Northfield NJ CPA – Tax, Accounting & Consulting Services (609) 641-4000  | 

Tax Trivia

May 29, 2023 | Tax, Uncategorized

In honor of the end of this year’s tax season, here’s some trivia questions for you! We can’t promise they’ll make you a hit at the next dinner party, but some of them are interesting nonetheless. How many answers do you know?

The first true income tax ever was in what country, in 1404? 

Answer

England

On what day were US Federal tax returns originally due?

Answer

March 1

The Revenue Act of 1861 was the first time income tax was levied in the US.  What was the tax percentage?

Answer

3%

In 1944 Congress raised the top income tax rate to what percentage?

Answer

94%

The Form 1040 has been used since what year?

  1. 1933
  2. 1953
  3. 1913
  4. 1973
Answer

3. 1913

Who said “but in this world nothing can be said to be certain except death & taxes”?

  1. Benjamin Franklin
  2. James Madison
  3. Mark Twain
  4. Thomas Jefferson
Answer
  1. Benjamin Franklin

Which has more words in it?

  1. US Tax Code
  2. King James Bible
  3. The novel War & Peace
Answer
  1. US Tax Code

The first E-filed tax return occurred in January of what year?

Answer

1986.

There are over 500 tax forms.  Do you know what Form 6478 is used for?

Answer

Alcohol Biofuel Producer Credit

The 16th Amendment established the first permanent US income tax.  What year was it ratified?

Answer

1913.

Quickbooks Quick Tip

Quickbooks Quick Tip

Have you ever posted to incorrect accounts or classes for a few months in Quickbooks?  One way to resolve the problem is to go back to each transaction and change it manually.  This is both tedious and time consuming. Fortunately, Quickbooks has an accountant’s tool...

read more