White Pine news weekly mining review. [volume] (East Ely, Nev.) 1910-1920, 1920-03-14
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 1o40A.
Free Advice In Doubtful Cases.
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 10 get his
return in on time IL n is due.
With each return showing a tax due
q psynent must accompany the return
in the fall 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 be
accurate in amount. Guesses and es-
Inmates must be avoided, for the re.
turn Is made under oath.
Everybody who had All income dur
ing 1918 must now determine whether
his or her net income was snficient in
amount TO require an Income Tax re-
turn. The best way to find out Is to
get a Form 1O40A and follow the In
~structions printed on 1t. That form
will serve as a reminder OF every item
of income; and IL a return Is due, II
tells how to prepare and file 1t.
One Of the important points to keep
In mind Is that 4 persons net income
Is found by q computation prescribed
in the law, and that each item OF In
come from every source must be IN
sidered, unless specifically exempted.
Another thing to remember Is that
the personal exemption allowed tax
paysty BY law has NJ relation whatever
TO the requirement to die return. This
exemption Is not to be considered until
q persoa has fgured ont his net In
come and determined whether IL was
sufficient to require him to file q re-
turn. Then. IL a return must be nled,
he should read carefully the instruc-
lions for claiming exemption, and COM
plete his return.
II i'm doubt on any point as TO income
or deductions, a 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 TO make a return on time
the penalty Is a fine of not more than
$1,000 and an addition Of % per cent
TO the tax, IL any. For making a false
or fraudulent return the penalty Is "A
fine of not more than $4,000 or i'm
prisonment not exceeding one year. or
both and, in addition, so per cent of
the tax. There are other penalties for
falling to pay tax when due and for
understatement of the tax through
negligence.
Many Sources of Income.
Aside from what IN may carr by
his services. there are many other
sources of income. If he sold any
property during 1919 he must figure
out the gain realized. IL 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 a common source
OF income and is taxable whether with.
drawn or not. Any amount OF interest
credited TO a ~depositor is income to
the depositor.
Interest on mortgages and notes Is
taxable; also bond interest received
from corporations.
A taxpayer who cashed his insur-
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 beneficiaries OF
an estate or trust must report their
shares of income dl%stributable to them
whether or not actually withdrawn.
Dividends of domestic corporations
must be reported. Many other forms
of income are taxable, unless specific
uIIy ayempfod