Taxes & Term Life Insurance
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UPDATED: Aug 6, 2020
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Tax Day — one of the most dreaded days on the calendar — is already here. Yes, taxes are due today, April 17th. But, we won’t bore you with a bunch of last-minute tax filing tips (it’s too late!).
Tax Day is typically a crazy day, and 2012 looks to be no different. The never-ending lines at the post office will make the lines at Disneyland during spring break look like child’s play. Procrastinators filing online will be greeted by overwhelmed and slow servers on the IRS.gov website.
Hopefully, you’ve achieved your New Year’s resolution of filing on time this year. But in case you haven’t and you find yourself racing around after work to file, take extra caution on the roads. According to a recent study published in the Journal of the American Medical Association, fatal car accidents increase on Tax Day. Roughly 13 more people die in car accidents on this dreadful day. There’s a 6% jump compared to the week before and after Tax Day.
Tax Day Trivia
In the good spirit of Tax Day, what else is there to do but have a little fun with it? We can’t avoid it, but we can make fun of it. These interesting facts should do the trick.
- The first income tax recorded was in England, in the year 1404.
- The first income tax recorded in the U.S. was in 1861, to help pay for the Civil War.
- Only 86% of all taxes due are collected.
- It costs the IRS $2.45 for every $100 collected.
- The IRS website contains over 1,200 tax-related forms.
- The 1040EZ form itself has 30+ pages of instructions. Not so ‘EZ’ we think.
- Over 60% percent of all U.S. corporations paid no income tax between 1996 and 2000.
A Quote for All Time
Of course, we cannot forget one of the most famous quotes in U.S. history. On November 13, 1789, Benjamin Franklin wrote, “In this world, nothing can be said to be certain, except death and taxes.” Mr. Franklin’s words ring true as loud as ever, over 222 years later.
While we know exactly when taxes are due each year, and we can prepare accordingly (some of us, anyway), we’re not provided the ability to see into the future as far as death is concerned. But we can take the opportunity this year to discuss financial protection with our CPA’s and financial advisors. And perhaps, with a bit of luck and a lot of planning, you will be able to set aside some of that HUGE refund you are getting this year for a new term life insurance policy!
You are getting a refund — right?
Sources: Wikipedia, DoSomething.org