History of Income Taxes and Why We File on April 15

Every year you do your taxes but have you ever stopped and wondered how the payment of income taxes got started? Or why the due date to file tax returns is April 15?

The federal government’s top source of revenue, income taxes are an important part of society. It’s how we pay for many of the necessities that are a part of our daily lives. Members of the nation’s workforce as well as entities such as corporations, trusts, estates, and others that pay income taxes with their profits pay these taxes.

Tax Deductions of the Self-Employed

Being self-employed can be a difficult and costly task. As a business owner, you’re responsible for all costs of your company as well as getting customers and generating income.

Luckily, the government has taken into account these hardships giving the self-employed certain tax deductions that can make their financial situation a little easier.

Self-Employment Tax Deductions

10 Lowest Taxed States

The average American family pays almost $7,000 in state and local taxes annually. But some states pay much less than others.

In 2015 WalletHub analyzed how state and local taxes compared in each of the 50 states plus Washington, D.C. They based their study on nine different types of taxation: real estate taxes, state and local income taxes, vehicle property taxes, vehicle sales taxes, sales and use taxes, fuel taxes, alcohol taxes, food taxes, and telecom taxes.