Numbers that tell the story — IRS data, filing statistics, and what the figures reveal about taxes in America.
While some taxpayers are frustrated with the slow pace of tax refunds, largely driven by a new law, others have apparently decided that the rush for refunds isn’t worth their trouble. This year, tax season appears to be off to a slower start than normal.
Americans will spend more than 8.9 billion hours complying with IRS tax filing requirements in 2016. A new report breaks it down for you.
According to recent Internal Revenue Service (IRS) data, Americans earning over $100,000 paid 79.5% of federal income taxes in 2014. Here’s what else you need to know.
The United States pays more in taxes than other developed countries. It’s more expensive to do business here than anywhere else. You’ve heard those kinds of statements before, right? It’s been drilled into our consciousness – especially in an election year. But is it true? Not so says KPMG. The accounting giant conducted a major…
Living in the Prairie State just got a whole lot more expensive. Facing a gaping hole in the budget, Illinois lawmakers have scrambled to find a way to pay the bills. Their solution? A significant tax hike. The Senate and the House have approved tax increases across the board for the states. Personal income tax…
Some super interesting reading from the New York Times… Of the wealthiest taxpayers — those with annual incomes of $10 million or more — seventeen included income from unemployment benefits, averaging $5,765 each. Read more: Off the Charts – In 2008’s Downturn, Some Managed to Eke Out Millions
Remember this article (and this one) about the numbers of non-paying tax filers? Today, the Tax Foundation released a series of groupings of IRS data showing the breakdown of non-paying tax filers. You can see the results by the numbers here. Mississippi tops the list at 45%, while Alaska sits at the bottom with a…
Tax Day may have come and gone but many taxpayers still have one more significant tax-related date in April: April 30. That’s the last day for taxpayers hoping to qualify for the homebuyer’s credit to finalize their contracts. Taxpayers who sign a contract by that date have until June 30, 2010, to settle on the…
But not necessarily in a good way. The Tax Foundation is reporting that two records were set in 2008: the highest numbers of non-payers and the highest earning non-payers. According to data recently released from IRS, nearly one in three taxpayers paid no taxes or received every dollar back which was withheld. And before you…
Of course, more folks are e-filing. It’s fast, it’s easy. And with more folks than ever with internet and computer access, it’s to be expected. But. And you knew there would be a but. Here’s my cynical take… You’ll note fewer taxpayers filing generally, down a whopping 12 million this year. There’s a bump in…