Why not learn more about Taxes?

General Views on Tax Returns Some would not know when people were taxed or how taxes came about in the past, but simple understanding and information given is that the taxes collected from the people will be used by the government to help implement projects and activities that the general public would benefit. In the past governments, some would collect taxes in the form of labor, products and even high valued things like gold. Today, taxes are collected in money form. Taxes therefore are our compulsory payables to our government. In the past, wars and public projects were funded through taxes. Nowadays, taxes are necessary to help building a country’s infrastructure, in offering education privileges, in funding economic structures, payments to maintain law and order, in building roads, pay for administration expenses, for the country’s defense, etc. With then president Woodrow Wilson in 1913, the Federal Income Tax was set and the system deducted from a person’s income about 1% to 7% of his or her earnings. After that period, there were new taxes that have been added, and after World War I, the law had set taxes four times bigger.
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In America for example, there is a certain level of income that citizens are expected to file their tax returns. Some with salaries or pensions under a Pay As You Earn condition are not expected to file their returns.
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All details of income and expenses incurred of the same period are to be filled in the tax return form which is given by the IRS or Internal Revenue Service. The amount of taxes to be paid are computed based on these information, and you can calculate this or have the IRS do it for you. The tax return form is composed of one page which everybody has to fill in, and with nine supplementary forms for those people with specific types of income that they have to file. Even if you are self-employed, for as long as you other forms of income like rental from your property, or interest from your money saved in a national accounts, then you still have to file returns. It is always recommended that you file your correct tax returns once you know that you have not paid correctly based on your income. If you fail to do so and wait for the IRS to inform you, you could be paying a fine or penalty or go to prison. Know that you have to send your tax returns to the local tax office by the end of January after the end of the tax year, or else suffer some penalties.