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. In order to fund various types of public and governmental expenditures, the state or the nation are imposing and charging taxes which is in the form of monetary worth or value or other levy for a taxpayer, that may be an individual and business or legal entity. A tax is charged or imposed to a taxpayer in the purpose of raising the profit or income that can be used for funding the government of a specific country and also includes other types of functions which includes expenditures and income on distribution, dissemination and data collection, public insurance, the government, the economic infrastructure such as health care systems, legal systems, roads, public transportations, sanitation, public safety and education, military, scientific research, highways and public works, culture and arts. 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. The government is the one who is responsible in producing and creating the system of taxation and together with the nation is also responsible in making choices with regards to the tax burden and in how the collected taxes from the tax payers will be spent, who will pay the taxes and how much is the amount of the taxes that they need to pay.
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.