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1. History of Taxes

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Understanding the History of Taxes: Expert Advice for Entrepreneurs and Independent Contractors

Welcome to Questioning Your Cents where you can get your real-world, pragmatic tax & financial advice for business owners, entrepreneurs and independent contractors.

We are your host Kevin Molen and Charles Steinmetz. Our job is to help people education on how to manage your money and save taxes. In this episode, we talk about why we have taxes and how our tax laws have changed over time.

Important Points:

  • Intro
  • Al Capone and taxes
  • Formation of the IRS
  • 1986 – major tax reform
  • Bandaids in tax reform with every president
  • Simplification of the tax code
  • Taxes in an election year, tie between politics and taxes
  • Implementation of eFile
  • Tax bracket changes
  • 2017 Tax Cuts and Jobs Act
  • Changes in Corporate tax rates
  • Changes in Child tax credits
  • Changes in standard deduction, itemized vs standard deduction
  • Loss of employee deductions
  • Tax rules while selling a home
  • “Comfort Zone”
  • When Should I form an S-Corp
  • Roth or Traditional IRA?
  • Outro

Important links in order of appearance:

https://www.fbi.gov/history/famous-cases/al-capone

https://www.irs.gov/pub/irs-utl/irs-history-timeline_march-2019.pdf

https://www.congress.gov/bill/99th-congress/house-bill/3838

https://www.investopedia.com/articles/tax/10/concise-history-tax-changes.asp

https://www.google.com/search?q=trump+vs+biden+tax+plan+comparison&rlz=1C1NHXL_enUS915US915&oq=trump+vs+biden+tax+plan+comparison&aqs=chrome..69i57.5438j0j7&sourceid=chrome&ie=UTF-8

https://www.accountingtoday.com/list/election-2020-trump-vs-biden-on-tax-policy

https://www.irs.gov/pub/irs-news/fs-11-10.pdf

https://taxfoundation.org/the-tax-cuts-and-jobs-act-simplified-the-tax-filing-process-for-millions-of-americans/

https://www.congress.gov/115/bills/hr1/BILLS-115hr1enr.pdf

https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2020

https://www.youtube.com/watch?v=teGrGCWpEMQ&t=72s

https://taxfoundation.org/why-corporations-pay-no-income-tax/

https://www.taxpolicycenter.org/briefing-book/what-child-tax-credit

https://www.irs.gov/newsroom/taxpayers-should-know-the-difference-between-standard-and-itemized-deductions

https://www.nerdwallet.com/article/taxes/selling-home-capital-gains-tax

https://molentax.com/llc-vs-s-corp-the-tax-implications-of-having-a-business/

https://molentax.com/to-roth-or-not-to-roth-that-is-the-question/

Contact us:

info@molentax.com

281-440-6279

 

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Check out this episode!

The Molen & Associates Difference

Mike Forsyth

“Super helpful and timely. This is our first year with them and we look forward to trusting them with our taxes and business books for years to come.”

Caitlin Daulong

“Molen & Associates is amazing! They run an incredibly streamlined process, which makes filing taxes a breeze. So impressed with their attention to detail, organization, and swift execution every year. Cannot recommend them enough!”

Sy Sahrai

“I’ve been with Mr. Molen’s company for few years and I felt treated like family respect and dignity. They are caring, professional and honest, which hard to find these days. Love working with them.”

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