax tn
dividends are deducted as credits fro1
net income, together with the persona
exemption. AS in previous years, div
Io-Iz "a 1o1aoc&i0 nTVNo tiOnc urn az
empt from normal tax when receive
by the stakeholder.
The normal tax rates for either
and residents are as follows: On tn
first $4,000 of net income in excess
the credits the rate is 6 per cent Q
any further taxable income the rate
IL per cent.
The surtax rates apply to net !
come of each individual in excess
$1,000. The personal exemption ar
the dividends are not deductible befol
computing surtax. In the case of r
turns by husband and wife, the n
income of each is considered separat
" in computing any surtax that ms
be due. Form 1040 should be used f
making returns Of net income excee
ing $4,000, and the instructions on tn
form will show how to figure the su
tax.
Business House Returns.
Employers and others who pa
wages, salaries, rents, interest or sill
ilar determinable gains In an amou
Of $1,000 or over during 1918 to al
person must file an information retu
with the Government. Blanks may
secured from the Collector.
Every partnership must file a retu
showing its income and deductions a
the name and addyess Of each partn'
with his share of the profits or loss
during the past year. Personal servi
corporations will file similar inform
tion for 1918.
%%+*kkkk NM 4 \
\ INCOME TAX PAYS
4 FOR PUBLIC BENEFITS.