Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1920-03-05
INCOME TAX
RETURNS Due
Business Men, Farmers andWage
Workers Must File Schedules
of Income for 1919.
MARCH IS LAST FILING DATE.
Net incomes of $1,000 or Over, II SIM
gle; or $4,000 or Over II Married,
Must Be Reported.

The Income Tax imposed by Act
of Congress OH earnings of the year
1919 is now being collected.
Returns under oath must be made
on or before March Is by every citi-
zen and resident who had net in
come for 1919 amounting to-:
ST 900 or over, if single; or If mar
ried AMI living apart from wife Tor
husband or if widowed or divorced.
$1,000 or over, if married and living
with wife Cor husband.
The status of the person on the last
day of the year fixes the status for
the year with respect to the above
requirements.
Under any of these circumstances
return must be made, even though
no tax is due
Husband and wife must consider
the income of both. plus that of de-
pendent minor children, in meeting
this requirement; and, if sufficient to
require Il return, all items must be
shown in Il joint return or in separate
returns of husband and wife.
A single person with minor depend
ents must include the income of such
dependents.
A minor who has net income OF
81 900 or more is not considered
dependent, and must file a separate
return.
Personal returns should be made on
Form 104OA, unless the net income
exceeded $4,000, in which case Form
1910 should be used.
Residents of Wisconsin should file
their returns with, and make payments
of Income Tax to, Burt Williams,
Collector of Internal Revenue, Mil
Waukee.
How to Figure Income.
The best way to find out whether
one must file Il return is to get Form
1O4OA and follow the instructions
printed on it, That form will serve as
a reminder of every item of income,
and If return is due it tells how to
prepare and file it.
If in doubt on any point as to income
or deductions, person may secure free
advice and aid from the nearest Inter
nal Revenue office.
Guesswork. estimates and other hit
Or-miss methods are barred when per-
son is making out his Income Tax re-
turn. Accuracy and completeness must
be insisted upon. The return is a
sworn statement AS such it must be
thorough and accurate.
Salnried persons and wage earners
must ascertain the actual compensation
received. Overtime. bonuses, shares III
the profits of a business, value of quar-
tiers and board furnished by the EN-
ployer and other items which are COM
pensatiOns for services must be In
cluded.
1t must be borne in mind that com
pensation may be paid in other forms
than III cash. A bonus paid in Liberty
Bonds is taxable at the market value
of the bonds A note received III pay
ment for services is taxable income at
its face value, and the interest upon
il is also taxable.
Other Returns Due.
Every partnership doing business in
the United States must file a return
on Form 1861 and every personal
service corporation must file a similar
return.
Corporations must file annual re-
turns on Form 1920.
Trustees, executors, administrators
and others acting in a fiduciary capac-
ity are required to file returns. In
some cases, Form 1O41 is used; in
others, Form 1910; and still others.