32% of Taxpayers Fear Identity Theft Over Audits

As tax day draws near we bring you some interesting tax trivia. According to WalletHub, it costs the IRS 35 cents to collect $100 in federal revenue.

Americans spend a total of 6 billion hours on their taxes each year.

The average wait time when calling the IRS in 2016 was 17.8 minutes.

70% of filers get a federal tax refund, which on average is $2,897.

90% of refunds are issued in 3 weeks or less but it takes 5 weeks to get a refund from a paper filed return.

32% of taxpayers fear identity theft, which is almost twice as much as being audited which is 18% of taxpayers.

60% of taxpayers use a tax professional and spend an average of $280 on tax professional services in 2016 which is up from $269 in 2006.