Do You Know When To File A Tax Return

Do You Know When To File A Tax Return



Do you​ Know When to​ File a​ Tax Return?
Every year,​ millions of​ Americans dread the​ inevitable; they have to​ gather all of​ their receipts and records and get ready to​ file their Federal Income Tax Returns .​
When was tax season first initiated? Here,​ we will take a​ look at​ that magic day of​ April 15 and why it​ was chosen as​ tax day .​
During Abraham Lincoln’s presidency in​ the​ 1860’s,​ were first legally required to​ pay income taxes .​
The President and Congress created the​ Commissioner of​ Revenue and enacted a​ Federal Income Tax law in​ order to​ fund the​ costly Civil War.
The original deadline for submitting your income taxes was March 1,​ not April 15 .​
It was in​ 1918 when the​ Congress pushed the​ date out to​ March 15 .​
Then in​ 1954,​ the​ date was once again moved,​ this time to​ April 15,​ the​ date we still know as​ tax day.

If you​ are an​ individual taxpayer,​ you​ are required to​ file either a​ return or​ an​ extension (Form 4868) by April 15 .​
Corporate and other legal group entities must file their tax return or​ an​ extension by March 15 .​
The extension merely gives you​ extra time to​ file your tax return,​ not extra time to​ pay if​ you​ owe.
For some years after World War 2,​ the​ tax burden was shared relatively equally by the​ corporate world and the​ individual taxpayer .​
Today,​ the​ shift seems to​ be toward the​ individual carrying the​ load of​ the​ tax burden .​
An interesting event that occurred during formation of​ income taxation laws in​ America occurred during 1918 .​
Up until then,​ a​ lot of​ revenue for government funding came from alcoholic beverage sales .​
Then came Prohibition .​
In 1919,​ Congress passed an​ amendment to​ the​ Constitution that made it​ illegal to​ manufacture or​ sell alcohol .​
In order to​ replace that lost revenue,​ income tax was the​ proposed solution,​ and despite the​ repeal of​ Prohibition,​ we’ve been paying income taxes ever since .​
When the​ Revenue Act of​ 1942 was passed and the​ New Deal era was begun,​ government control and expenditures has continued to​ increase exponentially,​ and today the​ American taxpayer supports 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.




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