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Health & Fitness

Fun Facts About Your Taxes!

Take our fun facts quiz and see how much you know about the income tax!

You pay taxes every year, but how much do you really know about the income tax?  The spring weather has everyone in such a good mood that I thought we have some “tax fun”.  We recently gave a presentation at the Crestwood-Sunset Hills Chamber monthly luncheon that tested the attendee’s knowledge of the tax code.  Here is a sample of the questions: 

In what year was the Revenue Act of 186X passed which was the start of our Internal Revenue Service?  

 ____   1861         ____  1862        ____  1863      ____  1864 

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Fun Fact:  The simplest personal tax return form is the 1040EZ.   It is only 1 page, but has 42 pages of instructions! 

If you file an amended return and the IRS owes you a refund, how many years can you go back from the current tax year and expect to receive the refund?____  3           ____  5           ____  7          ____  1 

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Fun Fact:  It is estimated we spend 7.6 billion hours filing our taxes. 

When President Obama signed the “Bush Tax Cuts” extension bill in 2010, how many tax code items were changed?

____  185            ____  49           ____  311        ____  108 

Fun Fact:  In 2010 the Federal Tax Codes totaled over 40,000 pages and over 3.5 million lines. Since 1999 the codes have grown by over 1.2 million lines!  

H&R Block offers a service called Free 2nd Look, where you can bring in your 2008 – 2011 personal return and have a tax professional either certify or prepare an amended return. What was the average amount of additional refund $$$ that our clients were able to claim?

____  $2,680       ____  $935        ____  $1,790        ____  $3,150

Fun Fact:  Out of 700,000 Free 2nd Looks done in 2011, more than 66% resulted in an amended return. 

In what year did the IRS start using the Internet to accept electronically filed returns?

____  1995        ____  2001        ____  1998        ____  1993 

Fun Fact:  In 2010 the IRS processed more than 66% (98 million) returns filed electronically. For 2011 the IRS has now mandated that if you do not file electronically you now need to submit a statement with your return! 

In what year did H&R Block offer Business Services and Tax Preparation to small business owners in Kansas City, MO?

____  1961         ____  1956         ____  1953        ____  1964 

Fun Fact:  Ken Jennings had his longest winning streak on Jeopardy come to an end with a question about H&R Block.  “Most of this firm's 70,000 seasonal white-collar employees work only four months a year"?  He answered FedEx. 

In 1972 President Richard Nixon learned his tax returns were leaked to the public. What was the amount of tax President Nixon paid on reported income of $200,000?

____  $49,785      ____  $11,394       ____  $878     ____  $4,637  

Fun Fact:  For tax years 1970 & 1971 President Nixon listed deductions totaling $571,000 for donating “vice-presidential papers”. When leaked, his response was “Well, I’m not a crook. I’ve earned everything I’ve got.” 

In 2009 there were 140,494,127 personal tax returns filed with the IRS. How many had an AGI (adjusted gross income) of $1 million +?  (IRS Tax Stats for 2009)

____   410,985      ____   1,108,000        ____ 236,883        ____  724,190 

Fun Fact:  2.79% of the total returns filed had an AGI of $200,000 or greater, while 0.00168% had an AGI of $1 million + 

I hope this was a fun and interesting diversion.  Check back next week for the answers.  We’ll also start looking at adjustments and deductions.  Good news - these lower your tax bill!  In the meantime, call or email me if you have any questions. 

jennifer.bellm@tax.hrblock.com

314-849-6200 

Best,

Jennifer 

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