The Grenada sentinel. [volume] (Grenada, Miss.) 1868-1955, 1920-03-05

Business Men, Farmers and Wage
Workers Must File Schedules :,
of income for 1919.
MARCH Is LAST FILING DATE.
Net Incomes Of $1,000 or Over. II Sin
gle; Or $4,000. or Over II Married, :;
4
Must BE Reported.

The Income Tax imposed by Act
Of Congress on earnings Of the year
1919 is now being collected
Returns under oath must be made
On OF before March Is by every cit-
zen and resident who had q net In
come for 1919 amounting to:
$1,000 or over, If single: or II mar
ried and living apart from wife Tor
husband) ; OF If widowed or divorced.
$1,000 or over, If married and living
with wife Tor ~husband).
The status of the person on the Last
day of the year fixes the status for
the year with respect to the above
requirements.
Under any Of these circumstances q
return must be made. even though
40 tax Is due.
Husband and wife must consider
the income of both, plus that Of de-
pendent minor children, in meeting
this requirement and. IL sufficient t.
require a return, all items must b
shown In a joint return or in separate
returns Of husband and wife.
A single person with minor depend.
ents must include the income OF U
dependents.
A minor who has q net income OF
$1,000 or more is not considered q
dependent, and must file a separate
return.
Personal returns should be made on
Form 1O4OA, unless the net income
exceeded $1,000, In which case Form
1040 should be used.
Residents of Mississippi should file
their returns with, and make payments
Of Income Tax to, George L. Donald.
Collector of Internal Revenue, Jackson,
Miss.
How to Figure Income.
The best way to find out whether
one must file a return is to get a Form
1040A and follow the instructions
printed on it. That form will serve as
a reminder Of every item Of income,
and if a return is due it tells how to
prepare and file it.
If in doubt on any point as to income
or deductions, a person may secure free
advice and aid from the nearest Inter-
nal Revenue office.
GueSswork, estimates and other HIT
or-miSs methods are barred when a per
SOL is making out his Income Tax re-
turn. Accuracy and completeness must
be insisted upon. The return is q
sworn statement. AS such IT must be
thorough and accurate.
Sa,aried persons and wage Gamers
must ascertain the actual compensation
received. Overtime, bonuses. shares In
the profits of a business, value Of quar-
tiers and board furnished by the en-
ployer and other items which are com
pensations for services must be In
Guided. !
1t must be borne In mind that COM
.pensation may be paid in other forms
than in cash. A bonus paid in Liberty
Bonds is taxable at the market value
Of the bonds. A note received in Pay.
ment for services is taxable income at
its face. value, and the Interest upon
II is also taxable.
Other Returns Due.
Every partnership doing business In
the United States must file a return
on Form 1855; and every personal
service corporations must dle q similar
return. om,, .{s
Corporations must dle annua re.
turns on Form 1120..s, .~,.
Trustees, executors, administrators
and others acting In a Aduciary capac-
ity are required to ale returns. In
some cases, Form 1041 il used; In
others, Form 1910; and still othsrs.
returns on both forms are required.
Information returns, or Forms 1000
and 1895, must be fled by every Of
g~anization, Arm or person who paid.
during 1919, an amount Of $1,000 In
salary, wages, interest, rent. or other
fixed or determinable income to an
other. person. partnership. personal
service corporation or iduciary. These
information returns should be for
warded directly to the Commissioner
Of Internal Revenue (sortng d~ivision),
Washington, D.. @