Newspapers / The Skyland Post (West … / Feb. 25, 1943, edition 1 / Page 2
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PAGE TWO March 15 Is Deadline For Filing Income Tax Reports Millions Will File For The First Time; Many Deduc tions Are Allowed March 15 will be a big and &USy day in the United States, for QU that day income tax returns 'and payments will be due from millions of American citizens, many of whom will be facing Uncle Sam, as a tax collector, for the first time. It is particularly important to remember that tax returns and Payments, in whole or in install ment, must be made March 15 or, if convenient, before. This fact has been pretty much confused all the talk about putting in come taxes on a pay-as-you-go, or weekly income deduction, ba sis. No such law has been passed ■and there are possibilities that -Sven if it is passed, it will be .passed in a different form. But the fact is, no pay-as-you go law exists, and an income tax return must be filed and whole Qr partial payments made March 215. Lower exemptions and increas ed employment will bring mil lions of new taxpayers into the fold. Figures, of course, are dry, they are interesting in that government agencies estimate £hat approximately 58 million ©eople will have earned an aver *4ge of almost $1,600 in 1942. Farmer's Income Large Farm income alone has been -f-igured at approximately 16 bil £»on dollars, giving America’s 6 nMllion farmers an average intake <*£ $2,800. All these figures are average, of course, and do not -specifically apply to individual cases. Besides renewed industrial ac tivity and higher wages, one of the main reasons more people will pay an income tax for 1942 is be cause of the lowered exemptions. A single person, or a married person not living with their spouse, do not have to pay any tax on the first SSOO of their in come. A married man and his wife are allowed to take off sl,- 200 for themselves and $350 for each child under 18. The “head” of any family sup porting one or more dependent individuals closely related to him by blood relationship, relation ship by .marriage, or by adoption, is allowed the $1,200 exemption, plus $350 for every dependent ex cept one. The income tax payer is allow ed to deduct other sums, either as personal or business expenses, irorn his income. For every $1 'hat the taxpayer can legitimate ly take off his income, he chops '.8.4 cents from his tax. On large incomes, such savings can be im pressive. But what can the taxpayer de duct 0 Below appears a formida ble list of exemptions: TAXES. '-Deductible federal taxes in clude admissions, dues, tele phone, telegraph, transportation, auto use and safety deposit boxes. State levies deductible include gasoline, real estate and personal property, use taxes, auto license -lees, and unemployment. -INTEREST: All interest paid on personal -'debts can be written off. For -the farmer these take in mortga ges, notes and other obligations incurred to finance operations. EXPENSES: All expenses connected with conduct of a business or farm are deductible. Business expenses include office rent, light, heat and phone bills, salary of office as sistants, train fares, hotel and restaurant costs for which the party is not reimbursed, and! charges for operating an auto mobile and its depreciation. In the expenses of operating their farms, farmers can include gasoline, repairs and upkeep of vehicles, cost of ordinary small tools, livestock and seed, pay of hired hands and food for them Off the farm. Insurance on farm property, such as buildings and crops, are also deductible as is depreciation of buildings, im provements or machinery. LOSSES: Losses of property from fire, ■storm, flood or other natural causes, upon which the holder had no insurance, are deductible. MEDICAL EXPENSES: Medical and dental expenses Can be deducted only if they ex ceed 5 per cent of your income. Any expense over 5 percent up to a maximum of $1,250 for a single person or $2,500 for a family may be taken off. Such expense can include hospital bills, treatments, ' diagnosis and other charges con nected with medical or dental ■care. ARMED