OCR Text |
Show U. S. fNCOME TAX EXEMPTSN0B0DY Every Person Who Had Income in 1919 Must Determine Own Liability. MARCH 15 LAST FILING DATE. Surest Way Is to Follow Form 10I0A. Free Advice In Doubtful Caees. Severe Penalties In Law. Nobody Is exempt fiom Income Tax. An obligation b, laid diiectly on "ibu Minnldeii of eiirh cltlon it Ml n-tldeiit to cnnldor his own cum and to get hU icttirn In on time If oiiu Ik duo, Willi nub return showing u ln due n luiMiicnt must iRcoinpan tin letuin In the full nnioimt or tho tux or tit len.st niic-quurlcr of the tnx. All i etui lis for 11)10 miibt bo filed on or befitio Mn nli t.i. , Must Show True Flnurea. j In llgiulng up Ills earnings Tor In.' come tnv putio-es it pef-on must ttil.o' Into cniislilciiitlou all Items of liiMililo Income, inn cik.1i Hem Itself must he uccurnto In nmouiil, Cuesses nnd es-i tlmnti's must bo molded, for tho io-turn io-turn Is made uniler oath. Cu-rjliody y hml mi Iiitoinc dur-Inn dur-Inn 101!) mint now ileterinlni! nlielhet bin or her net Intoim- nai siifllolent In iimoiiiit to lequlre an bieoine Tax re. tut it. Tho be! wiij- to find out Is lo net n Turin liM)A mid fullon tu In-ftlrucllniix In-ftlrucllniix jirlnleil on It, That form will erc n a reminder of etevy Mum of Ineonii-; nnd If n lelNin Is dHd It tills how lo prepare ami tile It. One of llio linpiirlant )nlHti t keep In mind Is that a persoii'n net Income . Ip found by a compulation prescribed In the law, and that nidi Item of in-c'oiiie in-c'oiiie from eery nouice must lie considered, con-sidered, utilcM t-peclfleully eiempteil. Anollier thlliK lo rrmrmlier In that tin. personal exemption allowed liix pajrew by w Iisn no relation whalere) lo the requirement to tile rrtuin. This exemption Is not to lie eonsltleied until n person Iiiim llk'ined out lib) net Income In-come and determined whether It ut Milllclont to requlio him to llli; a return. re-turn. Then, If a leturn must be llled, ho sboiiliU rend enrofnlly the Instructions Instruc-tions for cliilmltm exeuqitloii, nnd complete com-plete his t t-t u 1 11. If in doubt on any point us to liu-ntue or di'iliii-l'niis u pet son iiiny n-curc fire inl,Uo anil nli! froni the neuresij Iiiteiuiil IteM-niie o:!ei, Muny bunks mid tiust eoinji.ilili'i me uKo fuinlsli-, hi); tlnillnr sorxlcu dyiln l.unlMui: houis. I Heavy Penalties In Law. j Tor fiillltiK o iiiiiUo a return on time the penalty Is n Hue of not more than S'.'HM,!)!!!! mi nildllloii of.'J.i per cent to tho ln", if liny. For miililiiu n fnNe or friiuiltileiit retuni the penally Is a flue of not more than $1(1,000 or tin prKoiiment not eeeeilluc one jour, 01 bolh; nhd. In nildllloii, .'id per cent ol tile tl'lX. Tbeto me other penaltleM foi fnllliii; tn pay tnv when due nnd foi understatement of tho tax tliiougli neyllceliee. Many Sources of Income. Aside fronl what one may emit h.t his senlces, them mu inany otbet Mitirces of Income. If he sold an pioperly duilni; 11)10 lie must ttirurc out the xuin rt-allre'il. It he leuteil buildings, land, iipiirtments or rooms micJi, rrntaiiiutt be coiiclderedi tilsfl, iildc.y'ind be liTny, cliilin dedilclloiid fin m-i-ess'.iry ixieiii,esilliclilenliil to rentx. Itnnk Intel est Is n coimuon source of Income mid Is taxable whether w-ltb-ilniwn or not. Any iiinouut nf Interest ft edited to u dcponllbr Is Income to the depositor. Interest on mnrtcimcs and notes l taxable; also bond Interest lecelved floiiTreoiio rut Ions, A taxpajer who cashed his Insiir-i Insiir-i mn ajjjliirlm; Kill) mint report as In I i nine nny excess lei-ehcd oor the to till of lueiiiluuis pnlil Members of mtlncisijps or peiKoun' I service coiporiltlolis or beuelleliii-tes ol nn estate or tint must n-port theli sluilTH of Incolne illstilbiitnble to lliein 1 whether or not iictniill.v wltlulniwii. Dlvlilenils of doiuestle (niioiatloi must be lepoiled. -M ny oilier fin in-o.f in-o.f liitoinii in o tiiMible, uulebs speellle ally exempted. |