9 Surprising Facts About Your Taxes

Surprising and interesting (yes, taxes can be interesting!) facts about your taxes. Read and enjoy.

Via Forbes

The IRS receives over 140 million individual tax returns from taxpayers over the world and collects over $950 billion in taxes each

year.

Deductions for taxes paid to local and state governments are the biggest overall tax deductions. Deductions for interest, particularly on home mortgages, are the next largest.

Over $325 billion in tax refunds is paid out each year, with the average refund around $3,000. A large refund is typically thought to be a sign that the taxpayer is withholding too much in taxes from their pay.

Over 275,000 returns showed an adjusted gross income of $1 million or more. However, in 2011, about 7,000 millions did not pay any income taxes.

California has the highest number of millionaires. More than 40,000 taxpayers in Californians reported over $1 million in income. Vermont has the least amount of millionaires with less than 300.

E-filing is now nearly universal. More than 90% of individual tax returns are now e-filed.

More than half of returns–about 57%–are prepared by paid tax professionals.

Our tax code has around 4 million words and is constantly changing. Since 2001 alone, there have been more than 4,500 changes to the tax code. No wonder so many taxpayers use professional tax preparation!

The average standard deduction is between $7,000 and $8,000. The average total itemized deduction is $26,084!

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Works Cited: Wood, Robert. “13 Surprising Facts About Your Taxes.” Forbes. Forbes.com LLC, 24 March 2013. Web. 16 July 2015. <http://www.forbes.com/sites/robertwood/2013/03/24/13-surprising-facts-about-your-taxes/>