Mohave County miner and our mineral wealth., 1919-01-25

Forms for reporting income taxes of less than $5,O0O, it has been an- nounced by Commissioner of Internal Revenue Daniel c. Roper, are expect ed to be in the hands of collectors for distribution among taxpayers not later than February 1st.
 "lt may be definitely stated" said the commissioner, "that taxes for the calendar year 1918 will be collected under the provisions of the pending bill as finally enacted, and not under the provisions of the Act of October 8, 1917."
 Commissioner Roper said that the conferees on the revenue bill have made sufficient progress to warrant the bureau in proceeding at once to print and distribute forms for the collection of the income tax of 1918. In order to facilitate the work of the bureau the conferees are disposing as rapidly as possible of those provisions of the bill directly affecting the form for reporting incomes of less than $5,000. Preparation of the other forms is proceeding concurrently with the work of the conferees, and it will be possible, it was stated, to have them ready shortly after the enact ment of the law.
 Meanwhile, there is no need of de- laying the preparation of figures. Anything that congress does now will not affect the amount of persons earnings for 1918. Let us avoid the belated throwing together of figures that may hit or miss. Guesses can not be accepted as the basis of taxa ton. It is clearly the duty of every person to compile correct fig ures and ascertain whether his in come for 1918 was sufficient to make necessary a sworn return.
 The year 1918 was a banner year for salaries and wages, and the high war prices brought unusual profits to the average small tradesman and to the farmer. The opinion in Washing ton is that million citizens and resi- dents will make this year their first income tax returns.
 All signs indicate that the income tax this year will reach nearly every working man and woman, and nearly every merchant, shop-keeper and farmer. Not all will have to pay the tax, but nearly all will be obliged to make a return of f years income.
 I am therefore advising every un- married person who earned 5000 or over during the year 1918, and every married peson, who together with wife or husband, earned $2000, to col lect all data as follows:
 He must ascertain accurately his gross income from all sources. There is his salary or wages, including overtime pay and any bonus received as additional compensation. A married person having children under IS who are working should include the earn ings of such children.
 If he sold any property at profit, the gain must be computed and in- cluded in gross income. If he rented any property to other persons, the total rents received in the year must be ascertained, and from that figure a deduction may be taken for taxes paid on rented property, the neces- sary minor repairs, fire insurance, any interest he may have paid on mortgage, and a reasonable allow ance for annual wear and tear of the rented property. The balance is in- cluded in gross income for the year
 Interest on bank deposits, whether withdrawn or added to his bank bal ances, must be included in all calcu- lations of income. Bank interest re- ceived during the year must be in cluded, except interest on municipal, county or state bonds. Interest on United States bonds need not be in cluded by the ordinary bond holder who purchased small amounts. Hold CTS of large amounts of Liberty Bonds however, should ask their bankers to
 rite to my office for the rule apply ing to tax on such interest.
 Dividends on stock shares are in come, and must be included in the gross figures, although the law does not impose the normal tax on distri- buttons made by domestic corpora tions.
 A person buying and selling mer- chandise must find his profits for the year on the following basis: First, ascertain the gross sales or total cash receipts. Then add together the inventory at the beginning of the year and the purchases of goods for resale. From this latter sum subtract the in ventory of goods on hand at the years end, and the result is the cost of goods sold. This cost, plus necessary ex- penses incurred solely through con- duct of the business, is to be deduct ed from the gross sales, and the re- suit is the net earnings of the busi- ness.
 A professional man arrives at his