We know you have a choice when choosing a tax professional, and we want to thank you for your business! We want to let you know about important events at the Internal Revenue Service (IRS) that impacts us all.
According to
forty percent of Americans do not owe income tax. However, this same percentage pays payroll tax. Seventeen percent pay neither income nor income tax. The Internal Revenue Service (IRS) will eventually find those who do not pay income taxes, in which people are brought into court for back taxes. However, there is no discrimination among employers, such as celebrities and persons within the media.
One fifth of Americans earnings go to defense, one fifth to social security, one fifth to healthcare, and very little goes to veterans. Income tax was present during the Civil War, then was declared unconstitutional by the Supreme Court in 1895, and then came back in 1913, establishing the modern income tax known today. The reason why spring, or April 15th, is the deadline for taxes due, was initially due to the rich going out of town without paying what was owe. Tax laws were rewritten in 1986, and have become a complicated structure. However, no one has challenged them since.
About Income Tax
An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate tax, corporate income tax, or profit tax. Various systems define income differently and often allow notional reductions of income (such as a reduction based on number of children supported).
