Did you know? ….Taxes, taxes, and more taxes
Here are a few little known tax facts today ….
Did you know …. The actual tax code is more than 3 million words long and would fill 7,500 pages if printed on letter-size paper. (If you stack War & Peace, all of Shakespeares plays, and the Bible together you would have to double it to equal the tax code.)
Did you know …. There have been 4,400 Federal tax law changes made in the last 10 years. (Just think about it …. each individual state makes changes too!)
Did you know …. That almost 2 years ago, another tax bill was signed, called the “tanning tax” …. That indoor tanning salons and those that use them have to pay an extra 10% on getting tanned? (It replaced the “botox” bill which would have given an extra 5% on cosmetic surgery.)
Did you know …. That excise tax, despite its term being mentioned a number of places in the above mentioned tax code, is never really defined. So really, does anyone really know what it means? (Check out wikipedia …it changes its mind too!!)
Did you know …. That income is defined as income that is not not income? (I think someone made this up but who knows?)
Did you know … Almost half of all U.S. households owe no federal income tax at all? (I think we make up for it though in sales tax, property tax, and all those other “little” taxes.)
So now that we have filled your head with a little bit of tax trivia …. What other tax facts might your local taxpert know that could help save you money when it comes to filing your tax returns?
Bring your Inquiring minds here ….