[on filing for tax returns] This is too difficult for a mathematician. It takes a philosopher.
Hope you are having a great week! With the deadline for filing income taxes almost here what better way to celebrate than to relish some quirky tax facts that are sure to lighten the pressure and angst of this wonderful time.
1. Billions of dollars have been lost by people who choose the standard deduction rather than itemizing. If you don’t know what you are doing, get a professional!
2. Between 1940 and 2004 the instructions for Form 1040 went from 2 pages to 79 pages. Either we left people in the dark in 1940, we overload people with information now, or the tax code has expanded beyond belief.
3. There are 2x as many tax preparers as cops, totaling in at about 1.2 million.
4. The internal revenue code is 1.4 million words+. That makes it 6x longer than War and Peace and 2x longer than the King James Bible. Could YOU make it through War and Peace six times and absorb most of it?
5. The top tax bracket has been as high as 94% and still America blossomed. In 1981 it was cut down to 50%. Currently it sits at 35%… but this is just for income. Capital gains are a different story.
6. When did we break from this tradition? In 1913. Congress passed the 16th amendment, allowing income taxes on legal income.
7. In 1916 Congress decided it would be a good financial decision to tax illegal income, too. If you can’t beat it might as well profit from it, right?!
8. So we are developing a trend… taxes are usually based loosely around war efforts. The next tax was placed on chewing gum in order to fund the Spanish-American war. They sure must have loved their chewing gum if that funded the war!
(Thanks myliferoi.com for your tax facts)
If you have any tax questions or need help with last minute filing please contact Stroud and Woodruff, they are professional CPA's and the best of the best.
There is also a new rebate from the government for the purchase of Energy Star certified appliances. Check out this link for more info.
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