The Bamberg herald. (Bamberg, S.C.) 1891-1972, March 04, 1920, Page 2, Image 2
FARMER'S INCOME
SUBJECT TO TAX
Gains for 1919 Must Be Figured
Under U. S. Law?Returns
Due March 15.
LAND SALE PROFITS TAXABLE.
Necessary Farm Expenses May Be
Deducted?Special Form for Farm
Income?Cash or Accrual
Basis for Computing.
A farmer, shopkeeper, or tradesman
most figure up his net income for 1919;
and if the farm or business income
plus his other income was sufficient to
require an income tax return a complete
return must be filed with the collector
of internal revenue by March 15.
A farmer should ascertain the gross
Income of his farm by computing all
gains derived from the sale or exchange
of his products, whether produced
on the farm or purchased and
resold.
Farm Expenses.
From his gross income a farmer is
allowed to charge off all of his necessary
expenses in the conduct of the
farm during the year. These include
costs of planting, cultivating, harvesting
and marketing. In addition to
these costs he may deduct money spent j
for ordinary farm tools of short life j
bought during the year, such as shov- i
els, rakes, etc. Also, the cost of feed
purchased for his live stock may be
treated as an expense in so far as this
cost represents actual outlay, but the
value of his own products fed to animnls
is not n dpdtiotible item. \
Other farm expenses allowable are
the cost of minor repairs on buildings j
(but not the dwelling house), on fences, |
wagons and farm machinery; also bills
paid for horseshoeing, stock powders,
rock salt, services of veterinary, insurance
(except on dwelling house), gasoline
for operating power and sundry i
other expenses which were paid for in
cash.
As to hired help, all the productive
labor Is a deductible expense; but the
wages of household servants, or help
hired to improve the farm, as in tree
s planting, ditching, etc.. cannot be
elaimed against earnings. A farmer is
not allowed to claim a salary for himself
or members of his family who
' work on the farm.
Wear and Tear.
Purchase of farm machinery, wag- I
ons, work animals, etc., also the cost '
of construction or extension of build-1
tags, silos, fencing, etc., should be con-1
cddered additional Investments In the |
farm and are not proper deductions
against income.
A reasonable allowance may be
dairaed for wear and tear on farm 1
buildings (except the farmhouse), 1
fences, machinery, work animals, wagens,
tanks, windmills and other farm
equipment which is used in the conduct
of the farm.
As to autos and tractors, the cost of
fhese is not an expense, although the
cost of their upkeep is an allowable
deduction, if the machines are used exclusively
for farm purposes and not >
for pleasure. Also, in such cases, a deduction
for wear and tear is allowed.
Farm Losses.
The loss of a growing crop is not a
proper deduction from income, inasmuch
as the value of the crop had not
> been taken into gross income. The
loss of a building or of machinery
through storm, lightning, flood, etc., is j
an allowable deduction, but care should
be used to ascertain the correct loss
lustained, as restricted by income tax
regulations.
No deduction is allowed in the case 4
of loss of animals raised on the farm, 1
but a loss is deductible from gross income
if the animals had been pur- j
chased for draft or breeding purposes.
Shrinkage in weight or value of farm '
products held for favorable market <
prices cannot be.deducted as a loss, for
the reason that when such products
are sold the shrinkage will be reflected
In the selling price.
Sale of Farms and Land.
The value of agricultural lands has
been jumping during the past few
years, and during 1919 many owners
told out part or all of their lands at
big profits. All such gains constitute
income and must be taken into the net
income for the year.
Any person who sold part of a farm
r ranch, or part of a parcel of land,
must also show any gains realized by
the sale.
The method of figuring gains and
losses on such transactions Is prescribed
In the Income Tax regulations,
copies of which may be secured from
Internal Revenue Collectors.
Forms for Returns.
The Internal Revenue Bureau has
Issued an Improved Form 1040F for
the use of farmers. This form, to'
gether with Form 1040A or 1040, will
gether with Form 1040A or 1040, will
give the farmer explicit information
as to how to properly figure his net
income for 1919.
There are two methods of figuring a i
farmer's income tax return this year.
He may make his return on the basis
of the difference between the money
and goods received for his products
and the cash paid out for actual allowable
farm expenses within the year.
Or he may make his return on the accrual
basis, which means computing
the receipts and expenses that pertain
to the taxable year, excluding income
earned and expenses incurred in previous
or succeeding years.
DELCG-IiGHT
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MACK'S DRUG STORE, Bamberg.
==Tr==ri
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2-7 x 5-2
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I GLASS DOORS H
2-10 x 6-10
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2-10 x 6-10 H
SCREEN DOORS | 8 l
2-10 x 6-10
o v ^ KH
M oai
IL B. FOWLER I
Bamberg, S. C. ^ |3AMBER6
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3amberg People Come Out as Frank
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Bamberg people publicly recom
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j NOTICE!
AFTER DECEMBER 1
ALL . MEAT . BILLS
WILL BE DUE AND
PAYABLE WEEKLY.
City Market I
Hutto & Bellinger, Props. y
\ BAMBERG, S. C. I
Read The Herald, $2 per year. ,j
You Do More Work, * *
You are more ambitious and you get more .
enjoyment out of everything when your J"
blood is in good condition. Impurities in
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the system, causing weakness, laziness,
nervousness and sickness.
