Tax Day 2018: Here Are 10 Shocking Facts to Know About TaxesUncategorized
Tax Day is around the corner – April 17th to be exact! – so get those W-2s, 1040s, and 1099s ready. Read on for some mind-blowing facts about Tax Day.
1. Number of Returns
About 150 million individual tax returns will be filed.
Taxes can require lots of paperwork, as there are over 480 tax forms on the IRS website.
3. Average Hours
107 is how many days the average person works to pay their taxes.
700,000 is how many words are in the Bible – but the federal tax code contains 4 million.
Among all those words is a lot about deductions. For example, $1509 is the average price of a wedding dress, and you can deduct its resale value – about 50% – if you donate it to charity.
6. Tax Evasion
If someone in the U.S. turns in their company for tax evasion, they'll receive 30% of the amount collected.
7. Sales Tax
The 8.25% sales tax in Texas does not apply to cowboy boots, though it does apply to hiking boots.
8. Beard Tax
Zero facial hair? That was Emperor Peter the Great's goal when he placed a tax on beards in 1705, in hopes Russian men would rock the clean-shaven look popular in western Europe.
9. England's TV Tax
$185 a year is the "TV tax" in England that's used to fund the BBC. Color TVs are taxed three times as much as black and white ones, and if a blind person has a TV, they have to pay only half the tax.
10. Unclaimed Money
The IRS has $1 billion dollars in unclaimed money. Is any of it yours?
How are YOU gonna spend your tax refund? Sound off on our Facebook page @TheListShowTV.