Tax Deadline Day Looming For Millions Of Americans
MINNEAPOLIS (WCCO) – If you haven't filed your 2013 income tax return yet, you have about a day to do so and get it in the mail or file paperwork for an extension to meet the April 15 deadline.
But officials said the chances of getting audited are the lowest in years. Budget cuts and new responsibilities are straining the Internal Revenue Service's ability to check returns for errors. Last year, the IRS audited less than one percent of all returns from individuals, the lowest rate since 2005.
This year it's expected to be even lower because the IRS will have fewer agents auditing returns than at any time since at least the 1980s. IRS officials said one in five people wait to the last week to file, and two in five do it in the last two weeks.
According to the IRS, nearly 100 million people have already filed their taxes of out about 135 million expected filers. They said about 90 percent of tax returns are filed electronically and 78.8 million people get refunds. The average refund is $2,792, which is about $220 billion in refunds. IRS officials said about 65 million refunds are done through direct deposit.
Minnesota taxpayers were urged to wait until a few weeks ago to file their taxes with the State Legislature passing tax cuts.