Kankakee Valley Post, Volume 19, Number 6, DeMotte, Jasper County, 7 January 1949 — January 17 Deadline For Tax Estimates [ARTICLE]

January 17 Deadline For Tax Estimates

Date Is Of Especial Importance To Farmers, And Some Others, State Department ,4 Advises Wilbur O. Plummer, Acting Collector of Internal Revenue for the Indiana district, reminded taxpayers that Monday, January 17, will be the deadline for filing Declarations of Estimated Tax for 1948. The final date normally is January 15 but since that date falls on Saturday this year, the filing period is automatically extended to the next official workday. Acting Collector Plummer explained that this filing date is of special importance to farmers, since they were excused by law from filing their 1948 Declarations until this time. The date is also important to many business and professional persons, investors, self-employed and similar taxpayers who were required to file Declarations last spring but who now want to change their estimates by filing amended Declarations. Most wage earners whose pay is subject to withholding are not required to file Declarations since the withholding substantially covers their income tax, although some wage earners with large salaries or supplemental non-salary income are required to file Declarations. He also pointed out that many of these taxpayers can “kill two birds with one stone” by filing their final 1948 income tax returns instead of a Declaration. In other words, a farmer required to file £Tn original Declaration or a businessman desiring to file an amended Declaration at this time Can substitute his regular return On Form 1040, which he might otherwise wait to file on March 15. If he files his return and pays the tax in full by January 17, he can save the task of perparing and filing the 1948 Declaration or amended Declaration which is due then. If a taxpayer in 1948 had more than SIOO of income which was not subject to withholding, he was required to file a Declaration if his total income (including wages on which tax was withheld) was S6OO or more. If all the taxpayer’s income was from wages subject to withholding, he was required to file a Declaration if his wages exceeded $4,500 plus S6OO for each of his exemptions (for example, $6,300 in the case of a married mans claiming exemptions for himself, wife, and one dependent.)