Tax season is here: three things you might not know about taxes

The season some dread and least look forward to - tax season! The IRS (Internal Revenue Service) has announced that you can start filing for taxes on February 12, 2021.

Have you paid your 2020 income taxes? You have until April 15 to file 2020 tax returns. October 20th is the last day to file for an extension on 2020 tax returns.

Here are three things you might not know about taxes:

  1. Abraham Lincoln needed money to fund the civil war. One solution was to sign into law the first-ever tax on personal income. It was repealed 10 years later.

  2. In 1909, congress passed the 16th amendment. This allows the federal government to tax people based on personal income. In 1913, a required number of states ratified the amendment and personal income taxes have been paid and continue to be paid ever since.

  3. Wars have highly influenced how taxes were imposed. Bonds and taxes are two of the major ways a government can raise money for wars.

Share with us your experience filing taxes. Love it or hate it? Let us know we want to hear your thoughts!

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