Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1921-12-15
ROSE EXPLAINS
INCOME TAX ACT
New Collector Tells Of Changes
And Popular Misapprehen-
sicns of Public

p'strict Of Georgia:
f'EASctment Of new revenue leg
islation has brought to the offices of
solicitors of internal revenue a flood
I Inquiries regarding various pro-
visicrss The revenue act of 1921
became effective November %, 1921,
unless otherwise provided for
ITO avoid error in the preparation
of their returns and later difficulties
with the Bureau of Internal Revenue,
taxpayers are advised to carefully
note the changes and when they be-
come effective.
aThe excess profits tax is repealed
asfef January / 1922, The rates
for 1921 are unchanged.
1'The surtax rates for the calen-
dar year 1921 are unchanged, and
range from per cent on the amount
81 net income between $4,000 and
-S6.0G0 to IS per GENT on &he amount
income in excess of $1,000
coo. For the calendar year 1922 the
surtax rates range. from l per cent
on the amount Of net income be-
tween $4,000 and $4,000 TO so per
cent on the by which the net in
come exceeds 100000
Dependent Exemptions.
"The exemption allowed for de-
pendent IS Increased from 5000 to
$500, married persons living with
husband or wife and heads Of fam
lies arc allowed a personal exemp-
ton of SO, 500 (instead Of $4,000
unless ffeSnet income is in excess of
$4,000, in which case the personal
exemption is only $4,000 The act
provides that in no case shall the
reduction Of the personal exemption
FROM 3d. 500 to $4,000 operate to in-
crease the tax which would be pay
able if the exemption were $1,000 by
more than the amount of the net
income in excess of $4,000. This is
20 overcome the disparity in the case
cf two taxpayers, one of whom is just
within the lower $4,000 exemption
and the ether just within the higher
$4,000 exemption.
Single persons, and married per
sons not living with husband or wife,
are allowed an exemption of $1,000.
Nonresident aliens are allowed a sim
gle personal exemption Of $1,000.
Persons having gross incomes for
1921 Of $4,000 or over are required
to make a return, regardless of the
amount of net income.
Provision is made for the repeal
as of January /, 1922 of the tax
Q nstodkholders of personal sery-
lie corporation as such. After that
date such corporations are to be tax
cd In the same manner as other cor
porations.
Corporation Taxes
HIhe, income tax en- corporations
for toe calendar year 1922 and there
after is. Increased from 10 to 1912
Per cent The $4,000 exemption
heretofore allowed corporations is to
be granted Only to those corporations
whese net income is $4,000 or less.
'ManT persons are under the inn
pres ION that the taxes on ice cream,
soft1 drinks, etc, monthly returns of
which are required, have been re-
pealed with the enactment of the new
law. These taxes remain in force
until the end Of the calendar year
1921
No change is made in the tax on
admissions, except that after Jan
Uary l, 1922, there will be no tax
where admission is 10 cents or less.
LffectiyeJanuary J /, 1922 the follow
ing taxes are also abolished; on musi-
cal Instruments, sporting goods. |
chewing gum, portable electric fans
thermes Bottles, fur. articles, pleas
uIe H6ats and pleasure canoes, Gum
Tess s0ld FOR more than 5000, toilet
articles, medicines and numerous ar
tielcsfof apparel!
tsn and after January l 1922 the
tax on various works Of art is res
ducetffrom . per cent to per cent,
the TAX on candy from 5 cent to 3
per cent and the tax on carpets, rugs,
trunks Yaiises, purses, fans, etc,
from r6sper cent of sales price in
excess of specified amounts to per
cent Of sales price in excess of speci-
fled amounts.
"The tax on parcel post packages
IS eliminated effective January
1922.
Only One Book inspection.
4The new act provides that no tax
payer shall be subjected to unneces-
sary examinations or Investigations,
| and only enc inspection of his books
tof accounts shall be made for each
taxable year unless the taxpayer re-
quest sothe1wise, or the Commission!
CT notifies The taxpayer in writing
that an additional inspection is neces-
sary..ka
"Thu period for filing returns on
the calendar year basis is from Jan
uarysf to March Is, 1922. This year,
assff9st the tax may be paid in full
asss TIE TIME If filing the return OF
iAss3Qpr oqaal installments, due on OF
befoFe March Is, June IS, Septem
By IA and December Is.