The Julesburg grit-advocate., 1919-03-13
THIS Tells now 70
FIGURE INCOME TAX
Sauareiy vp 70 Every lndividua'
to Get Busy BY March IS
q Suffer Penalty.

Don't wait until the anal Aus Aats.
March 18th. for paying yssr lncsos
Tax and making your return. Avss1
the last minute rush. Any peraao ca
figure out his liability today - well -
he can next week, and II there = aoy
point on which he needs advice ~ ean
now get In touch with RsveaUs noa."
This word OF advice 10 from MARI 4.
Skinner. Collector Of Internal Asvs-
nue., Denver, Colo, who 10 collecting
the Income Tax IN Colombo and W.
oming. Collector Skinner 10 givinG
without charge every aid u his o0ce
and his enlarged field force to help tAe
people get their payments asd thsoR
returns in by March 18th.
But the Income Tax men win ~
pull your door-bell or your eoat-taila.
according to the Collectors anHouoeo'
ment. 1t is squarely up TO every io6i-
vidual to figure out his ewn eass 80
TO get busy II he cones withla IL
scope Of the new Revenue law.
Did You Earn rhIs Avehf
Every unmarried person who reeoiv.
ed income averaging Sl9.25 . wssk
during 1918 and every married eeapis
who Jointly received income avsraSias
$3.50 a week should secure At once
from the nearest Deputy Collector q
tie nearest bank blank Form 1910 A.
That form contains the information he
will need to enable him to figure his
correct net inr"m" and any tax that he
owes the Government.
The law requires that every uamar-
ried person who had net income of
$1,000 or over and every married per-
son WhuSe net incanp WIS S2.0OO or
over Nncluding the income Of huSba01
or wife. and the earnings Of miner
children. If any must make . return
on or before March 18th. Aud this -.
quireIn~nt does not hinge on whether
the person owes ~ tax.
Taxable Income.
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. vacations.
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
o. accrued on Indebtedness, taxes Of
all kinds except Federal inco0s and
excess profits taxes and assessments
for local benefits, losses actually sus-
tained, 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 10 corporations operated for
religious, charitable, scientific or edu-
cati0nal 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-
tion 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. As in previous years, divi-
dends of domestic corporations are ex-
empt from normal tax when received
by the stOckhOlder.
The normal tax rates for citizens
and residents are as follows: On the
first $4,000 OF net income In excess Of
the credits the rate is 6 per cent; on
any further taxable income the rate IS
IL per cent.
The surtax rates apply to net in
come of each individual in excess OF
5000. The personal exemption and
the dividends are not deductIble before
computing surtax. III the case Of re-
turns by husband and wife. the net
income Of each is considered separate
ly In computing any surtax that may
be due. Form 1040 should be used for
making returns of net income exceed
ing $1,000, and the instructions on that
form will show how to figure the sur
tar.
Business House Neturna
Employers end others who paid
wages salaries, rents, interest or sim
liar determinable gains in an amount
Of $1,000 or over during 1918 to any
person must file an information return
with the Government. Blanks may be
secured from the Collector.
Every partnership must Ole return
showing its income and deductions and
the name and address Of each partner.
with his share Of the profits or lOsse,
during the past year. Personal service
corporations will file similar informa-
ton for 1918.