For many, the painstaking, arduous task of tax planning is something they dread all year is to file tax return. What’s more, the dread it felt year after year, as though somehow there may have been a pleasant change that has occurred in the intermittent 364 days to remedy the process. Tax season, it seems, always carries some woes.
According to many CPAs and other tax preparers, one item that seems to come up in conversation when it comes to the vexing nature of taxes is that people are just not sure what they entirety of their taxes is used for in the first place.
In other words, many people are generally saying, “Where exactly is my money going?”
While this list may not answer that question entirely, these tax return planning facts may give a bit more of a peak behind the proverbial curtain that is taxation in this country:
Technology is King
The advent of the internet in tax preparation has allowed for individuals to file their taxes via e-filing, a process that accounts for nearly 90% of filed tax returns.
Call In the Professionals
Even with so many tax returns done via e-file, nearly 60% of tax returns are done by tax preparers. Those with slightly more complex cases find that having a tax professional handle their returns is easier. Also, even if the return is simple, some people just want to be sure they get all they can in their tax refund.
One for the Readers
If you’re a fan of reading and the written word as a whole, you will find that the tax code in the United States comes in at nearly four million words. It is the complicated nature of the tax code that accounts for the most worry according to tax return preparers.
Behold the Numbers
As the years have gone by, it is astounding to think that the expediency of the IRS to get refunds dispersed has been so stellar. In a given year, they receive nearly 150 million individual … Read the rest