Income Taxes Blow

Time to part with your hard earned money. Good Morning! This is Laura Vaughn from The Weekend River filling in for Nick Jakusz who is on paternity leave.

Tomorrow is Tax Day. It’s time for a little self abuse, so let’s start with a statistic that will make your stomach turn: The average American works 114 days to pay the government. So by my calculations, all the money you have earned up to this point this year will go towards your income taxes.

If you’re like most people, you spent about 16 hours doing your taxes. That’s about right for me. I usually spend between 12 and 18 hours gathering, categorizing and calculating my expenses before I send the data to our accountant. I think he plugs it into a computer program and finishes it in about 45 seconds, then he sends us a bill for $1500. You may think we are getting ripped off, but you would change your tune If I told you how much taxes we pay each year. Our guy is really good! Worth every penny. About 60% of us use accountants to do our taxes. If you do your own taxes, plan to spend and average of 30 minutes on hold with the IRS.

Some news outlets are telling us that you can claim your live-in boyfriend or girlfriend as a dependent if they make less than $3900 per year, aren’t claimed as dependents on someone else’s taxes and you pay for more than half of their expenses. Good luck getting their social security number.

You cannot deduct the cost of weight loss surgery or other weight loss programs, but you can write off cosmetic surgery if you can prove that the surgery was necessary for your mental health.

What would people do to avoid paying taxes? A survey says that that 27% of people would get an IRS tattoo. 13% of people would rather spend a night in jail than do their taxes.

 

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