Federal income taxpayers on a calendar year basis must on or before March 15 do two things: (1) They must file their final returns for the year 1948 and (2) they must file a declaration of estimated tax for 1949.
REVENUE ACT OF 1948
This act effected numerous changes in existing law that will in many instances result in a saving to taxpayers. One of the most important changes relates to the splitting of income, for tax purposes, between husband and wife and the filing of joint returns. If either the husband or wife has a surtax income in excess of $2,000, and if a joint return is filed, the family will realize a saving, since the splitting of the income will make applicable lower surtax rates.A new exemption in the amount of $600 was created for taxpayers 65 years old or over. The ordinary personal exemption was increased