In this episode, hosts John and Chris dive into the often overlooked, yet insightful, Internal Revenue Service (IRS) Databook. The conversation opens with a spotlight on the importance of understanding IRS operations and statistics that can empower taxpayers to minimize their lifetime taxes legally and ethically. Discover key trends in electronic return filings and insights into IRS auditing practices that every taxpayer should be aware of.
The episode unpacks the IRS's processing of 271 million tax returns and the significant shift towards electronic filing, with over three-quarters filed electronically. Chris and John highlight the three states with the highest federal tax payments, namely California, New York, and Texas, offering a glimpse into the geographical dispersion of tax contributions. They also dissect the IRS customer service complexities, emphasizing the challenges faced and the agency's efforts to improve response times.
Key Takeaways:
Notable Quotes:
Referenced Resource (IRS Data Book)
https://www.irs.gov/pub/irs-pdf/p55b.pdf
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