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Show Use the Simplified form 1040 A -You can qei it NOW from your Employer or Your Local INTERNAL REVENUE OFFICE The r cutcr.l -Trera'-.rr i" 1 ""er-ing ""er-ing again this year to people whose 1942 income was $3,000 or less, a simplified Income tax form which may be filled out in five minutes or less. This is known as Form 1040-A. It may be used by any taxpayer -whose $3,000-or-less Income In-come came wholly from wages or salary, dividends, interest or annuities. an-nuities. Last year when this time-saver was first introduced, over 10,000-000 10,000-000 individual income tax returns were filed on it. People who had previously spent hours working over the regular report-form were enthusiastic about the ease and speed with which they could now complete their annual income tax chore. This year, with an estimated twelve million new taxpayers filing fil-ing for the first time, the Bureau Of Internal T) firiently eynor4 that' nearly twenty million taxpayers will benefit from this short-cut way, saving in the aj- j gregate millions of hours of time j and innumerable headaches. Incidentally, this simplified Form 1040-A is also a boon to the Internal Revenue Bureau, for it greatly reduces the amount of time previously spent with so many millions mil-lions of taxpayers in answering questions and helping them make out their returns. A glance at the picture shows how quick and simple Form 1040-A makes this income tax filing job. There are only 6 things for Mr. and Mrs. Taxpayer to do; write down their names, address and occupation, oc-cupation, the names of their dependents, de-pendents, the amount of income received during the year, the amount am-ount of deduction allowed on account ac-count of dependents; check the sauare that shows their family status (whether married or .single, i etc.) Then they simply read from the form exactly what their tax Is, j and write it down on the return, j That's all there is to it, and it j is over in a few short minutes. Then the taxpayer just ' signs, makes his payment, and the job is done. This year the return does not even have- to be notarized, Congress having decided in its tax-streamlining program that people peo-ple should be spared that bother and expense. This form has no entries for deductions, since average deductions, deduc-tions, including the earned income credit, have been allowed for in I figuring the taxes in the table. It j is to be noted that people whose legal deductions are unusually large would probably pay less tax j by using the longer Form 1040. ! But for most people in the $3,000- and-under bracket, Form 1040-A is not only a time saver, but a money saver, too. . In spite of the fact that during dur-ing the last two years the Internal Revenue Bureau has increased its personnel, they will undoubtedly be rushed and crowded, as March 15 I approaches, by the great increase in taxpayers necessitated by wartime war-time ..high employment and wartime war-time low tax exemptions. So people peo-ple who file early will be doing themselves a favor, as well as making a real contribution to the smooth working of the nation's tax machinery. Blanks are ready now and may be obtained from all local Internal Revenue offices, also at most banks and at many places of employment. Deadline for filing returns is March 15, 1943, and returns coming com-ing in late subject the tardy filer to a penalty. So on every count, it's smart to file early and avoid the rush. |
