Facts You Didn’t Know About Taxes
We are all taxpayers here in the United States and with April 15th coming closer and closer, I thought I would give you guys some random information about those taxes you are paying!
- Nobody really knows the U.S. tax code because it is nearly four million words long! That is equivalent to about 5,000 single-spaced, 12pt font pages! Nobody has time to study all of those tax laws.
- With taxes, there really is no black and white. Thousands of people over estimate will thousands underestimate their return. According to Money Magazine, when 50 tax professionals were asked to file the exact same return, they came up with about 50 different answers! So don’t be too worried about making a huge mistake
- What would you think is the third highest tax in the United States? It is actually cigarette tax! I guess all of us Americans are a bunch of smokers!
- Everyone is dreading April 15th, in fact there are more traffic accidents on and around that dismal day! Be careful when you are making that hurried trip to the post office!
- Although it seems like you have been paying taxes for an eternity, Americans only started paying taxes at the end of the 18th century and only on land property. Lucky them… Personal income taxation arose when the government needed money for the civil war.
- Hard copies of anything nowadays are very outdated, especially for tax returns. About 20% of hard copy returns have errors in them will eFiling returns only have 1%!
- The Federal Bureau of Investigation is a pretty important organization to the U.S. but the IRS actually has more people working for them! Go taxes!
***Alright, these facts aren’t necessarily important but they sure are interesting!