The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1920-02-28
U. S. INCOME TAX
EXEMPTS NOBODY
Every Person Who Had Incoyne
IN 1919 Must Determine
Own Liability. 4
MARCH IS LAST FILING DATE
Surest Way Is to Follow Form 1o4oA
free Advice in Doubtful Cases.
Severe Penalties in .aa
Law 70
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 yet his
return III on time if one is due.
with each return showing a tax. due
payment must accompany the return
IN the full amount of the tax or at
ieast one-quarter of the tax.
All returns for 1919 must be filed on j.
or before March II :,
Must Show True Figures. - 4
In figuring up his earnings for in.
come tax purposes person must take,
INTO consideration all items of taxablel
income, and each item itself must bel
accurate in amount Guesses and es-
inmates must be avoided, for the re-
turn is made under oath -.
Everybody who had an income dur I,
ing 1919 must now determine whether
MS 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 1040A and follow the ius
strucuons printed on il. That form
VIII serve as reminder of every teni4
OF income; ana if return is due, it
tells now To prepare and file it. !. ,
One of the important points to keen
In mind is that a person S 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 exempted.
Another thing to remember is that
the personal exemption allowed tax.
payers by law has no relation, whatever.
to the requirement to file rettffn. This
exemption is not to be. considered until
a person has figured out his net ipl
come and determined whether it was
sufficient to require him t4, file a re-
tuIn. Then, 1t return must be fled.
he should read carefully the instruc-
tions for claiming exemption, and com,
plete his return. -.
Ii in doubt on any poiut as to income,
or deductions, person may. securel
free advice and aid from the ncarestI
Internal Revenue office. Mony banks
ana trust companies are also furnsh-
ing similar service during banking
hours.
Heavy Penalties in Law.
For failing to- make q return on time
the penalty is a fine of not more than
5000 and an addition of % uer cent
TO the tax II any. For making Il false
or fraudulent return The pe1yalty is
fine of not more than SiWGOO or i'm.
prIsonment not excec.lihg thc year, or
both and, in addition, 80 per cent of
the tax. There are other penalties for
failing 10 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 arc many other
sources of income, II he sold any
property during 1910 he must figure
out the gain realized If he rentedI
buildings, land, apartments or rooms
such rents must be .coiiSf'lered taxa
able, and he may epup aa1uctions for
necessary expenses iHeid9Atal to rents.
Bank interest ix'a .eopimon source
of income an,i IS taxahIe.Whether with
drawn or not my anpunt of interest
tre'iited TO 81 drpssher is income to
fhe de!",sisor. !
Interest, On mortgages and notes Is
f2xsIsc, also bond interest received
from corporations
4 taSpayeg e,in r;ishcd his ;ztsur-
ance esurrug 1919 muSf ,e.,9s. W fa-
$,s<'ts nny excess reF,.4zs.6 sJye, IL, TO-
tai Of pren,insss,s Essai.
9eos'sss pf rartne.s,ssrTs ssr y,ers;,na,
service coafot41ix5t,5 'stt freisetic;ar;es of
an est@+s sss trnst ss,vss report their
tiiaaes of. n,ssAe+e ..iis4.fibuiable to- ,i.em
whfthea'' 'st apt aaclsai'ly wiihdruwp.
Dividends 'tlonlesti.: corporations
must. be REPORTED. Is ny other forms
Of income VIE sahaaIe, unless specific,
alg ,easmpi4d" 2,yj.
,..,;;...,., ss 3.1 III,
~ = 80 4i!olIs,l y - --
nss a