Mansfield mirror. (Mansfield, Wright County, Mo.) 1908-1957, 1920-03-11
u,S.|NCOME TAX
ExEMPTS NOBODY
Every Person Who Had Income
in 1919 Must Determine
Own Liability
MARCH IS LAST FILING DATE.
Surest Way Is to Follow Form 1040A.
Free Advice In Doubtful Cases.
Severe Penalties in
Law.
MARCH IS LAST FILING DATE

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 if 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 10.
Must Show True Figures.
In figuring up his earnings for in.
come tax purposes a person must take
into consideration all items Of taxable
income, and each item itself must be
accurate in amount. Guesses and es-
timates must be avoided, for the re-
turn Is made under oath.
Everybody who had an income dur
his or her net income was sufficient in
amount to require an Income Tax re-
turn. The best way to find out Is to
get Form 1O4OA and follow the in
structOns printed on it. That form
will serve as reminder of every item
of income; and If return is due. ii
tells how to prepare and file 1t.
One of the important points to keep
in mind Is that persons net income
Is found by Il computation prescribed
in the law, and that each item of in
come from every source must be con-
,i,l nu n1
Another thing to remember Is that
the 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
q person has figured out his net in
sufficient to require him TO file re-
turn. Then, If return must be filed,
he should read carefully the instruc-
tions for claiming exemption, and COM
plete his return.
If In doubt on any point as to income
or deductions, person may secure
free advice and aid from the nearest
Internal Revenue office. Many banks
| and trust companies are also furnish
ing similar service during banking
hours.
Heavy Penalties In Law.
| For fuiling to make return on time
the penalty Is fine Of not more than
81, 900 and an addition of % per cent
to the tax, If any. For making a false
or fraudulent return the penalty Is q
fine of not more than $4,000 or i'm.
prisOnment not exceeding one year, OF
BOTH and, in addition, 80 per cent OF
the tax. There are other pC ,alties fol
failing to pay tax when due, and fol
understatement of the tax through
negligence.
Many Sources Of Income.
Aside from what one may earn by
his services, there are many othel
sources of income. If he sold any
property during 1919 he must figure
out the gain realized II he rented
buildings, land. apartments or room!
such rents must be considered taxa
Bile, and he may claim deductions fOl
necessary expenses incidental to rents
| Bank interest Is common sourc,
of income and Is taxable whether with
drawn or not. Any amount of interes
credited to depositOr is income t.
the depOsitor.
Interest on mortgages ana notes Il
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 partnerships or person
al service corporations or beneflciarie
of an estate or trust must report thei
shares of income distributable to then
whether or not actually withdrawn.
Dividends of domestic corporation
must be reported. Many other form
Of income are taxable, unless Specitical
ly exempted.