Archives For taxes

 

Interested in a video on taxes? Here’s how the composition of federal revenues, as well as state and local revenues, have changed over time.

Back in ancient Rome, the tax collector was a person that everyone despised. People knew that when the tax collector would visit, he would collect extra and line his pockets with your hard-earned coins.

Today, the function of the tax collector is spread out through several functions. Retail businesses collect sales tax on goods and send that sales tax to the state. Tax preparers, software, and CPAs determine your annual tax liabilities (after businesses have already collected payroll taxes from every W-2 and remitted them to the IRS). And the list goes on.

Today is tax day in the US. Americans spend more on taxes than on food + housing + clothing!

Aren’t you glad the tax collector is done with his visit for this year?

Did you receive an income tax refund this year?

It’s not really a refund. It’s a loan paid back to you without interest.

Do you know how you created that “refund” in the first place? Continue Reading…