GROVE'S TASTELESS Chill TONIC
restores Energy and Vitality by Purifying
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its strengthening, invigorating effect, see
how it brings color to the cheeks and how
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appreciate its true tonic value.
GROVE'S TASTELESS Chili TONIC
is not a patent medicine, it is simply
CON and QUININE suspended in Syrup.
So pleasant even children iike it. Thi
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ernes never fail to drive out impurities ir. J
the blood.
The Strength-Creating Power of GROVES
TASTELESS Chill TONIC has made it .
the favorite tonic in thousands of homes
More th.-n thirty-five years ago, folk;
would ride a 'ong distance to get GROVE'S
TASTELESS Chill TONIC when c
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tonic. The formula is just the same today,
and you can get it from any dru?
store. 60c per bottle. ~
"SECURO"
VOW IS THE TIME TO PLACE
YOUR ORDER FOR
RAT AND FIREPROOF
STEEL CORN CRIBS
Sizes from 100 to 3,000 Bushels. |
PEED THE CHILDREN AND NOT |
THE RATS.
L. B. FOWLER
Agent Bamberg County. tl
|j Get (
I
30x3Vfe G
Fabric, Al
30x31/2 <
Fabric, Aj
Best material and workman- I
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little power; simple, easy to H
handle. Are made in several m
sizes and are good, substantial ffj
money-making machines down S
to the smallest size. Write for H
catolog showing Engines, Boil- |j
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"LOMBARD IRON WORKS & ! SUPPLY
CO. I
Augusta, Ga. '
Read The Herald, $2.00 per year.'
-:
i BM?Uae I
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Mm a friend Insisted I jfWTvj j
Take """
CARDUI
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m I began Cardui. In |HT]
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Goodyear 1
That Si
Just as o\
mobiles g
\ out of Gc
smallei
advantage
*\ \ ||i|b The 30x3
lift Goodyear
Y IlllSj worth in j
K 1 i oajythe
/ : 1 3 'care c
?| iii"| :i# This extr
not only
J 1 also with
\ I I is no grea
/ I I than that
| I I I of tires.
K m Go to the
Jr I ?11 Dealer fo
fL mil Chevrolet
If 0 M l these sizes
wVw 11 year Heai
oodyear Double-Cure <fc ^ f>QO Gcx
L? Weather Tread ^ ? reir
che
Joodyear Single-Cure dj-f '765 thai
iti-Skid Tread ^1 ( ? pro
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i
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Fresh Oysters-c? j
Fresh Norfoik Oysters now served regular- 1
ly. They are luscious, delightful, and palat- j
able. We get them fresh by express.
TRY THEM!
5AMBERG FRUIT COMPANY j
JWBMBP K UtWIlUBWHBMH??HMWi ?I
I K^^OlJR~" I i
II ni f-fl^HICKWALLS |
' I| IStrong LOCKS $
I m^1 W,s THE SAFE 1
" I H ?Tiil^PLACE TO HIDE J
I W ilfi 1 YOUR MONEY 1
'I @ P ll L PUT YOUR MONEY fl
| f|i |||' in our. Bank a
lip If THEN YOU HAVE I jl
jl|j ITSAFE I J
iJiiiil J
If you bury your money some one
may SEE you or may find it. You I
might die without anybody knowing I
of its whereabouts. If you hide it be- J
hind a picture, under the carpet, in A
a sugar bowl or the the coal bin, a A
burglar can just come and get it. ^
That's the burglar's business, study ^A
this picture and you will bide yours H
in our bank. 9|
BANK WITH US. 1
We pay four per cent, interest, com- If
pounded quarterly on savings deposits
I Farmers & Merchants Bank
| JBHRHA.RDT, C.
^ P?- ,..l *
i
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"ire Economy for I
mall Car \
>??> .tt wutifniiiiiiiiiiHi iniiiiti 1111 i)t?uii iimm tniii mii ii iiMtiiiiuiti??uuiiinu?*<u?i?n<Mwm>MWw<iwwwpwwiiii?wiiiwmiawriwwiwiBMBMM???ij H
vners of the highest-priced auto- B
;et greater mileage and economy '
>odyear Tires, so can the owners J
r cars similarly enjoy Goodyear 9
s* ll
30x3V2-, and 31x4-inch sizes of
Tires are built to afford a money's
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Si * >
' t*OCAl "I rPPfi* :
urmubL in x&uwvj twTvuivw 'II i
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aordinary money's worth begins ||
with the merit of these tires, but II
the first cost, which in most cases | j '
ter, and sometimes actually is less, 11
of other makes of the same types || J
: nearest Goodyear Service Station j
r Goodyear Tires for your Ford, II 1
:,Dort, Maxwell, or other cars taking || fj
?. He is ready to supply you Good- J j
7Y Tourist Tubes at the same time. || U
xiyear Heavy Tourist Tubes are thick, strong tabes that
iforce casings properly. Why risk a good casing with a
ap tube? Goodyear Heavy Tourist Tubes co?t little more l|
a tubes of less merit* 30x314 size in water- ? 1 Qf\ _
o/ bag 1 1
I