Talking Taxes With Breeders For Breeders

Click here to read the complete article
226 – April, 2022

By William Given

Every couple of years there is a hearing of a Congressional Oversight Committee where they address the concerns of average American taxpayers with representatives of the Internal Revenue Service. One of the concerns has always been the amount of time it takes the average person to complete their individual 1040 tax return. And, almost always, the Commissioner or one of their deputies responds, “On average, the ordinary individual can complete their tax return in about twenty minutes.”

I laughed hysterically the first time I heard this, primarily because it can take me twenty minutes just to find my wife’s social security number. I am sure we can all sympathize with one another, knowing the time-consuming task of gathering all of the necessary documents that will enable us to properly prepare our tax return. This task, of course, is made much more complicated because we must also include the income and expenses of our breeding program in the return.

When questioned about the difficulties the average American experiences in trying to read and follow the instructions to accurately complete their tax return, that same representative informs the committee that tax forms, instructions and the whole of the United States Tax Code are written on the eighth-grade reading level to ensure that everything is easily understandable.

The tax code is virtually incomprehensible to the average American taxpayer. There are really only two groups of people who learn and master the subject and those are the individuals who spend years studying the subject and those who spend their lives working in the field of taxation. For most people, the only practical approach is to find someone who already knows the language and can translate it. That is why it is sometimes good to know an experienced tax accountant or tax attorney.

Hobby versus Business

Click here to read the complete article
226 – April, 2022

Short URL: https://caninechronicle.com/?p=227700

Posted by AnthonyA on Apr 9 2022. Filed under Current Articles, Featured. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.