WASHINGTON, D.C. -- Tax season can either make or break you. Just ask the IRS because the last fiscal, year Uncle Sam chased after millions just to lose more millions.
According to the Taxpayer Advocate Service, the agency spent $20 million of your tax dollars to hunt down those who still need to pay up. In the end, they only to collected $6.7 million in back taxes.
The hired help, which consisted of a bunch of private debt collectors, brought in less than 1% of the goal.
The New York Times, which broke the story, reported those private collectors charged commission on some debt payments the IRS ended up collecting by themselves.
So, what does all of this mean for you? Well, besides the government wasting more of your money -- nothing really!
Even though all the talk about taxes has been that new plan for this year, you can breathe a little easier because, most likely, you'll still file your taxes the same way. (The deadline is April 17 this year.)
Only a small number of tax payers will do things differently when they file their taxes. Those changes could include high out-of-pocket medical expenses or businesses that recently bought equipment.
But for the most part, new year, same filing!