The fastest way to file your tax return
 | Each year, millions of Americans fear the unavoidable; they have to gather all their invoices and records and prepare to file their Federal Income Tax Returns. When was tax season originally introduced? Here we will explore the magic of April 15 and the reasons why it was voted as tax day?
We were first legally compelled to pay income taxes during the 1860’s; the time of Abraham Lincoln’s presidency. The President along with Congress established the Commissioner of Revenue and ratified a Federal Income Tax law to facilitate funding of the costly Civil War. The original deadline for submitting your income taxes was March 1, not April 15. In 1918, Congress shifted the date to March 15. Then in 1954, the date was pushed out farther to April 15, the date we still identify as tax day. Then in 1954 for the last time until today, the date was moved to April 15, our tax day. Uk tax refunds If you are an individual taxpayer, the deadline for filing either a return or an extension (Form 4868) is April 15. Corporate and other legal persons are required to file their tax returns or an extension by March 15. The extension merely allows for extra time to file your tax returns; it does not give extra time to pay in case you owe. claim tax refund For a few years following World War 2, the tax burden was shared fairly evenly between the corporate world and the individual taxpayer. Today, the trend looks like it’s the individual who has to carry the load of the tax burden. It was in 1918 when an intriguing event happened during the establishment of income taxation laws in America. Way before then, much of the revenue for government funding was taken from alcoholic beverage sales. And then, the Prohibition. In 1919, Congress amended the Constitution that made it unlawful to manufacture or sell alcohol. With the aim to replenish that lost revenue, income tax was the suggested solution, and even after the repeal of Prohibition, we’ve been paying income taxes since. When the Revenue Act of 1942 was approved and the “New Deal” age was initiated, government control and expenditures has unrelenting increased exponentially and in the present day the American taxpayer amortizes a multi-trillion dollar National Debt. Currently, all the tax regulations for this country are under the management of the Internal Revenue Service, in which there are four major division: Wage and Investment, Small/Business Self-Employed, Large and Midsize Business, and Tax Exempt and Government. Each division governs the taxpayers and the laws as they are relevant to their particular department. Tax refunds |
