Tax History/Facts
What is the name of the agency that collects income taxes?
IRS (Internal Revenue Service)
Which type of expense can be deducted only if you exceed 7.5% of your AGI
Medical/Dental
Which schedule is used for sole proprietorship income and expenses?
Schedule C
Name one US state that does not impose state income tax.
Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, Wyoming
What is the most widely claimed refundable tax credit?
Earned Income Tax Credit (EITC)
Which schedule reports capital gains and losses?
Schedule D
What day is traditionally known as "Tax Day"?
April 15th
This deduction is automatically available to taxpayers who do not itemize deductions.
Standard Deduction
Which schedule reports rental and royalty income?
Schedule E
What year was federal income tax established in the United States?
1913
Name one of the two education tax credits available to help offset the cost of higher education.
American Opportunity Tax Credit
Lifetime Learning Credit
U.S. taxpayers who earn income from foreign sources can use this form to claim a credit from foreign taxes paid.
Form 1116 - Foreign Tax Credit