92% of federal revenue is brought in by the IRS
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Posted On: 04/11/2017 5:02:39 PM
92% of federal revenue is brought in by the IRS
The IRS prevented 85% of attempted tax-refund fraud, and other stats to know going into Tax Day
ax Day is upon us, and 153 million returns are expected to be filed with the Internal Revenue Service this year.
This year, because of the weekend and a holiday, Tax Day falls on April 18, and there are no doubt people scrambling to meet the deadline or ask for an extension. But did you know $1.65 trillion in revenue is expected from individual income taxes this year, according to personal finance website WalletHub, and that 92% of federal revenue is brought in by the IRS?
For many Americans the date is hardly a banner day — people would much rather do their laundry (73.16%), mow the lawn (56.48%), teach a teenager how to budget (51.12%), cook Thanksgiving dinner (44.73%) and change dirty diapers (40.06%) than do their taxes, according to WalletHub’s data. Tax returns take an average of 15 hours to do, too. Needing to get all the paperwork together and seeing how much you may have to pay the government is a drain, said Jill Gonzalez, an analyst at WalletHub. “I think that’s how we all think of it, as a loss, but the flip side here is the government goods and services we get in our communities,” she said.
The IRS prevented 85% of attempted tax-refund fraud, and other stats to know going into Tax Day
ax Day is upon us, and 153 million returns are expected to be filed with the Internal Revenue Service this year.
This year, because of the weekend and a holiday, Tax Day falls on April 18, and there are no doubt people scrambling to meet the deadline or ask for an extension. But did you know $1.65 trillion in revenue is expected from individual income taxes this year, according to personal finance website WalletHub, and that 92% of federal revenue is brought in by the IRS?
For many Americans the date is hardly a banner day — people would much rather do their laundry (73.16%), mow the lawn (56.48%), teach a teenager how to budget (51.12%), cook Thanksgiving dinner (44.73%) and change dirty diapers (40.06%) than do their taxes, according to WalletHub’s data. Tax returns take an average of 15 hours to do, too. Needing to get all the paperwork together and seeing how much you may have to pay the government is a drain, said Jill Gonzalez, an analyst at WalletHub. “I think that’s how we all think of it, as a loss, but the flip side here is the government goods and services we get in our communities,” she said.
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