The Skyland post. [volume] (West Jefferson, N.C.) 193?-1988, 1943-02-25
>NAalliOns Will File For The
First Time; Many Deduc-
tons Are Allowed


and payments will be due from
millions of American citizens,
many of whom will be facing
Jncle Sam, as tax collector, for
the first time.
It is particularly important to
remember that tax returns and
payments, in whole or in install
naent, must be made March 15 or,
It convenient, before. This fact
mas been pretty much confused
Soy all the talk about putting in
come taxes on pay-aS-you-go,
or weekly income deduction, ba-
Sis. No such law has been passed
and there are possibilities that
even if it is passed, it will be
passed in a different form.
But the fact is, no pay-as-you-
go law exists, and an income tax
return must be filed and whole
or partial payments made March
rs.
Lower exemptions and increas-
ed employment will bring mil
lions of new taxpayers into the
FOLD. Figures, of course, are dry,
out they are interesting in that
government agencies estimate
that approximately So million
people will have earned an aver
age of almost $1,000 in 1912.
Farmers Income Large
Farm income alone has been
figured at approximately Is bill
Eaon dollars, giving Americas e
rniIIion farmers an average intake
OF $4,000. All these figures are
average, Of course, and do not
specifically apply to individual
cases.
Besides renewed industrial ac-
tivity and higher wages, one of
the main reasons more people will
pay an income tax for 1912 is be-
cause of the lowered exemptions.
A single person, or married
person not living with their
spouse, do not have to pay any
tax on the first $500 of their in
come. A married man and his
wife are allowed to take off ST.
200 for themselves and $3.50 for
each child under Is.
The head" Of any family sup
porting one or more dependent
individuals closely related to him
by blood relationship, relation
ship by marriage. or by adoption,
is allowed the $1,000 exemption,
plus $3.50 for every dependent ex-
cept one.
The income tax payer is allow !
ed to deduct other sums, either
as personal or business expenses,
SrOm his income. For every 81
shat the taxpayer can legitimate |
~ take off his income, he chops
l8.4 cents from his tax. On large
incomes, such savings can be i'm
pressive.
But what can the taxpayer de-
duct2 Below appears formida-
Bile list OF exemptions:
: TAXES.
-Dcouctible federal taxes in
clude admissions, dues, tele-
phone, telegraph, transportation,
auto use and safety deposit boxes.
State levies deductible include
gasoline, real estate and personal
property, use taxes, auto license
fees, and unemployment.
INTEREST:
All interest paid on personal
debts can be written off. For
the farmer these take in mortga-
ges, notes and other obligations |
incurred to finance operations.
EXPENSES:
All expenses connected with
conduct of a business or farm are
deductible. Business expenses
include office rent, light, heat and
phone bills, salary of office as
Sistants, train fares, hotel and
restaurant costs for which the
party is not reimbursed, and
charges for operating an auto
mobile and its depreciation.
II the expenses of operating
their farms, farmers can include
gasoline, repairs and upkeep of
vehicles, cost of ordinary small
tools, livestock and seed, pay of
aired hands and food for them
off the farm. Insurance on farm
property, such as buildings and
crops, are also deductible as is
depreciation of buildings, i'm
provements or machinery.
LOSSES:
Losses of property from fire,
storm, flood or other natural
causes, upon which the holder
had no insurance, are deductible.
MEDICAL EXPENSES:
Medical and dental expenses
can be deducted only if they ex-
coed S per cent of your income.
ANY expense over S percent up to