JLC Advisors

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."

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 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"!