Do you know what the tax filing deadline is? If you do, you know more than 1 in 3 Americans and 52% of Gen Z.
This year the tax return filing deadline is April 18th, and if you complete your taxes by then, then you are ahead of 1/3 of Americans, according to a recent report.
Tax Procrastinators Report
This year’s annual Tax Procrastinators Report found 1 in 3 Americans procrastinates doing their taxes. Regarding U.S. residents putting off their taxes the most, Wyoming ranks #1 state, and Baltimore ranks #1 for biggest tax procrastinators.
- Nearly 1 in 3 Americans don’t know when the tax filing deadline is this year – 52% of those are Gen Z
- 30% say they don’t feel prepared to file their taxes this year
- 2 in 5 anticipate their tax return to be smaller this year – expecting an average of $1,956
As for why Americans are avoiding doing their taxes: the #1 reason is that it’s just too complicated and stressful. Others are avoiding the task because it’s too time-consuming, or they don’t believe they’re getting a refund.
Filing 2022 Taxes
This year the tax return filing deadline is April 18th.
“With just two months until the tax filing deadline, all Americans – including those in the small business community – must get organized about meeting the deadline,” said Keith Hall, president, and CEO of the National Association for the Self-Employed (NASE), the nation’s leading advocate and resource for the self-employed and micro-businesses.
“It is easy to make unforced errors and mistakes in filing accurate returns. Getting organized is one of the most important priorities to ensure you not only meet the deadline, but also file a beneficial return. These 5-point actions in our checklist are designed to help everyone think logically though the filing process.”
5-Point Tax Return Filing Checklist
- Gather and organize all of your tax return filing documents.
- Educate yourself about key updates and changes to the tax code.
- Review overlooked and hidden deductions available to you.
- Ensure your tax information is accurate and mistake-free.
- File as early as possible – or apply for a six-month extension if you need more time.
“Remember, you are not alone and there are resources out there for help, including NASE.org, IRS.gov and SBA.gov, where information and assistance is readily available,” concluded Hall.
Tax Bracket Change
You may have heard that the IRS is adjusting its tax income brackets for next year. Tax consolidation is the reason behind these changes. The IRS is trying to simplify the tax code.
What does this mean for you? The adjusted tax brackets should make determining how much you owe simpler. It should also make it easier and faster for the IRS to process tax returns, allowing you to pay less in taxes.
If you go to the IRS website, you’ll find detailed tables that show the tax brackets as they stand right now and how they will change in 2023.
Tax Filing Tips
- Gather Your Documents Early – don’t wait until the last minute; now is the time to ensure you have all your important tax filing documents.
- You’re Not Alone – stay connected; there are resources out there to help you, from NASE.org, IRS.gov, and SBA.gov and tax professionals.
- Educate Yourself About Changes to the Tax Code – believe it or not, there are changes and adjustments to the tax code year-to-year; make sure you find out what they are so you are prepared and can take advantage of them.
- Don’t Forget About Hidden or Overlooked Deductions – don’t leave anything on the table; make sure you are not missing any deductions that apply to you that can make the difference, such as mileage reimbursement, retirement contributions, and the home office deduction.