• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

Form 1040 turns 100

by on
in Small Business Tax

You may not be celebrating, but this year is the 100th birthday of federal income taxes. On Feb. 3, 1913, the 16th Amendment was ratified, giving Congress “the power to lay and collect taxes on incomes …” The Revenue Act of 1913, officially creating the first permanent federal income tax, was enacted later that year.

The initial two-page 1040 featured deductions for personal interest, federal excise tax, state and local taxes, casualty and theft losses, bad debts, business expenses and depreciation of business assets, with a top tax rate of 7%.

Like what you've read? ...Republish it and share great business tips!

Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...

We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.

The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.

" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/35041/form-1040-turns-100 "

Related Articles...

    No matches

Leave a Comment