Paying taxes is a very important aspect of everyone’s life. Filing tax returns and payment of taxes seems a boring task to people. Let us tell you some interesting tax facts:
- The greatest tax deductions are those paid to state and local government.
- The second biggest deduction of tax is on home mortgages
- The average amount of tax refunds is approximate $3000. Tax refunds are the interest-free loans to the government.
- The IRS receives over 140 million individual tax returns and collects over $950 billion in taxes.
- Inorder to be in the top 1% earners, you need to earn almost $369,509 of annual income.
- Inorder to be in top 10% earners, you need to earn $116,555.
- California has the most millionaires. More than 40,000 Californians reported over $1 million in income.
- An electronic method of filing taxes is very famous and is used by almost all countries throughout the globe. Almost 90% of individual tax returns are now e-filed.
- Almost 57% returns are filed by hired tax preparers. Most people avoid filing taxes themselves, they pay a fee to the tax preparers and take their help. This is because they find it difficult to fill the tax return and have a fear of doing it wrong.
- The Tax code is very detailed and keeps on changing. Since 2001, there have been more than 4500 changes.
My Tax Help MD is one of the best platforms where you can get all kinds of IRS tax help and settlement services. Having a team of professional tax consultants, we provide diverse IRS tax debt relief service. We can help you in file delinquent tax returns, audit representation, tax lien, payroll issues, and plenty of other tax concerns.