Show U S INCOME TAX EXEMPTS NOBODY every person who had income in 1919 must determine termine Ds own liability MARCH 15 LAST FILING DATE surest way Is to follow form free advice in doubtful case cas s severe penalties in law lav nobody Is exempt from income tax L an obligation Is laid directly on the shoulders of 0 each citizen and resident to consider his own case and to get liis his return to on time if one ts is due with each return showing a tax due a payment must accompany the return in the full amount ot of the tax or at least one quarter of the tax all returns for 1910 1919 must be filed on or before march 15 must show true figures in figuring up liis his earnings for or income tax purposes a person must take into consideration all items of taxable income and each item itself must be accurate in amount guesses and estimates must be avoided for the return Is made under oath everybody who had an income during in 1030 1019 must now determine whether ills his or her net income avas sufficient in amount to require an income tax return the best way to find out Is to get a form and follow the instructions printed on it it that form will serve as a reminder of every item of income and if it a return is due it tells how low to prepare and file it ono one of oe the lie important points to keep in mind is that a persons net income inc is found by a computation prescribed in the law and that each item of income from every source must be considered si unless specifically exempted another thing to remember is that the personal exemption allowed taxpayers by law has no relation whatever to the requirement to file return this exemption Is not to be considered until a person has figured out liis his net income find and determined whether it was sufficient to require him to file a return then it if a return mu mut must t be filed he should read carefully the hestrue instructions for claiming exemption and tin complete his return if in doubt on any point as to income or deductions a person may secure tree free advice and ald aid from the nearest infernal ti revenue office many bai banks iks and trust companies are also furnishing similar service during banking hours heavy penalties in law for falling failing to make a return on time the penalty Is a fine of not more than 1000 and an addition of 25 per cent to tile tax it if any for making a false or fraudulent I 1 return the penalty Is a fine of not I 1 note more than or imprisonment not exceeding one year or both anil and in addition 50 per cent of the tax there are other penalties for failing to pa pay y tax when due and for understatement of the tax through negligence many sources of acome aside from what nhat one may earn by liis his services there are ninny many other sources source of income if lie sold any property during 1919 lie he must figure out the gain realized it he rented buildings land apartments or rooms such rents must be considered taxa able and lie may claim deductions for necessary expenses incidental to rents baal interest Is a common source of income and is taxable whether withdrawn or not any amount of interest credited to a depositor is income to the del interest inhere t on mortgages and notes Is taxable also bond interest received from froin corporations A taxpayer iho cashed his insurance during 1919 1019 must report as income any excess received over the total of premiums paid 1 members of partnerships or personal service corporations or beneficiaries of an estate or trust must report their e r shares of income distributable to them whether or not actually withdrawn dividends of domestic corporations must be reported ai amny ny other forms form of income are taxable unless specifically exempted |