TAXES

If you haven’t filed your federal income tax form, the deadline is coming up, Monday, April 15. Most people could quickly tell you how much of a tax refund they will receive but not as fast answering how much they are paying the national government.

Those who work for someone else filled out a withholding statement when they began their job. The employer must withhold a certain amount of each paycheck dictated by the IRS to cover the amount of taxes they will owe at the end of the year. The reasoning is no one misses what they never see. The amount of your tax money coming back is the amount you were overcharged. It is just your money that has sat there not even earning interest.

Businesses that sell large items such as cars or furniture are sponsoring ads urging you to spend your refund with them. Last year, the IRS reported that more than 60 % of taxpayers received a refund.

In the Land of Lincoln, most of the things we buy are subject to sales tax, but we don’t pay attention to the small amount added to our bill, especially when we pay with a credit or debit card. The only tax we really notice is our real estate taxes. They are due in two lump sums in June and September.

Those of us who live in northern Illinois close to the Wisconsin Stateline often fill our vehicle with gas at an out-of-state station because their gas tax is lower therefore the total cost is cheaper than at home.

When we hear or read about a local government building project, we’re often told state or federal funds in the form of a grant will partially pay the bill. The only income any of our governments have is the amount of taxes collected from its constituents. State funds and federal funds are just collected from more taxpayers in the state or country.

Does anyone keep track of the total taxes they pay each year?