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25 Fascinating Facts About Taxes

tax day trivia

If you can’t afford to pay your tax bill by Tax Day – usually April 15 following a given tax year – don’t let that stop you from filing your return by October 15 if you filed an extension! Because the IRS penalty for filing late is literally 10 times worse than the penalty for paying your taxes late. Before the IRS releases an official statement, will not state tax tax day trivia rumors or ideas as fact to reduce inaccurate news reporting or fake news. We want to keep taxpayers as informed as possible, but rumors are a helpful way to be ahead of tax news and get an idea of the future or your tax situation and how it may be changed. Remember, with TurboTax, we’ll ask you simple questions about your life and help you fill out all the right tax forms.

tax day trivia

When a natural disaster occurs in a certain part of the country, rumors start to come into play that they will receive an extension of time to file. Generally, the IRS does apply these extensions for those affected. Did you miss the extended tax deadline due to one of this season’s natural disasters?

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Among OECD countries in 2020, taxes on goods and services as a share of GDP ranged from the 4.3% in the United States to 16.2% in Hungary. And that, ladies and gentlemen, journalists and college professors, is how our tax system works. The people who pay the highest taxes get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up anymore. In fact, they might start drinking overseas where the atmosphere is somewhat friendlier. The income tax forms have been simplified beyond all understanding.

The IRS acknowledged that the extra month would help their employees as well, spreading the workload out across another 30 days. The federal government collected $5.3 billion from taxes on retirement annuities of railroad workers in fiscal year 2021. Railroad retirement tax collections were relatively stable for years before the COVID-19 pandemic. I was referred to Tax Facts in 2001 by a co-worker who insisted that Penny could maximize my returns because she knows the tax laws better than H&R Block who I used for many years prior.

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We will be looking forward to having our taxes done again by her this year. The seventh now pay $5 instead of $7 (28%savings). In general, the art of government consists of taking as much money as possible from one party of the citizens to give to the other. A politician will consider every way of reducing taxes except cutting expenses. A “slight tax increase” costs you about $300, while a “substantial tax cut” lowers your taxes by about $30.

tax day trivia

If employers got a break on employment taxes, they would probably be more likely to start hiring again – and decreasing unemployment may be the only sure way to get the economy rolling again. However, a payroll tax holiday would temporarily increase the deficit and that is seen as political suicide. Have you ever wondered what the President’s tax return looks like? Since Nixon, the income tax return of the President of the United States has traditionally been made public knowledge.

Tax Day Used to Be in March

The arrangement was supposed to end after 10 years, according to then-mayor Edward Koch, but due to the disputed wording of the agreement, it remains in perpetuity. The break has cost New York City an estimated $555 million. The top marginal corporate tax rate in the United States (38.92%) was previously the fourth-highest in the world, exceeded by Puerto Rico (39%), Comoros (50%), and the United Arab Emirates (55%). The recent Tax Cuts and Jobs Act slashed the corporate tax rate to 21%, a little below the worldwide average of nearly 23%.

How much do you have to make to file taxes?

Minimum income to file taxes

Single filing status: $12,550 if under age 65. $14,250 if age 65 or older.

Some wealthy individuals have renounced their citizenship and moved to another country to avoid paying taxes. The IRS is a notorious stickler for on-time filing—which no one knows better than Jack Swigert, the command module pilot for Apollo 13, who joined the crew at the last minute.

Jock tax

View the Presidents’ Tax Returns and historic tax return forms. In order to stimulate sluggish summer commerce, many states have sales tax holidays in August on certain goods. Generally, these take place in August, but some are during different part of the year. Does your state support a sales tax holiday period? Most state websites have this information – see our state tax page and find your state to find out!

The revenue from the tax goes to sexual assault victims and health insurance for the poor. I published it four months after the first one. Lo and behold, that little book has sold 3,000 copies. Then I have a book marketing guide to help other authors sell their book, because believe it or not marketing your book is even harder than writing a book. Really, it’s a pretty broad spectrum of people that will enjoy it. But I think primarily the target audience is tax professionals, CPAs, tax attorneys, anybody like that. I was just trying to categorize each one and I came up with eight or nine right away.

The Act was therefore unconstitutional because it violated the Constitution’s rule that direct taxes be apportioned among the states. In 1913, eighteen years later, the Sixteenth Amendment to the United States Constitution was ratified. This Amendment gave the United States Congress the legal authority to tax all incomes without regard to the apportionment requirement.

Calendar of events Sept. 22-29 Local Events – Leader Publications

Calendar of events Sept. 22-29 Local Events

Posted: Thu, 22 Sep 2022 16:31:00 GMT [source]

On the registration form, they included an email opt-in and social follow button for both the paper and the sponsor. They also added a lead-generation question for the advertiser to collect a list of users who use a paid tax service to prepare their taxes. It may come as no surprise that California and Hawaii, two famously expensive places to live, have the highest income taxes. These two states tax 13.3% and 11%, respectively. Oregon, at 9.9%, whose residents also enjoy no sales tax.

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