The review. [volume] (High Point, N.C.) 1908-19??, 1919-08-21

sqDarely Up to Every individual
to Get Busy by March 10 -
or Suffer Penalty.

March 18th, for paying your Income
Tax and making your return Avoid
the last minute rush. Any person can
dgure out his liability today as well rs
ae 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
:ected in No. Carolina by the following
Collectors of Internal Revenue:
Josiah W. Bailey.
Austin D. Watts.
Every. aid of their offices and field
forces is being given freely to the
public.
But the Income Tax men will not
sflll your door-bell or your coat-tails
according to the Collectors announce
rnent. 1t is squarely up to every iHdi-
vidual to figure out his own case and
to get Eusy if be comes within the
scope of the new Revenue law.
Did You Earn This Much7
Every unmarried person who receiv-
ed incomn averaging >$1925 a week
during 1918 anu every married couple
who jointly received income averaging
$3.50 week should secure at once
from the nearest Deputy Collector or
the nearest bank blank Form 1910 A.
That form contains the iRfouna tion 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-
tod .
$1,O00 or over and every married per-
son whose net Income was $1,000 or
over dnciutlfns 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 owes 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 or
sE3sareeef KIND and IN whatever fern
paid, or from professions, vOcations.
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
or accrued on Indebtedness, taxes OF
all kinds except Federal income ana
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 to corporations operated for
religious, charitable, scientific or edit
cational 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 compdted
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 it's exhsus-
ticn 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, III VI"
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: Gin the
first $4,000 Of net income in excess 0f
the credits the rate is 6 per cent: on
any further taxable income the rate ta
IL per cent.
The surtax rates apply to net In
come of each Individual in EXCESS Of
$1,000. The personal exemption and
the dividends are not deductible letGre
computing surta1 In the case at Ie-
turns by husband and wife, the net
income of each is considered separate
ly in computing any surtax that l1ay
be due. Form 1910 should be used &or
making returns of net income exceed
ing $4,000, and the instructions on that
form will show how to figure the SUI
tax.
Business House Fetarrs,
Employers and others who paid
wages, salaries, rents, interest or sim
tlar determiTable gains III 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 file return
showing it's income and deductions and
the name and address OF each partner,
with his share of the profits or losses
during the past year Personal service
corporations will file siAnikar inf0rlna-
tion for 1913.