Tax Fulfilling Information! (Nevertheless Are They True or False?)

Tax Fulfilling Information! (Nevertheless Are They True or False?)

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Fully completely happy Monday, everyone! 🙂

Thought it’d be pleasing to share some tax trivia — some true data 😇, and some false data 😈 — since we’re nearing the tip of a super-long submitting season proper right here inside the U.S. (Public service announcement: Taxes for 2019 are due THIS WEDNESDAY! That’s July 15, 2020.)

I’ve dug up (and made up) these weird tax data for a little bit of sport of True or False.

Nevertheless first, a quick story…

I was born and raised as a metropolis boy. So as soon as I visited Montana for the first time in 2011, it was my first model of the “nation.” It was distant and pleasant.

Nevertheless one factor truly surprised me about Montana … Every little metropolis I visited had about 20 corporations in it, and of those 20 corporations, about 5 of them had indicators hanging out the doorway that talked about “taxidermy.” 

I’d in no way heard that phrase sooner than. Taxidermy … Sounds a lot like “tax authorized skilled,” so I merely assumed it was native slang for the tax office.

I assumed to myself, “Why have they acquired so many tax workplaces in Montana? Of us out proper right here don’t know one of the best ways to file their very personal tax returns? What idiots!”

As a result of it appears, I am the idiot. A couple of years handed sooner than I came across that taxidermy has nothing to do with taxes. My in-laws who keep in Montana had an excellent snigger after they schooled me about what taxidermy is. 

True story. And now at any time once I see a stuffed animal, I think about taxes. I’m a weirdo!

OK, onto the game …

These are all True or False questions/statements. The options are posted on the bottom. No peeking! A couple of of them usually are not any brainers — I’m sure all of you will go along with flying colors.

Taxes: True or False?

  1. The US has the perfect nationwide earnings tax payment on the earth. Second-highest is the Netherlands, and Finland is third-highest.
  2. In Kansas, untethered scorching air balloon rides are exempt from product sales tax because of they’re thought-about a official kind of air transportation.
  3. There are 7 U.S. states that levy no non-public earnings tax. They’re: Texas, Nevada, Florida, Washington, Alaska, South Dakota, and Wyoming.
  4. Do you have to’re over the age of 100 and keep in New Mexico, you don’t should pay state earnings tax. In actuality, you don’t even should file with the state once you’re that earlier.
  5. It’s smart to have your employer withhold as lots tax as doable all through the 12 months, so that when you file your return, you get a a lot larger refund confirm!
  6. Expert strippers in Las Vegas are allowed to deduct the value of breast implants or enhancements of their annual tax filings.
  7. Billionaire Mark Cuban as quickly as filed his tax return using paper varieties instead of electronically. It took a small workers of accountants 23 days to fill out and double-check all the paper varieties. They finally shipped four big submitting bins crammed with papers to the IRS. Cuban did this as a protest in the direction of paying such extreme taxes.
  8. Do you have to file your taxes early inside the 12 months, you may need the subsequent chance of getting audited. Do you have to file later inside the 12 months, the IRS is so overwhelmed that it doesn’t have the bandwidth to confirm everyone’s return intimately, so that you may need a lot much less of a possibility of getting audited.
  9. Every U.S. president starting from Richard Nixon (1969) onward has provided his tax returns to most people for analysis.
  10. Throughout the UK, residents ought to pay a “television tax.” That’s an annual cost to look at TV, and it covers watching reveals in your TV, laptops, and cellphones.
  11. The IRS is trying to be additional progressive to keep up up with various know-how platforms. If it decides to audit anyone inside the millennial or Gen Z age bracket, it ought to begin by notifying the taxpayer by means of his or her TikTok or Instagram account.
  12. The phrase “TAX” is an acronym for the distinctive Latin phrase “Taeter Amor Xenium,” which roughly interprets to “love donation for the king.”
  13. In case you’ve gotten a side hustle, you don’t should pay tax once you didn’t earn larger than $3,000 (or $6,000 for these married submitting collectively) in earnings from that exact side hustle.
  14. In Texas, once you hire anyone to paint trip photographs in your house home windows at home, you do not owe tax on the painter’s cost.
  15. In New York, there is a “sliced bagel tax” that costs you an additional eight cents in case your bagel is sliced or schmeared with cream cheese. 
  16. The widespread tax refund confirm for 2018 was about $1,200. That’s how the federal authorities acquired right here up with a “truthful amount” to current people as a covid-19 stimulus price in 2020.
  17. Do you have to get audited or screw up in your tax return, your credit score rating score will drop a variety of elements. The people most at risk are ones with credit score rating scores beneath 720.
  18. Chuck Norris didn’t even file his taxes in 2019 …  nonetheless the IRS despatched him a refund confirm anyway.   

