It's NOT Tax Day, but WalletHub Breaks Down Taxpayers Opinions and Fears
This is traditionally a day many residents dread, Tax Day, of course, because of the pandemic, the tax filing due date has been pushed back to this year May 17th. A study by the financial website WalletHub showed most Americans think the federal government could do a better job spending those tax dollars,
"This year, more than ever, about 75% of people say that the government has not handled their tax dollars wisely during the COVID-19 pandemic. This comes down mostly to the federal government. About a third of people think charities would make better use of their tax dollars. About a third think local government, and about a quarter think state government,"
Gonzalez says there are some common fears among taxpayers.
"The biggest fear seems to be making a math mistake. Which I understand, because for some reason the IRS knows exactly how much we owe, but they don't want to tell us; they make us figure it out. Another fear is not having enough money to pay your taxes. Another fear is identity theft, which has been increasing, and the last fear is getting audited."
She says tax filers shouldn’t worry as much about not having enough money to pay off their taxes.
"The biggest mistake you can make is not filing at all because then you get a penalty no matter what. You could file and not necessarily pay, and get an extension to pay, but not filing I would say is the biggest mistake to make."
Visit wallethub.com for more information.