BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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This is the start of the tax year.
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This is the end of the tax year.
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This is the filing deadline for federal income tax returns.
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This is the anniversary of the birth of the IRS.
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Detailed explanation-1: -In the United States, Tax Day is the day on which individual income tax returns are due to be submitted to the federal government. Since 1955, Tax Day has typically fallen on or just after April 15. Tax Day was first introduced in 1913, when the Sixteenth Amendment was ratified.
Detailed explanation-2: -Taxes provide revenue for federal, local, and state governments to fund essential services–defense, highways, police, a justice system–that benefit all citizens, who could not provide such services very effectively for themselves.
Detailed explanation-3: -1862-President Lincoln signed into law a revenue-raising measure to help pay for Civil War expenses. The measure created a Commissioner of Internal Revenue and the nation’s first income tax. It levied a 3 percent tax on incomes between $600 and $10, 000 and a 5 percent tax on incomes of more than $10, 000.
Detailed explanation-4: -A tax return provides information so that the taxation authority can check on the taxpayer’s calculations, or can determine the amount of tax owed if the taxpayer is not required to calculate that amount.
Detailed explanation-5: -Tax Day is the due date for federal individual income tax returns and tax payments. For most taxpayers-in most years-federal income tax returns must be submitted to the Internal Revenue Service (IRS) by April 15. This date applies to individuals who file taxes based on a calendar year.