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5 Fun Facts about Tax Day

Tax preparation got you down?  While we can’t do your taxes for you, we hope to alleviate your pain a little bit by sharing 5 fun tax facts with you:

  1. Nobody Can Agree.  If you’re worried about whether you did your taxes correctly, perhaps you can breathe a little easier knowing that even tax professionals disagree.  When 50 tax preparers were asked to do the tax return of a single family, they came up with nearly 50 different answers!

  2. Even Geniuses Are Baffled.  Many view Einstein as one of the smartest people to ever live and even he once said, “The hardest thing in the world to understand is the income tax.”  Mind you, they’ve only grown progressively more complicated since Einstein’s time.

  3. The Tax Code Is Ridiculously Complex.  For instance, did you know that there are a whopping 4 million words in the US tax code?  That’s 5 times the number of words in the Bible!  Back in 1913, the federal tax code was a mere 400 pages.  Today, it is an anxiety-inducing 70,000 pages.

  4. Americans Spend 7.6 Billion Hours Annually on Tax Preparation. Ouch.  With there being roughly 312 million people in the US according to the Census Bureau, that works out to 24.4 hours getting ready for tax season for each man, woman, and child.

  5. Drive Safely.  Interestingly enough, traffic incidents increase around April 15th.  Rather than rushing to the post office, drive the speed limit and practice caution.  Or better yet, consider filing your taxes from home electronically.  While more than 20% of hard copy tax returns have errors, less than 1% of electronic returns do.