Happy Tax Day Boston
According to the IRS: Individual taxpayers spent a total of 897 million hours in FY 2022 just on record-keeping. This is in addition to the 1.15 billion hours spent on tax preparation of individual returns. Business entities spent about 1.14 billion hours and $48.3 billion on tax preparation in FY 2022.
Tax season causes stress all year long. I’ll never forget how when my dad was 90 years old and in hospice care he told me to be sure and file his income tax return. He seemed very concerned.
The truth is that every penny of his income was reported to the IRS and he should not have had to have a tax return prepared at all.
As a business owner I pay $$$$ to have my taxes prepared. I can do them myself but found it too stressful and time consuming. Plus I’d rather work on my Boston condo for sale blog.
I especially remember warm sunny April weekends where I had to stay inside and work on my taxes.
I have to keep a lot of records but these days most of my record keeping is automated and I keep records as I go. It takes me about 3 hours to gather my information for the tax preparer. I mostly understand my taxes which helps me make decisions about business expenses.
I do my best to not over pay when I pay quarterly taxes because I don’t want to rely on the IRS to send me a refund. If I am due a refund I roll it over to pay first quarter taxes which are also due on April 15th.
Happy Tax Day!
Peace be with you
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Happy Tax Day Boston
The IRS puts out an interesting tax document each year, looking at the returns of the nations wealthiest 400 people. The most recent year of complete data is 2007, when 143 million individuals filed tax returns.
Some of the data is quite astonishing:
• The top 400 paid 2.05% of all individual income taxes in 2007.
• Average tax rate of the 400 = 16.6% — the lowest since the IRS began tracking the 400 in 1992.
• Minimum annual income to make the top 400 = $138.8 million.
• Top 400 reported $137.9 billion in income; they paid $22.9 billion in federal income taxes.
• 81.3% of income was from capital gains, dividends or interest. Salaries and wages? Just 6.5%.
• The top 400 list changes from year to year: 1992-2007, it contained 3,472 different taxpayers (out of a maximum 6400).
Happy tax day to one and all. Actually, Boston has extended the tax date to May 11, 2010 because Suffolk County was classified as a flood area.
Sources:
The 400 Individual Income Tax Returns Reporting the Highest Adjusted Gross Incomes Each Year, 1992-2007
https://www.irs.gov/pub/irs-soi/07intop400.pdf
A Look at the Tax Returns of the Top 400 Taxpayers
David Wessel
WSJ, FEBRUARY 17, 2010
https://blogs.wsj.com/economics/2010/02/17/a-look-at-the-tax-returns-of-the-top-400-taxpayers/
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