Richmond daily register. (Richmond, Madison County, Ky.) 1917-1978, 1920-01-14
INCOME. Tx RETURN
DUE BEFORE MARCH Is.


With the opening of the New
Year comes thea FIRST date for
filing income tax returns
Heavy, penalties are imposed
for those who fail to file their re-
turns between January 1 and
March Is.
. Full tax may be paid in full at
the time of filing the return, or
if it is desired to make the pay
ments in four installments for the
first must be paid by March Is, !.
the second by June Is. the third 1
by September Is, and the fourth
by December Is.
The period for which the in
come tax1is assessed is the calen-
dar year of, 1870.
The ordinary taxpayer will not
be obliged to pay quite as much
as last year, although the rate
still. is far greater than pre-war
rates.
Exemptions of $1,000 for single:
persons and $1,000 for married
persons and heads families re-
main the same as for 1918. The
normal rate for 1918 is 4 per cent
ON the first $4,000 of net income
above the exemptions and 8 per
Ecent on the remaining net. in.
come. Last year the normal rate
vase and Upper cent, respective
ly.
Surtax rates the same as last
year. They started with-6i per.
cent on the. amount of net M
come between 5000 and 10000
and increased by steps of per
cent for each $1,000 or net M.
come up to and including 348
lper cent on net income in excess.
Iof $4,000 and not more than.
100000. The surtax on net m.
comes more than $4,000 and.
not above $4,000 in 52pers cent; :.
on net incomes above $I5OeOe
and not more than $2o0D00, Sc;
lper cent; on net incomes above
100000 and not more than $500
900 and not over $50O,00Q, 63 per,
cent; on net incomes above $780,
goo and not more than ST Coo, 600
l64 per cent; on net incomes above!
ISL, 100000, IS per cent.
| Besides exemption of 81 Gee
for single persons and $1,000 for,
married there is an additional ex-
lemption of 500 for each deperd=
ent under Is years of age.
r Every person whose ssineome
equaled or exceeded $1,000 for
single persons or $1,000 for. those
who are married must flea re-
turn regardless of whether the
income is large enough to require
payment of tax.
Forms making returns will be
available at offices of collectors
of internal revenue and deputy
collectors and of postofices and
! barks.
i What is known as form 1910
7. A is far use of those with in
comes of $1,000 or less, while
] form 1910 is for those with 1arg-
er incomes.
Taxpayers must report under
Igross income salaries including
1 bonuses, interest received on
: notes. and from bank deposits,
! dividends on stocks, profits. from
Istock market transactions, in
come and fiduciaries partnership
profits and royalties from mines.
oil wells, patents, copyrights and
franchises.
Items which are not taxable
land need not be included in the
q return are property received by
gift or inheritance proceeds OF
life insurance policies returns OF
! premiums on life insurance. en-
4 dowment or annually contracts,
amounts received through acct
'ldent or health insurance or un-
lder workinen's compensation
acts, interest on obligations of
any state or any city, town,
county or village, interest on
liberty bonds to the par value OF
I$5, 900 interest on securities is
! sued under the Federal farm loan
slact, and amounts received during
/ the war by persons in active mill
'ltary or naval forces up to $500.
din addition to personal exemp-
altion.
Deductions from gross income
in determining net incomes in
clude all business expenses n the
J conduct of a BUSINESS, trade or
i profession. Reasonable allow
lance is made for depreciation of
business property. ss ~
4 Contributions or gifts to char
Iitable, religious or educational So
q cieties may be deducted to an