The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1920-03-11
US. INCOME TAX
EXEMPTSNOBODY
Every Person Who Had
Income in 1919 Must
Determine Liability.
MONDAY IS LAST DAY

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 is one is due.
With each return showing tax
due 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 15
Must Show True Figures.
In figuring up his earnings for in
come tax purposes person must take
into consideration all items of taxa
bic incomes and each item itself must
be accurate in amount. Guesses and
estimate 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 sufficient
in amount to require an income tax
return. The best way to find out is
to get a Form 1040A and follow the
will serve as reminder of every item
of income; and if a return is due, it
tells how to prepare and file it.
One of 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-
sidered, unless specifically exempt
ed.
Another thing to remember is that
the personal exemption allowed tax
payers by law has no relation what
ever to the requirements to file re-
turn. This exemption is not to be
considered until a person has figured
out his net income and determined
whether it was sufficient to require
him to file a return, Then, if re-
turn must be filed, he should read
carefully the instructions for claim
ing exemption, and complete his re-
turn.
IT in doubt on any point as to in7
come or deductions, a person may Sc
cure free advice and aid from the
nearest internal revenue office Many
banks and trust companies are also
furnishing similar service during
banking hours.
Heavy Penalties in Law.
For failing to make a return on
time the penalty is a fine of not more
than $1,000 and an addition of rs
per cent to the tax, if any. For max
ing a false or fraudulent return the
penalty is fine of not more than
$4,000, or imprisonment not exceed
ing one year of both; and in addition
so per cent of, the tax. There are
other penalties for failure 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. If he sold any
property during 1919 he must figure
out the gain realized. If 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 a comon source
of income and is taxable whether
withdrawn or not. Any amount of in
terest credited to depositor is in
come 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 partnership or person
al service corporations or beneficiar-
les of an estate or trust must report
their shares of income distributable
to them whether or not actually with
drawn
Dividends of domestic corporations
must be reported. Many other forms
of income are taxable, unless specific.
ally exempted.