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Tax and Tax Information - Personal Tax Returns

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Tax and Tax Information * Personal Tax Returns

Personal Income Tax Returns   
Tony Robinson

Personal income tax, as we know it today, was originally enacted by Congressional law during the ratification of the sixteenth Amendment in 1913.

Although we have experienced many changes to the system since that point in time, the importance of the individual income tax to the Federal Government's revenue as remained a constant. Today, half of the government's revenue is generated from the assessment of personal income tax due, and mounts into the trillions of dollars each year.

Article to continue below----------------------------------------------

U.S. Sales Tax Rates Hit Record High (Forbes)
Shopping blues: Top tax 12%. Chicago's 10.25% highest big-city rate. More Internet tax fights loom.

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Some of the more significant changes to our tax law are discussed below and might surprise today's taxpayer, simply because our knowledge of the tax system is far removed from some of the earliest requirements, inclusions, and exclusions.
For instance, federal government employees were taxed on their income, but state and local government employees were exempted. Also exempt from the income tax levy was interest income from government bonds, federal, state and local. The exemption for single persons was $3000, and for married individuals it was $4000. Not much has changed, even though inflation has created major changes in our income levels, the exemption rates haven't changed in direct correlation.

Another important concept that has experienced much change over the years is the use of "personal income" in some tax liability instances, versus the use of adjusted gross income in some other instances. There are great differences in these figures, if you make use of the many deductions and exemptions that are currently a part of the individual income tax form, the 1040. Now, here's another important difference: during the tax systems inception, there was only one form used by all taxpayers, even business owners. Today, there are 3 different forms just for the individual tax payer's filing status. If you're a business owner, or if you own investment property, there are also many additional schedules for which you must separate your income away from the basic 1040 wages, salaries, and tips. This has been in an effort to encourage the small business ownership in American to expand.

Article to continue below----------------------------------------------

Rally To Push For Hike To Georgia Cigarette Tax (AP Via Yahoo! Finance)
Anti-smoking advocates say they know a way to help fill Georgia's $1 billion budget shortfall: hike the tax on cigarettes by $1.

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Capital gains, of course have always received preferential treatment, but for many years they weren't taxed at all. It would seem the unfair exclusion of the wealthy individuals ability to invest and realize a profit, was in existence even then.
Many of the concepts we take for granted with our tax system today, weren't introduced all that many years ago. Tax tables, medical expense deductions, standard deductions, the definition of taxable income were established until the 1940s; earned income credit, alternative minimum tax, mortgage interest, and investment interest tax weren't addressed until the 1970s; unemployment compensation and social security benefits weren't taxed until the 1980s, and state sales tax and personal interest were excluded as deductions during the late 80s.
As you can see the United States tax system, along with the personal income tax return are fairly young institutions, and at times, still seem to be undergoing many changes, often at a pace much faster than the individual taxpayer can accommodate. The changes that often occur, to benefit a taxpayer aren't even general knowledge until it is too late to take advantage of the opportunity.


It's through the use of a professional tax preparer and excellent communication that an individual tax payer will see the greatest benefit of the tax codes and regulations. hanks to the complexity of the United States tax codes, the system itself, and the variations of tax codes from state to state, completing your personal tax return and maximizing your deductions, exemptions, and credits to their fullest potential, is like trying to complete a mind-twisting maze. The average individual required to file a personal tax return has no grasp of the US tax system, and must therefore rely on one of the many tax professionals to complete their return. Quite often, these deductions, exemptions, and credits are overlooked simply because of a lack of communication. available to the individual tax payer, in addition to the fact that qualifying for many of these benefits must be communicated to the tax preparer.

Tony Robinson is a Webmaster and International Author.
Visit http://www.tax-portal.com/ for his tax tips.

What Other Authors say about Taxes

Tips For Preparing Your Taxes from the Internet by Cal Golden

When it comes to preparing our taxes, many of us could use some help. The following websites offer guidance and information that may assist you in learning about how to get the most out of filing your...

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When an individual is younger, it is much easier to do taxes at the end of the year since there usually is not anyone to claim other than the individual him or herself, as well as the fact that not many...

Do You Know When To File A Tax Return? by Ken Snowie

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The short answer is yes...if your business is located in Nevada. Otherwise, your best bet is to form your business entity in the state where your business operates.There many myths about forming Nevada...

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Who are the CPA Moms?      Your Tax Professional Forever!!!!

“CPA Moms - Tax Moms - EA Moms" are trade names given to Accounting and Tax Professionals who chose to work in an “relaxed” environment. Some "Moms" work from home, other work from personal offices. Not all are Moms, there are some Dads. We call them Mr. Tax Moms. CPA Dads or Enrolled Agents Dads.
Each Mom is independent. Once a client starts working with a Mom, the client will keep the same “Mom” year after year regardless of where the client moves or relocates. Being in a “relaxed” environment has many advantages. Lower overhead, faster response time, more availability, etc.
To be a member a CPA Mom, Tax Moms, or an Erolled Moms the Tax Professional must ALWAYS be in good standing with their state licensing agency, experienced, and must demonstrate a high level of ethics, professionalism and proficiency.
Tax Net Inc, the parent company for all CPA Moms, Tax Moms and Enrolled Moms, developed the marketing and on-line systems to help qualified Tax Professionals who "choose" work from their “relaxed” environment and offer better service at a lower price to the consumer.
Since the “Moms” do taxes and accounting of all complexities, there is always a Mom available for every level of work. Since each Mom has a private 800 number, you are just a phone call away, regardless of where you live.
For reliability and dependability of Tax Net, Inc, the parent company of the “Moms” organization click on the Better Business Bureau (BBB) icon.

To Join CPA Moms

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Index of Articles about Taxes

What Other Authors say about Taxes

Tips For Preparing Your Taxes from the Internet by Cal Golden

When it comes to preparing our taxes, many of us could use some help. The following websites offer guidance and information that may assist you in learning about how to get the most out of filing your...

Doing Your Taxes by Carl LaFresnaye

When an individual is younger, it is much easier to do taxes at the end of the year since there usually is not anyone to claim other than the individual him or herself, as well as the fact that not many...

Do You Know When To File A Tax Return? by Ken Snowie

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?...

Should You Form a Nevada LLC? by Simon Maher

The short answer is yes...if your business is located in Nevada. Otherwise, your best bet is to form your business entity in the state where your business operates.There many myths about forming Nevada...

Using The Federal Withholding Tax Table by Carl LaFresnaye

The federal withholding tax table is used to determine the amount of taxes that an individual must pay according to his or her living status, amount of money he or she makes, and his or her age. These...