Taiban Valley news., 1920-03-05
INC(,ME TAX
RETURNS DUE
Business Men, Farmers andWage
Workers Must File Schedules
of Income for 1919.
MARCH is LAST FILING DATE.
Net Incomes Of $1,000 or over, II Sin.
gle; or $4,000 or Over II Married,
Must Be Reported.


of Congress on earnings of the year
1919 is now being collected.
Returns under oath must be made
on or before March Is by every citi-
zen and resident who had a net in
come for 1919 amounting to:
$1,000 or over, if single; or If mar
ried and living apart from wife Cor
husband) :, or if widowed or divorced
$1,000 or over, If married and living
with wife Cor husband).
The status of the person on the last
day Of the year fixes the status for
ythe year with respect to the above
requirements.
Under any of these circumstances a
return must be made, even though
no tax is due.
Husband and wife must consider
the income of both plus that of de-
pendent minor children, in meeting
this requirement; and, If sufficient to
require a return, all items must be
shown ina joint return or in separate
returns of husband and wife.
A single person with minor depend
ents must include the income of such
dependents.
A minor who has n net income Of
81 900 or more is not considered a
dependent, and must file separate
return.
Personal returns should be made on
Form 1040A, unless the net income
exceeded $1,000, in which case Form
1040 should be used.
Residents of New Mexico should file
their returns with, ard make payments
of Income Tax to, Carl A. Hatch,
Collector Of Internal Revenue, Albu-
,Queraue, N. NJ.
How to Figure Income.
The best way to find out whether
one must file a return is to get Form
l040A and follow the Instructions
printed on it. That form will serve as
a reminder of every item of income,
and If return is due it tells how TO
prepare and file Il.
If In doubt on :Sly point as to income
or deductions, a person may secure free
advice and aid from the nearest Inter-
nal Revenue office.
Guesswork. estimates and other hit
or-miss methods are barred when per-
son is making out his Income Tax re-
turn Accuracy and completeness must
be insisted upon. The return is
sworn statement. AS such 1t must be
thorough and acc6rate
Salaried persons and wage earners
must ascertain the actual compensation
received. Overtime, bonuses shares in
the profits Of business, value of quar-
tiers and board furnished By the EN-
ployer and other items which are COM
pensations for services must be in
cuded.
1t must he borne In mind that COM
pensation may be paid in other forms
than in cash. A rSnus paid In Liberty
Bonds is taxable at the market value
of the bonds. A note received in pay,
ment for services is taxable income at
its face value, and the interest upon
it is also taxable.
other Returns Due.
Every partnership doing business in
the United Stpes must file return
on Form 1865; and every personal
service corporation must file similar
return.
Corporations must file annual re-
turns on Form 1920.
Trustees, executors, administrators
and others acting in fiduciary capac.
ity are required to file returns. In
some cases, Form 1041 is used; in
others, Form 1910; and still others,
returns on both forms are required.
Information returns, on Forms 1899
and 1896, must be filed by every or
ganization, firm or person who paid
during 1919, an amount of $1,000 In
salary, wages. interest, rent, or other
fixed or determinable income to an
other person, partnership, personal
service corporation or fiduciary. These
information returns should be for
warded directly to the Commissioner
Of Internal Revenue (sorting division).
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