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Options

  1. FALSE! The U.S. is way from the perfect taxed nation … the Netherlands has the highest nationwide tax payment, at 52%!!! Then about 20 completely different nations are bigger than the USA.
  2. TRUE! As long as the brand new air balloon is “untethered,” there isn’t any such factor as a product sales tax. Woohoo! Plus, scorching air balloons are much more pleasing after they’re not tied to one thing 🙂
  3. TRUE. I would like California have been on the tax-free state itemizing, nonetheless sadly I keep inside the state with the perfect non-public earnings tax. Booooo.
  4. TRUE! This rule acquired right here into place in tax 12 months 2002. Of us 100 years of age or additional who aren’t dependents of various taxpayers are exempt from submitting and paying New Mexico non-public earnings tax.
  5. FALSE. I hope to procure this one correct!  Overpaying by means of the 12 months merely to get a a lot larger return is like giving the federal authorities an interest-free mortgage! In all probability essentially the most good tax planning is to have $zero owed or refunded on the end of the 12 months. 🙂
  6. TRUE! Successfully, kind of. A well known courtroom case in 1994 was obtained by “Chesty Love,” who enlarged her “belongings” to a dimension 56FF, then even bigger to 56N! She claimed the surgical procedures have been wanted to increase her expert earnings and as a result of this reality must be tax-deductible.
  7. FALSE. The Mark Cuban story is made up. I on a regular basis shock how multi-millionaires file their big tax returns and what variety of accountants it takes.
  8. FALSE. No matter when you file your return, your prospects of being audited are the an identical. Accuracy is a crucial issue when submitting, not timing!
  9. FALSE. Donald Trump and Gerald Ford in no way provided their returns to most people. Nevertheless the primary two pages of Trump’s 2005 tax return have been leaked to MSNBC a variety of years once more. $152.7M in earnings… wowzer!  (All completely different presidents and some presidential candidate filings may very well be seen proper right here.) 
  10. TRUE. Television tax is how the BBC is mostly funded. The UK authorities brings in about £4 billion yearly from this TV tax, charging each home and enterprise £157.50 a 12 months (or just £53 for black-and-white TV models … as if anyone nonetheless has a kind of!).
  11. FALSE. Be careful for scams! The IRS will in no way provoke contact with taxpayers by e mail, textual content material message or social media to request non-public or financial knowledge. They’re going to ship you a letter inside the mail when you’re lucky enough to be audited 🙁
  12. FALSE. The phrase “tax” first appeared inside the English language inside the 14th century. It derives from the Latin taxare which suggests “to guage.” I merely made up “taeter amor xenium”… It truly means “foul love reward.”
  13. FALSE! Aspect hustle earnings is taxable! Don’t cowl any earnings from the IRS, even once you earned solely a tiny amount out of your engaging side hustle.
  14. TRUE. Texas window painters (for Christmas cheer) isn’t going to price tax, so long as you current the paint! If the painter provides the paint, you’ll be taxed. What a weird algorithm, correct!?
  15. TRUE. New York has fully completely different taxes for regular meals (a bagel) and a “prepared meal” (a sliced bagel). There’s even a complete half inside the NY tax code that explains what classifies as a sandwich. 🤦‍♀️
  16. FALSE. The widespread tax refund in 2018 was about $2,869. And this has nothing to do with the 2020 stimulus confirm amount!
  17. FALSE. The IRS does *not* report one thing to credit score rating companies about your submitting, extension dates, taxes owed, and lots of others. Nevertheless once you take out a mortgage to pay your taxes after which default on that mortgage, your credit score rating will definitely be affected!
  18. TRUE! Nevertheless most years Chuck Norris merely sends the IRS clear varieties and includes a picture of himself, crouching and capable of assault. No IRS employee has ever dared to audit him.

Sooooo. How’d you do!?

Have you ever ever filed already, or are you getting an extension? Any sudden or mammoth funds/returns you want to share with the group? 🙂

*Pic up excessive by Rachaelvoorhees on Flickr!