Happy Birthday 1040!

Has it only been 100 years since Americans have been filing the 1040 federal tax form?  Seems a lot longer!  When the 1040 form was “born” in 1913, it was only one page and only a mere 3% of the population was required to pay federal taxes.  Today, the 1040 form is a bit more elaborate, and 54% of us have to add to the coffers of the United States Treasury.

Although such percentages as well as tax rates have varied over the years, as the adage goes, two things in life are certain.  And you already know what those two things are!

“You have to pay your partner!”
as an accountant of mine used to always say

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