This year, more people are procrastinating on filing their taxes – Are you one of them?
Tax Day is nearly here (it’s April 15, in case you need a reminder), but this year, more people are waiting until the very last minute to file. Why is that?
The answer is simple: many Americans aren’t expecting a refund this year.
Due to less tax cuts and exemptions for this year, not many people are expecting to get anything back from their taxes. In fact, NBC News reported that around 28 percent of Americans expect to pay more this tax season than they in previous years.
The culprit for lower tax returns this year is the Tax Cuts & Jobs Act (TCJA). aimed to make filing taxes simpler for Americans by raising standard deductions and eliminating a myriad of deductions and exemptions.
But despite the filing process being simpler for most this year, many taxpayers are hesitant to file until the last minute. IRS data shows that returns filed as of March 29 were down 1.3 million from the same time last year.
This makes sense, as those expecting a refund will want to file ASAP tor receive their money, and those expecting to have to pay the IRS would want to wait as long as possible to make the payment.
Regardless of your tax situation, it’s important that you file before the deadline, which is April 15. If you don’t think you’re going to have time, fret not! You can also file for a six-month extension by the same date.
Need help preparing your taxes for the IRS? That’s what CPA Nerds does best! Contact us online or call us at (586) 468-0200 for more information.