Taxpayers Afraid To File Due To FOO (Fear Of Owing)
This year many taxpayers are genuinely afraid to file their taxes.
And, with good reason. The horror stories that are coming out on social media are enough to frighten anyone. As it happens, tax refunds are smaller this year by 8.4% according to IRS statistics. So are the number of refunds, which means some people who are accustomed to getting refunds aren’t getting one this year. Chances are many of these taxpayers are going to owe. That, for many, is a frightening proposition. Which makes for procrastination.
No matter what happens on your tax return this year, you must still file. Whether you do it now or later, it is what it is. You have to face the music.
Bite The Bullet And Face The Music
I’m sharing some of the posts I’ve seen from various articles, not to make you more fearful, but to show you that things may not be as bad for you. So, read the stories. Weep if you must. But no matter what, get your taxes filed sooner rather than later.
According to an article on usatoday.com, “The average tax refund issued so far fell to $1,865, down 8.4 percent from $2,035 at the same time last year. The number of refunds issued also dropped by 24.3 percent. Overall, the number of returns the agency has processed so far is off 25.8 percent versus the same time last year. The IRS has also received 12.4 percent fewer returns from taxpayers. The earliest taxpayers could file returns was Jan. 28. In most states, the last day you can file is April 15.”
The above confirms that procrastination and fear is at play. Now for the tales of woe. Please use them to fuel you to get your taxes filed knowing that you will not be alone if the numbers don’t turn out in your favor. If they do turn out better than expected you can then have sympathy for those whose suffering is greater than your own.
Taxpayer Tales Of Woe
I’m sharing the following Tweets as printed at accountingtoday.com:
“Last year I got a refund of $900,” wrote a Bernie Sanders supporter called North Shore Beacher. “I was worried about #TaxScam so I increased my federal withholding. This year, same tax bracket, same income, but I am only getting a refund of $74. Tax software tells me I paid less withholding this year.”
Another Twitter user received a much lower tax refund than usual. “Every year I got a decent refund on my taxes, this year a mere $100… which means I won’t be putting money back into the economy…”
Another taxpayer complained, “A refund that I have been getting for over 20+ years. Under your tax scam, I lost over $4k. I pay more state taxes, more sales tax, more money for groceries, gas, prescriptions, etc. Please explain how any of that equates to prosperity?!”
“I usually get back around 5k in tax refund,” wrote one Twitter user named WaterWhirled. “This year I owe 5k. Same income.”
“We are a middle class (possibly upper middle class depending on how you see things),” wrote another user named Alice. “Our taxes have gone up, and the refund is down 65%.”
“My oldest son, who works for the railroad, has ALWAYS gotten a refund,” wrote Katie Johnson. “This year, he got socked with a tax bill of $8000+. So, nope, not helping the middle class.”
If you’d like us to help you get the task done, please give us a call. It’s a tough job, but somebody has to do it and we’ve been doing it successfully for a long time. And, if you owe and cannot pay right away, we can negotiate with the IRS on your behalf.