“It has been said that nothing is true in life but death and taxes. This has always been true since civilizations have been in existence. The first known civilization in Mesopotamia required citizens to pay taxes in kind. The citizen would have to pay tax through service or by livestock. Taxes today have changed from use taxes to income tax, but the fundamentals have always been the same: pay a tax to support the greater good. Regardless of where our taxes go, it may be assumed that taxes will always be around no matter what.”Benjamin Franklin, Letter to Jean Baptiste Le Roy, 13 Nov. 1789
Since we cannot escape taxes then the next best thing is to understand, if only a little, how our specific situations fit into the taxing structure. Working on tax returns year Since we cannot escape taxes, then the next best thing is to understand, if only a little, how our specific situations fit into the taxing structure. Working on tax returns the year after allows me to see what people have missed in allowable deductions on personal and business returns. Lost opportunities to legitimately save a couple of dollars off the tax bill are hard to come by. Simply not knowing these things prevents an individual from retaining the proper documentation throughout the year. Once finding out that a specific purchase and the needed receipt could save some money on the back end is terrific. However, if you do not have the detailed documentation on hand, it may be lost impossible to obtain it later on. As simple as your tax return is, it may be essential to consult a professional to know what to expect. That is most important when it comes to life-changing events such as the birth of children, raises at work, becoming self-employed, investment plans or anything else that may change your financial structure. Lost opportunities are just that, lost.