Tax Day is quickly approaching here in the United States. Hopefully, you have already filed your 2023 tax return. Furthermore, we hope you have already received a nice refund. Or you expect to receive that refund shortly. If you had to pay more to the Internal Revenue Service than you have already paid, then we feel for you.
Here’s What You Need To Know If You File On Tax Day
If you are a procrastinator, and you’re waiting until the last moment to file your return, then the tunes below should help you survive the day. Remember, you can also request an extension from the I.R.S. If you choose to do that, you will have until October 15th to file your full return.
Incidentally, there is no financial penalty for filing an extension. But make sure you don’t skip a year. That’s when the penalties and fines start to add up quickly. Either way, make sure your tax return or your extension form are postmarked by April 15th to avoid fines and penalties.
The History of Income Tax Day
So when did we, as Americans, have to start paying taxes on our income? A quick internet search reveals that a plan was originally formulated during the War of 1812 against England. But before it could be passed into law, hostilities ended and there was no longer a need to impose the tax.
The next major war in the United States came later that century. You guessed it, The Civil War. One of our most renowned leaders, President Abraham Lincoln, introduced the first personal income tax in the U.S.A. in 1861 to help fund the Union’s war effort. That’s according to an article by Phillip Nieto on FoxBusiness.com. However, Lincoln’s “flat tax” was repealed in 1872.
Fast forward to 1913 when Congress ratified the 16th amendment. That’s when our government began taxing our income. Subsequently, corporate taxes were also instituted.
In the meantime, while you’re feverishly working to complete that tax return, enjoy these six great songs below.
(Updated April 11, 2024)
