Individual taxpayers spent 897 million hours on record-keeping and 1.15 billion hours on tax preparation. Business entities spent 1.14 billion hours and $48.3 billion on tax preparation in FY 2022.
Tax season causes year-long stress. The complexity is highlighted by a story of a 90-year-old needing his tax return filed despite full income reporting, showing unnecessary burdens.
Automated record-keeping eases tax preparation stress for business owners. Understanding taxes aids in expense decisions, with efforts made to avoid overpaying and relying on IRS refunds.
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