Here is something that many of the taxpayers may get a little kick out of. It is a copy of the first tax return that was ever filed in the US. Take a quick look at how small the tax return is compared with the returns taxpayers file today. With all the talk about how the Congress is trying to simplify the tax code, there have been over five thousand changes in tax laws since 1986. Many changes have resulted into new tax forms and the simple 1040 tax return instructions is around ninety-two pages.
Now that it is July, many taxpayers don’t have taxes on their mind, but this is the best time to have a little mid-year tax check-up to ensure that everything is on track for year-end. There have been quite a few changes since last filing season and the AMT will have to be revisited by Congress again this year. Be sure to speak to your tax advisor so you can return your taxes to the good ole days.
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