Are you one of those people that every once a year you have the obligation to do taxes? Whether you like it or not this is a duty that must be accomplished in order to not get into a dilemma with the government. In order to do your taxes you must know the history and how they came to be. If not, you are just doing paperwork for the government without knowing what you're getting yourself into. It all dates back to the summer of 1861, we are in the verge of the commencement of the Civil War. The Union Army needed money for the war effort. Salmon P. Chase had just been promoted to President Lincoln's Secretary of Treasury. He reported to Congress that he would need $320 million over the next fiscal year in order to pay for the war efforts.
…show more content…
Personal taxes will be the amount of money you make based off your salary and/or wages. Corporal will be depending on your role within the company. With this being said, Abraham lincoln signed a bill in which the percent taxed would keep increasing depending on the amount of income made. In 1872 the bill was repealed and declared unconstitutional.
Now that you know a little bit of how our nation's first income tax came out to be let's get into detail of how that sets the base of how we do taxes now in present time. First off, many of y’all have at least asked yourself this question at one point in your life, “ Why do I pay taxes?”. Well, I’m going to answer that question for you, firstly, it is not only considered a civic duty to do so, it is required by law as well. In the result, that you decide to …show more content…
There is many different reasons for this but the most significant one is to make sure they won’t get confused and mix up all the tax information with someone else's. Also, you need to prove that you are a resident of the US or the filing status of your residency. The following information that you will need will be the social security numbers and date of births of yourself, spouse, and any dependents if any. Next, will be a copy of your past tax return along with statements from that year’s wages earned and any dividends or or interest from banks if any. Lastly, bring proof of tax credits, tax deductions, and any tax exclusions if any. And lastly, your account number and routing number so if you made more taxes than you were supposed to, the IRS can deposit that money into your
Personal taxes will be the amount of money you make based off your salary and/or wages. Corporal will be depending on your role within the company. With this being said, Abraham lincoln signed a bill in which the percent taxed would keep increasing depending on the amount of income made. In 1872 the bill was repealed and declared unconstitutional.
Now that you know a little bit of how our nation's first income tax came out to be let's get into detail of how that sets the base of how we do taxes now in present time. First off, many of y’all have at least asked yourself this question at one point in your life, “ Why do I pay taxes?”. Well, I’m going to answer that question for you, firstly, it is not only considered a civic duty to do so, it is required by law as well. In the result, that you decide to …show more content…
There is many different reasons for this but the most significant one is to make sure they won’t get confused and mix up all the tax information with someone else's. Also, you need to prove that you are a resident of the US or the filing status of your residency. The following information that you will need will be the social security numbers and date of births of yourself, spouse, and any dependents if any. Next, will be a copy of your past tax return along with statements from that year’s wages earned and any dividends or or interest from banks if any. Lastly, bring proof of tax credits, tax deductions, and any tax exclusions if any. And lastly, your account number and routing number so if you made more taxes than you were supposed to, the IRS can deposit that money into your