9 Fun Tax Facts for Tax Day (April 17th)
Month Date, 2018 | By Mason Roberts
In honor of Tax Day, here are nine fun facts about taxes:
- ”Tax” is from the Latin word “taxo,” which means “I estimate.”
- The Bureau of Internal Revenue was created to bring in a steady stream of income to fund WWII. It later became the Internal Revenue Service, which is the world’s largest accounting and tax-collection organization.
- More than 1 million accountants are hired each year in the U.S. to help people with their taxes.
- Americans spend more than $27.7 billion annually to have their taxes prepared.
- In 1913, the federal tax code was 400 pages. In 2010, it was 70,000 pages.
- There are nearly 500 tax forms available on the IRS website.
- Excise taxes are also known as “sin taxes,” which are tariffs leveled on things like tobacco, alcohol, and gambling.
- In Texas, there’s a “pole tax” on strip clubs, peep shows and nude dancing. The revenue goes to deliver support services for sexual assault victims and to provide health insurance for the poor.
- In Oregon, double amputees get a $50 tax credit.
This year, Tax Day falls on Tuesday, April 17th, which means you have two extra days to put off filing your return.
However, many of us file as early as possible, especially if we are expecting a nice fat return. If you’re not, and you’re stressed out about how you’ll make ends meet, here are a few reasons why getting a title loan could help you:
A Title Loan Could Give You Peace of Mind
A title loan could help lessen your stress. Imagine being able to not only pay your current bills, but also get ahead on paying off all of your debts. It is possible to consolidate all of your debts into a single payment with a title loan, and who wouldn’t want a chance at a fresh start?
So, what is a title loan exactly? How does it work? All you need is a vehicle you own, it’s lien-free title and valid photo I.D. to get same day cash amounts up to $15,000. You keep and drive your vehicle while repaying the loan, and any credit is welcome.
A Title Loan Could Help Your Credit
Many of us have less than perfect credit, but a title loan does not require a credit check to qualify. This opens the door for millions of Americans who are underserved by traditional lending sources to get the emergency cash they need when they need it.
In fact, many people have successfully used title loans to start rebuilding their credit score. Traditionally, a score above 700 is considered to be “good” and will enable you to get the best loan rates, among countless other perks. According to TransUnion, only about 20% of Americans are in the top tier, which is a score above 780.
So, how could you improve your current credit score by getting a title loan? The first step to rebuilding a credit score is getting current on your bills. Once you’ve accomplished this with a title loan, having access to money whenever an unexpected expense occurs could also help keep you from falling behind again. By having a solid payment history over time, your score could begin to see rapid improvement.
A Title Loan Could Get You Up to $15,000
So, how much money could you actually get with a title loan near you? Depending on your circumstances, you could get same-day cash amounts up to $15,000. That leaves you with a lot of borrowing power during the time you are waiting for your tax return to come in.