The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1919-02-27
THIS TELLS HOW TO
FIGURE INCOME TAX
Squarely Up to Every individual
to Get Busy by March IS
or Suffer Penalty.

to get Busy by MarCn 10
or Suffer Penalty.
Don't wait until the Anal 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 which he needs advice he can
now get in touch with Revenue man..
This word Of advice is from John Y.
Fauntleroy, Collector of Internal Reve-
nue., New Orleans, who is collecting
the Income Tax in Louisiana. Collec-
tor Fauntleroy is giving without charge
every aid of his office and his enlarged
field force to help the people get their
returns in by March 18th.
But the Income Tax men will not
pull your door-bell or your coat-tails.
according to the Collectors announce
ment. It is squarely up to every indi-
vidual to figure out his own case and
to get busy If he comes within the
SCOPE of the new Revenue law.
Did You Earn This Mueh7
Every unmarried person who receiv-
ed income averaging 1925 a week
during 1918 and every married couple
who Jointly received income averaging
$3.50 a week should secure ut once
from the nearest Deputy Collector or
the nearest bank a blank Form 1O4O 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 hadsa 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 q return
on or before March 18th. And this re-
quirement does not hinge on whether
the person owes tag.
Taxable Income.
An individual must include CnGe.
gross income all gains, profits AID ill.,
come derived from salaries, wages, or
compensation for personal service OF
whatever kind and in whatever fC rim
paid, or from professions, vocatioHs,
business, sales or dealings in property
Of ell kinds, interest, rent, dividends
or profits derived from any source
wiz tever Very few items of income
are exempt.
Deductions include ordinary and nee
essary business expenses, interest paid
or accrued or Indebtedness, taxes OF
| all kinds except Federal income and
| 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 fol
religious, charitable, scientific or edu
catiOnal purposes or for the prevention
of cruelty to children or animals to M
amount not exceeding Is per cent o.
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 improvin,
property, or any expense of restoring
property or making good its exhaus
ton for which an allowance is claimet
under depreciation.
Figuring the Tax.
Before figuring the normal tax tn
dividends are deducted as credits fron
net income, together with the persona
exemption. AS in previous years, div
dends of domestic corporations are es
empt from normal tax when receives
by the stakeholder.
The normal tax rates for citizen
and residents are as follows: On tn
first $4,000 of net income in excess Q
: the credits the rate is 6 per cent: o
any further taxable income the rate
: II per cent.
The surtax rates 'ppiy to net II
come of each int Il in excess G
5000. The pcrSo.. exemption nm
the dividends are not letluctible befOr
computing surtax In the case of n
turns by husband and wife, the ne
income of each is considered separat,
~ In computing any surtax that ma
be due Form 1910 should be used f.
making returns of net income exceed
= ing $1,000, and the instructions on ths
. form will show how to figure the SUI
tax. $, :. -.
Business House Retiring.
Employees and others who pal
. wages, salaries,rent interest Or sin
liar determinable gains in an amour
Of 5000 or over during 1918 10 III
person must file an information retur
! with the Government. Blanks may
secured from the Collector.
Every partnership must file retur
showing its income and deductions ar
X the maine and address of each partne
II with his share Of the profits or lOss'
during the past year. Personal servi'
y corporations will file similar inform
Is ton for 1918.
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