10 Days Left: Here's How Many People Haven't Done Their Taxes
Introduction
More than a quarter of Americans have yet to file their taxes with only 10 days to go before the deadline. A recent survey conducted by Policygenius revealed that 26% of people haven't filed yet. As the deadline approaches, understanding the new tax law and its implications is crucial.
Image Description: A worried individual looking at a calendar with the tax deadline marked.
The New Tax Law
For those who have filed already, 61% said it was easier than in previous years. President Donald Trump signed a tax reform law in 2017, and many of its changes are taking effect this tax season. One of the biggest changes for the 2018 tax year is that the standard deduction has doubled in size from $6,350 for an individual to $12,000. Taxpayers can now lower their taxable income in one of two major ways: by deducting individual items or by taking the standard deduction.
Image Description: Infographic explaining the new tax law changes and their impact on taxpayers.
Understanding the Standard Deduction
Unless you expect to deduct more than the standard deduction, it's usually not worth it to itemize, which can often take longer. More than 34% of people took the standard deduction according to the Policygenius survey.
Image Description: Infographic showing the benefits of the new standard deduction compared to itemizing.
Uncertainty About the New Tax Law
Among all respondents, 16% said they were still unsure of how the new tax law would affect them. Aside from the standard deduction, taxpayers have had to contend with new tax brackets, the disappearance of several deductions, and the government shutdown.
Image Description: Infographic highlighting the common uncertainties about the new tax law among taxpayers.
Filing Your 2018 Taxes
If you haven't filed your taxes yet, it's essential to understand the changes and how they affect your filing. Read our guide to filing your 2018 taxes to get the rundown on the changes. Make sure to file on time to avoid penalties and interest.
Image Description: A person filing their taxes online, following the new tax guidelines.
Conclusion
With only 10 days left before the tax deadline, more than a quarter of Americans still haven't filed their taxes. Understanding the new tax law, the standard deduction, and how these changes affect your filing is crucial. Make sure to file on time to avoid any penalties.
Image Description: A calendar with the tax deadline date circled, emphasizing the urgency to file taxes.
