• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick Tax Day 2023: What to know about the April 18 deadline
Editor's Pick

Tax Day 2023: What to know about the April 18 deadline

by April 20, 2023
by April 20, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

The deadline to file taxes is upon us.

This year, it falls on Tuesday, April 18 — the result of the District of Columbia’s observance of Emancipation Day on Monday and the fact that the typical deadline, April 15, fell on a weekend.

Filers can still request an extension, at which point they have until Oct. 16 to submit their full return.

If you haven’t filed yet and think you cannot afford software or an accountant to file your taxes — and you made less than $73,000 last year — you can file for free at IRS.gov.

If you fail to pay your taxes, you’ll owe a 0.5% monthly penalty on the unpaid amount, in addition to the unpaid amount itself, for each month, or part of the month, that taxes remain unpaid. That penalty rate keeps accruing until the total tax penalty reaches 25% of your total unpaid taxes.

The penalty rate increases to 1% if you don’t pay your tax 10 days after receiving an Internal Revenue Service notice about its intent to levy a penalty.

The minimum thresholds for filing based on your age and filing status can be found here. Generally, individual taxpayers who made less than $12,950, or $25,900 for a married couple filing jointly, are not required to file a federal tax return.

The IRS says low-income individuals should still file because they may be entitled to a refund from withheld taxes or from programs like the Earned Income Tax Credit.

According to the Urban-Brookings Tax Policy Center at the Urban Institute, about 60% of households are slated to owe federal income taxes this year, an increase from the last two years thanks to the expiration of pandemic-era stimulus programs and lower unemployment.

What about refunds?

For the week ending April 7, the average federal tax refund amount was $2,878. That’s down from $3,175 last year and the result of pandemic-era federal payment programs and credits that have ended.

The lower refunds come amid inflation that remains stubbornly high — 5% as of March, according to the Bureau of Labor Statistics.

Survey data from the financial information group Bankrate showed that 28% of Americans plan to use their refund to pay down debt, while 26% said they plan to boost savings.

Bankrate senior industry analyst Ted Rossman said this makes sense given how inflation has continued to eat into Americans’ finances.

‘Everything is more expensive now, and that leads to credit card debt,’ Rossman said. ‘More purchases are being financed.’

Other Bankrate data showed that 46% of Americans now carry credit card debt, up from 39% a year ago. And debt loads are higher — up 28% since 2021 according to New York Federal Reserve data, Rossman said.

And with annual percentage rates averaging more than 20%, ‘putting some money toward credit card debt is really impactful,’ he said.

This post appeared first on NBC NEWS
You Might Also Like
  • Boeing CEO says China has stopped taking its aircraft amid trade war
  • How Calvin Klein and Tommy Hilfiger got caught in Trump’s trade war with China
  • Dow rallies 700 points for best day in more than a year, Russell 2000 small-cap index jumps 3%
  • U.S. autoworkers union seeks tough victory at Mercedes plant in Alabama
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Southwest Airlines flight pause lifted after technology issues halted departures
next post
In The Money (ITM) Options Explained

You may also like

Apple releases first preview of its long-awaited iPhone AI

July 30, 2024

Richard Parsons, former Time Warner CEO, dies at age 76

December 27, 2024

Amazon’s Nova AI agent launch puts it up against rivals...

March 31, 2025

Visa and MasterCard settle long-running antitrust suit over swipe fees...

March 28, 2024

The 10 worst states to retire in the U.S. No....

July 31, 2024

Cash App owner Block pays $40 million in settlement over...

April 11, 2025

Caitlin Clark’s pro salary exposes an undeniable economic reality separating...

April 22, 2024

Stellantis laying off 2,450 plant workers due to discontinuation of...

August 10, 2024

Airgain® Partners With Deutsche Telekom for Borderless IoT

January 10, 2023

McDonald’s is working to introduce a $5 value meal

May 11, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Nvidia results spark global chip rally

      May 30, 2025
    • Boeing to resume airplane deliveries to China next month, ramp up Max production, CEO says

      May 29, 2025
    • Nuclear Power Trio: OKLO, SMR, and CCJ in Focus

      May 29, 2025
    • Analyzing SIL, USO, and NVDA: Could These Bullish Patterns Trigger?

      May 29, 2025
    • E.l.f. Beauty to acquire Hailey Bieber skin care brand Rhode in up to $1 billion deal

      May 29, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,764 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,470 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,450 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,430 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,307 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,104)
    • Investing (538)
    • Stock (2,578)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Nvidia results spark global chip rally

      May 30, 2025
    • Boeing to resume airplane deliveries to China next month, ramp...

      May 29, 2025
    • Nuclear Power Trio: OKLO, SMR, and CCJ in Focus

      May 29, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,104)
    • Investing (538)
    • Stock (2,578)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    U.S. bans imports of certain Apple...

    December 28, 2023

    Trump is selling $60 Bibles with...

    March 27, 2024

    Tesla’s Cybertruck recalled for a fourth...

    June 26, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here