Tax Time can be very stressful. Here are 10 Tax Time Facts that can bring you harmony and ease your mind:
- The IRS has issued 7.6 million refunds worth $26.8 billion
- The average refund is $3,120
- There are 4 million words in the U.S. tax code
- The average IRS hold time – 28 minutes (10 minutes in 2010)
- $21 Billion in Expected IRS losses due to tax fraud in 2016
- 5 Thousand changes in tax code since 2001
- 7 weeks – the estimated timetable for refunds from paper returns
- 80% of returns are filed electronically
- The IRS has a smartphone application called IRS2Go to check refund status and get tips and assistance
- 80% of U.S. tax filers get a federal tax refund
SOURCES:
The Internal Revenue Service
The Washington Post
Congressional Budget Office
The Center on Budget and Policy Priorities
The Tax Foundation
WalletHub.com