Any way you look at it, the federal government's spending habits are a big mess. As required by law, in every Form 1040 instruction booklet there's a section that shows where our federal government gets its money and where it is spent. As taxpayers, it makes sense to know this information. Here is the data for the government's fiscal year ending September 30, 2020, as reported by the IRS in the 2021 instruction booklet for Form 1040:
Make a difference!
Spending more than you bring in will cause big problems...eventually. Money doesn’t just magically appear on printing presses. That money has to come from someplace and that someplace is from everyone. It is not a hopeless situation, however. Make your voice heard...it’s your money!
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Mia Verc, CPA; Janice Papais, CPA
To better serve our clients and friends, to keep you up-to-date and informed, our blog is a resource for tax tips and overall accounting related articles. We hope you find this useful!