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Cost of Preparing Taxes

ROL NFIB The Voice of Small Business. No Taxation Without Frustration Tax Time 26.4 You've been complaining for years, and research backs you up: Americans spend too much time-not to mention money-on their taxes. Here's a snapshot of what you're up against. Average number of hours Americans spent in 2006 on the 1040 form for Individual Income Tax Buried Average paperwork costs, per hour, for small business: 126.8 $74.24 $62.19 $40.75 $39.27 Average number of hours businesses spent in 2006 on the 1065 form for Partnership Income TAX Sourcel Taxpayer Advocate Senioe, 2008 Report to Congress Global Inequality Selected corporate tax rates around the world; national and state/provincial rates combined FINANCIAL 40% 35% 30% 25% PERSONNEL 20% 15% 10% 5% BÜSINESS PURCHASES 0% Japan U.S. Germany U.K. Korea Ireland Source The Tax Foundation, based on Organization for Economic Cooperation and Development Souroel NFB Nationa Small Business Pot, "Paperwork and Recordoeping" 2000 Toil and Tax How long Americans worked, on average, in 2010 to pay all federal, state and local taxes Estate & Gift Taxes: 12 Hours = 1 DAY Other Taxes: 6 Days Corporate Income Taxes: Days Property Taxes: 12 Days Sales & Excise Taxes: 15 Days Social Insurance Taxes: 25 Days Individual Income Taxes: 32 Days Souroe The Tax Foundation Big Brother Size of the Internal Revenue Service in 2010 КОЯ Annual budget: Employees: Tax code length: $12.1 106,000 10,000 BILLION PAGÉS Souroe The US. Govermment Accountability Office US. Teasury, Heritage Foundation

Cost of Preparing Taxes

shared by nfib on Jan 30
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Americans spend too much time – not to mention money – on taxes. Here's a visual display of just exactly how much goes into preparing to pay taxes.




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