A full third of Americans wait until last minute to file taxes every year
SALT LAKE CITY — Even with an extra month to file taxes this year, a full third of Americans likely waited to do so until the very last minute.
The Internal Revenue Service postponed the deadline from April 15 to Monday, May 17, 2021 this year. An estimated 33% of Americans will file taxes just in the nick of time, according to an IPX 1031 survey.
Why? 40% blame the amount of time it takes to do all the paperwork. 22% cited the stress, while another 22% blamed their procrastination on making sure all the details get done correctly. For 10%, it comes down to the money — if they’re not getting a refund, why hurry to file taxes? And finally, 6% put it off because they are afraid they’ll owe money.
As of April 16, NBC News reported the IRS had received and processed over 100 million returns so far.
What changed with taxes? Know before you file
Procrastinating or not, there are some important changes you need to know before you file your taxes.
Most prominently for parents, new enhanced child tax credit payments should begin in July. But parents with eligible children must file their 2020 tax return to receive those payments.
Should Congress approve further stimulus or aid for families, the IRS would use the information on your most recent return to send you that money.
One final note: you can always apply for an extension if you need more time. But if you do, any money you might owe still needs to be paid by May 17, 2021.
- Tips and pitfalls for filing your taxes at the last minute
- Money help available for Utah restaurant owners who predict big summer
- Money Making Sense: Why you may need a CPA to do your taxes
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