The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1922-01-06
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new and important pr3visAem o1I|k
Revenue Act OF 1921 IL that every pt%
son whose gross income for 1921 wns
| 10000 or over shall file return 10.
gardless OF the amount of net income
upon which the tax In assessed Re-
turns are required of every married
person living with husband or wife
whose net income was $4,000 or over
and every single person whose net in
come was 81 900 or over. Widows and
widowers and persons separated or d.
vorced from husband or wife, are re-
gardcd as single persons.
Net income Ii gross income, less GER
tain deductions for business expenses
losses, taxes, etc. Gross income In.
clude practically all income received
by the taxpayer during the year; In
the case OF the wage Garner, salaries,
wages, bonuses and commissions; In
the case of professional men, all
amounts received for professional ser
vices; IN the cases of farmers, all pro-
hts from sale Of farm products, and
rental or sale of land.
| In making Of income tax return for
the year 1921, every taxpayer should
present himself the following ques.
lions:
| What were your profits from your
business, trade, profession or vocn.
ton?
Did you receive any interest on bank
deposits?
| Did you receive any income In the
Form OF dividend or interest from
stocks or bonds?
Dld you receive any bonuses during
the year?
Did you make any profit on the sale
OF stocks, bonds, or other property,
real or personal?
| Did you act as n broker in any trana.
action from which you received com
mission?
Did you receive any directors fee
or trustees fee In the course of the
year?
| Al" you Interested in any partner.
ship or other firm from which you re-
ccivcd any income?
Have you any income from ROYALTIES
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, the amount
must he included in the return Of In.
come
Has your wife any income from any
source whatsoever? If no, II must be-
included IN your return or reported In
Il separate return of income.
Did you hold any office In a benefit
society from which you received in
come?
Answers to all of these questions
are necessary to determine whether n
person has an income sufficiently large
to require that n return be filed, and
may be the means of avoiding the
heavy penalties imposed for failure to
do so within the time prescribed.
NO THRIFT STAINS IN 1922
Official announcement has been re.
ccived by POstmastGr w. l.. Barnes,
T.. NJ. of Bel Air. Of the joining Of
hands Of the Post Office and TREASURY
Departments for the encourafgemcnt
Of the saving movement. The plan.
as explained In statement sent out
by Secretary of the Treasury Mellon,
provides for the stimulation Of the saw.
inRs habit by the acceptance Of Postal
Savings deposits from 10 cents up and
the offering Of Treasury Savings Secu-
rites from 81 to 81 900.
There will be no Thrift Stamps nor
War Savings Stamps offered during
1922, but all outstanding Thrift and
War Savings Stamps will be redeem,
able precisely upon the terms upon
which they were purchased, IL * an
nOunccd.
For the better coordination of the
Postal and Treasury plans all who in
vest in Postal Savings may convert
their deposits when sufficiently large
into Treasury Savings Securities yield
ing 4 y per cent interest, compounded
scfni-annually, II held to maturity.
Further, the limit Of Individual hold
inRs # Treasury Savings Securities
has been increased from $1,000 to
$4,000 and the 1921 issues Of three Of
the securities bear the portraits of
three great Americans-Rooscv
Lincoln and Washington.