Taxes

What are taxes?

According to Investopedia.com, “Generally speaking, the federal government levies income, corporate and payroll taxes, the state levies sales taxes, and municipalities or other local governments levy property taxes. Tax revenues are used for public services and the operation of the government, as well as the Social Security and Medicare programs.”

 

Types of taxes include, but are not limited to:

  • Federal.
  • State.
  • Income.
    • May be taxed at Federal and/or State levels. 
  • Property. 
  • Sales.

 

Why do we pay taxes? Where does our tax money go?

  • Pay salaries of government workers.
  • Support police and firefighters.
  • Military funding.
  • Ensure the safety and maintenance of roads.
  • Fund public parks and libraries.
  • Fund programs that help the poor/less fortunate/underprivileged.
  • Fund schools.

 

What is the IRS?

  • Internal Revenue Service.
  • Government agency that oversees taxes.
  • Requires you to pay taxes or face penalties, including fines and jail time.

 

How are taxes filed?

  • Multiple forms exist.
  • Must file the form(s) pertinent to you.
  • File independently.
  • Hire someone to file your taxes for you.
  • May qualify for free tax preparation help.
    • Can search for information on this on the IRS.gov website.

 

What’s a good resource for learning more about taxes?

  • IRS.gov.
  • Consult a professional, such as a CPA (Certified Public Accountant).

 

 

Do your own research! No Longer Silenced Movement encourages you to do your own research about topics of your interest in order to formulate your own educated opinion.