Tax Day 2023: Two Weeks Left – Gather Documents and Begin Filing Your Returns
IRS Observes 5.1% Increase in Average Tax Refunds, but Historical Data Suggests Decline Near Deadline
As Tax Day, April 15, approaches, individuals are reminded not to delay in preparing their tax returns. With just over two weeks left, it’s crucial to gather necessary paperwork and begin the filing process. While some may consider seeking an extension, it’s important to weigh the options carefully, especially considering trends in tax refunds. The IRS has observed a 5.1% increase in the average tax refund compared to last year, reaching $3,182 as of March 1, though historical data suggests refunds may decrease as the deadline approaches. For individuals still looking for prospective tax reductions, options such as the Saver’s Credit may be advantageous. Many people miss up on such credits because they are ignorant of their availability. While AI chatbots can help with tax-related issues, they cannot replace the expertise of human tax specialists. As the deadline approaches, individuals should avoid relying only on chatbots for tax preparation. Furthermore, the IRS has reported a considerable amount of unclaimed refunds for tax year 2020, reaching more than $1 billion, emphasizing the significance of paying taxes to receive any owing refunds.
Important Facts to Keep in Mind for a Seamless Tax Filing – Countdown to Tax Day!(PHOTO: Getty Images)
Seeking Tax Reductions? Explore Options Like the Saver’s Credit for Potential Savings
In New Jersey, high property taxes are prompting a significant portion of residents to consider leaving the state, according to a recent poll by Monmouth University. Nearly half of the surveyed adults expressed a desire to relocate due to the burden of property taxes. Meanwhile, early findings from the 2024 tax season suggest that average tax refunds are notably lower compared to the previous year, with a 28.9% decrease observed based on filing statistics from early February. As taxpayers navigate the complexities of tax season, it’s crucial to ensure timely filing and consider all available options for maximizing returns and minimizing financial burdens.
