Happy Tax Day Road Warriors
By Eric G Braun, Senior Writer, USRW
There were protests around the country this Easter weekend, and were an effort to bring attention to the fact that President Trump has yet to release any of his taxes. You can decide for yourself if that’s his business or ours. The law states that tax eturns are strictly private and that goes for the President as well. Whether he has a moral obligation to release them in the name of transparency and leadership by example is a reasonable argument.
There are jobs in the civilian world that require special disclosures and levels of security and scrutiny etc., shouldn’t the President of the United States be one of them?
I won’t call them fun facts, because obviously, the word fun and IRS should not be used in the same sentence, but here are some interesting facts about the annual cleansing of the bank account.
If you’ve ever wondered like me, just how much must be collected form the whole country and what an amazing amount that would be, well the answer is $1.651 trillion, is the amount that Uncle Sam expects to collect this tax season.
Shaking you down is done rather efficiently and cheaply, for every $100.00 the IRS collects, it cost them 30 cents to do so.
Those of you who pay on time and don’t want any trouble, make up a total of $3.27 trillion, give yourself a pat on the back.
Say what you want about the Soprano style tactics, but it's effective. The IRS collects $55 billion from enforcement activities. You have to love the way they phrase things...activities-like it’s something good akin to bingo on the lido deck.
Those who are getting money back quickly file the day after they get their W-2’s, the rest of us who pay the money you’re getting back, wait till the last day and mail it in through snail mail.
Approximately 153 million people will file returns this year. I know what you’re thinking, trust me, they will notice that yours is missing!
Direct deposit accounts for 88% of the refunds issued, and 91% of refunds are issued within 21 days. If you opt for the U.S. mail system, it will take you about seven weeks to get your check. Completing and filing that 1040 form also cost you more this year. The cost increased eleven dollars, now up to $280.00
It just occurred to me that we spend an average of $280.00 on something that takes the IRS .85 cents to handle and process.
The tax software out there and the number of sites where you can do it for free have taken a chunk out of the professional tax services, as only 60% of us go to that carnival-like store that pops up for three months every year, and is vacant the other nine.
As much as I’d like to take one last good natured parting shot at the folks from the IRS, I will just remind you that we did try to honor them once. We put the IRS logo on stamps and people got confused, not knowing which end to spit on.