Happy Tax Day!  Tax Day is known to make people depressed, angry and resentful, so we thought we’d share some light-hearted facts to help spread “The Joy of Tax Law.”

The Facts

  1. Tax Day, unfortunately, is not a federal holiday; however, it may be moved from April 15 to accomodate other holidays or important dates.

  2. The portion of the tax code relevant to filing Form 1040 (US Individual Tax Return) is about 740 pages.  The entire Internal Revenue Code is about 70,000 pages, or 4 million words.  That’s one reason we recommend consulting a tax professional for all your tax-related affairs.  

  3. There are 1,132 downloadable tax forms from the IRS.  Woah.

  4. Not all state income taxes are due on the federal deadline.  Deleware, Hawaii, Iowa, Louisiana, Maine, Massachusetts and Virginia all have later due dates.  Click here for a full list of state tax deadlines.

  5. Income taxes account for about half of all federal revenue.  The rest comes from excise, corporate, employment, gift and estate taxes.  

  6. Thank the 16th amendment, ratified in 1913, for clearing the way for the modern tax system.  Before then, taxes were sometimes levied, but met with stark opposition and often struck down in the courts as being unconstitutional.  

  7. Federal income tax withholding began in 1943 with the Current Tax Payment Act, in an effort to convenience taxpayers.

  8. Forget to pay your taxes?  File an extension online TODAY and you can still avoid late penalties and get an extension.  

  9. Albert Einstein once said, “The hardest thing in the world to understand is the income tax.”

  10. Federal receipts are at historical lows.  This can be attributed, primarily, to the Bush-era tax cuts and the Great Recession. federal receipts

 

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JDKatz, P.C. is a full-service law firm focused on tax law and estate planning. We are dedicated to minimizing your existing liability and risks while providing valuable tax planning to streamline your tax issues in the future. Please call us at 301-913-2948 to schedule an appointment to meet with one of our trusted attorneys.