how many americans wait until the last munute to file their tax returns?

Answer 1

This is a variation of a question I get from a lot of people.

They ask me, "Does requesting an automatic extension of time to file (on Form 4868) raise 'red flags,' subjecting me to greater risk of tax audit?"

Sometimes, they are suprised by my answer!

A great deal of taxpayers who file their income tax returns early, or by April 15, are the simpler, "do-it-yourself" type tax filers, and, because they often make mistakes doing it by hand, or they make mistakes doing it on a quality store-bought computer program (because of the "garbage-in-garbage-out" phenomenon), the IRS computers flag them for adjustment and correction.

On the other side of the spectrum, more complex taxpayer scenarios are addressed by CPAs and tax attorneys who have experience, as well as sophisticated programs, but, because they are more complex, they take more time to gather, interpret, compile, organize and report the data in a meaningful, accurate and lawful manner. Hence, they are the taxpayers who are more often put on extension.

When those returns are eventually filed, they are signed by Paid Preparers, who most often have letters of distinction after their names, actually telling IRS personnel, "This return was likely prepared with expertise, care and a great deal of forethought!"

Hence, many American not only wait until the commonly- known last minute date of April 15 to file their returns, a fair number of Americans, approaching 10%, actually wait well beyond that last-minute date!

Get the extension form at http://www.irs.gov/pub/irs-pdf/f4868.pdf?portlet=3

Phil
http://www.phillipfostercpa.com/tax.html

Answer 2

Since we almost always get a refund, we never wait until April to file, we usually file in February. However, when we have owed money we did wait until the very last minute to file---why pay Uncle Sam early when you can wait until the final day?! I know a lot of people that feel the same exact way!

Answer 3

I usually wait till the last minute to FILE. I COMPLETE my taxes in early February. I wait until April to write the check. I deliberately owe a small amount.

Answer 4

If you really want to know, go to the post office on April 17th. Quite a few, but I don't know the overall percentage.