The Waterbury Democrat. [volume] (Waterbury, Conn.) 1917-1946, 1944-01-06
YOUR FEDERAL
INCOME TAX

Both persons whose income anu
victory taxes for. 194S have been cur
rently paid In whole or In part
through withholding from their
wages by employers, and all other
persons who are subject to the IN
come tax, must report their income
to the Government on forms, or
blanks, prescribed by regulations, as
basis for closing their tax account
for the year.
These forms are obtainable from
any collector OF internal revenue
and, generally, from any bank. other
forms are designated for corpora
lions, for partnerships, for trust and
fiduciaries, and for nonresident
aliens. Farmers who keep no books
Of account and use the cash method
of reporting income must attach a
special schedule (Form lO4OF) to
their return. For individuals, either
of two forms Of return may be used,
depending upon the amount and
source of income to be reported.
Form l040: This form is intended
for general use of citizens and resi-
dents OF the United States. 1t con-
tains spaces to show the amount OF
income from various sources, allow
able deductions, exemptions and
credits, the computation Of tax la
bility on 1913 income, the amount,
II any, of tax forgiven for 1912, and
the amount Of the unforgiven tax Tor
1912. AS most of the items require
some explanation in order to be
allowable, the form also contains
special spaces, which are called
schedules" to show in more detail
now the income or the deductions
and credits are determined.
Form i040A: This is O short form
report which may. at the option Of
the taxpayer who makes his return
on the cash basis. be filed instead
Of Form l040 by any citizen or resi-
dent whose gross income was 5000
or less during 1913. provided all this
income consists wholly Of one or
more Of the following: salary,
wages, bonuses, commissions, dtvi-
dends, interest, or annuities. In de-
termining the income tax on this
form, 1t Is necessary only for him to
enter the amount Of gross income,
deduct the credit allowable for de-
pendentS. and enter the appropriate
amount OF income tax in accord
ance with ones personal exemption
status, as shown in the table on the
back Of the form. This form has
no entries for deduction Of expenses
since the income taxes indicated IN
the table are computed after taking
into account what have been con-
Sidered average deductions for per-
sons Of his income class. In determ-
lining the victory tax. he needs only
to enter the amount OF gross in"
come, deduct specific exemption,
and make a brief computation, en-
tering the result In the proper
spaces. Additional spaces are pro-
vided TO show the amount OF 1912
tax forgiven and the amount OF un-
forgiven tax to be paid as part Of
liability for 1913.
A taxpayer should consider care
fully which form he will desire TO
file. Whichever form he uses, all
the information called for in the
spaces should he filed in SO far as
applicable to him, in order to avoid
the possible inconvenience TO him.
self. and the expense to the Govern
ment, Of subsequent check and In
quiry. With each return form Is a
set Of accompanying instructions,
and these instructions should be
read carefully, especially in regard
to the 1912 tax forgiveness feature,
before making his return.
Returns for the calendar year 1913
OF persons who are within the United
States must be filed not later than
March IS. 1874 They may be filed
by mailing to the collector OF In
ternal revenue Of the district In
which is located the legal residence
or the principal place OF business OF
the taxpayer. II the return Is filed
by mailing, 1t should be posted In
ample time. and with sufficient post
age, to reach the collectors office
on or before March is. 1914. Re-
turns received later than the due
date are subject to a penalty vari-
able according to the lateness in
fling.