Tax Guru-Ker$tetter Letter

Tuesday, January 21, 2003

Taxing Statistics

With all of the discussion as to who bears the major portion of the actual income tax burden in the US, I found it interesting to consider another kind of tax related burden. These stats from Forbes relate to the burden in time and cost to comply with tax laws in regard to keeping proper records and preparing tax returns.

Self-employed persons with adjusted gross incomes topping $200,000 spend 62 hours a year working on taxes and $1,315 in tax preparation fees, compared with just 34 hours and $393 for similarly paid workers who labor for others, says a new study for the IRS by IBM Business Consulting. Total annual out-of-pocket costs to all taxpayers for tax compliance: $16 billion.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 1/21/2003 04:17:00 PM Send this post: