Tax season by the numbers
March 20, 2017 4:20 PM
This year’s filings are still behind last year; more and more tax pros won’t be vacationing after April 18; and other statistics as of the middle of the 2017 filing period.
Returns received by the IRS
The number of individual income tax returns received by the IRS in 2017, versus the comparable date in 2016. Experts originally blamed the gap on PATH Act requirements that the IRS hold refunds with Earned Income Tax Credits and other credits until Feb. 15, but the gap has persisted beyond that deadline.
Professionals versus DIYers
Self-prepared e-filing receipts started tax season much more strongly, accounting for almost two-thirds of receipts, but by the end of February, professionally prepared e-filing had taken the lead.
When the credits kick in
The average size of individual income tax refunds in 2017, versus the comparable date in 2016. Note the jump after the Feb. 15 release date for refunds including EITC, Child Tax Credits, and American Opportunity Credits.
Still not caught up to last year
The post-Feb. 15 jump shows up in the total amount of refunds given – as does the gap from last year.
Plans for April 19
Asked of 336 accountants and tax professionals in mid-March; more than half (56%) plan to take at least a day off, but 41 percent aren’t planning to take any time off at all.
Not rest for the weary
Of the 186 accountants and tax pros who planned to take time off after tax season in mid-March; a third (30%) are planning to travel for vacation; the rest plan to rest up – and catch up – at home.
Taxpayer refund expectations
From a National Retail Federation survey of 7,600 consumers in early February.
How taxpayers plan to spend their refunds
From a National Retail Federation survey of 7,600 consumers in early February.
From the 2017 WalletHub Tax Survey of over 500 taxpayers in early March. See the full survey here .
Paying late probably also means filing late ...
From the 2017 WalletHub Tax Survey of over 500 taxpayers in early March. See the full survey here .
