No one likes Tax Day, except for accountants and Uncle Sam. Tax Day 2023 figures to be especially messy, too, with many people still reeling from the economic impact of high inflation. While many people’s wallets are already hurting, unfortunately taxes are among the few things in life that are unavoidable. Tax Day falls on April 18 this year.
Although we experience Tax Day firsthand 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 2023:
- Americans spend 6.5 billion hours doing taxes each year. The average person spends 13 hours and $250 completing their 1040.
- 92% of tax returns are expected to be filed electronically. The average refund in 2023 is $3,079, as of 2/24/2023.
- Taxpayers had difficulty reaching the IRS by telephone during the 2022 filing season, with only 10% of calls receiving live assistance and hold times averaging about 29 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 2023 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?