Is the mere thought of Internal Revenue Service scrutiny enough to give you nightmares? For many Americans, it is. In a recent survey of more than 2,500 taxpayers, TaxAudit, the nation’s largest audit defense service, found that 47 percent feel anxious when they receive correspondence from the IRS. And while 65 percent are confident that their tax returns are error-free, 29 percent still worry the IRS will audit them.
What would you do with $2,763? That’s the average refund American taxpayers received last year, and many are already planning how to spend their next windfall. A recent survey by TaxSlayer, a tax preparation and financial technology company, found that saving (43 percent) and paying off debts (42 percent) topped the list of possible tax return uses among the nearly 2,400 taxpayers surveyed. However, not all were planning to be so frugal: 13 percent intended to treat themselves to a gift, while another 13 percent expected to treat themselves to an experience (such as an expensive dinner or a vacation).
The days of mailing in paper tax returns are long over. This year, the Internal Revenue Service (IRS) expects Americans will electronically file at least 90 percent of the more than 155 million returns expected by the April 17 tax deadline. That’s not so surprising, given the steady increase in the popularity of e-filing among tax professionals as well as self-preparers. What is surprising, however, is that only a fraction of the estimated 100 million Americans eligible to prepare and e-file their federal tax returns for free will cash in on that opportunity.
Republicans accomplished a feat this past week that had eluded them for more than three decades—a sweeping overhaul of the U.S. tax system. Passed through the Senate and House on party lines, and celebrated outside the White House by Republican legislators and the president, the bill is less popular with the American public. According to a recent CNN poll, only 33 percent favor the GOP’s proposed tax code.
On the other hand, an earlier survey by Paychex, a payroll and HR solutions company, found that tax reform has a more favorable rating among the small businesses it was intended to stimulate. RewardExpert spoke with Mike Trabold, Paychex’s Director of Compliance Risk, about the survey results.
When it comes to your money and finances, nobody wants to pay more taxes to Uncle Sam. That’s why now is a critical time to check up on your tax health, with the end of the year approaching and Congress considering an overhaul of the nation’s tax code.
One of the ways you can assess your tax situation is through the help of an agent. James Adelman is an agent in Tulsa and the president of the National Association of Enrolled Agents (NAEA). He spoke to RewardExpert about how working with an enrolled agent can benefit you.
Many Americans and American businesses would love to save more money and pay less taxes. The issue is heightened even further, as the Trump Administration and Congress considers making significant changes to the US tax code. Plus, the end of the year is nearly upon us, so many taxpayers are making last minute plans to put themselves in the most financially-prudent position ahead of next year’s tax filing deadline.
H&R Block tax experts are prepared to meet the needs of clients both in the U.S. and abroad. With a few simple steps and information literally at a user’s fingertips, H&R Block can help anyone complete their taxes, whether they live right down the street from one of their offices, or thousands of miles away.
