As a law-abiding citizen, you probably pay taxes, but how much do you really know about them? You likely have a general idea about tax brackets, your state’s income tax rules, and that certain red flags can trigger an IRS audit, which are all givens when it comes to general tax knowledge. But the tax code is over 70,000 pages long (more on that on page 10), according to The Motley Fool, so those few facts are just the tip of the proverbial iceberg when it comes to tax knowledge. Read on to discover some of the most surprising things you probably never knew about taxes.
1. About 1% of returns are audited
Although being audited is a big fear for many taxpayers, it’s a lot rarer than you might think. According to a government release, the IRS audited nearly 934,000 individual tax returns in 2017. While that may seem like a significant number, it was actually the lowest number of audits since 2003 and the overall chance of being audited dropped to just 0.6 percent, according to the same release. The Motley Fool also notes that about 75% of audits are performed via mail so even if you are audited it’s unlikely you’ll come face to face with an IRS inspector.
Next: People you’d never expect to be tax cheats