Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1922-01-28
INCOME TAX RETURNS
Statement Issued by Collector of Internal
Revenue Leslie Jensen, District
of South Dakota

Forms l040, revised and simplitied for
filing individual returns of income for
the calendar year 1921 Of s., 600 aud less
will be available Wednesday, January
18th, at the Office of Collector Of Inter
nal Revenue, Aberdeen, South Dakota,
and the branch Office at Sioux Falls,
South Dakota. A copy will be mailed
TO taxpayers who last year filed a return
but failure to receive the form does not
relieve taxpayer Of his obligation to
file a return on time on or before March
18th, 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 u the blanks A study of these
instructions will greatly lessen difficult
ties heretofore encountered in correctly
making out the returns.
On page / under the head Of 'In
come are spaces for reporting the fol-
lowing items: Salaries, wages, commis-
sions, etc. income from partnerships,
liduciaries; profit .or loss from sale Of
real estate profit .or loss from sale Of
stocks, bonds, etc, and other income,
Beneath are spaces for entering deduc-
tions, such as interest and taxes paid
during the year, losses by fire, storm,
shipwreck or other casualty or by theft,
contributions, bad debts, etc.
On page ? are spaces for entering ex-
plantations of the various items, i. e., the
total amount of income from business or
profession with description grocery, re-
tail clothing, drug store, laundry, doc
tor, lawyer, farmer from rents and roy
alties, 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 1927 was 81, 600 or more, and
every married person living with hus-
band or wife whose net income was
$4,000 or more If the combined net
income of husband wife and dependent
minor children equaled or exceeded
= 600, or if the combined gross income
of husband, wife, aud dependent minor
children equaIled or exceeded g 000 all
such income must be reported on joint
return or in separate returns Of husband
and wife II single and the net income
including that of dependent minors, if
any, equalled or exceeded 81 900 or il
the gross income eQualed or exceeded
So 900, return must be fled. A minor
however, having a net income of 81 900
or 81, 900 according to marital status or a
gross income Of IS, 900 must file return.
The requirement to file return Of gross
income, regardless of the amount Of net
income, upon which the tax is assessed
is a new provision.
Net income is gross income less GER
tain deductions which are explained on
the form.
Under each of the above conditions, a
return must be filed even though no tax
is due. The exemptions are 81 900 for
single persons and married persons not
living with husband or wife. S2 500 for
married persons living with husband or
wife whose net income for 1921 was
50, 900 or less and $4,000 for such persons
whose net income was more than S., 900.
The exemption for dependents "a per.
son under eighteen years Of age or men.
tally or physically defective has been
increased from 5000 to $500
A head Of a family-a person who ac-
tually supports in one household one or
more persons closely related to him (or
her by blood, marriage or adoption, il
granted the same exemptions allowed q
married person.
| The normal tax rates are unchanged
/ per cent on the first $4,000 of net in
come above the exemptions and pei
cent on the remaining net income. The
tax this year as last, may be paid in full
at the time of filing the return or in -four
equal installments, due on or before
March l5, June 10, September Is, and
| December 10.
Heavy penalties are provided by the
new revenue act for failure to file re
turn and pay the tax on time
Announcement will be made through
the press of the date of release Of Formt
| lO4O for filing individual returns of in
come of more than 1000.