Jokes and Quotes on Tax

Jokes and Quotes on Tax

Following are some tax jokes, wisecracks, one liners and humor related to tax.

Some tax forms actually ask if the taxpayer is blind.

IRS Joke: According to Charles Rossotti, former IRS Commissioner, there has been good progress in IRS: while earlier it used to be difficult to get through to them on the telephone, these days it is just difficult.

In case you are not pleased that you never got around to writing the popular American novel, cheer up, and browse through your previous tax returns.

Quote: "The Eiffel Tower grows to become the … Read more at 2009 Tax.

Jokes and Quotes on Tax

Following are some tax jokes, wisecracks, one liners and humor related to tax.

Some tax forms actually ask if the taxpayer is blind.

IRS Joke: According to Charles Rossotti, former IRS Commissioner, there has been good progress in IRS: while earlier it used to be difficult to get through to them on the telephone, these days it is just difficult.

In case you are not pleased that you never got around to writing the popular American novel, cheer up, and browse through your previous tax returns.

Quote: "The Eiffel Tower grows to become the Empire State Building when payment of taxes is complete."

Exercising the Freedom of Information Act, the owner of a relatively small business forwarded a communication to the IRS wanting to know if they had a file for his case. The IRS replied, “There is now.”

Quote: “Wouldn’t it be great if we could pay taxes with smiles? Unfortunately, paying by cash is compulsory.”

Q: Have you ever wondered who the auditor is for IRS representatives?

Quote: “Receiving an income tax refund is the most satisfying thing on earth, second only to being targeted with a gunshot and missed.”

Q: In what way can you make a CPA mad?

A: By filling out Form 1040EZ.

Quote: “Government deficit is defined as the expenditure of the government minus the amount it can manage to collect”.

What does it happen that when the IRS ends up losing a tax return, it is usually considered to be a mistake, but when one ends up losing a receipt, it is considered tantamount to tax evasion?

Quote: We all know that death is the wages for sin. However, once you are done with paying taxes, it doesn’t really matter. "

Q: In what way can you make a person humble who is typically proud of his/her wealth?

A: Make them file a tax return.

Quote: The funniest thing about making a tax form out on the level is that even after it’s done you can’t be sure if you are an offender or a sufferer for a cause.

Q: What is the similarity between tax audit and a hurricane?

A: Both give rise to loads of shouting and at the end, you lose your home.

Quote: “Isn’t it time that the government be sanctioned to be listed as a dependent person?”

You would often hear that death and taxes mean the same more or less, but this is not true. Death might be a taxable event, but the matter of taxes can never die down.

Tax Changes you Need to Know About

Tax Changes you Need to Know About

The American Recovery and Reinvestment Act (ARRA) has many different tax provisions to spur economic growth. The First Time Home Buyer’s credit and the new expanded Long Time Home Buyers credit are things you can take advantage of if you purchase a home. Tuition changes make school more affordable. And making your home more energy efficient can earn you tax credit.

The IRA limits have been increased to provide additional saving opportunities. Now singles with income up to $65,000 and couples with income up to $109,000 can put money into IRAs with … Read more at 2009 Tax.

Tax Changes you Need to Know About

The American Recovery and Reinvestment Act (ARRA) has many different tax provisions to spur economic growth. The First Time Home Buyer’s credit and the new expanded Long Time Home Buyers credit are things you can take advantage of if you purchase a home. Tuition changes make school more affordable. And making your home more energy efficient can earn you tax credit.

The IRA limits have been increased to provide additional saving opportunities. Now singles with income up to $65,000 and couples with income up to $109,000 can put money into IRAs with a deduction.

Standard deductions have been increased for almost everyone which reduces your tax burden. And the standard mileage rates have been improved to make driving for work affordable. A 55 cent deduction is available for business travel while 24 cents per mile is available for medical travel.

Finally the ceiling for child interest income taxed at a child’s tax rate (Kiddie tax) has been raised to $1,900. Gifting more to children is now beneficial for the whole family.

When Should You File Your Tax Return?

When Should You File Your Tax Return?

It’s a routine affair for millions of US citizens to get ready every year by collecting their records and receipts for filing their federal income tax returns. Do you know when the first tax season got started? Let us have a look at this peculiar day of “April 15th” and see the reason behind it being selected as the tax day.

In the 1860s, under the presidency of Abraham Lincoln, income tax payments became mandatory. The Congress and the President jointly selected the Commissioner of the Revenue and formulated the federal income … Read more at 2009 Tax.

When Should You File Your Tax Return?

