Tax Time: Mind-Boggling Numbers & Sage Advice
“The hardest thing in the world to understand is the income tax.” — Albert Einstein
You don’t have to be an Einstein to do your taxes, but it wouldn’t hurt. Local experts are here to help. (More mind-boggling numbers below)
Tax Docs & Dates… So You’re Ready
While you might prefer doing just about anything else, it’s important to head into tax time prepared. By Kerry Freeman, EA, Freeman Income Tax
When Health Insurance Meets Taxes… Avoid a Headache
Your CPA or tax preparer now must know more about health insurance than ever. What’s this mean for you? By Lisa Jackson, CPA, Whitman & Jackson CPAs
What’s Better Than Tax-deferred? Tax Free
Do you have a plan to deal with the possibility of tax increases and higher living expenses in retirement? By William E. Spar, M.S., LUTCF, Advanced Retirement Planning LLC
Spring Cleaning Can Save Tax Dollars
Clearing out things you no longer need can help you reduce your tax burden. By John Hasslacher, EA, Hasslacher Tax & Financial
***
Meanwhile, here are some of the interesting and even mind-boggling numbers related to U.S. taxes:
10,000 pages
make up the IRS tax code.
$4.9 trillion
in taxes were collected by U.S. federal, state and local governments in 2015.
47 percent
of federal revenue is generated by individual income taxes.
11 percent
of federal revenue is generated by corporate income taxes.
45 percent
of households pay no federal income tax, due to low income level and/or deductions.
57 percent
of tax returns are done by paid preparers.
4 out of 5
tax returns will be filed electronically.
April 18
is tax day this year (the 15th falls on a Saturday, and Monday is Emancipation Day).
71 percent
say it’s morally wrong to cheat on taxes (19 percent feel it’s not a moral issue, 6 percent say it’s fine!)
7 percent
was the top federal tax rate in 1913.
This article was published earlier this year in In&Out Magazine.
