Taxpayers who are wondering about the daunting task facing the Internal Revenue Service during any given filing season can take a look at some recently released statistics from the tax agency.
According to the recent data, the IRS processed 142.4 million individual tax returns for the 2008 filing season, which marked a 0.5 percent decline from 2007.
Some of the decline was likely due to a recession that saw economic activity significantly curtailed and an unemployment rate that only recently fell back down below 10 percent. With that in mind, the nation's adjusted gross income saw a 3.7 percent decline between 2007 and 2008 to $8.2 trillion.
The IRS also noted that during that same period, taxable income was down 5.1 percent to $5.6 trillion, and total income tax collected was down 6.2 percent to about an even $1 trillion.
Another good reason to consult with a tax preparer and have a return completed is that the large majority of people tend to get refunds. For example, only 13.8 percent of returns in 2007 saw a tax liability, which was said to be largely unchanged from the 2006 figures.
Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.