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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jan 01, 1946
Page
12
An authoritative tax guide explains no final 1945 return is due until March 15 but a final estimate may be required by January 15 with payment. If the estimate under taxes by more than 20 percent, penalties apply. Filing by January 15 is possible to omit the estimate, but workers relying on employer W two forms must wait for the employer to prepare and deliver the receipts by January 31.
The Gazette will publish a series of dispatches before March 15 detailing special provisions and differences for active and demobilized servicemen and women in federal income tax. Common points will not be repeated. Save dispatches for combined use with civilian information.
Taxpayers using the long Form 1040 will no longer need to attach the W-2 receipt to their returns this year. The law governing 1945 taxes remains the same as last year, with minor form improvements and a revised withholding receipt. This is the first in a 10 article series designed to help decide whether to file the withholding receipt or Form 1040, and how to prepare accurate estimates and final returns with guidance from the Bureau of Internal Revenue experts.
The notice lists taxable income sources for 1945 and when to file Form 1040. If total income including a spouse’s does not exceed 4999.99 and withholding tax is under 100, filing is optional. It also covers bonuses commissions salaries tips dividends and other specified incomes potentially requiring Form 1040.
The writer explains that standard Form 1040 users who do not itemize can skip certain lines and notes the series targets individuals without businesses. The piece promises guidance on income sources subject to tax and hints at upcoming parts about non taxable items and who must file.
Washington expects a postwar flood of consumer goods in 1946 with peacetime output possibly matching 1940-41 levels. Officials blame labor disputes tax issues and distribution glitches for slow appliance and car production in 1945. New tax law cuts affect 50 million taxpayers as the market anticipates a broad postwar expansion.
Year’s output totals show about 400000 produced with perhaps 100000 reaching stores. Refrigerators may reach 100000 monthly now, down from 200000 in 1939 and 300000 in 1940 41. Furniture makers seek priority aid due to materials shortages, hampered by a housing priority plan directing hardwood to flooring.
Navy discloses proposed changes to enlisted uniforms as tests continue. Replacing laced bell bottoms, the outfit shifts to conventional trousers and a short jumper style, with a forehand tie and optional open neck. Three color sets blue grey white define dress and working variants, plus a waist-length battle jacket for dress or winter wear. White trousers may be paired with the blue jacket in warm weather.
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