It’s a routine affair for millions of US citizens to get ready every year by collecting their records and receipts for filing their federal income tax returns. Do you know when the first tax season got started? Let us have a look at this peculiar day of “April 15th” and see the reason behind it being selected as the tax day.

In the 1860s, under the presidency of Abraham Lincoln, income tax payments became mandatory. The Congress and the President jointly selected the Commissioner of the Revenue and formulated the federal income tax law for funding the expensive Civil War.

Originally, April 15 was not the deadline but March 1, which is when you were supposed to submit all your income taxes by. But in 1918, the date was shifted to March 15 by the Congress. Again in 1954, the tax date was changed and moved to April 15, which is still prevailing and is known as the tax deadline ever since.

Individual taxpayers need to file a return or take an extension of date (Form 4868) by the 15th of April. March 15 is the deadline for the legal or corporate sector for filing their tax return or taking a date extension. What this extension gives you is some extra time for filing the tax return, not for paying the money that you owe.

Post Second World War, for a few years, the whole of the country’s tax responsibility was almost equally divided between the individual and corporate taxpayers. Today, this tax burden seems to be moving away from the corporate, and individuals are getting hard-pressed.

Around 1918, while the income tax laws were formulated in America, an interesting event occurred. Till that time, sale of alcoholic beverages contributed a major portion of revenues for the government funding.

Just at that time, the law of Prohibition came into force. The Constitution was amended in 1919 to prohibit the sale and manufacturing of alcohol in the country. Income tax was proposed as the solution for the revenue lost; and in spite of the abolishment of Prohibition, income tax payments were made compulsory.

With the advent of the “New Deal” age after passing the 1942 Revenue Act, there was continual exponential increase of government expenditures and control, and now the average American taxpayers are supporting the million billion dollar National Debt.

Presently, the IRS is taking care of all sorts of tax regulations in the country; the IRS has got 4 departments or divisions: Large and Mid-size Business, Small Business Self-Employed, Tax Exempt and Government, and Wage and Investment. It is the responsibility of each department to govern the relevant tax laws as well as the taxpayers.

When Is The Best Time To Go For A Tax Return Filing?

When Is The Best Time To Go For A Tax Return Filing?

Millions of US citizens get ready either for paying taxes or for collecting tax refund from the government by 15th of April each year; when exactly did this day become a great day for the taxpayers and when are the people expected to file their income tax returns? Let us see the history of the date “15 April” as the date for income taxes and why it got chosen.

In the early 1860s, under the reign of President Abraham Lincoln, the Americans were known to pay the first … Read more at 2009 Tax.

When Is The Best Time To Go For A Tax Return Filing?

Millions of US citizens get ready either for paying taxes or for collecting tax refund from the government by 15th of April each year; when exactly did this day become a great day for the taxpayers and when are the people expected to file their income tax returns? Let us see the history of the date “15 April” as the date for income taxes and why it got chosen.

In the early 1860s, under the reign of President Abraham Lincoln, the Americans were known to pay the first income tax to the government. There was a huge loss to the country’s economy due to the Civil War, and the government decided to create an internal revenue-generating system and a law was enforced to make the citizens pay a federal income tax. The present-day income tax got started this way. On the basis of progressive or graduated taxation principles and of cutting a share of income at source, the income tax procedure was formulated. The commissioner had the highest authority of assessing, levying, and collecting federal income taxes. He also had the authority of enforcing tax laws through prosecution or by capturing income and property.

Initially, 15 April was not the deadline for filing the income tax. First March was the date initially set for this purpose. In 1918, the then Congress reset the date to 15th of March. Afterwards in the “1954 amendments”, the date was finally fixed at 15th of April, and is going on like that till today. The question is why this particular date? Many scholars argue that with this date, IRS gets more time for handling the workload and it can work conveniently for offering any tax refund. For over fifty years now, 15 April has been the official date for this purpose. Historically speaking, this is not a very long time period, and to a higher possibility could again be changed.

Being a taxpayer yourself, you are supposed to file a return or a time extension (Form 4868) on or before 15th of April. Legal or other corporate entities are supposed to file their tax returns or federal income tax return on or before 15 March, or they also can take a time extension. During this extended period of time, you will have to pay the government some extra taxes due. Therefore, if you are not ready with your business or personal financial information by the government-specified date, you are supposed to pay some extra tax in form of a penalty.

