TAX DAY COMETH: Half of all people would move to a different state to avoid taxes. Believe it or not, this has actually become a major consideration for many Americans who are looking to relocate.
According to WalletHub, 38% of people would get an “IRS” tattoo for a tax-free future, while 37% would move to a different country and 20% would take a vow of celibacy. Others have claimed they would stop talking, give their offspring the name “Taxes” or commit to cleaning prison toilets for three years just to have a tax-free future. Are these dreams or nightmares?
But tax day is not going away.
What are some of the biggest fears to overcome this tax season? Of course the number one fear is getting audited; it ranked at 27%, but it tied with not having enough money to pay the tax bill, followed narrowly by making a math mistake at 26% on the survey.
With Tax Day looming and 44 million Americans expecting to pay this year’s taxes late due to the COVID-19 pandemic, what should you do to avoid penalties for late filing?
According to Jill Gonzalez, an analyst at WalletHub, “People who are unable to pay their taxes should still file a return by the April 18 deadline no matter what. Then, they have a few options to consider, such as waiting for a bill and paying a small late fee or applying for an extension. It may also be possible to set up an installment agreement with the IRS to pay the tax bill off over up to 72 months.”
She continued, “There are plenty of free tax-prep resources that can help you ensure that the math is correct, too.
