The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1920-03-09
U. s. INCOME TAX
ExEMPTS NOBODY.
Every Person Who Had Income
in 1919 Must Determine
Own Liability
MARCH IS LAST FILING DATE.
Svrest Way 10 to Follow Form 1o4oh.
Free Advice In Doubtful Cases.
Severe Penalties in
Law.

Nobody is exempt from Income Tax.
An obligation is laid directly on the
'hOulders Of each citizen and resident
consider his own case and TO get his
-eturn 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 Is
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 he
accurate In amount Guesses and es-
tlmates 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 an Income Tax re.
turn. The best way to find out is 10
Efl a II VI lll lVfb-a ulh lpiitN lliN III
structions printed on it, That form
will serve as reminder of every item
OF income; and If return is due, IL
tells how to prepare and file II.
One OF the important points 10 keep
in mind is that q persons net income
Is found by computation prescribed
in the law, aud that each item of in
come from every source must be con
sldered unless specifically exempted.
Another thing to remember IS that
the personal exemption allowed tax
payers by law has no relation Whatever
to the requiI mcnt to file return This
exemption is not to be considered until
person has figured out his net in.
come and determined whether 1t wa,
sufficient TO require him 70 file re-
urn Then II Il return must be- fled
ne should read carefully the instruc.
lions for claiming exemption and com
plete his return
II in doubt on any point rs TO income
or deductions, person may secure
free advice and aid from the nearest
Internal Revenue office. Many banks
md trust companies are also furnish.
Ing similar service during banking
hours
Heavy Penalties in Law.
For failing 10 maze u return on time
the penalty is fine Of not more thar
$1,000 and an addition Of 25 per cent
to the tax, II any. For making false
or fraudulent return the penalty Is
fine of NOT more than $4,000 or i'm
prisonment not exceeding one year, Oi
both and in addition, 80 per cent OF
The taI. There are other penalties fOi
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, II be sold am
property during 1919 he must Ggur,
out the gain realized II he rented
buildings, land, apartments or room!
such rents must be considered taxa
able, and he may claim deductions fol
necessary expenses incidental 10 rents
Bank interest Is common soure,
of income and Is taxable whether with
drawn or rot ANY amount Of interesI
credited 10 depos.tor is income t,
he deposltor.
Interes, on mortgages and notes Il
vable; also bond interest received
n Corporations
taxpayer who cashed his insur
during 1919 must report as in
ne any excess received over the to
Of premiums paid
Members OF partnerships or persona
service corporations or benefciarles o.
an estate or trust must report theu
shares OF income dlstributable to then
whether or not actually withdrawn.
Dividends Of domestic corporations
must be reported. Many other form
Of income are taxable, unless specific
ally exempted.