Why Tax Returns are Helpful to Individuals and Families
In this day and age, everything in the market and even our owned properties have certain taxes that are most likely imposed by the government and the nation. A tax is anything that is in the form of monetary worth or other levy which is mostly charged and imposed by the state or the government where they are situated to a business or legal entity and individual who are also called as taxpayer in the purpose of funding the different kinds of public and governmental expenditures. Taxes are imposed to a taxpayer in an intention to raise the revenue that is used to fund a certain government and other kinds of functions that includes expenditures and income on military, scientific research, public works and highways, culture and arts, distribution, dissemination and data collection, public insurance, the government and lastly is the economic infrastructure such as health care systems, legal systems, roads, public transportations, sanitation, public safety and education. A certain government are using different types of taxes and varies with the rates of taxes in regards to the social and financial status of a business and an individual or family. For a government to create and produce a system of taxation and the nation is the one who makes the choices in regards to the tax burden that is distributed amongst the citizens for how much they will pay, who is tasked to pay the taxes and how the taxes that is collected will be spent.
In the country of United States of America, a tax return is a type of report that is filed either by the IRS or internal revenue service, by the state or the local tax collection agency that is located in that country, which includes and contains the documents and information which is used in calculating income taxes and other taxes by the government. Internal revenue service is an agency of the government like the bureau of the department of the treasury and is under the direction of the commissioner of internal revenue that is responsible for the intake of the revenue of the government which includes all taxes and some non-tax revenues, for the collection of taxes and the administration of the IRC or internal revenue code. Its other specific purpose of creating and proposing a tax return is to help poor or indigents families or individuals to be able to pay for inclusion in the certain function of offering financial support to them and to offset or compensate the monthly expenses of their own healthcare insurance and other expenditures.