Abbeville progress. (Abbeville, Vermilion Parish, La.) 1913-1944, 1920-03-06

Every Person Who Had income
in 1919 Must Determine
Own Liability.
MARCH IS LAST FILING DATE.
Surest Way Is 10 70 low Form io7cA.
Free Advice in Doubtful Cases.
Severe Penalties IN
Law.

Nobody is exempt from Income Tax.
An ohlirution i laid directly on the
shoulders Of each citizen and resident
10 consider his own case and 10 get his
return I'm on time if one is due.
With each return showing a tax due
a payment must accompany the return
in the full amount of the tax or al
least onc-quarrcr of the TAX.
All returns for 1919 must be filed on
or before March -.
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 sufficient in
amount TO require an Income Tax re-
turn. The best way to find out Is to
GER a Form 1040A and follow the in
structions printed on it. That form
will serve as a reminder of every item
of income: and if a return is due, II
tells how to prepare and file il.
One of the important points to Keep
in mind is that q 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
the personal exemption allowed tax
PAYERS by law has no relation whatever
to the requirement 10 file return. This
eXemntion is not To be considered until
person has figured out his net in
come and determined whether 1t was
sufficient to require him 70 file a re-
nun. Then, If return must be fledt
he should read carefully the instruc-
tons for claiming exemption, and CON-
plete his return.
If In doubt on any point as to income
or deductions, a person may secure
free advice and aid from the nearest
Internal Revenue Office. Manly bank
and trust companies are also furnish
ing similar service during banking
| hours.
Heavy Penalties In Law.
For failing to make return on time
the penalty is n fine of not more than
$1,000 and an addition of - per cen
TO the tax. if any. For making a FALSE
or fraudulent return the penalty is {
fine of not more thah $4,000 or i'm
prisonment not exceeding one year, o
both: and. in addition, 30 per cent o
the tax. There are other penalties 70
failing to pay tax when due and fQ
undprstntement OF the tax throug
negligence.
Many Sources Of income.
Aside from what one may earn h
his services, there are many Othe
sources of income II he Sold an
property during 1919 he must figur
ont tie gain realized. If he rente
buildings. land, apartments or room
! such rents must he considered taxa
able, and he may claim deductions 70
necessary expenses incidental to rents
Bank interest IS ii common sOurC
Of income and is taxable whether Will
, drawn or not. Any amount of interes
J credited to a deEOSitor is income t
Z tie deHositor.
Interest on mortgages and notes
e | taxable; also bond interest receive
D from corporations.
1 \ taxpayer who cashed his insu'
: ance during 1919 must report as il
come any excess received over the t,
: tai of premiums paid
! Members Of partnerships or persona
service corporations or henefciaries {
q an estate or trust must report the
|. shares of income distributable to thel
), whether or not actually Withdrawn.
,, q Co.