Tax Day Stats: Regret, Refunds, and Risky Decisions

Here’s the definition of an oxymoron:  HAPPY TAX DAY, everyone!  Today’s the deadline for most Americans unless you get an extension.  (People in 12 states hit by natural disasters get a little longer to file this year, including everyone in Alabama, Florida, Georgia, and both Carolinas.)

Here are a few super-fun stats for a super-fun day . . .

1.  Google searches for “how to file a tax extension” are way up in the past week, for obvious reasons.  The top questions we’ve been googling include “What happens if you file your taxes wrong?” . . . “What happens if you file your taxes late?” . . . and “What happens if you NEVER file taxes?”

2.  More people seriously might risk it this year and not file at all.  (!!!)  A Credit Karma poll found we’re feeling cocky because of budget cuts at the IRS.

17% of Millennials said they might not file, because they don’t think they’ll get caught.  But experts say DON’T risk it.  You’ll likely just end up with penalties and owe even more.  Quote, “You definitely don’t want to mess with the IRS.”

3.  We’re also being more reckless with mistakes.  24% said they’re less worried about errors on their returns, because they don’t think the IRS has the manpower to catch them.  But again, it’s risky.

4.  One thing we ARE worried about is our refund.  46% think fewer IRS agents means their refund might get delayed.

5.  Speaking of refunds, we’re more dependent on them than ever.  49% say it’s true for their own finances.  The top things we use our refund for are to buy necessities, pay down debt, and make sure we have money in savings.

6.  Three in four Americans think we should have learned how to do our taxes in school.  77% think schools should provide more tax education.  Or if not, just dumb it down . . . 70% wish the tax code was simpler.

7.  We’re more likely to think the amount we’re paying is unfair.  58% think low-income people pay too much, and 54% said the same about the middle class.  Only 12% think wealthy Americans pay too much in taxes.

8.  Not everyone hates doing their taxes.  64% do find them at least “somewhat” stressful.  But a separate poll found 7% of Americans actually enjoy doing their taxes.