Wednesday, April 15, 2015

Tax Day 2015

Hey it's Tax Day! I think we can all agree that this is not the most pleasant of days. I am very relieved that I planned way in advance this year because scrambling to file your taxes last minute is a headache! Anyways, in the spirit of today's theme, here are some facts about taxes in the USA this year:

- The average tax refund this year is $3,120.00. In all, over $325 billion in tax refunds are paid out.

- If you want to be in the top 1% of earners nationally, you'll need $434,682 of annual income to join that group. You need to be earning $116,555 annually to be in the top 10% of income earners.

- 28 minutes is the average wait time when calling the IRS (compared to 11 minutes in 2010).

- 52 minutes is the average wait time on the IRS "priority" hotline- this is what tax preparers call for help with clients.

- California has the most millionaires. More than 40,000 Californians reported over $1 million in income. Vermont has the least- less than 300 millionaires.

- 80% of returns are expected to be filed electronically this year.

- About 57% of tax returns are done by paid preparers.
- The federal tax code is 2,652 pages long- and the rules are constantly changing. The complexity of the tax code drains billions of the U.S. economy in lost time and resources- on average, 6.1 billion hours are spent preparing annual tax returns.

- 6 million households are expected to pay the Obamacare penalty this year for not obtaining health insurance.  
 - Around 80% of the U.S. tax filers get a federal tax refund.
 - 16 hours: the time average that the 2014 taxpayers spent completing and filing their 1040.  

Note to readers: if you are self-employed, etc. and don't feel the need to pay your taxes- beware! Not only could you face harsh penalties, but I work in the legal profession and tax records are requested very often in lawsuits. Many lawsuits are dropped because people don't want to turn over their tax returns. When you are purchasing a home, mortgage companies ask for all your tax records too! So avoid being that person who is looking over their shoulder for auditors- just do the right thing! Don't be like Lindsay Lohan and have Charlie Sheen bail you out at tax time ;) 

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