Business & Finance Taxes

Information on Taxes

    History

    • The origins of taxes can be placed in ancient Egypt, Rome or Greece. Scribes were Egyptian tax collectors. The Athenians in Greece had taxes that were known as "eisphora" (these taxes were to pay for wartime costs). Foreigners had to pay taxes every month called "metoikion." In Rome, there were taxes known as "portoria," which were for both exports and imports.

    Time Frame

    • Taxes have to be filed by April 15 of every year. If April 15 takes place on a weekend, the taxes have to be filed on the closest business day. However, it is helpful to start filing taxes early if possible. Taxes must be postmarked by midnight of April 15 to be acceptable.

    Calculations

    • When filing income taxes, there are many calculations that need to be made. These include your annual income (detailed on the W2 form you should receive from your place of employment), extra taxes, credits and deductions, which are a helpful way to possibly lessen your taxes.

    Itemized Deductions

    • Going for itemized deductions, if possible, are a good way for people to minimize their taxes. If you spend a lot of money on things like donations to charity, medical expenses, mortgage interest and personal property taxes, you most likely will be able to use them as itemized deductions.

    Types

    • From direct to indirect to progressive and proportional, there are a lot of different types of taxes. Some of the most common types include income tax, poll tax, retirement tax, property tax, value-added tax, wealth tax, capital gains tax, excise tax and corporation tax.

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