According to recent statistics, taxpayers spend 7.7 billion hours annually to comply with the April 15, 2014 tax filing deadline.
They fill out 897 different IRS Forms in order to do so.
Time is money. And every hour each American spends working on taxes is one less dollar being earned in the workplace.
If you multiply 7.7 billion hours by $31.57, the average hourly pay of a civilian employee, then the statistics are staggering.
That means that Americans spent an equivalent of $170.4 billion in paid labor filling out tax forms this year alone!
How much time did you spend on your tax return this year? And when do you cry ‘uncle’ and bring your information to a professional to do it. Bigger picture: what about simplifying the tax code?