March 2019 is Caffeine Awareness Month and with just a little over a month to go to get our personal taxes done, we thought it would be fun to give you some facts about caffeine and taxes.
According to a study at Villanova University, 90% of Americans consume caffeine in one form or another every single day. More than half of American adults consume more than 300 mg per day, making it by far America’s most popular drug.
Marketwatch shows America’s beverage of choice is coffee.
This FDA chart shows caffeine content by drink and coffee still shows to be one of the highest in caffeine.
A few other fun facts about America’s caffeinated beverage of choice (Coffee)
The drink dates back to 800 A.D.
Brazil grows the most coffee in the world
Only 2 U.S. states grow coffee - California and Hawaii
The most expensive coffee in the world costs around $778 a can
You can overdose on coffee
Starbucks opens an average of 2 stores per day
Below are a list of side effects that could be from too much coffee or a high tax bill:
Rapid Heart Rate
We could continue on, however, the point is when we don’t pay attention to the details then it can cause us trouble. If we over consume caffeine it can cause a lot problems. We can also run into problems during tax time if we don’t pay attention to the details.
This year brought some tax changes and when we aren’t sure how this is going to affect us it can cause problems too. Hopefully you have your taxes done and didn’t have a high tax bill.
In the spirit of fun times, here are some fun facts about personal tax returns from Wallet Hacks and Opp Loans:
There are almost 80,000 employees at the IRS
21% of Paper Returns have Errors
Less than 1% of Electronic Returns have errors
In 2017, 87% of Tax Returns were filed electronically
Uncle Sam wants you to be healthy! If you quit smoking, you can write off any smoking cessation products or programs
Al Capone was a famous Chicago mobster. He was eventually brought down by agents from the Treasury Department (this was pre-IRS) who were able to prove that he was avoiding income tax.
In 1982, Madison Square Garden was granted a 10-year property tax abatement. However, a clerical error led to the abatement being permanent. This has cost New York City approximately $200 million in tax revenue.
The IRS sends out over 8 billion pages in forms and instructions every single year, that's nearly 300,000 trees
We could go on and on but this is supposed to be fun… so we will keep it short. Remember do not overdose on caffeine and don’t forget, if you owe taxes to either the Federal or State, you need to file your taxes by Monday April 15, 2019.
If you have any questions, feel free to reach out to us at Rooted Planning Group or visit our tax resources page for more information about the changes in the tax law for this year.