The Lexington advertiser., 1943-08-26

use in estimating the tax on incomes.
up to $4,000 rival for simplicity, reve
nue. officials pointed out, the familiar
"five minute income tax return" which
made its debut in 1912. The computa-
tons and entries which this simplified
declaration method requires should be
matters of about five minutes for
large portion of the taxpayers by whom
declarations will have to be submitted,
the officials said. For those who desire
to make more precise computation, or
who have an income of more than 10000,
detailed worksheets may be secured
from the Collector on request.
Persons required to file the declara-
tions are generally: /. The recipients
this year or last year of gross incomes
from kages subject to Withholding in ex-
cess of $2,70o for single persons or
SO 500 for married couples; ,. Those
who have incomes this year, or had in
comes last year, requiring the filing of
q return, with more than 500 OF these
incomes derived from sources other than
from wages subject to Withholding in ex-
required to file an income tax return
on 1912 incomes and whose wages sub
ject to withholding for 1943 are reason
able expected to be less than their sim
liar wages for 1912.
Where the declarations show an esti-
mate tax liability for 1943 in excess of
credits, half of the excess is to be sent
70 fka o1 Of MT
along with the declaration, and the other
hall remitted on or before December 15.
Credits to be taken on the declaration
include withholdings and the payments,
if any, made to Collectors on March 15
and une Is this year on account of 1912
income taxes The withholdings to be
credited include those, if any, made by
Employers of the Victory tax for the
first half of the year, before the new
withholding system went into effect,
plus those made since July under the
new system.
Treasury statisticians have calculated
that about 100000 persons with tax
liability for 1943 will be required to file
the declaration.
Many of the people who must file
declarations will be professional work
ers such as lawyers and doctors. Many
more will be persons operating their
own business establishments. Another
large class of people who must file the
declaration are those with earnings on
which there is liability reaching into
the upper surtax brackets, and there
fore not. fully covered by withholding
There will be many also from persons
with combination incomes such as wages
on which taxes are withheld, plus in
terest, dividends or rents, to which with
holding does not apply.
If correction Of the September 10
estimate of any taxpayer becomes neces-
sary, an amended declaration amy be
filed on or before December Is, and the
proper adjustment in payments made
Declarations are to be sent by Sep
sember Is to the Collector of Internal
Revenue in whose district the taxpayer
expects to file his final income tax re-
turn for 1943 next year.
In the case of taxpayers deriving so
from flaming, filing of declations is not
| required until December Is, at which
time the full unpaid balance of the esti-
| mated tax must be paid. They may,
however, file on September Is if they
wish and pay their estimated tax in two
| installments september Is and Decem-
| Der Is.
The Current Tax Payment Act pro-
vides a penalty for substantial under
estimate of the tax due. However, it
was pointed out by the Treasury, no
one who makes his estimate carefully
| need incur this penalty. The privilege
| of filing an amend declaration on or be-
fore December Is is safeguard on this
score.