The pioneer-review. [volume] (Philip, Haakon County, S.D.) 1920-current, 1922-01-26
TIM ENOW TO FIGURE
YOUR YEARS INCOME

Not ~ many persons IN Haakon
county will have to pay an income
tax this year as did last year, but
for the benefit of the few who
will have a tan to pay and those
viii will have to make report, we
publish the following statement
recently gwen out by the internal
revenue collector for the district
Of South Dakota:
With the approach Of the per
iod for filing income tax returns
january to March - taxpay-
crs are advised to lose no time m
compilation Of their accounts foi
the year 1921. A new important
provision Of the revenue act i
1921 is that every person whose
gross income for 1921 was $1,000
or over shall file a return, regard
less Of the amount Of net income
upon which the tax is assessed
Returns are required OF every SIN
gle person whose net income was
$1,000 or over and every married
person living with husband on
wife whose net income was S2O0t
or over. Widows and widowere
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
income includes practically all in.
come received by the taxpayer
during the year; in the case Of tho
wage Garner, salaries. wages, bon
uses and commissions; in the case
Of professional men. all amounts
received for professional services
in the eases Of farmers all profits
from the sale Of farm products
and rental OF sale of land.
in the making Of an income tax
return for the year 1921, every
taxpayer should present to himself
the following questions:
What were your profits from
your business. trade, profession Oh
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
property, real or PERSONAL
Did YOU act as broker in any
transaction from which you receiv-
ed commissions?
Are you interested in any part
ncr,hip or other firm from which
you received any income
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 50. the am
cunt must be included in the re-
turn Of income.
Has your wife any income from
any source whatever? If so it must
be included in your return or re-
ported in a separate return of in
come
Did YOU receive any directors
fees or trustees fees in the course
Of the year?
Do YOU hold any office in a be-
neft society from which you re-
ceive income!
Answers to all of these ques-
tions are necessary to determine
whether a person has an income
sufficiently large to require a re
turn to be filed. and may be the
means Of avoiding the heavy pen
alties imposed for failure to d
so within the time prescribed
Many of the changes in the
revenue act VIII not benefit Ger
tain classes Of taxpayers until
1923 But the average wage Garner
will effect an immediate saving
in his income as we'll rs in other
taxes. Under the now act the head
Of family is exempt up to $4,000
instead Of $1,000 and $500 for cv-
cry dependent instead Of $500 This
reduction is retroactive to incomes
during the year.