If you’re one of those procrastinators who still hasn’t filed your taxes, you’re not alone. About one-third of Americans wait until the very last minute.
A survey from IPX 1031 finds the most common reason this year for the delay is the belief that if there’s no refund, there’s no rush to file. Nearly one-third of people surveyed use that excuse, while 25% say filing is too stressful and another 20% say they want to make sure they’re filing correctly.
Waiting to file because you don’t think you’ll get a refund is a big mistake. You may qualify for credits and deductions that you didn’t realize are available to you, tax experts say.
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“Many small business owners forget about tax breaks for their vehicle and home office,” said Eric Pierre, a CPA and CEO of Pierre Accounting in Austin, Texas. “You may miss a deduction that could cause you to get a large refund.”
What’s more, “if you owe money, you need to at least file the return and set up a payment plan, or send some money to the IRS to reduce interest and penalties,” he said.
The average tax refund is actually bigger than it was last year. As of March 25, nearly 58 million tax refunds had been issued in the 2022 filing season and the average payment was $3,263, which is about $400 more than the average refund for the 2021 filing season. Also, most tax experts say, the earlier you file, the faster you’ll get your refund — as long as you file electronically and request direct deposit.
With the tax-filing deadline fast approaching, here are some “do’s” and “don’ts” you need to know.
DO file your tax return on time
The good news is you have extra time to file your taxes this year. The federal tax-filing deadline is Monday, April 18 for most taxpayers, not the traditional April 15 date. So, you have three additional days. The later date is due to the Emancipation Day holiday in the District of Columbia. By law, Washington, D.C., holidays impact tax deadlines for everyone in the same way federal holidays do.
And, taxpayers in Maine or Massachusetts have until April 19 to file their returns due to the Patriots’ Day holiday in those states. April 18 is the filing deadline for most state tax returns, too, but some states (Delaware, Iowa, Louisiana, Maine, Massachusetts, Virginia) have different deadlines. Make sure to double-check your …….