The Hope pioneer. [volume] (Hope, N.D.) 1882-1964, 1920-03-11
J.. s. INCOME TAX
ExEMp1S NOBODY
Every Papoa Who Had Income
h 1919 Must DetQmss
Own Liability
MARCH 10 LAST FILING DAFT
oUeoot WAY 70 % Fellow Eoea 1o4oA.
TeOo Advtes In D00belvi Casa
osvosO PeA0ld0
K

osvsss Paasdn h
0obody b exempt from Income TAI
An Obligation - aA directly - the
Shoulders Of each dttsea and resident
. consider his own ne and to ct his
return IN On time II one = due
With each return showing q tsx dus
Q payment must ACCOMPANY the return
IN the fsn amount Of the tax Or at
least ons-Qua1te1 Of the tai.
All returns for 1919 must be fled on
OF before March Is.
Must Show Trvs Ftoursa
In figuring up his earninu for IN.
come tax purposes . person must take
into consideration al itsms Of taubls
income, and each item itself must be
accurate In amount. Gue1ses and e.
Inmates must be avoided, for the re-
tu11 IL made under oath.
Everybody who had IN income dur
ing 1919 must now determine whether
his OF her net income va SUFFICIENT in
amount to require an Income Tax re-
turn. The best way to ind out Is to
get q Form 1040A and follow the In
stfuctions printed on It That form
Will serve as a reminder Of every item
OF income; and II a return 10 due, it
tells how to prepare and file It.
One Of the important points to keep
in mind IL that 4 persons net income
10 found BY q computation prescribed
In the law, and that each item Of tn
come from every source must b con
sidered, unless specifically exempted.
Another thing to remember 10 that
the personal exemption allowed tax
payers BY law has no relation whatever
to the requirement to dle return. This
exemption IL not to be considered until
q person has figured out his net in.
come and determined whether it was
sufficient to require him to die q re-
turn. Then, II a return must be fled,
he should read carefully the instruc-
tons for claiming exemption, and COM
plete his return.
II in doubt on any point as to income
or deductions, . person may secure
free advice and aid from the nearest
Internal Revenue once. Many banks
and trust companies are also furnish
Ing similar service during banking
hours.
Heavy Penalties In Law.
For falling to make q return on time
the penalty is q fine Of not more than
Fl mn and on odlf<tn~ 80 OK - -A
to the tax, II any. For making a false
OF fraudulent return the penalty is a
Ane Of not more than $4,000 or i'm.
prtsonment not exceeding one year, OF
both; and, in addition, so per ceat Of
the tai. There are othe, penalties fo1
faiing to pay tax when due and for
undeEstatement Of the tau through
negligence.
Many Sources o. income.
Aside from what one may earn by
his seFvicea, there are many other
sources Of income. II he sold any
property during 1919 he must fsurs
cut the gain realized Il he rented
b1ldings, land apartments or rooms
such rents must be considered taxa.
able, and he may claim deductions fol-
necessary expenses incidental to rents.
Bank interest IL q COMMON sourcs
Of income and IL taxable whether with.
drawn or not Any amount Of interest
credited to . depodtor IL income ia
the depoGtor.
Interest on mortgages and notes ID
taxable; also bond interest received
from corporations.
4 taxpayer who eaAhed his insur,
NC during 1919 must report a. In.
come any excess received over the to.
tai Of premiums paid.
Members Of partnerships or personal
service corporations OF benefciaries OF
an estate or trust must report thel,
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 specific
ally exempted.