Not Enough, We Guarantee It!
Whether you like it or not, taxes remain to stay as an essential part of our lives. But, have you ever asked yourself what you know about taxes? We are completely sure that there are ton of interesting facts that you are not aware of. Therefore, Prestige Auditor’s team has prepared a list of the most interesting facts concerning taxes.
Fact# 1
About 74,000 Pages
Did you know that the tax code has more than 74,000 pages? That’s why most taxpayers prefer to work with tax professionals who help handle the entire process of tax preparation. However, if you are a person who is fond of reading, then, you should be ready for the fact that it will take you 1,200 hours to read the entire thing! Better make that cup of coffee! Oh, and by the way, happy reading!
Fact # 2
4,500 Changes in 20 Years
Nearly 20 years have passed since 2001; however, during this period of time, nearly 4,500 changes have been made in tax code. The main reason is that the rules have been updating and some of them had very positive impacts on US taxpayers’ wallets.
Fact # 3
When You Lose Millions
One of the most crucial aspects, that every tax payer should be aware of is that you should not forget to file your tax returns. That’s because there are lots of tax credits which allow you to get refunds. For example, thanks to the Earned Income Tax Credit, you can get more than $6,318 refund. Another important fact is that you are provided with nearly 3 years for claiming a refund from your unfiled tax return. Only in April 2016, taxpayers all over the United States received more than $960 million. Not bad, right?
Fact # 4
About 44% Americans
It is hard to believe, but more than 44% of Americans don’t pay federal income tax. It doesn’t mean that they are unfair citizens, though! The main reason is that the IRS provides taxpayers with ton of tax breaks, which allows tax debtors to reduce their tax responsibilities completely.
Fact # 5
Why Electronically?
According to the IRS, more than 80% of paper tax returns contains mistakes which may become a reason for rejections. Therefore, it is better to give your preference to filing electronically and reduce possible risks of being rejected.
Fact # 6
Something Interesting About IRS Employees
It is a general rule of thumb that only celebrities and businessmen can be associated with tax evasion. However, 2015 saw nearly 1,600 IRS employees intentionally evading taxes. More interesting is the fact that most of those workers were not fired. Ironic, right? Evading taxes at the IRS? Sounds like a paradox to us.
Fact # 7
About 1%
Auditing is the worst thing which could happen to taxpayers. Even the Joker hated it. However, the biggest part of tax returns is not audited. As a taxpayer, you should be aware that middle income tax payers are not exposed to the risk of getting audited by the IRS. Whereas those who have high earns should be ready to meet IRS in their companies at any time. Knock, knock!
Fact # 8
Be Careful, Very Careful!
According to some statistics, more than 20 % of workers violate tax codes when they file their returns. However, the IRS treats the biggest part of these violations as mistakes.
Fact # 9
Deductions
Unfortunately, only 30% of United States tax payers use the advantages provided by deductions. However, this option can drastically reduce your taxes. All you need to do is choose the best one which suits you more.
There are lots of things that you have to learn about taxes. That’s because there are lots of options which may be quite beneficial for you. Do you want to gain all the advantages provided by the IRS, but don’t know how to use all of them? Then contact Prestige Auditors and we will choose the best options in order to reduce your tax responsibilities.
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