02/10/2022
Most people cringe at the sound of income taxes, but do you know when it all started?
During the Civil War in 1861 the first federal income tax was created in an effort to finance the war. While Congress passed the Internal Revenue Act in 1862 creating the Bureau of Internal Revenue placing excise taxes on items from to***co to jewelry it lacked substantial support and was repealed in 1872.
It was not until 1913, the 16th Amendment to the Constitution was ratified, granting Congress the power to tax personal income. In 1914 the Bureau of Internal Revenue released the first income tax form, called Form 1040.
While we still have Form 1040, tax forms have become complex and are constantly changing from year to year. If you need assistance with your personal/business taxes please feel free to contact me.
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