In movies, tax audits are always scary. Big, burly, intimidating men in dark suits and glasses. Over-sized clipboards. The sound of pens furiously scratching paper. Handcuffs. You know the deal. But are tax audit visits really that frightening in real life? Not so. In fact, only 1% of all taxpayers even experience an audit. Of those, about 20% ever result in a face-to-face encounter with the IRS. Most inquires, fortunately, are resolved through correspondence. Take a look below at our guide to tax audits.
What do some of the most popular vices cost consumers in taxes? What are some vices that you have and would like to see visualized? For example, would you be interested in sleep, coffee, reading, running…or taxes related to hobbies? Here we take a look at three Sin Taxes that generate billions of dollars from taxes every year and the rates consumers are paying. How does your state compare? What are sales taxes?
With a weak economy, this filing season has seen an astonishing increase in the amount of people cutting corners, attempting to collect the largest refund possible. In a recent article, CNN stated, “The IRS identified 335,341 tax returns claiming $1.9 billion in fraudulent refunds as of March 4, 2011, according to the findings of an audit conducted by the Treasury Inspector General for Tax Administration.
Tax complaints are never higher than during the month of April. But while there are many valid reasons to dislike owing Uncle Sam cash, it truly could be worse. There are options if you owe on your Federal taxes.
Franklin D. Roosevelt once stated, “Taxes, after all, are dues we pay for the privileges of membership in an organized society.” We do live in an organized society, but I wonder if F.D.R. had any idea that the taxes we may be paying in the future were going to be this strange and out of the ordinary. Even if these aren’t passed or even proposed now, let’s see what could be in the hopper for the future of taxation.