After World War II, the whole tax responsibility was equally shared by both the individual and corporate taxpayers. However nowadays, the responsibility has been shifted more toward individuals compared to business entities. In and around the year 1867, people started becoming more concerned about their special interests, they started raising their voice and getting heard, and finally in 1872, the government had to abolish the income tax law; and during the period from 1872 to 1913, almost all the government revenue was generated through the sale of tobacco, wine, liquor, and beer. In 1894, for a brief period of time, the income tax came back into force again, but soon afterwards in 1895, the US Supreme Court declared it unconstitutional with regard to it being not apportioned properly among all the states conforming to their Constitution.

Around 1918 in America, eventual taxation laws were defined. Until then, the government generated a major part of tax revenues from selling alcoholic beverages and through imports and exports. After the Constitutional amendment in 1919 when alcohol selling and manufacturing were made illegal, it became imperative to look for an alternative revenue-earner. Federal income tax was proposed as the solution, and since then it is operational till today. During the period from 1920 to 1933, when no alcoholic beverages were allowed to be sold in the country, the individual taxpayer had to take on a heavy burden to support the government revenue, and the burden naturally got heavier with time. Some people were in the business of illegal liquor making, and they had to pay tax too on the liquor so produced; these bootleggers were often imprisoned for tax evasion but and not for bootlegging. In case you wanted to prosecute somebody, taxes would invariably come into focus.

With the passing of the “Revenue Act of 1942”, a new era began in the American history known as the New Deal period. Since then there have been a continuous growth in the government power, control, and expenditures; and today, the US government has become a multi-billion dollar giant supported by the individual American taxpayers. Every year, it consumes 10 percent of the income that we earn, and it tends to eat up even more money once the Social Security Administration comes into play. There is nothing that we can anticipate as a sign of relief.

At present, IRS is taking all the responsibilities of tax regulations in the country, and this office has got 4 major segments, namely, the Small Business & Self-Employed, the Investment & Wage, the Large & Mid-size Business, and the Government Entities & Tax Exempt. Certain specific responsibilities are imposed upon each of these divisions.

The ways of collecting and calculating taxes are always in the focus and there is continuous effort of how to modify them for the better. National sales tax and the flat tax are the most common forms of taxes. It all depends upon the Congress to take the step up and make a change; otherwise taxes will continue to remain a cumbersome affair for everybody.

IRS Publication 17

IRS Publication 17

Title ‘Your Federal Income Tax’, Publication 17 is the most important IRS publication that you can have available while preparing your income taxes for 2009. This publication is available in a number of different formats including online, in a PDF, and in printed format.

The two electronic versions of Publication 17, the online version and the PDF version, have a multitude of links to other useful information and making getting the best answers to your questions easy and quick. And not only does the IRS have information on tax laws that have been in existence for … Read more at 2009 Tax.

IRS Publication 17

Title ‘Your Federal Income Tax’, Publication 17 is the most important IRS publication that you can have available while preparing your income taxes for 2009. This publication is available in a number of different formats including online, in a PDF, and in printed format.

The two electronic versions of Publication 17, the online version and the PDF version, have a multitude of links to other useful information and making getting the best answers to your questions easy and quick. And not only does the IRS have information on tax laws that have been in existence for decades, but the publication also has information on tax laws that were just passed last year. This recent information is very valuable and can increase your return significantly.

There are two languages available for the publication including Spanish, if English is not your first language. To get an electronic copy of the publication go to the IRS.gov website. Printed publications can be ordered by calling the IRS at 1-800-829-3676.

IRS Free File Is Available To Many

IRS Free File Is Available To Many

In 2003 the IRS began a program to provide free e-filing options to US citizens that need to file tax returns. The program has been widely successful with over 20 different tax filing programs taking part and over 27 million tax returns filed with the program. Individuals wishing to take advantage of the program can select a tax preparation software package and file their return with the application. Or tax filers can use electronic versions of IRS forms and file directly with the IRS.

Just access the IRS.gov website and select a … Read more at 2009 Tax.

IRS Free File Is Available To Many

In 2003 the IRS began a program to provide free e-filing options to US citizens that need to file tax returns. The program has been widely successful with over 20 different tax filing programs taking part and over 27 million tax returns filed with the program. Individuals wishing to take advantage of the program can select a tax preparation software package and file their return with the application. Or tax filers can use electronic versions of IRS forms and file directly with the IRS.

Just access the IRS.gov website and select a tax preparation software program that you want to use. As long as your income is below $57,000 you can use the 3rd part software tools. If your income is above this line established by the IRS, you will have to use the IRS forms online to file for free.

Make sure you start with the IRS.gov website to claim the free filing option. And sometimes filing with the IRS fill-in forms can be difficult if your return is complex. Paying for professional assistance or a complete software package can be beneficial in getting the most return available to you.