Taxes are a task dreaded by all. Filling out forms and personal information can seem extremely tedious and stressful. But some people take the easy (and illegal) way out, by cheating on their taxes. It is estimated that 1,625,000 cheat on their taxes each year. Woah,right? This hits the U.S. treasury like a fist, since unreported income costs them $270,000,000,000. That’s a lot of zeroes. In 2014, there were 149,684,000 tax returns filed. In 2010, the number was a little less at 142,449,000. The IRS only audited a minuscule portion of these tax returns (1.2%), but 44% of these individuals make under $25,000.
Those who turn in tax cheaters get paid $5,250,000 annually. That’s a lot of dough. Although many people do cheat on their taxes, 79% of people think that it is morally wrong. The deductions most questioned during an IRS audits are home office deductions (24.5%), job expenses (20%), rental losses (17.5%), schedule C expenses (16%) and charitable contributions (15%).
So if you know someone who is cheating on their taxes, you can make big bucks. Remember, cheating on your taxes only hurts others in the long run.
By Shrien Alshabasy
Statistic Brain Staff Writer