Another Federal Tax Record Set in October
As the year winds down and we look ahead to another tax season, the Federal Reserve is looking at another record tax collection in October. According to the latest numbers released in the Monthly Treasury Statement, October set an all time record high for the month, with $221,692,000,000 collected. What a great way to start the fiscal year for the Treasury. That was an increase of more than $6.7 billion from last October.
However, despite the incredible numbers coming in, the federal government still had a deficit of more than $44 billion in the month, thanks to expenditures of more than 265 billion. Meantime, if you were to break down the numbers in October, on average the Federal Reserve collected roughly $1,459 from everyone who worked either full- or part-time during the month.
So where did the majority of that record revenue come from, you ask? The answer is largely from individual tax returns. According to the Treasury, Americans paid $121,576,000,000 in income taxes in October. But the tax bill for Americans doesn’t stop there. Collectively the country paid another $79,361,000,000 in Social Security and additional payroll taxes.
The rest of the money came from corporate taxes: $2,27 billion; excise taxes: $5.7 billion; and estate and gift taxes: $3.06 billion.
You also might like Despite Record Revenues, Federal Government Still Facing Huge Deficit
http://www.cnsnews.com/news/article/terence-p-jeffrey/221692000000-federal-taxes-set-record-october-1459-worker-feds-still
IRS Instructions as Clear as Mud, Even to the IRS
Tax time is just around the corner and that means it will be time once again to comb through all the jargon that is IRS tax forms. Many taxpayers have long bemoaned tax forms and instructions as just plain confusing and in some cases, downright sinister. However, even though filing taxes on your own accord…
If You’re Using Airbnb for Some Extra Cash Don’t Forget About Taxes
Have you heard about the latest craze in hospitality? It’s the idea of renting out your home for a night or two, or perhaps even slightly longer, to someone looking for a place to stay other than a hotel. The leader in the industry is Airbnb, which works much like Uber, the personal cab driver…
If You’re Going to Argue About Taxes Your Argument Better Be Good
Lets face it a lot of taxpayers make mistakes on their tax returns. It’s also true that there are plenty of other taxpayers that willfully falsify their returns in order to save on their total tax bill. Some people even go as far as to simply skip out on filing a return all together. You…
Another Tax Scam Is Upon Us – Beware of Back Taxes Bullies
No one likes a bully. Bullies can wreck havoc on their victims. From swirlies to stealing lunch money, bullies are a big problem. The same can be said for tax bullies, except they want to steal a lot more than your lunch money. There have been several recent reports from different locations around the country…