Why Americans aren't rushing to file taxes

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Why Americans aren't rushing to file taxes
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Tax pros say the end of federal COVID-19 stimulus money is prompting many Americans to file income tax extensions instead of rushing to file their Form 1040s with the IRS.

Jackson Hewitt Tax Service senior vice president Mark Steber explains how Biden's proposed tax hikes could impact returns on 'The Claman Countdown.'. The tax deadline is less than a month away. Surprisingly, taxpayers aren’t rushing to prepare their returns.

Brown and other tax experts attribute this to the lack of federal stimulus money that forced people to file tax returns in previous years if they didn’t get a direct payment. IRS data shows that total returns received through March 24 are down 0.8% year-over-year. The number of refunds issued is up 2.6%, but the size of the average refund is smaller – $2,903 compared to $3,263 a year ago – because many COVID-19 relief programs, such as stimulus payments and enhanced child tax credits, expired.

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