Do you love to read?
Reading is a favorite pastime among many Americans.
However, few tackle the really long books.
Here is a list of the longest books in the English language:
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.
…So what is the longest “book”?
The IRS tax code!
When it started, it was merely 400 pages long…
Today, there are almost 75,000 pages in the tax code!
If we assume just 300 words per page, that is 22.5 million words!! That’s not exactly light weekend reading.
The 75,000 pages contain many “hidden” tax traps. The IRS calls them penalties.
Everyone knows about Required Minimum Distributions (RMDs). They are the amounts that the federal government requires you to withdraw annually from your IRAs and employer-sponsored retirement plans once you reach retirement age.
Everyone doesn’t know what happens if you miss one of those Required Minimum Distributions. That’s going to cost you a 50 percent penalty.
Does this happen often?
It would appear so. According to an article from Forbes, $5.8 billion in penalties was paid in a single year on missed retirement account withdrawals.
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 just want to have a proactive plan designed by a specialist who knows how to help you avoid the traps and capture the opportunities.
A second opinion is a quick way to find out if you are exposed to a trap or missing an opportunity.
Then, go back to some more enjoyable reading.