When is Tax Day and Audit Stats
Here's my approach to tax season.....if I know I'm getting money back, my taxes are done and filed in February. If there is a chance I will owe money...well, let's just say I haven't filed yet.
Traditionally, tax day falls on April 15th. Not this year as the 15th will fall on a Sunday. So, your taxes are due on TUESDAY, APRIL 17TH. That gives you a few extra days to finish up that paperwork.
If you have any Millennials running around the house or in your life in general, you might be kind to let them know of the date change this year. According to a study from H&R Block, Millennials are stressed out about taxes and most of them don't know when they're due. I agree with the saying that "the best lessons learned are the hardest ones", but then it's nice to help and spare someone a living hell when you can.
Now, for the audit. It's our biggest fear. I get my taxes done by a professional every year for this reason. I may spend more than most, but I consider that insurance against the possibility of an audit. There is some good news. The New York Post reports that our odds of getting audited have dropped over the past year and could drop even more due to budget cuts and staff reductions at the IRS. If you made less than $200-thousand last year, you have about a 0.6% chance of an audit. Before you breathe that sigh of relief, remember what has been said about chances.......