- It’s estimated that self-employed people spend about 57 hours each year complying with the tax code. That’s time they could be spending growing their business or tending to their family.
- According to the IRS, individual taxpayers can find return preparation so overwhelming that about 60 percent now pay tax preparers to do it for them. An additional 29 percent use tax software, with leading software packages costing $50 or more. Little wonder that it is so overwhelming when you consider that the Gettysburg address is 269 words, the Declaration of Independence is 1,337 words, and the Holy Bible is only 773,000 words. However, the tax law has grown from 11,400 words in 1913, to over 7 million words today.
- The easiest IRS form, the 1040EZ, has 33 pages of instructions
- The IRS sends out 8 billion pages of forms and instructions each year. Laid end to end, they would stretch 28 times around the earth.
- American taxpayers spend $200 billion and 5.4 billion hours of their time to comply with the federal tax laws each year. That’s more than it takes to produce every car, truck, and van in the United States.
- The IRS employs 114,000 people; that’s twice as many as the CIA and five times more than the FBI
- 60% of taxpayers must hire a professional to get through their own return.
- For many people, just choosing the right accountant can be stressful. That’s because, according to the GAO, there are about 90,000 tax and accounting firms out there to choose from in the United States.
Here are some tax tips:
- Don’t put it off tax filing. According to the Internal Revenue Service, more than 10 million taxpayers procrastinate every year and end up filing tax extensions.
- The right tax expert can make a difference. According to the National Taxpayers Union, in 2007, nearly 37 million taxpayers forgot to claim a tax credit due to overwhelming tax regulation changes and updates. Many taxpayers recognize that finding a good accountant they can trust may actually save them money.
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