The Pioche record. [volume] (Pioche, Nev.) 1908-1925, 1920-03-12
U. S. INCOME TAX
ExEMPTS NOBODY
Every Person Who Had Income
in 1919 Must Determine
Own Liability.
MARCH IS LAST FILING DATE.
Surest Way 10 to Follow Form 1osoA.
Free Advice In Doubtful case&
Severe Penalties in
Law.

Nobody Is exempt from Income Tax.
An obligation is laid directly on the
shoulders Of each citizen and resident
to consider his own case and to get his
return in on time IL one is due.
With each return showing tax due
a payment must accompany the return
in the full amount Of the tax or at |
least one-quarter of the tax.
All returns for 1919 must be filed on
or before March Is.
Must Show True Figures.
In figuring up his earnings for in
come tax purposes person must take
into consideration all 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 or her net income was sufiicient In
amount to require an Income Tax re-
turn. The best way to find out is to
get a Form 1O4OA and follow the in
structions printed on 1t. That form
will serve as reminder Of every item
Of income; and If, return Is due, 1t
tells how to prepare and file it.
One of the important points to keep
in mind is that persons net income
Is found by a computation prescribed
In the law, and that each item OF in
come from every source must be CON
sidered, unless specifically exempted.
Another thing to remember is that
tn, 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 and determined whether 1t was
sufficient to require him to file re-
turn. Then, If a return must be filed
he should read carefully the instruc
lions 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 neares
Internal Revenue Office. Many bank:
and trust companies are also furnish
ing similar service during banking
hours
Heavy Penalties In Law.
For failing to make return on tim
the penalty is fine Of not more thai
$1,000 and an addition Of 25 per cen
to the tax. II any For making falls
or fraudulent return the penalty is
fine of not more than $4,000 or In
prisonment not exceeding one year, G
both; and, in addition, so per cent
the tax. There are other penalties fe
falling to pay tax when due and ft
understatement of the tax throug
negligence.
Many Sources Of Income.
Aside from what one may earn I
his services, there are many oth'
sources Of income. If he sold al
property during 1919 he must fgu
out the gain realized. If he rentt
buildings, land, apartments or room
such rents must be considered tax
able, and he may claim deductions +
necessary expenses incidental to rem
Bank interest is a common sour
Of income and is taxable whether wit
drawn or not. Any amount Of intere
credited to a depoSitor Is income
the depositor.
Interest on mortgages and notes
taxable; also bond interest receiv
from corporations.
A taxpayer who cashed his ins'
ance during 1919 must report as
come any excess received over the
tai Of premiums paid.
Members of partnerships or person
service corporations or beneficiaries
an estate or trust must report tn
shares of income distributable to tn
whether or not actually withdrawn.
Dividends Of domestic corporate
must be reported. Many other for
Of income are taxable, unless speci
ally exempted.