2019 Tax Facts Infographic
2:59 AMPosted by: John S Kiernan
No one likes Tax Day, except for accountants and Uncle Sam. In fact, disdain for filling out forms and forking over funds to the government drives many of us to contemplate some pretty kooky alternatives. For example, according to WalletHub’s Tax Survey, nearly one in four Americans would get an “IRS” tattoo in return for a tax-free future, while 36% say they would move abroad for a tax-free future.
It’s no wonder, either. We’ve spent billions of hours preparing billions of dollars in payments since tax season began Jan. 28. We’re grappling with a tax code that’s longer than all of the Harry Potter and Game of Thrones books combined. We’re also scrambling to satisfy and take full advantage of recent tax reforms. Tax preparation can be a frightening prospect for many people as a result.
Fortunately, things tend to seem less scary the more you know about them. And while we experience Tax Day firsthand each year, there’s still plenty for most taxpayers to learn. So WalletHub explored this infamous date from top to bottom in search of the most interesting, revealing Tax Day fun facts. You can check out what we found in the infographic below, followed by a Q&A with a panel of tax experts. And if you’ve yet to file, make sure to check out WalletHub’s last-minute tax tips.
Taxes, and our obligations with respect to them, are almost like living, breathing entities. The dynamics are in constant flux, which means we can never stop learning about the process. With that in mind, we posed the following questions to a panel of tax experts in search of a greater understanding of how to successfully navigate this treacherous time of year. You can check out their bios and responses below.
- How is Tax Day 2019 different from past years?
- Has the amount of time and money spent on preparing tax returns changed in recent years? What are some tips for reducing time and money spent?
- Has Trump administration’s tax reform been more beneficial for the middle class or for the rich 1%?
Dr. Xiaoli Yuan Professor of Accounting in the Department of Business & Economics at Elizabeth City State University
Joseph Krupka Associate Professor of Accounting in the College of Business Administration at Savannah State University
Xin Geng Assistant Professor of Accounting in the Campbell School of Business at Berry College
Carol Hughes Lecturer in Accounting at the University of North Carolina Asheville
Dr. Xiaoli Yuan Professor of Accounting in the Department of Business & Economics at Elizabeth City State University
Joseph Krupka Associate Professor of Accounting in the College of Business Administration at Savannah State University
Xin Geng Assistant Professor of Accounting in the Campbell School of Business at Berry College
Carol Hughes Lecturer in Accounting at the University of North Carolina Ashevillefrom Wallet HubWallet Hub
via Finance Xpress
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