It’s Tax Day

If you procrastinated on filing your taxes, it’s time to turn into Tracy Chapman’s fast car and get yourself into gear – or a Delorean and file an extension to give yourself more time – because today, the Taxman cometh. The IRS’ deadline to file a 2022 tax return without penalty expires at the end of the day.

Some tax facts:

• The average US taxpayer will spend around 13 hours and $250 completing their 1040s this year.
• Americans paid a combined $4.9 trillion in federal taxes last year, an amount equal to 96% of all federal revenue. An estimated 168 million people filed tax returns in 2022.
• On average, less than 0.5% of all federal tax returns are audited each year (~739,000 in 2022).

🗣️ Worth mentioning: Using data from the 69.1 million tax refunds processed thus far, Americans are receiving a lower refund on average than in previous years, due to the expiration of pandemic-era policies and tax credits. The average tax refund for 2022 is currently $2,878, down 9.3% from last year, per the latest IRS data.