CHARLOTTE, N.C. — Be honest. Have you filed your taxes yet?
If not, why not? Each tax season is unique, but with people expecting to get less of a refund this year, we wanted to look into IRS data to see if more people are waiting to file their taxes.
WHAT WE FOUND:
Right as the tax season opened, the week of Feb. 3, IRS data shows filers were hot out of the gate, and total returns processed were up nearly 30% compared to last year.
"Four or five weeks ago, it was up double digits both total volume taxpayers," Steber said.
Then it slowed down.
By the end of February, total returns processed were only up 4.3%.
"This year, I think there are not larger refunds; people were in a much more difficult situation from the economy, so you saw a similar come in the front, and then it slowed down, and that’s because people are expecting lower refunds and are putting it off or may have a balance due and we see a bit of that," Steber said.
The latest IRS data shows the average refund taxpayers are receiving is down. From $3,400 a year ago to $3,000 today. Though stats show the amount of people who have filed their taxes at this point in the season is about the same as last year, Steber said he expects to see a larger number of people file at the very last minute.
"About 55 million have filed so far, so that gives you about 100, 110 million to go," Steber said.
Those 11th-hour filers, Steber said, often own money, and they're trying to postpone that painful payment to the bitter end.
Contact Meghan Bragg at firstname.lastname@example.org and follow her on Facebook, Twitter and Instagram.
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