Metropolis weekly gazette. (Metropolis, Ill.) 1???-19??, 1920-04-09
U. S. INCOME TAX
ExEMPTS NOBODY
Every Person Who Had Income
in 1919 Must Determine
Own Liability.
MARCH IS LAST FILING DATE.
surest Way Is to Follow Form io4oA.
Free Advice in Doubtful Cases.
Severe Penalties in =
Law.

Nobody IS exempt from Income Tx.
An obligation is laid directly on the
shoulders OF each citizen and resident
10 consider his own ease and 10 get his
return in on time iflone Is due.
With each return showing a INK due
payment must accompany he return
in the full amount of The tax or at
least one=qnarfer Of the tax.
All returns for 1919 must be filed on
or before March ~.
Must Show True Figures.
In figuring up his earnings for In.
come tax purposes person nlnst .ake
into consideration an items of taxable
income. and each item itself must he
accurate IN amount Guesses and e.
Inmates must he avoided, for lie re-
turn Is made under oath.
Everybody who had an Income dur
ing 1919 must now determine whether
his. or her net income was sufficient In
amount 10 require an Income Tax re
turn The best way to lind ont j. TO
get Form lo40s and follow the In
siructions printed on H. That form
will serve rs remlnde. OF every item
of income and II a return is due. il
tells how 10 prepare and file II.
One Of the important points 70 keen
in mind i HAT a persons net income
j. found by computation prescribed
in The law. and that each Item Of in
come from every source must be con-
sidered unless specifically exempted
Another thing 10 remember is that
tie personal exemption allow ed tax
/ payers by law has No relation whatever
10 the requirement 10 file return This
exemption is not to be- considered until
a person has figured ont his net in
come and determined whether 1t was
/ sufficient Ia require him fo file q re-
/ turn. Then, II u return must BE- filed.
me should read carefully the insfrnc-
lions COR claiming exemption. and coin-
piote his return.
If in Doubt Oh any point rs 10 income
or deductions. 4 person may secures
free advice and aii from the nearest
Internal Revenue Office Many banks
and trust companies are also furnish.
ing similar service during banking
hours
Heavy pcnaitico in Law.
! For falling Ia make u return aB time
+ The penalty II ine ~ mol more than
$1,000 aud an addition Of - per cent
10 the TIA. IL any For making false
| or fraudulent return the penalty In a
fine of not more than $4,000 or Inn
/ prispnmcnt not exceeding ore year. or
boil, and. In addition. 30 per cent Of
the tax. There are other penalties FOR
/ FILLING 10 pay tax when due aud for
undefsfaicinent Of the TAX through
negligence
Many Sources OF income.
| Aside from what one may earn by
his services. there are many other
sources of income. II be soid any
property during 1919 he must figure
out the gain realized II he rented
buildings. land. apartments or rooms
such rents must be considered tam.
! able, aud he may claim deductions for
necessary expenses incidental 10 rents.
Bank interest Is n common source
Of income and l. taxable whether with.
drawn or not. Any amount Of interest
credited 10 a depositor Is income To
| the deposition.
Interest on mortgages aud notes Is
taxable: also bond interest received
from corporations.
A taxpayer who casled his lnsnr.
ance during 1919 mnst report as I'm.
come any excess received over The to-
tai OF premiums paid.
Members Of partnerships or personal
service corporations or benehciaries OF
an estate or ,rnsi must report their
shares Of income distrihutabls 10 them
whether or not actually Withdrawn.
Dividends Of domestic corporations
must be reported. Many other ferns
OF income are taxable. unless specific
| ally exempted.