When Do You File A Tax Return

When Do you​ File a​ Tax Return?
The first known income tax that Americans were legally required to​ pay was enacted during the​ 1860s,​ and the​ Presidency of​ Abraham Lincoln .​
the​ Civil War was proving very costly to​ fund,​ and the​ President and Congress created the​ Commissioner of​ Revenue and enacted a​ law requiring citizens to​ pay income tax.
Originally,​ the​ deadline for completing and filing your individual income tax was not April 15th .​
in​ the​ beginning,​ it​ was first set for March 1st .​
Then,​ during 1918,​ Congress pushed the​ date out to​ March 15th .​
Then,​ in​ the​ great overhaul of​ 1954,​ the​ date was once again moved forward to​ April 15th,​ and this is​ where it​ remains today .​
But,​ it​ has only been set this way for a​ little over 50 years .​
That’s not very long,​ in​ historical terms,​ and it​ could possibly be changed again.
If you​ are an​ individual tax payer,​ you​ are required to​ file either a​ return or​ an​ extension of​ time to​ file (Form 4868) by April 15th .​
Corporate and other legal entities are required to​ file their tax return by March 15th,​ and if​ not,​ they also must file an​ extension of​ time to​ file .​
What this extension does not do,​ is​ to​ extend the​ amount of​ time you​ have to​ pay any taxes due the​ government .​
So,​ if​ you​ are unable to​ ready your personal or​ business financial information in​ a​ timely manner,​ and have no reasonable estimate as​ to​ the​ amount of​ tax you​ may owe,​ you​ can expect to​ pay some form of​ penalty.
In the​ years following WWII,​ the​ burden of​ tax responsibility was shared fairly equally by the​ corporate world and the​ individual tax payer .​
Today,​ however,​ the​ shift has been toward more responsibility on​ the​ part of​ the​ individual,​ and less on​ the​ business backs .​
to​ demonstrate how special interests have begu​n to​ overtake American politics,​ during 1867,​ public opinion was so strong,​ and the​ outcry of​ the​ general public so loud,​ that the​ President and Congress repealed the​ income tax law,​ and from 1868 until 1913 almost all of​ the​ revenue for government operation came from the​ sale of​ liquor,​ beer,​ wine,​ and tobacco .​

An interesting time during the​ formation and eventual taxation of​ America occurred during 1918 .​
Until that point in​ time,​ the​ vast majority of​ revenue for government funding came from alcoholic beverage sales .​
in​ 1919,​ Congress passed an​ amendment to​ the​ Constitution that made it​ illegal to​ manufacture or​ sell alcohol; what would replace the​ revenue? American income tax was the​ proposed solution,​ and we’ve been paying since .​
Although during the​ great years known as​ Prohibition,​ many revenue agents spent their days tracking down moon shiners not tax evaders,​ the​ American citizen,​ the​ individual taxpayer took on​ the​ heavy burden of​ supporting government revenue,​ and it​ has become heavier with each passing year.
Then,​ during 1942,​ the​ Revenue Act of​ 1942 was passed and the​ New Deal era was begun .​
Since that point in​ time,​ government control,​ power,​ and expenditures has continued to​ increase at​ a​ phenomenal rate,​ and today the​ American taxpayer supports a​ trillion dollar giant known as​ the​ United States government .​
This ravenous beast consumes more than 10% of​ our earned income each year,​ and if​ the​ Social Security Administration has their way,​ will continue to​ consumer even more of​ our weekly earnings .​
We can foresee no other relief in​ sight.
Currently,​ all the​ tax regulations for this country are the​ responsibility of​ the​ Internal Revenue Service,​ and there are four major divisions of​ this government office: the​ Wage and Investment,​ Small/Business Self-Employed,​ the​ Large and Midsize Business and the​ Tax Exempt and Government Entities .​
Each division has responsibilities as​ they pertain to​ their individual specialty.
When Do You File A Tax Return When Do You File A Tax Return Reviewed by Henda Yesti on July 07, 2018 Rating: 5

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