Have You Done Your Taxes Yet?

Americans are a nation of procrastinators. Our tax returns prove it. An estimated one-third of Americans wait until the last-minute to do their taxes according to a recent study by IPX.  2024 Report is here  28% don’t know when the tax filing deadline is this year.  Most procrastinate because they don’t think they’ll get a refund and 25% state the process is too complicated and stressful.  April 15 is by far the biggest tax filing day of the year. But a new program from IRS is helping. This year the IRS launched Direct File in 12 states allowing taxpayers in those states to file their tax returns for free directly through the IRS this tax season. This is a historic milestone, moving the U.S. closer to a world where all taxpayers can file their taxes easily and for free. Every year, U.S. taxpayers on average spend $150 and nine hours of their time filing taxes. States where residents are eligible to file via Direct File are: California, New York, Washington, Arizona, Massachusetts, Florida, Texas, Nevada, New Hampshire, South Dakota, Tennessee, and Wyoming. This year, the tool supports simple tax cases, accommodating nearly half of low-income taxpayers in eligible states. This tool keeps money in families' hands instead of funneling it to the lucrative tax prep industry. When fully available, Direct File has the power to save American taxpayers $11 billion annually between filing fees and time costs.  Tax Credits, such as Child Tax Care (CTC) and Earned Income Tax Credit (EITC), increase financial stability and offer more freedom managing finances at home. Unfortunately, the people who most benefit from the refunds also do not claim all the credits that are deserved or a chunk of the refund is used to pay the tax prep companies who stand in the middle. IRS Direct File is a critical step in making sure everyone can access the credits they deserve. Please consider sharing this episode with your family and friends at cruzthroughhtx.com.Support the show: https://cruzthroughhtx.com/See omnystudio.com/listener for privacy information.