Kankakee Valley Post, Volume 17, Number 7, DeMotte, Jasper County, 3 January 1947 — INCOME TAX FILING DATES ANNOUNCED [ARTICLE]

INCOME TAX FILING DATES ANNOUNCED

1 Treasury Department Reminds Public Of Approaching* Deadlines F. Shirley Wilcox. Collector of International Revenue, today advised that January 15, 1947 will he a significant date for many taxpayers whose income is of such a nature and amount as to require the filing: of a Declaration of Estimated Income Tax for the year 1946. j The requirements applicable to the year 1946 regarding the filing of an estimate are that every citizen or .resident of the United States who expected to receive income in 1946 from (a) wages (subject to withholding) in excess of $5,000 plus SSOO for each exemption except his own—for example," wages in excess of $5,500 for a married couple without dependents or a single man with one dependent; or (b) income from all other sources "in excess of SIOO, provided his total income is expected to amount to SSOO or more. The final insta lment of the 1946 estimated tax must be paid by January 15 or if the original estimate was understated an amended declaration should be filed and the increase in tax- paid by that date. If the taxpayers is in position to file his final return, Form 1040, and pay his tax in full by January 15, 1947, he is relieved of filing the amended estimate otherwise required on that date. In the''case of farmers, individuals who derive at least two-thirds of their gross incpme from farming are required to tile and pay their estimated tax by January 15, 1947, for the year 1946. However, if a farmer is able td file his 1946 income tax return and, pay in full the tax due by January 15, 1947, he need not file a declaration for the year 1946. Taxpayers paying their estimated income tax instead of filing a final return of income by January 15 are required to file their final return for the year 1946 and pay any additional tax due by March 15, 1947. % A final return for the year 1946 must be filed by every citizen or resident of the United States whether single or married, having a gross income of SSOO or more for 1946 regardless of whether a minor or an adult and whether or not he was required to file a Declaration of Estimated Income Tax. The due date for filing such a 1946 return is March 15. 1947. In the case ol husband and wife, it is to the taxpayers’ advantage to file a joint return if either spouse has less than SSOO income for the year, for the reason that an exemption Cannot be claimed for the other spouse unless the income of the other spouse is included in a joint return. There is a distinction between the exemption in the case of a spouse and that of a dependent. The existing Federal Income Tax Law threats the income of a child as belpnging to him or her and not to the parents. The child must report and pay income tax on his or her earnings. Accordingly, a child with a gross income of SSOO or more ntust file a return

and pay his taxps as a separate taxpayer, even though his income may be received by his parents. An unpaid tax, will, however, be the responsible of the parent. In information or assistance is desired in the preparation of returns taxpayers are cordially irt- , vited to call on the third floor, Federal Building. Indianapolis, or zone offices locatjed in most of the principal cities ini Indiana. ' | % T-S Arnold Swart called his parents, by telephone from Sluttguard Germany to wish them a Merry Christmas and to tell them he was leaving for home the day after Christmas.; The call came through very and it was a real thrill to hear Arnolds voice from across the ocean. Pvt. Eugene Lee Woudema left last Sunday for Camp Stoneman. California.