Tax Time Again

Abstract

ONCE again the time draws near to square accounts with Uncle Sam. March I5 is the last day for filing your 1947 federal income tax return. If you are entitled to a tax refund, that is the time to claim it; if a portion of your tax remains unpaid after taking credit for all amounts withheld or instalments previously paid, this unpaid balance must accompany your return, unless you file on the short form as later explained. Inasmuch as nearly a year has passed since you last worried about What form do I use?-Is this item taxable?-and Is this a good deduction?-you may need to be briefed on the more common problems you are likely to encounter. If your income in I947 was $500 or more you are required to file a return. Note the use of the term gross income. Nontaxable receipts such as dividends on mutual insurance company policies, payments or allowances to veterans under the G.I. Bill, maintenance received from your employer when required for the proper performance of your duties (more about this later), income earned by any dependents, et cetera, are not to be taken into consideration in computing your gross income. Here is something to keep in mind-it may mean a refund to you. If your income for I947 was less than $500, you are entitled to receive a refund of all income tax withheld from your earnings. To receive this refund you must file a return.