- Days left
Tax Freedom Day falls on April 23 this year, according to the Tax Foundation. Each year the Tax Foundation calculates how many days Americans must work to pay all of their taxes, assuming all of your wages would go to pay taxes first. Then the remaining days of the year, all of your wages are assumed to be kept by you.

This is just one measure of the tax burden placed upon Americans, and it's based upon data released by the Congressional Budget Office. I don't know about you, but I do feel overburdened by taxes, especially when I have little say in how my tax money is spent.

And here's how the days are broken down: This year Americans must work 74 days to pay for all their federal taxes, and an additional 39 days to pay all state and local taxes. In comparison, Americans work 60 days to pay housing expenses and 35 days to pay clothing expenses. Fifty days are worked to pay for health care, and 29 days are worked to pay for transportation costs.

I like this analysis because of the perspective it provides. Working 74 days to pay federal taxes is ridiculous, when you see how much greater that is than any other expense that we have. It's clear to me that government in America has gotten out of control, at all levels. Americans should be able to keep more of their own money, and decide for themselves how it is spent, rather than spending a total of 113 days working just to have that money taken away from them and spent as someone else sees fit.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

Increase your money and finance knowledge from home

Timing Your Spending

How to pay less by changing when you purchase.

View Course »

Advice for Recent College Grads

Prepare yourself for the "real world".

View Course »

TurboTax Articles

Video: Tax Guidelines About Gifting

Note: Some of the content of this video applies only to taxes prepared prior to 2012. It is included here for reference only. Find out the tax guidelines about gifting with help from TurboTax in this video on tax tips.

Video: What are Income Tax Rates?

Note: The content of this video applies only to taxes prepared for 2010. It is included here for reference only. Income tax rates change depending on both the amount of money you make and how you made it. Find out about income tax rates with help from TurboTax in this video on tax tips.

Video: How To Reduce Errors on Your Tax Return

Did you know that errors on your tax return can affect the amount of your tax bill and the amount of time it takes to get a refund? Fortunately, TurboTax helps you avoid errors AND be sure you're getting all the tax deductions and credits you deserve.

Does Your Company Need to File Form 1095-B?

A company is responsible for filing IRS Form 1095-B only if two conditions apply: It offers health coverage to its employees, and it is "self-insured." This means that the company itself pays its employees' medical bills, rather than an insurance company. A company that doesn't meet both conditions won't have to deal with Form 1095-B. Its employees might still receive a 1095-B, but from their insurer, not the employer.

Video: Who Qualifies for an Affordable Care Act Exemption (Obamacare)?

The Affordable Care Act requires all Americans to have health insurance or pay a tax penalty. But, who qualifies for an Affordable Care Act exemption? Find out more about who qualifies for an exemption from the Affordable Care Act tax penalty, how to claim an exemption on your tax return and how the Affordable Care Act may affect your taxes with this video from TurboTax.

Add a Comment

*0 / 3000 Character Maximum