Cottonwood Chronicle Newspaper, March 5, 1920, Page 4

INCOME TAX. | RETURNS BUE Business Men, Farmers and Wage | Workers Must File Schedules of Income for 1919. MARCH 15 LAST FILING DATE. Net Incomes of $1,000 or Over, if Sin- | gle; or $2,000 -r Over if Married, Must Be Reported. The Income Tax imposed by Act of Congress on earnings of the year 1919 is now being collected. Returns under oath must be made 15 by every citi on or before March zen and resident who had a net in| come for 1919 simounting to: | $1,000 or over, if single; or If mar- | ried and living apart from wife (or | husband) ; or if widowed or divorced. | 2,000 or over, if married and living with wife (or husband). | The status of the person on the last | day of the year fixes the status for the year with respect to the above requirements. | Under any of these circumstances @ | return must be made, even though no tax is due. Husband and wife must consider the income of both, pius thar of de- | pendent minor children, in mneeting | this requirement; and, if sufficient to require a return, ail items must be shown in a joint return or in separate returns of husband and wife. A single person with minor depend- ents must include the income of such dependents, A minor who has a net income of $1,000 or more is not considered a dependent, and must tile a separate return Personal returns should be made on Form 1040 A, unless the net income exceeded $5,000, in which case Form 1040 should be used, Residents of Idaho should file their returns with, and make payments of Income Tax to, Lewis Williams, Collector of Internal Revenue, Boise, Idaho. How to Figure Income. The best way to find out whether one must file a return is to get a Form 1040A and follow the instructions printed on it. That form will serve as a reminder of every item of income, and if a return is due it tells how to prepare and file it. If in doubt on any point as to income or deductions, a person may secure free advice and aid from the neprest Interna! Revenve office, Guesswork, estimates and other hit- or-miss methods are barred when a person is making out his Income Tax return, Accuracy and completeness must be Insisted upon, The return is a sworn statement. As such it must be thorough and accurate, Salaried persons and wage earners must ascertain the actual compensa tion received. Overtime, bonuses, shares in the profits of a business, value of quarters and board furnished by the employer and other items which are compensations for services must be included, It must be borne in mind that com pensation may be paid in other forms than in cash. A bonus paid in Liberty Bonds is taxable at the market value of the bonds. A note received in pay ment for services is taxable income at its face value, and the interest upon it is also taxable. Other Returns Due. Every partnership doing business in the United States must file a return on Form 1065; and every personal service corporation must file a similar return. Corporations must file annual re- turns on Form 1120, ‘Trustees, executors, administrators and others acting in a fiduciary capac. ity are required to file returns. Ip some cases, Form 1041 is used; in others, Form 1040; and still othets, returns on beth forms are required. Information returns, en Forms 1099 and 1096, mnust be filed by every or ganization, tirm or person who paid, during 1919, un amount of $1,000 in | salary, wages, interest, rent, or other | fixed or determinable income to an- | other person, partnership, personal service corporation or fiduciary, These information returns should be for- warded directly to the Commissioner of Internal Revenue (sorting division), | Washington, D. C, | INCOME TAX IN NUTSHELL || WHO-—Single persons who had net income of $1,000 or more for the year 1919, Married couples who had net income of $2,000 or more. WHEN—March 15, 1920, js final date for filing returns and making first payments, WHERE—Collector of Internal Revenue for District in which the person resides, | HOW—Full: directions on Form 1040A and Form 1040; also the law and regulations. WHAT—Four per cent normal tax on taxable income up to $4,- 000 in excess of exemption. Eight per cent normal tax on balance of taxable income. Sur- | tax, from one per cent to sixty- five per cemt on net incomes over $5,000, ‘ | pec emntiiiceeeboereiness se Ren a a ee | Pettibone PRP erro retiree erro > PUBLIC Je edpteatp tonto nteeteedeateatoet deteedontentonte stearate oetestoetentostontonteste ee ctosto stony Oa me hs te es tee te ee te ee rut SALE Having sold my farm I will sell at public sale on my ranch 6% miles northwest of Cottonwood commencing at 10 a. m. the following described property on Wednesday, March10O 5--HEAD OF HORSES--5 One One One One One 3 Cows, cc ming 4 years old 2 Milk Cows, 8 years old 2 Cows, 3 years this spring Gray Mare 10 years old, Gray Horse 12 years old, Bay Mare Bay Mare 12 years old, Gray Mare 14 years old, weight weight weight