Fear Compels Gen Z To File Taxes on Time — Are Other Generations as Concerned?
The 2024 tax deadline is quickly approaching. For most Americans, the deadline is April 15. Failing to file on time results in a penalty, and it’s causing stress for the majority of Americans.
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According to a recent survey by Greenback Expat Tax Services, 57% of U.S. residents and 50% of expats are afraid of filing their taxes late. You’re generally required to file if your gross income is over the filing requirement, which is $13,860 as a single filer or $27,700 if married filing jointly, or you have over $400 in net earnings from self-employment.
The survey found that most Americans filed or will file their 2024 taxes in March (44% of residents and 23% of expats), but some have chosen to file closer to the deadline. If you miss the deadline, there could potentially be expensive consequences.
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Failure To File Penalty Should Be Avoided
If you’re required to file and owe tax but don’t file on time, the IRS will charge a failure-to-file penalty, which is usually 5% of the tax owed for each month, or part of a month that your return is late, up to a maximum of 25%. If your return is over 60 days late, there’s also a minimum penalty for filing late — the lesser of $485 or 100% of the tax owed.
You can request an automatic tax-filing extension, which typically gives you until Oct. 15 to file a return, but you still have to pay your taxes on the April 15 deadline (or April 17 for taxpayers who live in Maine or Massachusetts due to the Patriot’s Day and Emancipation Day holidays).
Many Americans Mistaken About Tax Filing Deadline
A survey by IPX 1031 found that 28% of Americans don’t know when the filing deadline is this year, and one-in-five think Tax Day is April 18. IPX noted that there are several reasons why Americans procrastinate filing taxes, but first on the list is that the process is too complicated and stressful.
According to a Cash App Taxes survey, 54% of Gen Z and 38% of millennials reported that the stress of filing taxes has either brought them to tears in the past or they expect it will this year, Fox News reported. Nearly half of Gen Zers and more than a third of millennials surveyed were also unsure of the tax deadline.
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This article originally appeared on GOBankingRates.com: Fear Compels Gen Z To File Taxes on Time — Are Other Generations as Concerned?
