April 18 was the judgment day for all tax filers. Though many days are given to US tax filers to do their obligation but it seems like they don’t care if the clock is running in submission of tax returns.
Millions of Americans have come at the eleventh hour to file their tax returns. While the Internal Revenue Service has received 29 million tax returns since the 8th day of April, there were still about 40 million people who haven’t filed their taxes by the 13th of April.
And what’s next after the deadline? Well, the IRS expected for over 8 million requests for extension of filing. Consequently; a report from Bloomberg shows that the late season for tax filing has increased to 24% this year as compared to last season of the same date of filing. Based on the IRS data, majority of US tax filers from the April 2017 tax season slowed down compared to the number of tax filers recorded last year. Until April 7, more than 103 million tax returns have file to the IRS. It processed almost a hundred million of tax returns and issued approximately $229 billion total refunds.
So, what makes more and more US tax filers to delay their filing?
Experts conclude that because of online filing and the tools used with filing taxes, people tend to delay the task until the last minute. In fact, the IRS has received almost 92% of the total tax returns through e-filing last April 7. From the total number of e-filings, 57% were submitted through tax professionals and 43% were self-prepared. Filing tax returns online is convenient as clicking “send” and you saved your day!
According to the 2017 Tax Day report by the Adobe Digital Insight, the so-called ‘Millennials’ are more likely to put off the filing of taxes until the deadliest deadline. A survey conducted by Adobe shows that 12.4% of Millennials have the tendency to ignore their tax filings until the last twenty-four hours. This is twice the number from the previous survey of late filers last year.