The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1922-01-06
Get Ready TO Figure.

With the approach of the period
for filing income tax returns,-Jan-
uary 1 to March Is, 1922,-tax-
payers are advised to lose no time
in the compilation of their accounts
for the year 1921. A new and i'm
portant provision of the Revenue
Act of 1921 is that every person
whose gross income for 1921 was
$4,000 or over shall file a return,
regardless of the amount of net in
come upon which the tax is as
sessed. Returns are required of
every single person whose net in
come was 81 900 or over and every
married person living with husband
or wife whose net income was
$4,000 or over. Widows and Wild
overs and persons separated or
divorced from husband or wife,
are regarded as single persons.
Net income is gross income. less
certain deductions for business ex-
penses, losses, taxes, etc. Gross in
come includes practically all income
received by the taxpayer during
the year; in the case of the wage
Garner, salaries, wages, bonuses ana
commissions; in the case of pro-
fessional men, all amounts received
for professional services; in the
case of farmers, all profits from
the sale of farm products, and
rental or sale of land.
In making an income tax return
for the year 1921, every taxpayer
should present to himself the fol
lowing questions:
What were your profits from
your business, trade profession or
vocation?
Did you receive any interest on
bank deposits?
Have you any property from
which you received rent?
Did you receive any income in
the form of dividend or interest
from stocks or bonds?
Did you receive any bonuses dur
ing the year.
Did you make any profit on the
sale of stocks, bonds or other pro-
perty, real or personal?
Did you act as broker in any
transaction from which you received
commissions?
Are you interested in any part
nership or other firm which you re,
Have you any income from roy
alties or patents?
Have you any minor children
who are working?
Do you appropriate, or have the
right to appropriate, the earnings
of such children? If so, til e
amount must be included in the re-
turn of income.
Has your wife any income from
any source whatsoever? If so it
must be included in your return
or reported in a separate return of
income
Did you receive any directors
fees or trustees fees in the course
of the year?
Do you hold any office in a bene-
fit society from which you receive
income?
Answers to all of these questions
are necessary to determine whether
a person has an income sufficiently
large to require that a return be
filed, and may be the means of
avoiding the heavy penalties i'm
posed for failure to do so within
the time prescribed.
Good and Bad Trail Association.
We are being continually asked
by our readers throughout the rur-
al districts in regard to the reli-
! ability of such and such a trail or
ganization, whether it is respons-
ible and will live up to its agree
ments, etc. In the past we have
rather evaded giving our opinion
as we do know of a few national
trail organizations that are really
functioning along what we consider
proper lines and are proving real
benefit to the communities through
which they pass, while others are
more or less mushroom organiza.
lions promoted principally for the
financial gain of an individual OF
set of individuals and are moi
worthy
There has recently come to oui
desk publicity sheet prepared BY
i the Ohm State Ai1tnr,no hiIa A a.na:a