Still sifting through an accumulation of receipts from the previous year? Welcome to the annual financial burden of the United States. The Internal Revenue Service’s forbearance has just run out on Tax Day, April 18th. Unless you’re expecting a substantial refund or are a highly compensated accountant, Tax Day is typically not a cause for celebration. Even though Form 1040 appears to be shorter today, filing taxes remains far too complicated for the vast majority of Americans to do on their own. This was not always the case. The Internal Revenue Service did not appear until 1862. At that time, the federal government “began to assess, levy, and collect taxes by seizing property and income.” Still struggling? You can always file for an extension to gain additional time.
The background of Tax Day
1099s and W-2s. Donation receipts and bank statements. Even with assistance, there is a significant amount of paperwork required to complete your taxes. But once it’s all there, you can see how much money you made and where it went last year.You begin to recognise the various methods you can recover money, including mortgage interest, charitable contributions, and even unreimbursed job-related education. After determining a strategy, you can begin planning for the following tax year.If you exceeded taxes last year, you are entitled to a refund. If not, you should consider adjusting your withholding (or estimated tax payments).The first estate tax is implemented to fund the United States Navy.During the ongoing American Civil War, Abraham Lincoln enacts the first-ever income tax.Individual income taxes become the government’s primary source of revenue.
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HOW TO OBSERVE TAX DAY
Prepare a ‘income tax’ cocktail.
As a nod to the bittersweet character of the day, this drink is essentially a Bronx cocktail (gin, sweet vermouth, dry vermouth, and orange juice) with a splash of bitters.
Host a tax-themed luncheon.
Friends don’t let friends do taxes alone. Why not throw a gathering instead? And as you go through each form, you can award the person with the most creative deductions or the highest expected return.
Make a resolution to begin next year earlier
Thus, you will have more time during the day to do laundry, watch television, or hang out with companions.
TAX DAY DATES
| Year | Date | Day |
|---|---|---|
| 2022 | April 18 | Monday |
| 2023 | April 18 | Tuesday |
| 2024 | April 15 | Monday |
| 2025 | April 15 | Tuesday |
