The IRS Tax Code: Some Facts

Posted by Veeramachineni Lalitha February 20, 2021

Doing your taxes by yourself can be, well, quite taxing. The Internal Revenue Service is the largest collection agency in the county. They are well-staffed and able to procure what they believe is the fair amount of tax you need to pay. If you need tax services Sarasota FL, then take action so that your taxes are done on time and accurately.

The IRS Tax Code

The United States Tax Code

The United States Tax Code is a real monster of legislation. It is the official document that governs all aspects of taxation in the United States, including such things as your tax burden, what you can deduct, tax credits, and perhaps most importantly, if you run afoul of the IRS, the audit capabilities of the federal taxing authority. Here are some facts about the IRS and its Tax Code:

  • The Tax Code changes often. It is currently over 74,000 pages long.
  • The average American must work 114 days to earn enough to pay their federal tax bill.
  • The IRS does audit taxpayers, but less than 1% actually get one in any given tax year.
  • Almost 45% of all Americans pay no federal income tax.
  • Over one-fifth of U.S. tax returns contain errors, increasing the likelihood that they will be audited.
  • Only about one-third of taxpayers itemize deductions. Itemizing deductions can open up a number of lucrative tax savings.

Professional Tax Assistance

It is a major hassle for many folks to prepare and file their taxes. It may save quite a bit of anxiety to work with a professional during the year and at tax time. By outsourcing your tax return preparations, the first benefit you get is the reduced amount of paperwork and saves a lot of time . You can Consider https://taxfyle.com/tax-preparation-outsourcing for your Tax Preparation Outsourcing . By doing so, you will tap into the tax professional’s knowledge of deductions and credits you may be unaware of. In addition, your return is likely to be done accurately and in full compliance with current tax law.

I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin