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Why Tax Returns are Helpful to Individuals and Families

There is no doubt that in this time and age everything that we buy, everything that we own and everything that is available in the market has taxes that are implemented by our government and laws. Taxes is anything that is in monetary value or other levy that is charged or imposed to an individual or legal or business entity which is also called as taxpayers by the state where they are situated in order to fund different kinds of public expenditures. 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 process of creating and producing a system of taxes is assigned to the government of a certain country and together with the whole nation they make choices in regards to the tax burden that is distributed to each and every citizens for who is going to pay, how much they need to pay and how the taxes that is collected from the taxpayers will be spent.

A tax return for example in United States of America is a report that is file either with the state, the IRS or internal revenue service or the tax collection agency that is situated locally, that contains the information that is used to calculate other taxes and income taxes. IRS or internal revenue service is a type of agency of the government like for example the bureau of the department of treasury which is under the direction and leadership of the commissioner of internal revenue, which is responsible for the intake of the government’s revenue that includes all kinds of taxes and other non-tax revenues in the purpose of the collection of taxes and the administration of internal revenue code or IRC. 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.

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