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Like what has been discussed before, it is certainly most essential for a person not to be intimidated at all by the mere thought of taxation; and the best way to overcome the nervous feelings that come with the very idea of taxes is to become familiar with it. Again, one of the best ways to familiarize one’s self with taxes, one of the very first things one must do in order to understand taxation and its basics, would be to look into the history of taxation. Given that the history of Western taxation – that is, the beginnings of taxation – has been discussed well into the nineteenth century (at which point the taxation has evolved from a means of controlling the masses and staying in power to a means of sustaining a government that provides for the masses), we could now move into newer territory in terms of the history of taxation. That is to say, we are now free to discuss the evolution of taxation in the context of America: we can now discuss the history of American taxation, whose development in the Western world more or less helped shape much of taxation in other parts of the democratic world.

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Chances are – that is, if you are not quite into accounting or if you find the basics of of economics a daunting concept to take on – the very mention of taxation would make you want to curl up shivering under a blanket, waiting for it to go away because you’d really not deal with it. The upside is, you’re not really alone – there are hundreds, even thousands of people, even, who know exactly how you feel about taxes because they too are terrified of the very concept. Nevertheless, taxation is an essential aspect of society and governance; without it, we cannot expect to receive the public benefits that are offered to us. Given this, there should be at the very least some attempts for us to understand a little bit more about taxation – and what better way to understand taxation than to have a peek at the history of taxation all over the world?

To be sure, taxation has been – for the last two thousand and five hundred years, as far as we know – defined by two very important elements: the taxed and the object of taxation. In the early years of taxation the taxed very obviously consisted [Read more →]

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Simultaneous or near-simultaneous purchases and sales of the same property, usually stocks or bonds, made to generate deductible tax losses without discontinuing the investment. Losses on the transactions are ignored for tax purposes, however, unless a 30-day waiting period is observed between them.

Adjustments made to assure correct withholding on wages for individuals who may have unusually large deductions or who may be subject to other special circumstances.

A set of uniform rules for computing the cost of goods produced by a business that prevents current deductions for costs that must be capitalized (See “Capital expenditures.”) or added to inventory.

An employee retirement or profit-sharing plan that disproportionately benefits top executives.

In the case of an individual, the Social Security number. In the case of a business (even an individual in business), the employer identification number.

What is left after all deductions are taken. This is the amount upon which tax is computed.

(1) Exchanges of like-kind property that result in no capital gains tax (commonly used for real estate). (2) Sales and repurchases of stock (or other securities) designed to realize a tax loss without discontinuing the investment. Transactions must comply with the wash sale rules to be effective. (See “Wash sales.”)