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History of US Income Tax (Part 1)
The United States income tax was first introduced in 1861 as a way to fund the Civil War effort. It was the first federal income tax law. The Revenue Act of 1861 had the stated purpose of providing for the “common Defense and general Welfare” and the “support of the Government.” The existing tariffs on…
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Tax Cut and Jobs Act of 2017
Update (April 2026): The One Big Beautiful Bill Act (signed July 4, 2025) permanently restored 100% bonus depreciation for qualifying property acquired after January 19, 2025. The phase-down schedule described in this article has been reversed. The OBBBA also permanently increased the Qualified Business Income (QBI) deduction from 20% to 23% for tax years beginning…
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Meals and Entertainment Deductions
The tax deduction for meals and entertainment expenses for US businesses have been a topic of interest for many years. These deductions were first mentioned in the Internal Revenue Code (IRC) in 1926, when the tax code was first established, and have undergone various changes since then.
