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Tax Tip of the Week | No. 431 | Miscellaneous Tax Facts November 1, 2017

Posted by bradstreetblogger in : General, Tax Preparation, Tax Tip, Taxes , trackback

Tax Tip of the Week | Nov 1, 2017 | No. 431 | Miscellaneous Tax Facts

1.    The easiest IRS tax form, Form 1040 needs more than 100 pages of explanation. When the IRS first introduced Form 1040, it had only 4 pages including the instructions.

2.    Close to one-half of American homes pay zero federal income tax.

3.    The top 1% of Americans pay 43% of all federal tax collected.

4.    Today’s richest Americans pay 39.6% on each $1.00 earned. That may seem high. However, in 1945 the top rate peaked at 94%. Amazingly, in 1913, the tax rate was 1%.

5.    The Internal Revenue Code is more than 10 million words long. It has grown an average of 144,500 words per year since 1955.

6.    The typical American receives about $3,000 for their IRS refund.

7.    The average effective income tax rate is 13.5%. That is most likely much lower than your top tax bracket.

8.    The sale of your home may be the most generous and unused tax exemption. Generally, if you have lived in your home for two out of the last five years and you are married, you may exclude up to $500,000 of your gain, $250,000 if single.

9.    The IRS is the world’s largest financial institution.

10.   In 2014, 35% of calls made to the IRS went unanswered.

11.   The original deadline for paying income taxes was March 1st.

12.   In 2014, for every $100 collected by the IRS, it spent $0.38.

13.   The IRS is active on social media using their accounts to educate the public.

14.   Around 15% of U.S. taxpayers are delinquent on their taxes.

Credit to The Motley Fool and FactRetriever.com

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…until next week.

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