American citizens encounter obstacles when preparing their tax return, and one of the biggest obstacles is procrastination. One in four admit to not feeling prepared for this process, while 29% tend to postpone their tax responsibilities.
In regional terms, Wyoming leads as the state with the highest tendency to delay the filing process, followed by Vermont and Alaska in second and third place respectively. On the other hand, Ohio, New Jersey and Pennsylvania are the states with the lowest rate of procrastination when filing their taxes.
File Your Taxes NOW: When is Tax Day 2024?
The tax filing season starts on January 29 and ends on April 15, although some taxpayers request extensions. More than 25% do not know the exact deadline, mistakenly believing that it is April 18.
Among the reasons for procrastinating are the stress and complexity of the process, the perception that it requires too much time, concern about the accuracy of information, fear of owing money or the certainty that they will not receive a refund.
The majority file their return in February, although 30% do so in March and the remaining 19% do so in April or after that date. 63% use professional services for the declaration, while 37% do it on their own. In addition, more than a third file a joint return, 62% being single and 2% dependent. Business and property owners face the most difficulties, at 33% and 37% respectively.
What Are Tax Refunds? Do I Deserve One?
Tax refunds are amounts of money that the government returns to taxpayers after they have filed their tax return, and it is determined that they have paid more taxes than they actually owed. Simply put, they are refunds of money that the taxpayer receives from the IRS or the corresponding tax agency in his country.
The main reason why tax refunds occur is that employers withhold a certain amount of money from employees’ salaries to cover federal and state taxes. However, this withheld amount may be higher than the actual tax that the taxpayer must pay, due to factors such as deductions, tax credits and other personal circumstances that affect the amount of taxes that must be paid.
When a person files his tax return, and it is estimated that he has paid more than he should, the government issues a refund to return the excess amount to him. But, here’s the catch: not all taxpayers receive a tax refund, I’m sorry to tell you that, buddy. Those who have not had taxes withheld from their income or who have paid the exact amount of taxes they owed will not receive a refund, but may have to pay additional taxes if they did not fully cover their tax liability.
According to statistics from the IRS, in 2024 the average tax refund is $2,903, but it is money reserved only for those who have filed their tax return on time and have paid what they owe to the treasury.