10 Tax Fact Round Ups
August 11 2015
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Grab a pen and some paper and take notes!
Tax filing season might be over, but that doesn’t mean you can’t get prepared for next filing season! Since we’re the ones thinking about taxes all day (and enjoying it!), let us do the research for you. Read below for 10 interesting tax fact round ups that’ll have you thinking harder about how you do your taxes in the years to come.
1Over 75% of individual tax returns were e-filed.
E-filing is big. This might be a no-brainer to you, but people love filing their tax returns online. It’s easy and it can usually be done in a few hours. Since convenience is what drives people nowadays, e-filing is only going to get more popular.
2The average tax refund in 2014 was $3,116.
And how do we spend our tax refunds? A majority of Americans plan to pay down debt, save or invest it, or spend it on necessities—like food or bills. That’s pretty important stuff.
3Over 1 million accountants are hired each year in America to help with taxes.
That’s a lot of accountants! Taxes can be difficult, so it doesn’t hurt to hire someone to help. Having other people work for you also ensures you get the highest refund possible.
4 More than 92% of refunds have been directly deposited into taxpayer accounts.
File your tax return, sit back, and wait for your refund to be deposited directly into your account. We really can’t think of anything better.
5 6.1 billion hours were spent preparing annual tax returns.
It’s hard to wrap your brain around it, isn’t it? 6.1 billion hours? Start early, be prepared, and make sure you have everything you need.
6 There are 4 million words in the U.S. tax code.
This explains why it can be so hard to figure out how much you’re owed—or how much you owe. If this seems overwhelming, which it probably is, don’t be afraid to get some help.
7 About eight out of every ten tax returns filed in 2013 got a refund.
Your money is waiting for you, so why not try to get the most you can? Make sure you get the money you deserve every year.
8 The IRS issues more than 90 percent of refunds within 21 days.
Tax refunds are issued pretty fast these days. Get your taxes filed early, use direct deposit, and you’ll see your money much quicker.
9 If your return was filed by mail, then your refund can take up to 6 weeks.
Explains why people love direct deposit so much. If filing by mail is your only option, expect to wait a few weeks before you see your refund.
10 The IRS has $1 billion in unclaimed refunds.
A lot of people aren’t getting their full returns because they’re not familiar with all the refunds they could be pocketing. Take some time to do some research or enlist help!
If this list tells us anything, it proves that we might not be fully equipped to handle filing our tax returns alone. When tax filing season rolls around again, and you can expect it to happen fast, let us offer some professional advice.
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