It is often said that the only certainties in life are death and taxes. While not generally considered happy topics, a contrarian perspective on each is not to be overlooked. Since today is one day prior to the traditional deadline for filing U.S. Federal Income Tax returns, I thought it appropriate to touch first on this topic. Next week I’ll share some thoughts about death.
Most people are not happy to see April 15 approach. It’s not a lot of fun to face the responsibility of pulling together all the documents, records and receipts necessary for completing a tax return. Those include numerous forms familiar to most of us (1040, W-2, 1099, Schedules A and B) and a whole bunch of additional forms about which many folks never have to worry.
After compiling such documents, the next step is inserting in the proper space on the proper form the numbers contained therein. Some tackle that project themselves. Those who do so may use an electronic aid, such as Turbo Tax or a similar product. Others do it all by themselves.
The rest simply put in a box or bag all the documents they can find and take them to their friendly accountant, happily paying his/her fee to do the rest. Filing an extension (and paying the balance due) or signing the timely form completes that part of the process.
The final step is either enclosing a check for the balance of taxes due or looking forward to a refund from the United States Treasury of the amount in which estimated tax payments have exceeded the actual tax liability. The former is not a pleasant task. The latter is a happier one.
While many are also required to pay a state income tax, we who live in Texas and some other places are seemingly blessed by not having that requirement. Nevertheless, onerous real estate taxes in non-state-income tax states tend to suck away some of the joy of that privilege.
We in America are currently blessed to be able to deduct from our taxable income the amount of our contributions to church or charitable organizations and entities. Like many of you, Terry and I joyfully and generously make many such contributions, which accomplish the dual purpose of furthering the mission of worthy causes and of reducing our tax liability.
What’s the bottom line? For all its pain and pleasure, paying taxes is both a privilege and a responsibility. Jesus said: “Give to Caesar (the government) what belongs to Caesar, and give to God what belongs to God.” (Matt. 22:21, NLT)
For what we give to Caesar, we receive the privileges of living in a country that provides and defends many freedoms and protects life, property and possessions. For what we give to God, we receive the joy of happily returning to him a portion of everything he provides for us.
Perhaps these thoughts will ease the pain of April 15 in your life! Call for additional suggestions.