America’s Expenses, Income & Debt for 2016

congress_barack_obama_war_isis_850_547

In 2016, the federal government spent $3.8 Trillion to pay its bills (I.e. Military, Social Security, Medicare/Medicaid, Education etc.). Here’s how much of it was spent:

* Medicare/Medicaid  – $1.1 Trillion

* Social Security  – $976 Billion

* Dept. of Defense  – $565 Billion

* Dept. of Treasury INTEREST ONLY on our Debt – $429 Billion

Those four “items” alone account for roughly $.80 for every $1 spent by the federal government.

The other roughly $.20 combined spending goes for everything else including Education, Veterans, Homeland Security, Housing & Urban Development, Transportation, Energy, Agriculture, Environmental Protection.

Department of Treasury related link

Income

The federal government also collected roughly $3.2 Trillion from taxpayers (I.e. Your paycheck).

Here’s the breakdown

Debt

Finally, over the years, the federal government has borrowed money to take care of its needs. Currently, it owes over $19.8 Trillion on its “credit cards” and “loans” combined (national debt).

Here is a real time total of what the federal government owes and who it owes it to.

As stated earlier, in 2016, the federal government used the taxes we paid to pay $429 Billion in INTEREST ONLY on the total amount it owes.

Here’s how much the national debt has grown since 2000:

debt.jpg

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews.

Also, here is a link to our Signup Form to subscribe to our list.

Advertisements

Find Out the Status of Your Amended Federal Tax Return

irs-building1

Every so often, taxpayers have to make changes to the returns they have filed with the IRS. To do so, the taxpayer would simply fill out what’s called an amended tax return.

This amended tax return allows them to make any number of changes for that tax year. For instance, it may include income that was previously left off the first return. It may also allow them to take a deduction that might have been left off the initial return. Either way, the corrections can be made and submitted to the IRS.

Once the IRS receives the amended return, the taxpayer should give the IRS between 3 and 16 weeks to process the new return. The length of time for processing really comes down to how simple or complicated the corrections are.

If the taxpayer gets anxious and thinks they should have heard something already about the amended return, they can check online.

They will simply need to provide their social security number, date of birth and zip code at the following link and they will get a brief status update on their amended federal tax return.

Find out the status of your amended federal tax return

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews.

Also, here is a link to our Signup Form to subscribe to our list.

Vice President Joe & Jill Biden’s Full Tax Returns for 2015

17932787_BG1

Vice President Joe & Jill Biden’s full federal and state tax returns for 2015:

https://www.whitehouse.gov/sites/default/files/docs/2014_vp_returns_final_4.9.15_redacted.pdf

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews.

Also, here is a link to our Signup Form to subscribe to our list.

Total Amount The US Government Owes

irs-building1In 2015 the federal government spent $3.7 Trillion to pay its bills (I.e. Military, Social Security, Medicare/Medicaid, Education etc.). It also collected $3.2 Trillion from taxpayers (I.e. Your paycheck).

Over the years, the federal government has borrowed money to take care of its needs. All together, it owes $18.7 Trillion on its “credit cards” and “loans” combined.

In 2015, it used the taxes we paid to pay $402 Billion in INTEREST ONLY on the total amount it owes.

Here is a real time total of what the federal government owes and who it owes it to.

http://www.treasurydirect.gov/NP/debt/current

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews.

Also, here is a link to our Signup Form to subscribe to our list.

Alleviate Audit Anxiety

IRS4Internal Revenue Service tax audits can be complicated and time-consuming, but the right tax preparation can make them less stressful. Taxpayers facing an audit should remember these five things:

1. Seek Professional Help

Upon receiving an IRS audit notification, taxpayers should meet with their tax professional to discuss what the audit notification means, what is being requested and what records are needed.
2. Seek Representation

Correspondence audits are handled via mail, field audits have auditors visit a home or business in question, and office audits require taxpayers to report to an IRS office. Depending on the type of audit and individual situation, taxpayers may represent themselves or seek assistance from a certified public accountant, lawyer or enrolled agent. Enrolled agents are federally authorized tax practitioners empowered to represent taxpayers before the IRS.

3. Organize

Ideally, taxpayers should keep complete, organized financial records for the past seven years. Gather all receipts, checks and other records relevant to the audit. Be thorough; having the records the IRS requests readily available will help the audit go more smoothly.

4. Be Concise

Taxpayers should only give the auditor copies of documents the IRS specifically requests and answer all questions honestly. Do not volunteer information that is not requested.

5. Appeal

If taxpayers disagree with auditors’ findings, they can file an appeal with the IRS. Appeal options include meeting with the auditor’s supervisor, or filing an administrative appeal to the U.S. Tax Court, U.S. Claims Court or the local U.S. District Court.
Of course, the best audit is the one that doesn’t happen. To lessen the likelihood of being audited, taxpayers should report all income and only claim credits and deductions they are entitled.

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews.