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Show Millions More To Pay Taxes On '41 Income Government Offers Aid to Those Who Will File This Year. (Released by Western Newspaper Union.) WASHINGTON, D. C. In less than two months millions of citizens of the United States are going to be paying their income tax for 1941. It is also a known fact, because of the lowering of the income tax base, very many more people are going to be paying or filing fil-ing an income tax that didn't do so for 1940. Following are some hints and suggestions that will help you when filling out your income tax form: WHO MUST FILE A RETURN? Every single person having a gross income of $750 or more; every married mar-ried person, not living with husband or wife, and having a gross income of $750 or more; and married persons per-sons living with husband or wife, who have an aggregate gross income in-come of $1,500 or more. WHEN MUST RETURNS BE FILED? For the calendar year 1941, on or before March 16, 1942. For the fiscal year, on or before the 15th day of the third month following the close of the fiscal year. WHERE AND WITH WHOM MUST INCOME TAX RETURNS BE FILED? In the internal-revenue district dis-trict in which the person lives or has his chief place of business, and with the collector of internal revenue. rev-enue. HOW DOES ONE MAKE OUT HIS INCOME TAX RETURN? By follow-, ing the detailed instructions given on the income tax blanks, Form 1040 and Form 1040A (optional simplified simpli-fied form). WHAT IS THE TAX RATE? A normal tax of 4 per cent on the amount of the net income in excess of the allowable credits against net income. DON'T prepare your income tax return until you carefully read and understand the instructions accompanying accom-panying the forms. Make out a work-sheet and check it with the instructions before filling in the forms. DON'T, if your gross income is $3,000 or less and is wholly from salary, wages, or other compensation compensa-tion for personal services, dividends, interest, rent, annuities, or royalties, file your return on Form 1040 without with-out carefully considering the option to file the simplified Form 1040A, since the filing of your return on either form in such case constitutes an election which prevents you from filing an amended return on the other form. DON'T overlook the fact that for the majority of taxpayers the tax for 1941 will be two or three times as much as for 1940 and that it is important for you to save out of your weekly or monthly earnings, or otherwise provide, a sufficient amount to pay your tax when it becomes be-comes due. If any installment is not paid when due, the whole amount of the tax unpaid is required to be paid upon notice and demand from the collector. A very arresting fact in the 1941 Income tax law is the lowering of the personal exemption from $800 to $750 for a single person, and from $2,000 to $1,500 for a married person per-son or the head of a family, and the change in the basis for determining determin-ing liability for a return. It matters not if the return discloses dis-closes that, by reason of allowable deductions, or the credit for personal per-sonal exemption or for a dependent or dependents, the individual has no tax to pay; the gross income of such persons must be reported to the government. The experience of former years shows that the bureau is always swamped with late returns. If taxpayers tax-payers will file their returns early, they will find that this will be mutually mutu-ally beneficial to them and to the government. Forms for filing returns of income for 1941 have been sent to persons who filed returns last year. Failure to receive a form, however, does not relieve a taxpayer of his obligation obliga-tion to file his return and pay the tax on time on or before March 16 if the return is made on the calendar-year basis, as is the case with most individuals. Forms may be obtained upon request re-quest written or personal, from the offices of collectors and from deputy collectors of internal revenue in the larger cities and towns. The revenue act of 1941 provides a simplified method of computing income in-come tax in the case of individuals whose gross income is derived wholly whol-ly from salary, wages, or other com- |
