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Show ttltt.WISEO AS TO IWG01VSE TAX That farmers who have not been keoping accurate husiness accounts are meeting with considerable difficulty difficul-ty since the enforcement of the new Federal Income Tax was the observation observa-tion made today by Prof. A. L. Math-ows. Math-ows. of the department of agricultural education of tho University of Utah. "Farmers should learn to keep business busi-ness accounts," Professor Mathews went on to say. "The income tax necessitates ne-cessitates tho farmer's knowing definitely defi-nitely his yearly income. Unless some sort of accounting system has been kept this is practically impossible. In such cases the assessor's judgment must b taken as a basis for the tax levy. Thi; leaves too much room for o ortaxatjon. On tho othor hand farmers farm-ers who know thr-iir annual incomes are able to check up on the lax with no question whatever. "In keeping farm accounts," Professor Profes-sor Mathews continued, "there are a few fundamental things to be kept in ! mind. First, tho accounting system must bo simple. The most simple method .is to deposit in some good, reliable re-liable bank all the money taken in. and to pay all bills and accounts by the use of receipted checks. By this system, if is very asy to figuro out the incomes subject to taxation. "Second, a yearly inventory, of tho farm, such as valuation, stock, machinery ma-chinery and foodstuff should be taken. Thi best time to do this is during the first week or two of March and every year at that time. ' Such accounts do not only protect the farmer against overtaxation, but enable him to determine whether ho Is running his farm at a profit or loss." |