The Snyder signal. (Snyder, Tex.) 1887-????, 1920-03-05

return In on time III one Is due.
With each return showing a tax due
a payment must accompany the return
I'm the full amount of the tax or at
least one-quartcr OF the tax.
All returns for 1919 must be filed on
or before March 10.
Must Show True Figures.
In figuring UP his earnings for In
come tax purposes a person must take
into consideration an Items OF taxable
income, and each item Itself must be
accurate IN amount. Guesses and es-
Inmates must be avoided, for the re-
turn Is made under oath
Everybody who had an income dur
ing 1919 must now determine whether
his OF her net Income was sufficient In
amount 10 require an Income Tax re-
turn. The best way 10 find out Is TO
get a Form lOf0A and follow the in
structious printed on IT, That form
will serve as a reminder Of every item
Of income and II return Is due, IL
tells how 10 prepare and file il.
one ~ the important points to keep
In mind Is that a persons net income
Is found by computation prescribed
In the law, and that each item OF In
come from every source must be con
sdered unless specifically exempted.
Another thing 10 remember Is that
the personal exemption allowed tax
payers b,..aw has no relation whatever
TO the requirement 90 Gle return. This
exemption il not 10 be considered until
"a person has figured out his net In
come and determined whether II was
sufficient to require him 10 file a re-
turn. Then, II a return must be filed,
he should read carefully the insiruc-
lions for claiming exemption. aud COM
plcte his return.
II IN doubt on any point as 10 income
or deductions, person may secure
frce advice and aid from the nearest
Internal Revenue office. Many banks
and trust companies are also furnish.
Ing similar service during banking
hours
Heavy Penalties in Law.
For failing TO make a return on time
$1,000 and an addition OF - per cent
TO the tax. II any For making a false
or fraudulent return the penalty is a
fine Of not more than $4,000 or i'm
prisonmeut not exceeding one year, on
both and. in addition. 30 per cent Of
the tax There are other penalties fot
falling 10 pay tax when due and for
understutemcnt 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 IL he sold any
property during 1919 he must figure
ont the gain realized. II he rented
buildings. land, apartments or rooms
such rents must be considered taxa.
able, and he may claim deductions FOR
necessary expenses incidental 10 rents |
Bank interest Is common source .
Of income and Is taxable whether with. ,
drawn or not Any amount Of interes,
credited 10 a deposltor is income 10
the depositor.
Interest on mortgages and notes Is
taxable: also bond interest received ,
from corporations.
A taxpayer who cashed hA insur !
ance during 1919 must report as in.
come any excess received over the to /
tai OF premiums paid.
Members OF partnerships or personal 4
service corporations or benehclaries OF
an estate or trust must report their !
shares Of income distributable 10 them /
whether or not actually withdrawn.
Dividends OF domestic corporations +
must be reported Many other forms
OF income are taxable, unless specific /
ally exempted.