Trivia about money, jobs, budgets, credit, debt, and anything related to personal finance.

Taxes

*In 1985, 5 tax preparers submitted 25,000 returns electronically to the IRS. Today, we submit over 100 million per year.

*142 million tax returns were filed in 2008, and 51.6 million of those returns were for “people whose exemptions, deductions and credits wiped out any federal income tax due. Source

*As of 2011, the federal government is borrowing an average of 36 cents of every dollar paid out.

*In 2010 it cost taxpayers $120 million and 2 million pounds of paper to get Social Security recipients their checks, and over a half million of those checks were reported lost or stolen.

*Odd ball taxes: tattoo tax, fur clothing tax, playing card tax, sparkler and novelties tax, and illegal drug tax! Source

*Earned Income Tax Credit: You do not qualify for EITC if your filing status is Married Filing Separately.

*Since the attacks of Sept. 11, 2001, spending for national defense rose from 3.0 percent of GDP that year to 4.8 percent last year.

*Earned Income Tax Credit: Review your eligibility. Just because you didn’t qualify last year, doesn’t mean you won’t this year.

*Earned Income Tax Credit: If you qualify, the credit could be worth up to $5,666.

*Report your company for tax evasion, and you can earn 30% of the amount collected. Source

*The number of pages in the tax code has increased 16,775% in the past century. Source

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