1.4 million – The number of words in the US Tax Code circa 1955.
10.1 million – The number of words in the US Tax Code as of 2015.
In sixty years, the tax code has lengthened by approximately 8.7 million words. That’s an average of 145,000 words added to the Tax Code every year. As federal internal revenue code and tax regulations become more complex, preparing your taxes becomes exponentially more…. well, taxing.
Instructions for filling out the IRS 1040 tax form alone – supposedly the simplest of forms taxpayers prepare – consists of a whopping 105 pages.
In addition to millions upon millions of words worth of regulations to comply with, taxpayers have to keep up with changes being made to those regulations. IRS data confirms that between 2001 and 2012, Congress passed down over 5,000 revisions to the tax code.
Heads are spinning. Wallets are weeping.
Despite all of these overwhelming numbers, however, you don’t have to let taxes rule your wealth. With experienced financial advisors on your side, you can take steps to preserve your assets and contribute to the security of your financial future.
(Source: The Motley Fool)