FUN FACTS ON TAXES
Many of us to focus on our finances. What did we spend? What did we save?
But do we know any fun facts about our taxes?
Do you know why the specific date of April 15th chosen?
Or how you can actually get rewarded by the IRS?
Well, here are some insights on those, and many other, income tax facts!
Tax day wasn’t originally in April. When the 16th Amendment was introduced, the date was March 1st. That changed to March 15th and moved finally to
April 15th in 1955.
Incometax started becauseof theAmerican Civil War The Revenue Act of 1861 was introduced to gather funds for the expensive conflict that lasted for four years
You can makebig money reporting a company for tax evasion! It’s called theWhistleblower Informant Award.
The federal tax code has grown to over 70,000 pages. Intimidated by the 70,000 pages?
Besureto keep a tax term glossary and tax preparation checklist handy.
Americans spend 7.6 billion hoursevery year preparing taxes. Sound like a lot? Well, there are roughly 312 million people in America.
NewYork City has the world’s highest corporateincometax.
So these were some of the fun facts about taxes to lighten the burden of what can be a lot of people’s least favorite time of the year. Certainly interesting!