No one likes Tax Day, except for accountants and Uncle Sam. While many people’s wallets are already hurting from inflation, unfortunately taxes are among the few things in life that are unavoidable. Tax Day falls on April 15 this year.
Although we experience Tax Day first hand each year, there’s still plenty for most taxpayers to learn. WalletHub explored this unique occasion from top to bottom in search of the most interesting, revealing Tax Day fun facts out there. You can check out what we found in the infographic below, followed by a Q&A with a panel of tax experts. And if you’ve yet to file, make sure to check out WalletHub’s last-minute tax tips.
Tax Day Facts for 2024:
- Americans spend 6.6 billion hours doing taxes each year. The average person spends 13 hours and $270 completing their 1040.
- 92% of tax returns are expected to be filed electronically. The average refund in 2024 is $3,213, as of 2/23/2024.
- Taxpayers had difficulty reaching the IRS by telephone during the 2023 filing season, with only 35% of calls receiving live assistance and hold times averaging about 8 minutes.
Ask the Experts
Taxes, and our obligations with respect to them, are almost like living, breathing entities. The dynamics are in constant flux, which means we can never stop learning about the process. With that in mind, we posed the following questions to a panel of tax experts in search of a greater understanding of how to successfully navigate this treacherous time of year. You can check out their bios and responses below.
- How is Tax Day 2024 different from past years?
- Has the amount of time and money spent on preparing tax returns changed in recent years? What are some tips for reducing time and money spent?
- What measures can be taken to ease the burden on taxpayers with difficulties in meeting tax reporting or payment obligations?
Ask the Experts
Esq. – Adjunct Professor, School of Accountancy – Georgia State University
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Associate Dean for Experiential Education and Director of Clinical Programs; Director, Philip C. Cook Low Income Taxpayer Clinic; Mark and Evelyn Trammell Professor & Clinical Professor of Law – Georgia State University College of Law
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Ph.D. CPA(MS) – Assistant Clinical Professor of Accounting, School of Accountancy, J. Mack Robinson College of Business – Georgia State University
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Assistant Professor of Accounting – Houston Christian University
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MAcc, CPA, CFE – Associate Instructor, Lynn Pippenger School of Accountancy – University of South Florida
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CPA, MBA – Teaching Full Professor in the College of Business – Lehigh University
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WalletHub experts are widely quoted. Contact our media team to schedule an interview.