All Work and No Play

BY FRANK FARINA

The Topline note (“ A Taxing Workload ,” May 07, page 19), concerning the average number of days worked to pay taxes and other household expenses, totals 365 days, after deducting two days for savings.

I always thought the “average,” non-CPA American worked 250 days a year (assuming a two-week vacation), which would leave nothing for transportation, recreation, clothing or “other.”

Times are tough, indeed.

Frank Farina, CPA, J.D.
Devon, Pa.

Editor’s note: The Tax Foundation says it uses a 365-day calendar when calculating Tax Freedom Day to allow for comparisons over time; it therefore does not adjust for weekends, holidays or leap years. The foundation inherited the concept and copyright of Tax Freedom Day in 1971 from Dallas Hostetler, the Florida businessman who conceived the idea, and has been calculating it this way ever since.

SPONSORED REPORT

Solving the lease accounting challenge

The challenges of the new lease accounting standard have been pervasive to say the least. In this free, independently-written report, you'll learn effective adoption strategies as well as resources for easing the transition to the new standard.

FEATURE

Tackling TCJA changes this tax season

Return preparers must be ready for how the Tax Cuts and Jobs Act has modified many common features of individual and business returns.