Iron County news. [volume] (Hurley, Wis.) 1913-1950, 1923-01-27
AGAIN TIME TO WORRY OVER
YOUR INCOME TAX
Federal Returns Must Be Made On
incomes Before March Is.

Collectors of Internal Revenue
are mailing TO taxpayers who made
similar returns for the year 1921
Form l040A for filing individual
returns Of net income Of $4,000 or
less for the year 1922. The form
j ia six pages, two Of which provides
FOR the return proper, and two for
making a duplicate and the in
struction pages should be detached
and retained by the taxpayers, and
the original return mailed to the
collector for the district in which the
taxpayer lives or has his practical
place Of business. Form 1040 for
filing returns of net income in excess
Of $4,000 soon will be issued and
mailed to taxpayers who filed similar
returns for 1921. The fling period
is from January ! to March Is, 1929.
To avoid errors which may result
10 their disadvantage, taxpayers are
advised by the Bureau Of Internal
Revenue to study carefully the IN
esructions on the forms, especially
those with regard to credits for per-
sonal exemptions and dependents.
Married persons required to make a
return on Form 1040A-those WHOSE
net income was $4,000 or less-are
allowed an exemption Of $4,000.
The exemption for married persons
whose net income was in excess of
$1,000 is $4,000.
The exemption for single persons
is $1,000. Also, whether married
or single, the taxpayer is allowed a
credit of $400 for each person de-
pendent upon him for chief support,
if such person is under eighteen
years Of age or incapable of self
support because mentally or physic-
ally defective.
1t should be remembered that the
requirements 70 file a return is
placed upon every married person
whose net income for 1922 was
$4,000 or more or whose gross in
come was $4,000 or more, and upon
every single person whose net
income was $1,000 or more, or whose
gross income was $4,000 or more.
The fact that by reason of the ex-
emptions and credits, a persons in
come is not taxable, does not nullify
the requirement to file a return if
the income equals or exceeds these
specified amounts. Net income,
upon which the tax ia assessed, is
gross income less certain deductions
for business expenses, bad debts,
losses contribution, etc, provision
for which is made on the form
A head of family person
who actually supports and maintains
in one household one or more IN
dividuals who are closely connected
with him by blood relationship. re-
lationship by marriage or by adop-
ton" is allowed the same exemptions
as married person.
In the returns of married persons
must be included the net income of
both husband and wife and depend
ent minor children Husband and
wife may make a joint return or
separate returns. They receive but
one personal exemption, $4,000 or
$4,000 as the case may be. If they
make separate returns. the exemp-
ton may be taken by either or divid.
cd between them The exemption of
$400 for dependent may be claim
cd only by ire one who furnishes the
dependents chief support
The taxpayers status on the last
day Of the taxable December
81, 1922 if made on the calendar
year basis determines the amount
Of his exemptions and credits. If
married and living with wife or hus-
band on that day the exemption is
$4,000 or $4,000, according to the
amount of net income. If single
and without dependents on that day
he may claim but $1,000 as his ex-
emption. even though he may have
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