Today Is Tax Day . . . Here Are Seven Tax Day Facts and Stats
Here are some facts and stats about Tax Day in America:
1. Americans spend 6.1 billion hours doing taxes each year . . . TOTAL, even though that may feel like how much you personally spend. The average person spends 13 hours and $240 completing their personal taxes.
2. 90% of tax returns are filed electronically these days . . . and 57% of people prepared and e-filed their OWN tax returns.
3. Over the past 20 years, there have been an average of 420 annual changes to the tax code. There are FOUR MILLION words in the tax code, which is TWICE the amount in all five “Game of Thrones” books . . . combined.
4. How many people wait until the last minute? As of April 1st, 71% of Americans had filed their taxes. 18% still had to do it, and 11% said they didn’t have to file.
62% say they like to get it over with as soon as they get their W-2s. Another 27% say they hire someone to do their taxes for them . . .
But 6% procrastinate until the NIGHT BEFORE they’re due, and 2% file for an extension the DAY they’re due. That could be YOU at this point, if you haven’t filed yet. (Which is fine if you’re expecting to get a refund. If you OWE the government, you’ll also have to pay interest if you’re late.)
5. If you get a refund, what do you do with the money? In one poll, 27% of Americans use it to pay off debt . . . 24% save it . . . 13% treat themselves to something nice . . . 11% use it to buy everyday necessities . . . and 10% use it to cover a big purchase they really need, like a car repair.
6. 7% of Americans claim they ENJOY filing their taxes.
7. If you DID do your taxes early, you can celebrate today with an “Income Tax” cocktail, which uses gin, sweet vermouth, dry vermouth, orange juice, and a splash of bitters . . . since it’s such a bittersweet day.
(WalletHub / National Today)