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A Take on Federal Income Taxes
from Bo Larsen:Were it not for federal income taxes many of the benefits that people depend on, such as roads, schools or even programs like Medicare and Social Security could not exist. Federal income taxes are levied against the earnings of individuals and businesses on an annual basis. The only persons not required to file are those who fail to meet the minimum earning requirement for taxation. While the complex structure of tax systems and codes can seem somewhat daunting, professional tax preparers can help make the filing process much easier. Other aspects that have made filing easier are the introduction of shorter forms, easier instructions and online filing programs.
The current system of federal income taxes evolved from a long history of tax systems that were rather primitive in concept. Because the vast majority of early civilizations did not have a financial structure based on money, contributions typically came in the form of goods such as grain, animals or other services. The system for keeping track of distributions was also primitive and the burdens could be quite heavy, especially on those who were not in a position to contribute. It was not uncommon for those who could not pay their taxes to be imprisoned or, more commonly, be forced into slavery to pay their debts.
While those who deliberately avoid paying their federal income taxes can still face imprisonment, the use of slavery or any other inhumane treatment has drifted out of existence. In fact, even in recent times the use of imprisonment is only applied as a last resort. Contrary to popular belief, the IRS and other like agencies prefer to work out viable payment arrangements with those who have a tax debt. A majority of the time, tax debts are the result of small mistakes that were in no way deceptive on the part of the debtor. With an approved payment arrangement, the debt is often paid off in no time.
When it comes to federal income taxes, nearly every country in the world has some sort of system, whether it is proportional, progressive or regressive. Each year, more and more taxpayers file their federal income taxes using convenient online filing programs. This quick and easy option is not only favored by taxpayers but the IRS also. Cutting down on paperwork not only allows returns to be filed faster but refund checks can also be disbursed quicker. While many dislike having to file taxes, it is no longer the stressful event it used to be. Both federal and state income taxes can be filed in one sitting.
Taxes News
Indirect taxes may exceed budget targets: Chidambaram - Hindu Business Line
CNN-IBN
Hindu Business Line, India -
Buyoant on tax front: The Union Finance Minister, Mr P. Chidambaram, flanked by the Revenue Secretary, Mr PV Bhide (right), and the CBEC Chairman, ...
Budget: Will Chidambaram axe the taxes?
The turning point
Chidambaram likely to present budget for 'aam aadmi'
Understanding the many taxes that Budget 2008 may impact - Hindu Business Line
Hindu Business Line
Hindu Business Line, India -
The forthcoming Finance Bill is sure to have provisions that will impact many taxes. While we await with bated breath what the Finance Minister has to offer ...
Holistic rationalisation of indirect taxes needed
Budget Glossary 5
Market down, property taxes up - MLive.com
MLive.com, MI -
It's a question Saginaw Township Assessor David Kern expects to hear frequently when the township mails out property tax assessments this week. State Rep. ...
Bill simplifies tax deferral process
In donating car, savings in taxes, trade-in hassles - Boston Globe
Boston Globe, United States -
It's an act of good will, and the donation can serve as a tax write-off. In large metropolitan areas, the Better Business Bureau estimates that 8000 to ...
Get up to speed on tax changes
Middle-class criminals cost millions in taxes - Telegraph.co.uk
Telegraph.co.uk, United Kingdom -
"I am a tax fiddler, a cheat." These are candid words from the 39-year-old, an advertising executive who donates to charity and helps run his 10-year-old ...
Tapping 401(k) can mean taxes, penalties - Salt Lake Tribune
Salt Lake Tribune, United States -
But under tax laws, there can be serious investment and tax consequences if employees borrow or withdraw from their accounts before age 59 1/2 : Q. Do a lot ...
Stimulus checks require filing taxes - Terre Haute Tribune Star
Terre Haute Tribune Star, IN -
Edwards did a little digging and learned that his sisters, who normally do not need to file tax returns, can only receive their stimulus checks if they file ...
Action Line: Con artists pretend they are working for the IRS
Rebates causing some confusion
File a tax return to be sure you get a check