The Jasper news., 1920-03-11
U. S. INCOME TAX
ExEMPTS NOBODY
Every Person Who Had Income
in 1919 Must Determine
Own Liability
MARCH IS LAST FILING DATE.
surest Way 10 TO Follow Form 1o4oA.
rec Advice In Doubtful casea
Severe Penalties In
Law.

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 II one is due.
with each return showing n 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 person must take
into consideration all items of taxable
Income, and each item itself must be
accurate In amount. Guesses and cs-
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 nm Income Tax re-
turn. The best way to find out is to
get Form 1040A and follow the in
structlons printed on 1t. That form
will serve as q reminder OF every item
Of income; and II a return Is due, It
tells how To prepare and file 1t.
One Of the important points to keep
In mind Is that Il persons net income
Is found by computation prescribed
In the law, and that each item of in
come from every source must he 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
exemption is not to be considered until
person has figured out his net in
come and determined whether it was
sufficient io require him to, file II re-
turn. Then. If return must he filed,
he should read carefully the nG;ruc-
tions for claiming exemption, and com
pletc his return
If in doubt ON any point as to income
or deductions, Il person may secure
free advice and aid from the nearest
Internal Revenue Office. Many banks
and trust companies are also rriSh-
ing similar scryic" during banking
hours.
Heavy Penalties in Law.
For failing to make return on time
the penalty is Il fine of not more than
S1,oo1 and an addition Of - per cent
to The tax. if any For making n false
or fraudulent return the penalty is y
fin" nf not more Than %lG0 or i'm
pr.TonIuur' rot c%ccr''.,'t one year. or
bot: "'' "a addition. 20 per cent of
th" IaN .'"erc gro r'hrr n. '.l;.cs fnr
fa3'a&- 80 Hay tuH wien G"r, AMI FOR
und"tS'atrm2ut of ihe tav through
NEGLIGENCE,
ma"" Gcurcos Of lnccmc.
ASIDE rrm vlat one nay cura 10y
his .r?yic"s there are imuy other
so"""S a. ipocmr II hp sold any
prn'rr,r '"r'ng 1919 he must figure
or, -" c9'p realized II lie rented
hui''i'u"H. land. apartments or rooms
such r"u,s must be considered tn%a-
Bile. and hc m;,y claim deductions for
necessary expenses incidental To rents.
Tauk interest is IL ccmnun source
of income and IS taxable whether with
drawn %" not. Any amount of interest
credited To n dcpOS,tnr is income "a
the dcpuSiior.
Interest ON mortgages and notes Is
taxable; also bond interest received
from corporations.
y taxpayer who cHshpd his lnsur-
ance during 1919 must report MS in
come any excess received over the to-
tai of premiums paid.
Members of partnerships ar person
al service corporations ar lrurliC,IrIes
of GIi estate ar truSI hIGS, rrpurf their
shares OF income dislrihuiahlr Ia them
whether or not actually Withdrawn.
Dividends of domestic corporations
must be reported Many other forms
of income are taxable, unless spcciical-
ly exempted.