Interesting Tax Facts

  • Since 2001, there have been more than 4.500 changes to the tax code, not including the Tax Cuts and Jobs Act of 2017, signed into law December 22, 2017.
  • More than one-fifth of paper tax returns contain errors.  The IRS reports that while the error rate for electronically filed returns is less than 1%, paper filers are 21 times more likely to make a mistake.  Errors can cause tax returns to get audited or rejected, so you’re better off filing electronically and lowering your risk.
  • A good 17% of workers violate the tax code when filing their returns.  The majority of the violations are treated by the IRS as honest mistakes.
  • Only 30% of households itemize deductions, and that amount is anticipated to be lower because of the new tax laws taking effect with the 2018 tax filing.
  • IRS employees also break the law. A 2015 report showed that almost 1,600 IRS worker willfully evaded taxes over the course of 10 years.

 

Source:  The Motley Fool

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