Do You Know When To File A Tax Return
Below is a MRR and PLR article in category Finance -> subcategory Taxes.
Do You Know When to File a Tax Return?
Summary
Every year, millions of Americans face the annual task of preparing their Federal Income Tax Returns. But why is April 15 designated as tax day? Let’s explore the history behind this date.The Origins of Tax Day
The requirement for Americans to pay income taxes dates back to the 1860s during Abraham Lincoln’s presidency. To fund the Civil War, President Lincoln and Congress established the Commissioner of Revenue and enacted a Federal Income Tax law.Initially, the deadline for filing was March 1. However, in 1918, Congress changed it to March 15, and it was moved again to April 15 in 1954, where it remains today.
Filing Requirements
Individual taxpayers must file their returns or request an extension (Form 4868) by April 15. Corporations and similar entities have a deadline of March 15. Note that an extension allows more time to file the return but not to pay any owed taxes.Tax Burden Shifts
Post-World War II, the tax burden was fairly distributed between corporations and individuals. Nowadays, individuals bear a larger portion of this responsibility.Prohibition and Income Tax
An interesting development in tax history occurred in 1918. Before this time, government revenue largely depended on alcohol sales. However, after the 1919 Prohibition amendment, which banned alcohol manufacturing and sales, income tax became a necessary revenue source. Even after Prohibition ended, income taxes remained.The Modern Tax System
With the Revenue Act of 1942 and the New Deal era, government control and spending have significantly increased, leading to today’s multi-trillion dollar national debt. The Internal Revenue Service (IRS) now oversees all tax regulations, organized into four main divisions: Wage and Investment, Small Business/Self-Employed, Large and Midsize Business, and Tax-Exempt and Government. Each division administers laws pertinent to its area of oversight.You can find the original non-AI version of this article here: Do You Know When To File A Tax Return .
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