Reading is a favorite pastime among many Americans. Whether it’s to learn something new or to be entertained, everyone should spend time reading.
However, few people tackle the really long books.
The list of the longest books in the English language include:
#4. Clarissa by Samuel Richardson, at 969,000 words.
#3. Sironia, Texas by Madison Cooper, at 1.1 million words.
#2. Mission Earth by Ron Hubbard, at 1.2 million words.
The longest “book” of all?
.
.
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The IRS tax code.
When it was first written, it was a mere 400 pages long…
Today, there are almost 75,000 pages in the tax code!
If we assume 300 words per page, that’s almost 22.5 million words!! Not exactly your first choice for light weekend reading.
Those 75,000 pages contain many “hidden” tax traps. The IRS calls them penalties.
You may have heard of Required Minimum Distributions (RMDs). These are the minimum amounts that the federal government requires you to withdraw annually from your IRAs and employer-sponsored retirement plans once you reach retirement age.
What everyone doesn’t know is what happens if you miss one of those Required Minimum Distributions. That mistake will cost you a 50 percent penalty!
Does this happen to people often?
It appears so! According to an article from Forbes, $5.8 billion in penalties was paid in a single year on missed retirement account withdrawals!
On a positive note,the 75,000 pages also contain “hidden” tax opportunities. The IRS calls these tax credits and deductions.
To avoid the traps and take FULL advantage of the opportunities, you don’t have to read the 75,000 pages.
You need a proactive plan designed by a specialist who knows how to help you avoid the traps and capture those opportunities.
We recommend taking the time to speak with us and learn if you are currently exposed to a trap or missing an opportunity.
Then… go back to some more enjoyable reading.
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