FORCES: Besides the regular personal exemptions, servicemen are en titled to take off an extra $250 if thev are single and S3OO if mar ried. CONTRIBUTIONS: Contributions made to charita ble, religious, scientific or liter ary organzations up to 15 per cent of net income are deducti ble. Can File Two Forms Farmers are given a chance to file returns and make payments on the cash receipt or accrual ba sis. If the farmer chooses the cash basis, he figures (1) the amount of cash or the value of merchan dise or other property received 1 ttlb » Let’s Grow 1,000,000 Bushels SNAP BEANS THIS YEAR FOR THE Farmers’ Bean & Vegetable Market West Jefferson, N. C. Plan to grow more beans. Make your plans NOW! SEE Beans, like other vital foods, are going to war. More snap ABOUT YOUR SEED AND FERTILIZLER NEEDS AND RE- beans than ever are needed and your Uncle Sam is not only MEMBER THAT YOU WILL HAVE A HOME MARKET THIS urging that you grow more beans, but is assuring you greater YEAR. YOU CAN SELL YOUR BEANS RIGHT HERE IN WEST financial returns on your crops and is offering incentive pay- JEFFERSON ON THE FARMERS’ BEAN AND VEGETABLE ments. Ask your county agent about this. MARKET. This market offers a real opportunity to Ashe County farmers. Let’s make it a success. This Space Sponsored By The Following In The Interest Os Food Production And Ashe County’s Market BELK’S DEPT. STORE RHODES FURN. CO. ASHE HARDWARE CO. BLACKBURN’S DEPT. STORE CAROLINA BRIAR CORP. E. E. JONES’ STORE J. A. REEVES YATES’ STORE GRAYBEALS DRUG STORE The Feed and Seed Man Warrensville, N. C. FAUCETTE’S 5 & 10c STORE GOODMAN BROS. PARKER’S STORE CENTRAL HARDWARE CO. SMITHEY’S STORE B. F. COOK PARKWAY CHEVROLET CO. LANGDON L. SCOTT \ McNEILL’S DEPT. STORE T> G> MILLER BADGERS’ FUNERAL HOME VANNOY FURNITURE STORE ROY H. CROUSE SERVICE STORE Lansing, N. C. BURGESS FURNITURE CO. from the sale of livestock and produce which were raised dur ing the taxable year or prior years; (2) the profits of sales from livestock or any other items which were purchased, and (3) gross income from all other sources. On the accrual basis, gross profits are obtained by adding to the inventory value of livestock and products on hand at the end of the year the amount received from the sale of livestock and products, and other income as from hire of teams or machinery, etc., during the year. Against this, the farmer deducts the val ue of livestock and other products he had at the beginning of the year and the cost of livestock and THE SKYLAND POST, WEST JEFFERSON, N. C. products bought during the year. The income taxpayer pays two taxes, surtax and normal. The surtax, which amounts to 13 per cent on the first $2,000 of taxable income, is paid before the tax payer deducts the earned credit exemption of 10 per cent from the amount on which he must pay his tax. The normal tax of 6 per cent is paid after the 10 per cent exemption has been taken. OWEN BABY DIES The thirteen-day-old baby of Mr. and Mrs. Glenn Owen died last Thursday in the Ashe hospi tal. It was buried on Friday at the Transou church. RAISING FUNDS FOR MOUNT OLIVE CHURCH Announcement has been made that the drive for the funds of the New Mount Olive Baptist church at Oval, will come to a close, February 27. “We greatly appreciate what has already been given”, leaders said. If there are others that would like to give to this cause, we will be glad to get building material such as we can use, if you prefere giving it. See the following committee: Mrs. Ruth Vannoy, Mrs. Hazel Surber, Mrs. Lessie Surber, Mrs. Spen cer Goodman, Mrs. Virginia Sur ber, Mrs. Lillie Surber,” it was added. By making better use of other edible fats ais a whole, the pres-1 Attention Farmers! We will have a large shipment of Tender Green Bean Seed that will arrive in a few days. Buy your Judy’s Pride and No. 16 White Burley Tobacco seed from US. YATES’ STORE WARRENSVILLE, N. C. THURSDAY, FEB. 25, IM3 I sure on butter supplies can be somewhat lessened.
The Skyland Post (West Jefferson, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Feb. 25, 1943, edition 1
2
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