OCR Text |
Show INCOME TAX INFORMATION IIS GIVEN OUT The following statement is lmmed by Collector of Internal Revenue J. H. Anderson, for this district of Utah Forms 1040 A, revised and simplified simpli-fied for filing Individual returnB of income for the calendar year 1922 of $5,000 and less, will be available on Tuesday, Januray 2, at the office of collector of internal revenue at Salt Lake City, Utah, and the following branch offices; Ogden, Logan, Rich-" field, Provo, Price, Milford, Utah. A copy will be mailed to taxpayers who last year filed a return, but failure to receive the form doos not relieve a taxpayer of his obligation to file a return on time on or before Mar. 15, 1923. The form has instruction which should be carefully read by the taxpayer, before filling In the blanks. A study of these Instructions Instruc-tions will greatly lessen difficulties heretofore encountered in correctly making out the returns. The return to be filed consists of one sheet, while the worfl-sheet and instructions to be retained by the person making the return consists of a double sheet. On page 1, under the head of "income" "in-come" are spaces for reporting the following Items: salaries, wages, com missions, etc.; income from partnerships, partner-ships, fiducierles, etc, rente and royalties; roy-alties; profit from business or profession; pro-fession; interest on bank deposits, notes, mortgages, and . corporation bonds; profit from sale of real estate, stocks, bonds, etc., and other Income. Beneath are spaces for entering deductions, de-ductions, such as interest and taxes paid during the year; losses by Are, storm, shipwreck, or other casualty or by theft, contributions, bad debts, etc. On page two are spaces for entering enter-ing explanations of the various Items; It-ems; i. e. tho total amount of income from business or profession, with, description de-scription (grocery, retail clothing, drug store, laundry, doctor, lawyer, farmer, from rents and royaletles, sale of property etc.) Returns are required by every single sin-gle : person and every married person per-son not living with husband or wife, on December 31, 1922, whose net Income In-come for 1922 was $1000 or more, and of every married person living with husband or wife, on December 31, 1922, whose net income was $2000 or more. If the combined net income of husband, wife and dependent depend-ent minor children equalled or exceeded ex-ceeded $2000, or if the combined gross income of husband, wife and dependent minor children equalled or exceeded $5,000, all such Income must be reported in joint return or in separate returns of husband or wife, If single and the net Income including that of dependent minors, If any, equalled or exceeded $1,000 or if the gross income equalled or ex-csrted ex-csrted $5,000, a return must be filed. A minor, however, having a net Income In-come of $1,000, must file a ireturn. The requirement to file a return of l-'i-oss income, regardloss of the am-auni am-auni upon which the gross income Is I'ssrssed Is new provision. ' Net income" is gross less certain d : '.uctions which :u", e?plainedi on tho form. Under each of the above conditions, condi-tions, a return must be filed even though no tax 'is due. The exemp-ions exemp-ions are $1,000 for single persons and married persons not living with husband or wife, $2500 for married persons living with husband and wife whose not Income for 1922 was $5.-000 $5.-000 or loss, and $2,000 for such persons per-sons whose net income was more than $5,000. The exemption for dependent, de-pendent, "a person under eighteen years of age or mentally or physically physical-ly defective, $400. The normal rates are 4 per cent on the first $4,000 of not Income above tho exemptions, and 8 per cent on tho remaining net income. The tax this year, as last, may be paid In full at the time of filing the return, or in four equal Installments, due on or before March 15, September 15 and December 15. If an installment is not paid promptly, the whole amount am-ount becomes due immediately. Heavy penalties are provided by he revenue act for failure to file a return and pay the tax on time. |