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Let’s dive in and see the 7 things you didn’t know about Taxes that TurboTax shared:
#1 Did you know it would take a single person 27 years to process all the individual income tax returns (153 million) the IRS received in 2017 if each return were processed at a rate of one per minute?
That's like watching every single episode of "The Simpsons" 77,758 times! For info and resources on filing W-2 forms, check out this article here.
#2 Did you know that the federal tax code has grown to over 70,000 pages since it was first created in 1913?
That's enough pages to wallpaper the entire outside of the Washington Monument!
#3 The IRS issues more than 800 types of tax forms and schedules!
That’s more than the world’s population of Siberian tigers.
#4 New York City has the highest corporate tax rate in the world, followed by Illinois!
Both rates are higher than national corporate tax rates in Japan, China, France and Sweden.
|
NYC |
46.2% |
|
Illinois |
42.3% |
|
Japan |
41% |
|
France |
34.4% |
|
Sweden |
26.3% |
|
China |
25% |
#5 When it comes to taxes, where you live matters!
A person earning $100,000 a year in Hawaii will pay almost 50 percent more in state income taxes than someone who earns the same amount but lives in Indiana.
#6 Get ready for America's quirkiest tax laws!
Professional athletes from out of town are hit with a "Jock Tax" in some states, while other states extend this to musicians and skateboarders. In West Virginia, a special tax is added to sparklers on the Fourth of July.
Soda lovers, beware! Chicago taxes fountain drinks more than bottled or canned soda.
#7 More than 20 percent of returns filed on paper have at least one error!
This can raise the odds of an audit or delay a refund. Try e-filing if you haven’t already and go green!
Don’t forget, the deadline to submit your tax returns is April 15th.
