Free trader-journal and Ottawa fair dealer. (Ottawa, Ill.) 1920-1927, 1922-01-23
RETURN FORM FOR
INCOME TAXES NOW
READY FOR public
SCHEDULE BECOMES AVAILABLE
ToDAY--JoLlET NEAREST POINT
WHERE OTTAWA PEOPLE CAN
OBTAIN BLANKS FOR SUBMIs.
aSION TO GOVERNMENT.

The federal building, Joliet is the
nearest place where residents of OF
taWa can obtain Form 10i0A, for use
is filling individual income tax returns
according to an announcement from
ne Office of John c. Cannon, collector
for the first district. The form is
now ready for distribution
This form is used for returns on
Incomes Of $4,000 or less and must
BE- filled in and filed on or before
March IS. A copy will be mailed TO
tayrayers who last year filed a return
rut failure TO receive the form does
rot relieve a taxpayer of his Obliga-
nOn 10 file a return on time.
The form has been reduced from
sis to -FOUR pages, two of which are
devoted TO instructions which should
be carefully read by the taxpayer be.
Nlre filling in the blanks A study of
tIesa instructions will greatly lessen
Gihaulties heretofore encountered in
correctly making out the returns.
& On page /, under the head Of I'm
COM are spaces for reporting the
following items: Salaries, wages,
eoa .elsls, etc; income from part
ECraniu Nduciaries, etc; rents and
20. jies. profit Tor lossl from bust
ness or Profession; profit COR loss)
from sale Of real estate, profit COR
loasI gam sale of stocks, bonds, and
other income Beneath are spaces for
e1 .r deductions. such as interest
.a. Els laid during the year; losses
casr y or by theft, contributions,
bv IKE storm, shipwreck, or other
ban debts etc.
or page are spaces for entering
eN,! nations of the various items: i.
T. tie total amount of income from
business or profession, with descrip-
ton grocery" retail clothing,
drug store" doctor" lawyer
'qarmer"J from rent and royalties,
sale OF property, etc.
Returns are required of every single
person and every married person not
living with husband or wife, whose
net income for 1921 was $1,000 or more
and Of every married person living
with husband or wife whose net in
come was So 600 or more. If the com
bnad rat income Of husband wife and
terelUent minor children equalled or
exceeded $4,000, or if the combined
2pross income of husband, wife and de-
pendent minor children equalled orr
aGicaeaed $4,000, all such income must
be reported on a joint return or in
saparate returns Of husband and wife. |
II single and the net income including |
that of dependent minors, if any, !
G6ualled or exceeded $1,000, or If the
gross income equalled or exceeded
,B8 $50. return must be filed. A
minor however, having a net income
Of 81 600 or $4,000 according to mar
ilal status or gross income of $4,000
must file a return. A requirement to
lille % return of gross income, regard
less of the amount of net income, up
on which the tax is assessed, is a new
provision
Net income" is gross income less
certain deductions which are explain
ed on the form.
a return must be filed even though no
ia is due. The exemptions are $1,000 |
for single persons and married per-
SONS not living with husband or wife, |
G3 300 for married persons living with
husband or wife whose net income |
for 1921 was $4,000 or less and $4,000 |
for such persons whose net income !
was more than $4,000 The exemp- |
lions for dependents "a person under
eighteen years Of age or mentally or
phvaalIy defective" has been in
creased from 5000 to $500.
Fl i head Of a family-a person who
actually supports in one household |
enc or more persons closely related |
10 him Tor herr by blood, marriage or
a}9rtoD. is granted the same eXemp |
lions allowed a married person.
The normal tax rates are unchanged, |
4 per cent on the first $4,000 of net
income above the exemptions and s !
frr cent on the remaining net income, |
The tax this year as last may be paid