Nothing is certain except death and taxes. Benjamin Franklin said this when the US Constitution was enacted. There’s more to the quote and it goes like this,
“Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.”
I learned how to do my taxes when I was 15 years old and started working for the first time. At the time I could file a simple 1040EZ and be on my way. Now life has gotten a bit more complex and so have the taxes. I still file my own taxes but with owning a freelance business it is a bit more complicated. This is the first time I had to file an extension just to make sure I get all of my paperwork together. Every year I say I am going to be much more prepared and we haven’t gotten there yet.
WalletHub has provided the infographic below about taxes and some additional facts.
- 35 Cents – Cost for the IRS to collect $100 in federal revenue.
- 1 in 5 – People would get an “IRS” tattoo for a tax-free future.
- 6 Billion Hours – Total time Americans spend on their taxes each year.
- 17.8 Minutes – Average wait time when calling the IRS in 2016 (42% less than in 2015).
- 70% – Of filers get a federal tax refund ($2,897 on average).
If you need some last minute tax tips, Wallethub has you covered.