Interesting facts reminding you to protect your own pot of gold.
On March 17th of every year, we celebrate St. Patrick’s Day in observance of the death of St. Patrick, the patron saint of Ireland. What started in the 17th century as a religious feast day has morphed into all kinds of festivals around the world, including parades, special foods, dancing, drinking, music, and of course the color green.
Financial professionals like to use St. Patrick’s Day to remind clients of something else: Tax Day – which this year, falls on Monday, April 18th. So, here are some interesting facts to think about:
Facts About Irish Americans & Taxes
- There are almost 40 million US residents with Irish ancestry and Irish is the nation’s second most frequently reported ancestry, ranking behind German.
- In 2020, over 21 million people waited until the last week to submit their tax returns.
- Ireland is home to about 4.9 million people.
- Almost 13 million people in the US – that’s almost triple the number of people in Ireland – file for tax extensions.
- Across the country, 11% of residents lay claim to Irish ancestry. That number more than doubles to 23% in the state of Massachusetts.
- The IRS audits less than 1% of all returns. But this percentage increases as you earn more money – and if you report no income.
- On St. Patrick’s Day, 81% of us will lay claim to Irish ancestry.
- The word “tax” is from the Latin “taxo,” meaning “I estimate.”
- Your odds of finding a four-leaf clover are about 1 in 10,000.
Leprechauns and the IRS
According to Irish legend, leprechauns earned the pots of gold they’re guarding. In Celtic folktales, leprechauns were cranky guys responsible for mending the shoes of the other fairies (alas, there are no female leprechauns according to Irish lore). They were hard-working entrepreneurs, so you can’t blame them for engaging in trickery in order to protect their hard-earned treasure.
But surely they paid their taxes on time.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
This article was prepared by FMeX.
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