weight weight 10 years old, One 1 year old Bull One 3 months old Heifer Calf 4 yearling heifers 1500 1500 1300 1200 1200 pounds. pounds. pounds. pounds. pounds. FARM MACHINERY AND HOUSEHOLD GOODS ONE ONE ONE 7-FOOT McCORMICK BINDER 5-FOOT McCORMICK MOWER 10-FOOT McCORMICK RACK 1 10-FOOT SURPERIOR DOUBLE DISC DRILL ONE ONE ONE ONE ONE 8-FOOT DISC HARROW 3-SECTION HARROW 16-INCH MOLINE SULKY PLOW 14-INCH JOHN DEERE WALKING PLOW 14-INCH CASE WALKING PLOW 14-INCH JOHN DEERE SIDE PLOW ONE 3-INCH IRON JOHN DEERE WAGON ONE SET OF BOB SLEDS | TERMS: Joseph Harry Cranke, Auctioneer COUNTY SEAT NEWS ITEMS. Mrs. William Mulhall of Port- land, came in last Wednesday |night for a visit with her son, Earl, and family. The sheriff's office and county jail were this week removed cenlh the building adjoining the Electric laundry to a building in the rear of the old school house. The sheriff's office is the first of the county offices to be moved to the new location. The school | building is being remodeled for a court house. tepresentative Seth D. Jones of Whitebird and Senator N. B. were in Grangeville | late last week on their way to their homes, after attending the special session of the state leg- islature in Boise. They also acted as delegates from Idaho county at the Northwest Mining congress in Spokane. Committee selling tickets for. the firemen’s twentieth annual) ball canvassed the business hous- es of the city Wednesday and disposed of many tickets to tne affair, which will be held Fri- day evening in Dreamland hall. Supper will be served. Music will be by the Cowboy orchestra, led by Jack Running, former director of the Cowboy band, and now of Lewiston. Persons of unknown identity on Sunday evening entered the Hub store in Grangeville by un- locking the front door with « skeleton key, and robbed the} cash register in the store of sev- eral dollars in nickels and dimes. | The burglars overlooked appro imately $400 in cash, which was | hidden not more than six feet from the cash register. The North and South highway | will be closed for a distance of | about a mile up the Salmon rives from a point one-half mile south of the Doumecg piace, for a per- 1 HARROW CART ONE 2-HORSE SCRAPER ONE FANNING MILL ONE BUGGY AND ONE HACK THREE TONS SEED OATS THREE SETS OF HARNESS FOUR DOZEN CHICKENS THREE SACKS OF SEED POTATOES ONE STEEL COUCH. ONE COOK RANGE ONE KITCHEN CABINET ONE BOX AND SHEET IRON STOVE ONE WASHING MACHINE AND WRINGER—Good as new SIX DINING CHAIRS AS GOOD AS NEW ONE LARD PRESS THREE BED STEADS AND SPRINGS Many Other Articles Too Numerous To Mention A Big Free Lunch Will Be Served At Noon All sums of $20 under, cash. All sums over that amount 6 months’ ® time will be given on bankable note bearing 10 per cent interest. Ritter, Owner First National Bank, Clerk iod of thirty days, it is announc-| POINTED PARAGRAPHS, ed by Grant Smith & Co., high-]| 4 golden key unlocks way contractors. Excavation is’ pyjson doors. now in progress on this seein of road, and it is impossible for | inven than trusted. teams to pass over the road. Mail ; P poner te is being packed around the ob-} . The way of the transgressor structed section of the road. | is hard on his friends. = Mrs. Herma Castle, wife of It is easier for a man to bluff Ben Castle, died Sunday night at| his creditors than his wife. 10 in the family home west or, Lot's wife was the salt of the Grangeville as a result of burns} earth——and still she wasn’t sat- incurred on the preceding Mon-| isfied. day, when gasoline, which she | Some married men never geta had mistaken for kersoene, and chance to breathe the air of free- with she attempted to start a, dom. fire, exploded. Mrs. Castle, nee Many a man doesn’t know | Heath, was 25 years of age. She what he is tlking about until it }was born in Noel, Mo., on Dee. is too late. 27, 1894, and had resided in Ida- ho county for about seventeen years. She was married to Mr. Castle in Grangeville on Jan. 14, 1918. many Most women would rather be It is just as easy to find fault with a tallow candle as it is with an electric light. An old bachelor says but few men are disappointed in love un- | less they marry. For Repairing cars. See Leo P. Simon, Cottonwood, Idaho.7-tf to drive a horse can lead a hus- band around by the nose. No man is particularly fascl- nated by a woman who is so good that all her woman acquaint- ances like her. A dog growls over his dinner because he likes it and a man growls over his because he doesn’t like it. Apples of the best quality— $1.75 per box. Jungert and Hockersmith. * 7-tf We have received a carload of cottonseed oil cake and are sell- ing it to you at absolute cost. We feel that we owe it to all owners of cattle, from one head to several hundred, to assist them in the present crisis and supply them with the strongest feed on the market. Cottonwood Many a woman who is unable] Milling & Elevator Co. 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