Mrs. Grundy. (Tracy City, Tenn.) 1903-1930, 1920-03-11
U. S. INCOME TAX
EXEMP rs NOBODY
Every Person Who Had income
in 1919 Must Determine
Own Liability
MARCH. Is LASH FILING DATE.
surest Way 4 q Now Form ,o4oA.
Free Advice ~ 1subtful Cases.
Severe rensItles In
MARCH. is LAST y I FILING DATE.

Nobody Is exempt from Income Tax.
An obligation Isl lhil directly on the
shoulders or each citizen and resident
to consider his own case and to get his
return lii on time II Que is due
With each return Slowing tax due
payment must accompany the return
in the full amount ~ the tax or at
least one-quarterof The tax.
All returns for 1919 must be filed on
or before March 15
Must Show TIVE Figures.
In figuring up hiSgearnmes for In
come tax purposes 4 person J st take
into consideration all ITEMS 81 taxable
income. and each ifem Itself must be
accurate In amount Guess, $ and es-
Inmates must be- ayaided for the re-
turn is made under II h
Everybody who had All nsG,r dur
ing 1919 must now HleterEllie whether
his or her net inconetwas = ~ cnt in
amount to require an lncnl AK re-
turn. The best way TO ii Is to
get Form 10i0A md folIo ,he in
structions printed ~ it. lia form
will serve as a renlnsler Of ever lem
of income; All ifsa resnrn is due 1t
tells how to prepare and file 1t
One Of the imporush' pon TO keep
in mind is that persons nel income
is found by d combination prescribed
In the law, and thai each item of in
come from every source must be con-
sidered. unless specifically exempted
Another thing 10 remember is that
the personal exemption allowed tax
payers by law has no relation whatever
/ to The requirement to file return. This
exemption is not to be considered until
a person has figured out his net In
come al determined whether 1t was
sufficient 10 require him to file d re-
turn. Then, If return must be filed,
he should read carefully the instruc-
tons for claiming exemption, and COM
plete bis return.
II In doubt on any point as to income
or deductions, person may secure
free 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 q return on time
the penalty is fine OF not more than
$1,000 and an addition Of % per cent
to the tax, II any. For making false
or fraudulent return the penalty is
fine of not more than $4,000 or i'm
prisonment not exceeding one year, or
both; and, in addition, 90 per cent Of
the tax. There are other pc Nalties for
failing to pay tax when due, and for
understatement 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 he sold any
property during 1919 he must figure
out the gain realized II he rented
buildings, land, apartments or rooms
such rents must be considered taxa
Bile, and he may claim deductions for
necessary expenses Incidental to rents.
Bank interest Is q common source
Of income and is taxable whether with
drawn or not. Any amount Of interest
credited to a depositor Is income to
the depositor.
Interest on mortgages and notes Is
TAXABLE also bond interest received
from corporations.
A taxpayer who cashed his insur-
ance during 1919 must report as in
come any excess received over the to-
tai of premiums paid.
Members of partnerships or person
al service corporations or beneficiaries
of an estate or trust must report their
shares Of income distributable to them
whether or not actually Withdrawn.
Dividends of domestic corporations
must be reported. Many other forms
of income are taxable, unless speclfcal-
ly exempted.