It was in a letter from Benjamin Franklin to Jean-Baptiste Leroy, that Franklin wrote about the two certainties in life: death and taxes.

And for Americans, the tax deadline is looming. And let’s be honest, no one likes taxes.  With the past two years of ups and downs with the pandemic, we’re all still trying to keep it together. But, like always, taxes are unavoidable.  This year, Tax Day falls on Monday, April 18th.

If you’re someone who does your own taxes, we applaud you.  And wishing schools had taught us more about finances and taxes, and less algebra and trigonometry! For some of us, tax season leads to massive stress.  Whether it’s simply knowing all the forms you need, or knowing you’re going to be paying in, again, it is a stressful time.

And for people like me, who get anxiety at tax time… it leads to procrastination.  Despite always saying, “This year I’ll get it done early,” it does not, in fact, get done early. In reality, I just called my tax preparer this week.  My appointment isn’t until April 14th.

Each time an item of mail came in that was tax related, I stored it in a certain place.  But there’s still a sense of there being something I will forget!

Before we get to some great tax prep tips, let’s take a look at a few facts from WalletHub.

  • Tax Facts 2022

  • 1 - Hours Spent

    Americans spend 6.1 billion hours doing our taxes each year.  With the average person spending 13 hours and $240 to complete our 1040.

  • 2 - Filing and Refunds

    Ninety percent of returns are expected to be electronically filed.  As of February 25, 2022, the average refund this year is $3,473.

    Over 160 million individual income tax returns are expected to be filed this year. And 1.4 million taxpayers will receive refunds.

  • 3 - IRS Phone Calls

    During the 2021 filing season, the IRS received calls in record numbers.  Over 1,500 calls per second! Out of those, 11 percent received live assistance. Average hold times? Around 23 minutes.

  • 4 - Economic Impact Payments

    Over $800 billion dollars in economic impact payments were made by the IRS.

  • 5 - Revenue

    It’s estimated the revenue from individual income taxes in 2002 is around $2.3 trillion!

  • 6 - Payments

    Ninety-eight percent of refunds get paid through direct deposit, and are issued in 21 days or less. It takes around 7 weeks to receive a refund with a paper return.

  • 7 - Tax Laws

    While 65% of Americans saw their taxes decline due to the overhaul of tax laws, 74% say the cuts haven’t helped them financially.

  • 8 - Filing

    In 2022, 57% of taxpayers prepare and e-file their own returns.  And 70% of American taxpayers are eligible for free preparation and filing.

  • 9 - Audits

    Around 510,000 tax returns are audited by the IRS each year.  But there’s only a 0.20% chance you’ll be audited.

  • More Tax Facts?

    Check out WalletHub for a full graphic with tons of tax-related facts and statistics.

  • And Now: Tax Prep Tips from WalletHub

    According to WalletHub, nearly 1 in 3 Americans wait until April to file their taxes. To help with the time crunch, they’ve put together some great last-minute tax tips.

  • 1 - Watch Out for Scammers!

    Scammers live for moments like this.  Watch out for crooked tax preparers – if it sounds a little too good, maybe re-think it! It’s also a time for identity thieves. This could lead to tax fraud, and a lot of headache.  WalletHub offers great tips for avoiding tax fraud here.

  • 2 - Gather All Paperwork

    Organization is KEY to a well-prepared tax return. Get all of the paperwork and information you will need, and make sure it’s for the correct year. This includes: income statements, prior year’s tax returns, health-coverage statement, bank account information and any additional tax statements you may have received (especially if you’re an independent contractor!)

  • 3 - Get Free Advice

    It can be helpful to have someone knowledgeable to ask questions, or check through your work to make sure you haven’t missed anything. You may find free help with the IRS’s Volunteer Income Tax Assistance Program.

  • 4. Use Reliable Software

    Having the right tax-prep program can make the process a lot easier, and save you a lot of frustration. Some of these programs will do most of the work for you, guiding you through step-by-step.

  • 5 - Assume You Will Be Audited

    Don’t cut corners. This could be a very costly mistake! You could end up with IRS inspectors at your door. Be thorough, and prepare for the worst. This is a great reminder to keep well-organized records too.

  • More Tax Tips

    See more great ideas and tips on time management, paying your taxes, and making the most of your refund on WalletHub!

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