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A LITTLE HISTORY ABOUT THE TAX SYSTEM AND HOW TO MAKE TAX PAYMENTS EASIER

How did the tax system begin in US?

The civil war was costing the government a lot so they came up with the idea of income tax, an act in 1860’s was passed when Abraham Lincoln was president, at first the tax filing date used to 1st of march but now its 15th April every year. The taxes we pay are used by government to develop so many things. But the date is not fixed it can be changed in future. By 15th of April if you are an individual tax payer you need to pay file your tax returns or you could be in trouble. The corporate and legal sector people need to pay 15th march or file an extension or they can face problems. Before the 1918 the major tax payers were the industry like the tobacco or liquor but when the government liquor illegal in 1919 where the revenue will come from that’s when the governments eyes turned to individual salaries and taxes were applied to them and they keep on increasing every month. This increasing burden of tax and the treatment by the IRS towards us has made our life tough. We lose almost 10% of our income to the government and if we don’t give they take it by force. Not only on salary on tips, bonus everything we have to give tax. The tax records are maintained by IRS and they can even take you to court if you don’t pay tax. But the industries these days are highly favoured while individuals are getting more and more burdened by increase in everything.

You can make paying taxes a lot easier:

The worst job of the entire year is paying taxes and most of us make a rush at the last moment, as we all know hasty decisions make us suffer. Due to our ignorance all year the tax payment is an issue and at times are silly mistakes cause us audit which is embarrassing. So to avoid this situation you should give a head start. You should give it head start you should calculated all taxes and not forget any extra sources of income if there are any. Try to keep previous 6 years records at the very least in case you are called for an audit. At times it’s not intentionally done by us but the IRS does not spare us, as it’s a tedious job for them to collect correct tax from each and every one. To fill in your income tax right you can download the income tax software or you can also approach the IRS, they are more helpful than you think or you could surf the net.

Have a bad credit go for credit counseling

Most of us today have a problem of having bad credit and we do not know the steps to fix our bad credit. That is when we require a credit advisor a credit advisor advices us the methods to improve our credit. Credit counseling can cost you, but there are a few government organizations that provide you credit counseling free of cost. The credit counselor starts with looking at you credit report, he will plan out the way you can improve your credit, if you follow the plan laid by him you credit will start improving soon. But if you fall in the hands of a bad credit counselor it can cost you a lot, a misguided counseling can lead to loss of money and downfall of your credit score even greater. Make sure to check the background of the credit counseling company, the feed backs of previous customers will give you a good idea.

You can look offline or online for such a company. After hiring a company to do your job make sure to tell them your requirement’s give them correct info and documentation of all you expenses, with sufficient proof they can help you out of you situation and improve your credit. They can also help clear up things to the lender that can help you a lot.

Have a bad credit not getting approved for loans ever heard about adverse credit loans?

All of us need loans to buy house or car none of us have the kind of cash to make cash payment. But some of us have bad credit, still require loan but are not getting approved then adverse credit loans can help you out a bit. The credit lenders want to play safe, they are sitting in market to earn money so they go for customers who have a good credit history, but some of them also provide loan to people with bad credit but at a higher price as they are high risk clients.

For borrowers who think is a good option be aware, the interest rate will be high, if you default the consequences will be harsher. But if the company wants your business and not money they will not keep the rates too high and if they do go to a company that cares. Just because you need a loan don’t let the lender take control find out more lender, compare them and choose the one economically possible for you.