The Barre daily times. (Barre, Vt.) 1897-1959, 1922-01-16
ON OR BEFORE MARCH is.
--~~-~4-~
Income Tax Payers Must Have Their
Returns Filed.

The following statement il issue,
/ BY the collector Of internal revenue
r. w. McCuen, for the district Of Yer
mont.
Form I040A, revised and simplified
for filing individual returns Of income
for the calendar year 1927 Of $1,000
and less will be available Wednesday
Jan. is, at the Office oil collector 81
internal revenue, Burlington, Vt.
A copy will be mailed 10 taxpayers
who last year filed return, but fail
ure to receive the form does not re-
lieye taxpayer Of his obligation To
file return on time--on or before
March Is, 1922, The form has been
reduced from six to four pages, two Of
which are devoted to instructions
which should be carefully read by the
taxpayer before filling in the blanks. A
study OF these instructions will great
" lessen difficulties heretofore encoun-
tered in correctly making out the re-
turns.
On page /, under the head of sim
come are spaces for reporting the fol-
lowing items: Salaries, wages, COM
missions. etc; income from partner
ships, fidneiaries. etc; rents and roy
alties; profit Tor lossl from business
Or profession; profit Tor loss from sale
Of stocks, bonds, etc, and other I'M
come. Beneath are spaces for entering
such al interest and taxes
paid during the year; losses by fire,
storm. shipwreck on other casualty or
BIZ theft, contributions, bad debts, etc.
On page 2 ARE spaces for entering
Of the various items; j. e.,
the total amount oil income from blsi-
ness or profession, with description
{ grocery 4rctail clothing "drug
store,n laundry" doctor" lawyer
farmer from rents, 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 liy-
ng with husband OF wife whose net in
,ome was $4,000 or more. If the com
,ined net income of husband, wife and
dependent minor children equalled or
$1,000, or If the combined
ross income Of husband. wife and de-
pendent minor children equalled or exs
eeded 5000. all such income must be
eported on a joint return or in sep
rate returns Of husband aud wife. Ii
inele and the net income including
hat OF dependent minors, II any.
qualled or exceeded 81 900, or if the
ross income equalled or exceeded So
90, return must be filed, A minor,
owever having net income of ST.
90 or $4,000, according to marital
tatus or a gross income of $1,000
aust file return. The requirement
0 file return Of gross income, re-
ardless Of the amount Of net income,
pom waich the tax is assessed, is a
ew provision.
Net income" IS gross income less
ertain deductions which arc explained
n the form
Under each of the above conditions
return must be filed even though
0 tax is due. The exemptions are
| 900 for single persons and married
aFsons not living with husband OF
life. $500 for married persons living
18th husband or wife whose net in
,me for 1927 was 5000 or less than
2.000~for such persons whose net in
,me was more than 5000. The ex-
nption Tor dependents "a person UNI
n eighteen years Of age or mentally
: physically defective has been in
eascd from $500 to $500.
A head OF a family-a person who
'tually supports in one household one
! more persons closely related to
m Tor her) by blood, marriage or
Ioption. Is granted the same excep-
ons allowed married person.
The normal tax rates are unchanged,
per cent on the first $1,000 Of net
come above the exemption and s per
MT on tho remaining net income. The
X this year. as last, may I've paid
full at the time Of filing the re-
I'm, or in four equal installments. due
OF before March Is, June 10, Sept.
land Dec. Is.
Heavy penalties are provided by the