Fulton County tribune. (Wauseon, Ohio) 1883-1925, 1922-01-19
INCOME TAX

Forms 1040A, revised and simpli-
fed, for filing individual returns of
income for the calendar year 1921
of $4,000 and less will be available
Wednesday, January 18 at the office
of Collector of Internal Revenue, To-
ledo, Ohio. A copy will be mailed
to taxpayers who last year filed a re-
turn, but failure to receive the form
does not relieve a taxpayer of his OBJ
legation to flea return on time-on
or before March Is, 1922. The form
has been rdeuced from six to four
pages, two of which are devoted to
instructions which should be careful
ly read by the taxpayer before filling
in the blanks. A study of these in
structions will greatly lessen diff
culties heretofore encountered in cor
rectly making out the returns.
On page J., under the head of "In-
come" are spaces for reporting the
following items: salaries, wages,
commissions, etc; income from part
nerships, fiduciaries, etc; rents and
royalties; profit Tor loss) from sale
of real estate; 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 deductions, such
as interest and taxes paid during the
year; losses by fire, storm, shipwreck
or other casualty or by theft, contri-
buttons, bad debts, etc.
On page 2 are spaces for entering
explanations of the various items
Ii. e., the total amount of income from
business or profession, with descrip-
tion ("grocery", retail clothing
drug store," laundry" doctor
"lawyer," "farmer") from rents, and
royalties, sale of property, etc.
Returns are required of every sin
J gle 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 per-
son living with husband or wife whose
net income was $4,000 or more. If
the combined net income of husband
wife and dependent minor children
equalled or exceeded $4,000, or if the
combined gross income of husband
wife and dependent minor children
equalled or exceeded $4,000, all such
income must be reported on a joint
return or in separate returns of hus-
band and wife. If single and the net
income including that of the depen-
dent minors, if any, equalled or ex-
ceeded $1,000 or if the gross income
equalled or exceeded $4,000, all such
income must be reported on a joint
J. return or in separate returns of hus.
4ha "a
income including that of dependent
minors, if any, equalled or exceeded
$1,000, or if the gross income equal.
ed or exceeded $4,000, a return mus
be filed. A minor, however, having
net income of $1,000 or $4,000, &C.
cording to martial status or a gross
income of $4,000, must file a return
The requirement to file a return Of
gross income, regardless of the
amount of net income, upon which
the tax is assessed, is a new provi
sion.
= "Net income" is gross income les!
certain deductions which are ex
planned on the form.
! Under each of the baove condition:
return must be filed even though NJ
for single persons and married per
sons not living with husband or wife
$25O0 for married persons living
| with husband or wife whose net in
come for 1921 was $4,000 or less anc
$1,000 for such persons whose net In
come was more than $4,000. The ex
emptions for dependents "a person
under eighteen years of age or men
tally or physically defective" hat
been increased from $500 to $4O0.
A head Of famiiy-a person wht
actually supports in one household
one or more persons closely related
to him Tor herr by blood, marriag,
or adoption, is granted the same ex
emptions allowed a married person.
The normal tax rates are unchang
ed, a per cent on the first $4,000 O
net income above the exemptions AM
3 per cent on the remaining net in
come. The tax this year, as last, ma,
be paid in full at the time of films
, the return, or in four equal install
; ments, due on or before March Is
, June Is, September Is and Decembe
Is.
/; Heavy penalties are provided b,
the new revenue act for failure t
file a return and pay the tax on time
Announcement will be made thrr
the press of the date or release o
Forms 1O40 for filing individual re
turn of income of more than $4,000.
, 1t takes forty-nine muscles to max
a frown, and thirteen muscles to max
a smile. Why work overtime.