Today Is Tax Day
Tax Day Surveys and Statistics!
– It will take the average American taxpayer until May to pay their federal, state and local tax bills.
– 49% of taxpayers would rather go to the dentist than prepare their taxes (48%).
– Chances of being audited by the IRS… 0.8%
Tax Refund Survey
A new survey by the National Retail Federation reveals that the average American will receive a $2,700 tax refund from the IRS this year. Other findings:
– 49% of people plan to put their tax refund into savings. That’s up 1% from last year
– 22% of people plan to use their tax refund on everyday expenses
– 12% of people plan to use their tax refund on a vacation
– 8% of people plan to use their tax refund on a major purchase like a car or appliances
A study by the University of Toronto reveals that the number of fatal crashes jumps on days when taxes are due. Lead researcher Donald Redelmeier studied 29 years of accidents and found an average of 226 fatal accidents on annual tax-due days and 213 on other days.
He says, “Stressful deadlines lead to driver distraction and human error. It doesn’t just hold on Tax Day but might also hold to other distinctly stressful times, such as when you’re going through a divorce or something is wrong with your child or you’ve just lost your job.”
What People Are Spending Their Tax Refund On
A survey by Bankrate reveals that 34% of people plan to save or invest their tax refund. Other findings:
– 6% of people plan to spend their tax refund on a major splurge like a vacation or shopping spree.
– 29% of people plan to use their tax refund on utility bills and food.
– 27% of people plan to use their tax refund to pay down debt.
– 47% of people are expecting a tax refund this year
Liar Liar
A survey by NerdWallet reveals that 30% of men and 18% of women feel it is acceptable to not report under-the-table income to the IRS. Other findings:
– 25% of men and 16% of women say it is acceptable to lie about the number of miles driven each year in order to pay lower car insurance rates
– 16% of men and 8% of women say it is acceptable to lie about income on a credit card or loan application.
– 33% of people say it is okay to use someone else’s Netflix or Amazon Prime account.
