One More Day Until Tax Day
We’re busy finishing up our tax return, so we’ll have to keep it short. But we thought we’d leave you with this interesting statistic we read in the Washington Post:
It is estimated that the tax gap – the difference between what the IRS is owed and what taxpayers actually pay – is $345 billion.
In order to address this, in 1985 the IRS began to require taxpayers actually name the dependent children they were claiming and provide their Social Security numbers. This resulted in five million children disappearing! This meant approximately $5 billion in tax revenue to the IRS.
Read the full article here.
(pic: Smith & Associates)