10 astonishing facts about your taxes are here

10 Astonishing Truths About Your Taxes

Interesting Facts About Our Tax System

Returns Received by The IRS

• The IRS collects over $2.4 trillion in taxes each year.

• Over 140 million individual income tax returns are filed each year.

• The IRS receives over 31 million business tax returns each year.

The Average Tax Refund

• Over 111 million taxpayers receive a tax refund.

• The average tax refund is almost $3,000.

• In all, the IRS sends out $314 billion in tax refunds.

E-filing

• E-filing is now nearly universal.

• Over 90% of individual tax returns are e-filed.

• To use the IRS’ free file service, your income must be less than $60,000 per year.

Top 1% of Earners

• According to IRS data, the adjusted gross income of the top 1% of earners is $434,682 or more per year.

• The adjusted gross income of the top 10% is $125,195 or more.

• The median adjusted gross income is $36,005.

The Millionaire State

• In 2012, almost 400,000 tax returns showed an adjusted gross income of $1 million or more.

• California is the state with the most millionaires.

• Roughly 58,000 Californians reported over $1 million in income in 2012.

• Vermont has the least amount of millionaires, only 470.

The Standard Deduction

• 67.1% of taxpayers choose to take the standard deduction rather than itemize their deductions.

• For tax year 2014, the standard deduction is $6,200 for single taxpayers, $12,400 for married couples filing jointly, and $9,100 for heads of household.

Earned Income Tax Credit

• The Earned Income Tax Credit is a refundable tax credit for low to middle income taxpayers.

• 27.8 million taxpayers used the Earned Income Tax Credit in 2012.

• In total, those taxpayers claimed $64.1 billion with the credit.

Tax Professionals

• Many taxpayers choose to hire a professional to prepare their tax returns rather than prepare their own.

• More than half of individual taxpayers use a paid preparer to file their taxes.

Our Tax Code

• The U.S. Tax Code is long and notoriously complicated.

• There are about 4 million words in the Tax Code.

• And it’s always changing. Since 2001, there have been more than 5,000 changes to the Tax Code.

To Learn More

Visit

www.reliancetaxgroup.com

Or Call

(877) 597-0153