Tax Facts 2018: What You Might Not Know About Tax Day

We get it — at face value, tax day isn’t that interesting. OK, really, no matter how you look at this financial “holiday,” tax day probably isn’t interesting whatsoever. However, it is an important day whether you’re filing as an individual, a corporation, a sole proprietorship, a partnership, or anyone that’s legally defined as a citizen of the United States. Though it’s hardly your idea of a good time, getting your taxes done — and getting them done right — is something that you’ll want to keep in mind. After all, don’t you want to get a maximum return back?

Learning Something New About Taxes

In what we hope to be a successful attempt at putting some fun into this otherwise bleak day, our small business lenders thought it might be interesting to cover some of the lesser-known things about taxes and Tax Day itself. Who knows, maybe you’ll surprise yourself by learning a thing or two! Of course, hopefully you won’t have to apply this newfound knowledge to your small business tax return, because we sure hope that you haven’t waited this long to file.

How Our Small Business Loan Providers Help Your Company Grow

We might not be able to actually help your company file its taxes, but what The Commercial Finance Group can do is bring you additional working capital in the form of asset-based loans and factoring. Freeing up your otherwise restricted cash flow, we’ll help you finance those much-needed capital expenditures that you’ll write off on your business’ tax returns! By receiving the funds that your business needs to operate and grow in a much quicker time period than traditional bank loans can offer, your business is truly benefiting from our loan providers.

Learn more about how our small business loan providers operate by visiting here, ask us any questions here, and read on below to gain some (ideally) interesting insight about taxes and Tax Day itself!

Financing The Civil War

Income tax is useful for many reasons, but did you know that income tax was originally put into place in the United States in order to fund the Civil War? This occurred back in 1861. The question is: which side was primarily funded by these tax dollars?

Understanding Income Tax Isn’t Easy

If you’re scratching your head trying to navigate the latest edition of TurboTax, don’t worry! You’re not alone. Even Albert Einstein himself — widely considered as one of the all-time smartest individuals to walk the earth — once said: “The hardest thing in the world to understand is the income tax.” Whether or not Einstein was joking when he allegedly said this, becoming a tax expert must take some pretty dedicated effort.

Are Your Taxes Estimated, Or Are They An Exact Science?

You’d think that with all of the complicated and specialized tax return forms, documents, and other pieces of information out there, determining your exact return amount is a pretty exact science. Or is it? The Latin word for “tax” is “taxo,” meaning “I estimate.” We’re not sure if adding a simple “o” to the end of the word “tax” really hinders the credibility of the tax calculation system, but hey, at least it’s an interesting notion.

Steering Clear Of State Taxes

While you can’t really escape federal taxes anywhere in the United States, you can get a break on state taxes in several places. These states include Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. If you’re thinking about accepting a job offer in one of these areas, maybe a lack of state taxes will sweeten the deal for you.

Tax Day May Be Listed On Calendars, But…

Don’t be fooled — not that anyone would really want to celebrate Tax Day anyway, let us be clear that this is not a celebrated holiday in the United States. While it’s always nice to have an excuse to get the day off of work, this day merely serves as a reminder that taxes are due.

Enough Documents And Information To Make Your Head Spin

If you think rifling through a few tax forms is pretty overwhelming, you’re not wrong. But how about navigating the 400 and some odd tax forms found on the Internal Revenue Service’s website as of 2013? Yikes. By following specific instructions and downloading the relevant documents at certain times, you could access up to 1,132 tax-form related files. That’s more than enough to make your average H&R Block employee cringe, to say the least.

Tired Of Paying High State Taxes? Consider Moving To North Carolina

If moving to a state with no state taxes simply isn’t an option for you, and moving to North Carolina somehow is, you’ll be benefitting in the way of paying less in tax dollars. Apparently, North Carolina residents enjoy the lowest local taxes per capita at a comfortable $3,384 per person per year, contrast to the national average sitting at around $4,001 per year (curse that extra dollar!). This also applies to North Carolina businesses.

Taxes Might Be Complicated, But Small Business Loans Don’t Have To Be

Eliminating the guesswork, frustration and overall confusion out of the lending equation, The Commercial Finance Group makes it easy and simple to get the funding that your company needs to take your operations to the next level. Our small business loan providers in Los Angeles and Atlanta wish your business the very best in filing your taxes, and we hope that you enjoy a more prosperous year than ever before! Contact us today if you need working capital solutions.