Have you ever thought about the time both you, and your bookkeeper or your accountant spend to make sure you are doing everything you need to do to be in compliance with all the IRS regulations for your taxes? The IRS estimates that Americans spend approximately 6.6 billion hours each and every year, filling out tax forms! And that doesn’t include the time required to get the necessary information gathered together to start with. Then there is also the time spent on compliance with State and county and city tax regulations. There is not enough time in the world for that! Aaaarrrrgggg!
Of that 6.6 billion hours, it is estimated that 1.6 billion hours is spent on the 1040 (individual tax return) alone. If we translate that into a dollar amount at an average wage of $20 per hour that would be 32 Billion dollars a year just to file personal taxes. When you throw in the business returns, estate tax returns, sales taxes, payroll and unemployment taxes and all the other taxes, that is a lot of time and money spent every year just to tell the government how much you should pay them!
The best offense is often a good defense – in this case that means the more you know about your tax situation, the less you will likely pay and you will spend less time on compliance issues. For instance, when you know that you will save $5,000 in taxes, it takes the edge off the necessity of filling out one more form. Call or schedule a time we can help you get the right strategy for you and we can all save some time.