It's Tax Day! Did You Owe or Get Big Bucks Back?

April 17, 2018

It's Tax Day!  RLITM got money back from the state and owed federal this year.  He put the check in the mail on Friday!

Here are some random, wacky tax facts and stats! 

Tax Stats: 

  • - It will take the average American taxpayer until May to pay their federal, state and local tax bills.
  • - 49% of taxpayers would rather go to the dentist than prepare their taxes (48%).
  • - Chances of being audited by the IRS... 0.8%

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Tax Refund Survey:

A new survey by the National Retail Federation reveals that the average American will receive a $2,700 tax refund from the IRS this year. Other findings:

- 49% of people plan to put their tax refund into savings. That's up 1% from last year

- 22% of people plan to use their tax refund on everyday expenses

- 12% of people plan to use their tax refund on a vacation

- 8% of people plan to use their tax refund on a major purchase like a car or appliances

 

Unusual Tax Facts:

  • A study by the University of Toronto reveals that the number of fatal crashes jumps on days when taxes are due. Lead researcher Donald Redelmeier studied 29 years of accidents and found an average of 226 fatal accidents on annual tax-due days and 213 on other days.
  • He says, "Stressful deadlines lead to driver distraction and human error. It doesn't just hold on Tax Day but might also hold to other distinctly stressful times, such as when you're going through a divorce or something is wrong with your child or you've just lost your job."

 

  • More than 130 million Americans are expected to file a tax return. The IRS says some cranky taxpayers use Band-Aids, sewing needles and chewing gum to attach their W-2 income statements to their tax forms. One nurse reportedly attached her W-2 with a hypodermic needle while another distraught taxpayer smeared his tax return with blood and feces.  IRS workers usually receive a few nude photos while some taxpayers are actually nice and send candy, cigars and thank-you notes.