Show I. I I INCOME IE TAXES WILL ILL WILLBE BE DUE IN FEW FE WEEKS I II I Collector Whaley Urges I That Each Person Figure Fig Fig- Figure I ure Out His Share I income tax I Ia With the Income tax ret returns due in ina a few tew weeks residents of the Intermountain Intermountain intermountain Inter- Inter i mountain section are being urge urged by W. W C. C Whaley Internal revenue collector collector collector col col- I lector in a statement Issued today to prepare for the tax by the early eary compilation of Incomes for tor 1918 Practically irac I all of the business for tor 1918 isnow isnow is isnow now settled according to Mr Whaley and with wages higher than ever be before before before be- be fore In the history of ot the country practically ery e laborer professional I man and the heads of all industries will be compelled to at least make a statement of his earnings By the early of figures according to Mr Whaley Thaley much of the difficulty experienced In making Income in income income In- In come tax returns will be eliminated Although the blanks have not yet arrived arrived arrived ar ar- ar- ar rived the figures may be compiled complied and by the time that blanks are ready for distribution there will be no delay In making the returns I TWO OPERATIONS The Income tax obligations obligation imposed imposed im imposed im- im posed by the old laws Mr Whaley says as well as the measure now in congress consist of two distinct oper oper- One is to file lie return or statement statement state slate ment of all items of income and items of ot deductions s allowable by law and to do this within the period named inthe in inthe the law The other is to pay the tax I If It any Is ia due I Neither of these obligations can be met without a careful review of Income in income income In- In come and expenditures for the tax year That is the big Job right now and that is why I say the income tax drive Is already under way Everywhere Everywhere Everywhere Every Every- where the pencil is busy The old year Is done all Its fruits are gleaned and every person who fare well or earned a good must analyze his own case in cold figures GROSS INCOME FIRST He must ascertain accurately his gross Income from all sources Theres There's his salary or wages including overtime overtime overtime over over- time pay and any bonus received as additional compensation A married I person having children under 18 who i iafe Iare are afe working should include the earnings earnings earnings earn earn- ings of such children If U he sold any property at at a profit the gain must be computed and Included in included included In- In in gross income If he rented any property to other persons the total rents received in the year car must be ascertained and from that figure a de deduction deduction deduction de- de may be taken for taxes paid on rented property the necessary minor repairs fire insurance any Interest Interest in interest In- In terest he may have haye paid on mortgage and a reasonable allowance for annual wear and tear of the rented property The balance is Included in gross Income in income income In- In come for the yea year jear t EXEMPTIONS Everybody wants to know what In Income Income Income In- In come Is exempt from tax Very few plums that fall tall to the average man may be legally disregarded In figuring up his 1918 income Gifts and bequests can be eliminated also proceeds of life Insurance received by the beneficiary of an Insured person A person cashed in an endowment policy need report as Income only that portion which exceeds the total of the premiums premiums premiums pre pre- he paid In all years on that tha t policy polley Annuities are not taxable uness unless unless un- un I less ess the person received in the year payments which represent when added to o all prior payments on the annuity an amount greater than the original cost of the annuity Dividends on un- un expired life Insurance policies are not taxable income but dividends on paid up policies cles must be considered income Alimony is not income to the recipient nor is It an allowable deduction on the part jart of th the person who pays DEDUCTIONS From the Ule total of all Items of or In Income Income income In- In come there are certain deductions allowable allowable al- al by bv law All interest paid on personal indebtedness and all taxes paid aid during the year are deductible except federal income and excess profits taxes inheritance taxes and assessments as as- for tor local improvements such uch as sidewalks sewers etc Losses incurred in business or trade are allowable allowable al- al also losses arising from fires storms torms shipwreck or other casualty t or 01 r from theft in cases cabes where whee a such losses oses are not compensated for by Insurance insurance in- in urance or otherwise Losses 1 outside of a persons person's regular business are arc allowable to the extent of gains reported from similar transactions within the year Debts due to the taxpayer actually ascertained to be worthless during the the year ear are de de- de- de Contributions or gifts actually made maden In n 1918 to organizations operating ex exclusively exclusively exclusively ex- ex for religious charitable scientific scientific scientific or education purposes and to societies for tor the prevention of cruelty to o children or animals may be deluded deducted deducted de de- de- de ducted to an amount mount not exceeding 1 16 r 5 per cent of the net Income computed computed computed com com- without the benefit of ot this deduction de deduction deduction de- de |