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“In this world nothing can be said to be certain, except DEATH and TAXES."
2 Certainties 1 Solution
ProTax Plus
IRS NUMBERS
Dollars
1,500,000,000
The IRS reported that for the tax year 2017, there were about $1.5 billion in unclaimed refunds for individuals who did not file a federal income tax return for that year. The median estimated refund was $865.
Pages
70,000
While the exact word count of the U.S. tax code can vary depending on the source, the Tax Foundation has indicated that the federal tax code has grown from 26,300 pages in 1984 to over 70,000 pages by the 2010s.
Percent
20%
The IRS has estimated in the past that about 20% of eligible taxpayers do not claim the Earned Income Tax Credit (EITC), which could be worth up to several thousand dollars depending on one's financial situation and family size.
Overlooked Deductions
3,000,000
The number of amended returns can give an insight into errors or overlooked deductions. For instance, in 2019, over 3 million Forms 1040-X (amended returns) were received by the IRS.