Interesting IRS Tax Facts

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  • Since 2001, there have been more than 4,500 changes to the tax code, not including the Tax Cuts and Jobs Act of 2017, signed into law December 22, 2017.
  • More than one-fifth of paper tax returns contain errors. The IRS reports that while the error rate for electronically filed returns is less than 1%, paper filers are 21 times more likely to make a mistake.  Errors can cause tax returns to get audited or rejected. So you’re better off filing electronically and lowering your risk.
  • A good 17% of IRS employees violate the tax code when filing their returns. The IRS treats a majority of these violations as honest mistakes.
  • Only 30% of households itemize deductions. That amount is anticipated to be lower because of the new tax laws taking effect with the 2018 tax filing.
  • IRS employees also break the law. A 2015 report showed that almost 1,600 IRS worker willfully evaded taxes over the course of 10 years.

Source:  The Motley Fool

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