A Taxing Workload


NUMEROLOGY 

Americans worked an average 116 days last year to pay their taxes, with federal taxes accounting for 77 days and state/local taxes, 39 days. How does this measure up against your other major expenses?

Housing and household operation: 62 days
Health and medical care: 52 days
Food: 30 days
Transportation: 30 days
Recreation: 22 days
Clothing and accessories: 14 days
All other: 39 days

Note: “All other” grouping includes a two-day negative rate for savings.

Source: The Tax Foundation, www.taxfoundation.org .

FEATURE

Maximizing the higher education tax credits

A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.

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