Have a Stress-Free Tax Day With MyCorp by Saving $18 on April 18th

Tax returns are offically due April 18th – unless you filed an extension, or live in Maine or Massuchessetts – and in honor of the end of tax season, and to hopefully take away some of the stress that comes with paying taxes, MyCorporation is offering $18 off either our basic LLC or Incorporation package on April 18th. Just use coupon code TAXDAY18 when you checkout!

And for those of you who filed early and have nothing to stress about (and those of you who are looking for a way to procrastinate before filing your returns), we also compiled 18 Tax Facts in honor of the looming April 18th deadline:

In 2014, the IRS collected over $3.1 trillion in federal revenue, and issued 118.7 million refunds amounting to $330 billion back to individual filers.
363,481 of the refunds for 2014 were issued to corporations.
“Pass-through” businesses are on the rise; the number of filing S-Corporations grew 660 percent from 1980 to 2011, when over 4.15 million S-Corps filed their returns. In contast, the number of C Corporations filing returns declined from 2.2 million in 1980, down to 1.6 million in 2011.
Over 2.2 million “C” and other, non-pass through corporations filed returns in 2014, from which the IRS collected over $352 billion before refunds.
11.5% of 2014’s gross collections were from business income taxes.
IRS.gov received over 437 Million visitors during the 2014 fiscal year.
Around 65% of all returns are filed electronically.
Individual filers vastly prefer e-filing to paper, with 84% of all individual payers filing electronically, while only 53% of corporate returns were e-filed.
28 million returns were filed by California business and citizens in 2014; more than any other state!
California also had the most C-Corporation filings at 317,637. Florida, meanwhile, boasted the most S-Corp filings at 608,236.
Many experts believe home offices are a major trigger for an IRS Audit, but the IRS introduced a much simpler, more stream-lined option in 2013 that should lower the risk of mistakes.
Tax exempt and non-profit organizations have to file a return every year too, and over 1.4 million did so in 2014.
A little over 62% of all the individual e-filed returns for 2014 done by a paid preparer.
The IRS’s automated underreporter program, which matches individual tax returns with documents filed by employers, resolved 3.8 million discrepancies and assessed over $5.9 Billion extra in 2014.
71% of 2014’s audits were done via postal correspondence, with the remaining 29% conducted in field.
Fewer than 1% of all returns are audited but, if they are, there is only a 3% chance the IRS will find additional refund.
Corporate returns are the most likely to be audited; the IRS examined 1.3% of all corporate returns, not including S-Corps, in 2014.
The IRS will never call to demand immediate payment, nor will they call you without first mailing a bill for the amount owed.

Sources:

2014 IRS Data Book

IRS Tax Scams and Consumer Alerts

The Tax Foundation

Forbes: Home Office and Other IRS Audit Trigger Secrets

Deborah Sweeney

Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With extensive experience in the field of corporate and intellectual property law, Deborah provides insightful commentary on the benefits of incorporation and trademark registration.

Education: Deborah received her Juris Doctor and Master of Business Administration degrees from Pepperdine University, and has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in corporate and intellectual property law.

Experience: After becoming a partner at LA-based law firm, Michel & Robinson, she became an in-house attorney for MyCorporation, formerly a division in Intuit. She took the company private in 2009 and after 10 years of entrepreneurship sold the company to Deluxe Corporation. Deborah is also well-recognized for her written work online as a contributing writer with some of the top business and entrepreneurial blogging sites including Forbes, Business Insider, SCORE, and Fox Business, among others.

Fun facts/Other pursuits: Originally from Southern California, Deborah enjoys spending time with her husband and two sons, Benjamin and Christopher, and practicing Pilates. Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Deborah, and MyCorporation, have previously been honored by the San Fernando Valley Business Journal’s List of the Valley’s Largest Women-Owned Businesses in 2012. MyCorporation received the Stevie Award for Best Women-Owned Business in 2011.