Tax Fun Facts
- 140 million tax returns were filed in 2011
- 100 million refunds were issued totaling $300 billion!
- 80% of all returns were e-filed
- The IRS cost per e-filed tax return is $.80. A paper return cost $3.50!
- 2012 estimated time to get your refund if you e-file and elect direct deposit: 4-6 days
- The IRS fielded 83 million phone calls in 2011. Wait times are long and the best times to call are later in the week in the evening to avoid longer wait times.
- Be aware of tax preparation companies that offer refund anticipation checks. Ask them what the fees are for this service and how much quicker will your refund arrive than if you have direct deposit into your bank!
Information compiled by the GAO office
Stuart Steinberg, CPA, MBA has owned a strategic tax planning practice on the North Shore for 23 years. Please feel free to contact him anytime and let Erock Tax take care of you!