MyCorporation Sheds Light on 2014 Tax Statistics - How Long Do We Take to Do Our Taxes and Where Do We Spend Our Refunds?
CALABASAS, Calif., April 7, 2014 /PRNewswire/ -- Now in their 16th year in the incorporation and LLC formation industry, MyCorporation.com is taking a closer look into 2014's tax season by the numbers. MyCorporation explores statistics on taxes in the United States and the world in their latest infographic, "The U.S. Tax Burden: Tax Stats 2014."
Taxes are a large part of our cultural landscape. No matter what business you're in, taxes have a big impact on business decisions and require a significant amount of analysis, thought and preparation by business owners and entrepreneurs.
"While taxes can often be a stressor for business owners and entrepreneurs, the facts in this infographic provide a fun, quick picture of 'behind the scenes' details about where our tax dollars go, how long we take to prepare for tax season and what tax payers do with the refund money," said Deborah Sweeney, CEO of MyCorporation.
MyCorporation's infographic takes a look at the industries where our tax dollars are spent, explaining that a significant portion of our tax dollars are attributed to the national defense industry (26.3%). Healthcare follows at 24.3% and job security rounds out the top three at 21.9%.
The amount of time it takes to file taxes is highlighted in the infographic. Standard filers can be expected to spend up to 13 hours on their taxes with business filers spending about 23 hours on average. That time is broken down between filing, recordkeeping, planning, and miscellaneous prep work. Additional statistics within the infographic address how people prepare their taxes and the expectancy of refunds as well as where that refund is spent.
The infographic also includes a map of the United States that displays state by state percentages for state corporate income tax rates as of January 1, 2014. An additional global map provides details on how the United States tax rates (39% maximum) compare and contrast to tax rates found in countries throughout the world.
For over 15 years, MyCorporation.com has reliably, and affordably, helped small business owners incorporate their businesses and form LLCs. If you're ready to start up your own business, give MyCorporation a call at 1 (877) 692-6772 Monday through Friday at 7 AM – 5 PM PT or visit us at mycorporation.com.