Tuesday, April 17, 2012

Some Good News for Tax Day

Happy Tax Day! Or not so happy, as the case may be, but for most taxpayers, this is actually a good time of year. According to the IRS, during fiscal year 2011, 83 percent of all taxpayers - that's 119 million individual tax returns - got refunds. The final toll of all those refunds was $338 billion.

More good news: The IRS isn't quite as diligent about its audits as you might think. For fiscal year 2011, just 1.1 percent of all individual income tax returns got examined by the government. And taxes are getting easier and easier to file. More than three quarters of all individual returns are now filed electronically.

And now the bad news: The taxman took in a whopping $2.4 trillion last year, from a total of 234 million tax returns. In that light, the $338 billion in returns was just a drop in the bucket.

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