Sharp County record., 1919-03-14
this Tells HOW TO
FIGURE INCOME TAX
Sauarely Up 10 Every Individual
10 Get Busy BY March 5
or Suffer Penalty.

are out hia liability today as we'll a. ne
can next week. ana II there 10 any
pOint on which hA needs advice he can
aOw get In touch with Revenue man"
Thta word or advice 10 from JACK
walker, Collector OF Internal RsvS
RGA IAstis Rock who 10 collecting tnA
LRC0ms Tax in ArkAnSas Collector
Walker IA giving without charge Svsry
AID az his ONCE and his enlarged Geld
force 10 help the pecple get their pay
ments ana their returns in by March
18th.
But ina Income Tax men will not
pull your door-beil or your coRt-tsils,
according 70 the Collectors announce
ment. L is s0uarsly up to every indi-
vidual TO fgurs out his own case ana
TO get 0usy II he comes within tia
scope OF the new Revenue law,
Did Tsu Earn This AuenH
Every unmarried person who ~
ceived income averaging s19.25 a week
during 1913 and every married couple
who Jointly received income averaging
$3.50 a weex should secura at once
from tina nearest Deputy Collector or
the nearest bank blank Form 1040 A
That form contains the information he
will need to enable aim to figure his
correct net income ana any tax that he
owes tina government.
This law requires that every unmar.
ried person who had a net income OF
$1,000 or over ana every married per
son whose net income was $1,000 or
over tinciuding the income Of husband
or wife ana the earnings OF minor
children. II Any) must make a return
ON or before March 18th. And this re-
guirenent does not hinge on whether
the person owes a tax.
Taxabls neonrs.
An individual must include under
gross income all gains, protts ana in.
come derived from salaries. wages or
compensation for personal service Of
whatever kind nnd IN whatever form
paid or from professions. vocationA
business. sales or dealings IN property
Of all kinds, interest, rent, dividends
or prorits derived from any source
whatever. Very few items OF income
are exempt.
Deductions include ordinary ana nee
esssrv business expenses interest paid
or nccrusd on Indebtedness, taxas Of
all kinds except Federal income and
excess protts taxes and assessments
for local DEMENT'S. losses actually sus-
tanned. debts ascertained 10 he worth
less and depreciation on buildings. ma.
chinery, A1tures. etc, used In business
A further aeduction IL SLOWED FOR con-
tributions 10 corporations operated for
religious. charitable. scientific or edu-
cationni purposes or for the prevention
Of cruelty TO children or animals to an
amount not exceeding IS per cent ot
the taxpayers net income as computed
without the benert OF the contribution
deduction.
The taxpayer Is not SLOWED to de-
duct any personal living or family eT-
pense. any amount suent 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.
Befora tiEuring the normal tax the
dividends are deducted a. credits from
net income. together with the personal
exemption. AS IN previous years. dlvi.
dsods OF domestic corporations are ex.
sspt rFsm normal tar when received
By ths atocxhoider.
rhs normal tax rates FOR citizens
ana residents are as follows; on the
drst s4.ooe NJ net income In excess OF
the credits the rate Is per cent: On
sny further taxable income the rate ia
II per cent
Ths surtaI rates Apply 10 net In.
come ~ ssch individual In excess ot
$4,000, The personal exemption ana
the dividends are NOT dsduetibe before
computing surtaE. IN the case ot re.
turns by husband and wife. the net in.
tome 81 each Is considered separately
In computing anv surta1 that may bs
due. Form l040 should be used Cor
making returns ~ net income exceed.
Ing 5000, ana the instructions on that
FORM viii show how 10 hgure the sur.
thx.
8usiress House aeturns.
Employers and others who paid
wsges, salaries. rents, interest or sim.
liar dsterminabls gains In an amount
" $1,000 or ov~ during 1918 10 any
person must fle m information return
r'th ths Government. Blanks may be
secured from the Collector.
Every partnership must ala a return
showing itS income and deductions anu
ihs nsn. ana address ot each partner,
rith his share ~ the profits or losses
frrinT ths mast year. Personal service
onrrnrnt'ons VIII Ale similnr informn.
N,u t,r 1918
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