The Julesburg grit-advocate., 1920-03-11
]. S. income TAX
ExEnPTS NOBODY
Every Peesea NJ nal ipesnse
il 1919 nvst 0stsrmins
Own ljablntx,
MARCH IS LAST FILING DATE.
ousaol Way 10 - FeiSes 6een ,O>oA.
Pree Advice In oDUbtfvl casea,
Ssvses eeAattiss N
laW.

Melody Ia exempt frOm Income Tax.
A obligation is laid directly on the
shoulders Of each citizen and resident
= consider his own case and to get his
return In On time il one is due.
With each return showing 4 tax due
Q payment must accompany the return
In the full amount Of the tax or At
least e0e-quarfer Of the tax.
All returns for 1919 must BE- aled on
or before March l5
Mvst shsw True FlSsrsa
In figuring up his earnings for il.
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
bis or her net income was su6icient In
amount to require an Income Tax re-
turn. The best way to find cut is to
get . Form 104OA and follow the in.
structions printed on II. That form
will serve as q reminder Of every item
Of income; and if a return is due. It
tells how to prepare and file it.,
One Of the important points to keep
In mind Is that a persons net income
10 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 return. This
exemption Is not to be considered until
person has figured out Ms net in
come and determined whether it was
sufficient to require him to file 4 re-
turn. Then, II return must be fled.
he should read carefully the instruc-
tons for claiming exemption, and COM
plete his return.
II in doubt on any point as to income
or deductions, q 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 falling 10 make a return on time
the penalty is fine Of not more thss
81 600 and an addition Of % per cent
to the tax, II any. For making . false
Of fraudulent return the penalty is a
0ne Of not more than $4,000 or inn
prisonment not exceeding one year, or
both; and. in addition, 80 per cent Of
the tax There are other penalties for
failing to pay tax. when due and for
understat atement of the tax through
negligence.
Many Sources Of Income.
Aside from what one may earn by
his services, there are many other
sources Of income. II he sold any
property during 1919 he must figure
out the gain realized II he rented
buildings, land. apartments or rooms
such rents must be considered taxa
able, and he may claim DEDUCTIONS for.
necessary expenses incidental to rents.
Bank interest is common source
Of income and is taxable whether with
drawn or not. Any amount OF interest
credited to depOsitor Ia income to
the deDOsitOr.
Interest on mortgages and notes II
taxable: also bond interest received
from corporations.
A taxpayer who cashed his lnsur-
ance during 1919 must report as, in
come any excess received over the to-
tai Of premiums paid.
Members Of partnerships or personal
service corporations or henefciaries Of
an estate or trust must report their
shares Of income diStributahIe to them
whether or not actually withdrawn.
Dividends Of domestic corporations
must be reported. Many other forms
Of income are taxable, unless specific
ally exempted