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Show Farmers Must File Income Report Prior 15th A declaration of estimated income in-come tax for the calendar year, 1943, must be filed by farmers who get at least 80 per cent of their gross income from farming, farm-ing, on or before December 15, 1943, advises G. Alvin Carpenter, economist of the Utah extension service. This first declaration will b followed on or before March i, 1944, by a final return covering the entire year. All income tax returns must be filed with the collector of internal revenue in the district in which the person lives or has his place of business, and it may be filed by mail or in person, he adds. Those who must file returns this year are (Da single person, or married person not living with husband or wife, with a gross income of $500 or more; or (2) a married person, living with husband or wife, with a gross income of $624 or more. The personal exemption under the regular income tax is still $1200 but because of the victory tax, a return must be filed if gross income is $t24 or more. A farmer farm-er lists as gross income, all receipts re-ceipts from farm and non-farm sources including the value of any merchandise received in exchange ex-change for farm products or services to others. To complete the process of filing, fil-ing, three forms will be needed by all farmers. They are the declaration of estimated tax. (form 1040ES); the individual income tax return, (form 1040); and the schedule of farm income and expenses (form 1040F). The last is required by those who report re-port on a cash basis, and is optional op-tional for those who report on an accural basis. Blanks are obtainable ob-tainable at the office of the collector of internal revenue, or at banks, post offices and sjaiilar places. Ten per cent of the amount of the tax will be imposed as penalty pen-alty if the forms are not submitted sub-mitted at the proper times according ac-cording to Internal Revenue Bureau regulations. Individuals must accept the responsiblltty for submitting declaration. |