JLC Advisors

Tax Trivia: Lady Godiva, an 11th century noblewoman, rode a horse through town naked to protest her husband’s tax increase on his tenants. There’s even a Peter and Gordon song dedicated to this Lady's wild ride!

"The art of taxation consists in so plucking the goose as to obtain the largest amount of feathers with the least amount of hissing." Jean-Baptiste Colbert, French Statesman (1619 – 1683)

When filing your taxes, don’t forget to provide any forms. If you’re a contract worker who has received a 1099, you must include it with your taxes.

Did you know? Federal income taxes were first introduced with the Revenue Act of 1861, which aimed to help fund the Civil War, and early taxes were based on assessments rather than returns.

Tax Quiz: Q: According to the IRS, the single largest state level expenditure is _____ A) Public Assistance; B) Transportation; C) Elementary, Secondary, and Higher education (combined); D) Medicaid. A: "D."

"We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle." --Winston Churchill.

Tax Quiz: Q: When was the last time the US undertook a major reform of its tax structure? A) 1926; B) 1976; C) 1986; D) 2006. A: "C" The Tax Reform Act of 1986.

Each person can only be claimed once on taxes. So, if a parent is claiming their 20-year-old child who is in college, that child cannot then claim themselves when filing their own taxes.

Tax Day in the United States typically occurs on April 15 – however, some years the date is pushed back due to holidays or April 15 falling on a weekend day.

Tax Quiz: Q: In 1913, the federal tax code was 400 pages. How many pages was it in 2010? A) 10,000; B) 25,000; C) 50,000; D) 70,000 pages. A: "D"!

Tax Quiz: Q: Approximately how many trees are cut down each year to produce the paper for all the IRS forms and instructions? A) 100,000; B) 200,000; C) 300,000; D) 500,000. A: C, nearly 300,000!

Tax Quiz: Q: What year was the first electronic transmission tax return completed? A) 1978; B) 1986; C) 1990; D) 1996. A: "B" By 1990, taxpayers throughout the country who expected a refund could file electronically.