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Tips for Last-Minute Filers
- Take your time. More mistakes are made by people who file at the last minute.
- Double check your math. The most common tax return errors are not complex issues; the errors are usually related to incorrect addition or subtraction.
- Use your label. It does speed your refund and has no affect on the likelihood of being audited.
- Be sure to sign your return and if married filing jointly, both spouses must sign the return.
- Attach all W-2 forms.
- If someone else is preparing your tax return, be sure you know who you're dealing with first. Ask for an explanation of items on your return. Remember, if you sign the return, you are personally responsible for it.
Facts and figures on taxes and who pays them:
- Total projected tax returns: 129.6 million
- Taxpayers using professional preparers: 66.5 million, 51 percent
- Taxpayers who itemize deductions: 38.2 million, 29 percent
- Taxpayers with home mortgage deductions: 31.6 million, 24 percent
- Taxpayers with capital gains or losses: 25.6 million, 20 percent
- Single filers: 55.1 million
- Married filing jointly: 49.6 million
- Federal tax revenues for fiscal 2000: $2.025 trillion
- Individual income taxes: $1.004 trillion, 49.6 percent
- Corporate income taxes: $207 billion, 10.2 percent
- Social insurance taxes: $653 billion, 32.2 percent
- All other taxes: $161 billion, 8 percent
- $200,000 income and up: 47.5 percent
- $100,000 to $200,000: 23.6 percent
- $75,000 to $100,000: 11.8 percent
- $50,000 to $75,000: 11.1 percent
- $20,000 to $50,000: 7.6 percent
Where do your tax dollars go?
- Social Security - $0.23
- Health and Medical - $0.21
- National Defense - $0.16
- Income Security - $0.14
- Net Interest - $0.11
- Education, Training, etc. - $0.04
- Veterans Benefits/Services - $0.03
- Transportation - $0.03
- Other - $0.05