2014 Tax Season Numbers Show New Filing TrendsPosted on May 7 2014 by admin
The IRS is tasked to keep track of various statistics from year to year for a variety of reasons. They can help determine trends, gauge economic activity, and help with the IRS’s own internal business needs and planning.
As of April 18, 2014, the IRS has received more than 131 million tax returns of which 88 percent were e-filed. This is a continuation of an upward trend where for the 2013 tax filing season, approximately 86 percent were e-filed. Almost 46 million of these tax returns were e-filed from home computers in 2014. That is more than the total from home computers for all of 2013. Such statistics are good news for the IRS’s stated goal and policies designed to increase the number of tax returns that are e-filed vs. paper filed.
Compared to April 19th of 2013, total individual tax returns processed are up a full four percent and e-filing receipts are up almost three percent. The increase in e-filing receipts came mostly from individuals doing their own returns on home computers.
The total amount refunded to individual taxpayers as of April 18, 2014 was almost $255 billion compared to $249 billion at the same point last year. That large amount is in effect what taxpayers’ loaned to the government interest free during the year.
A few other noteworthy items: visits to the IRS web site IRS.gov actually dropped almost 10 percent during the year, and based on other information and statistics, the IRS expects that almost five million taxpayers will amend their returns by filing Form 1040X during 2014.
By Dale F. Jensen, CPA
There is nothing more complex than the world of taxes. We know this and yet we chose careers where we face these issues everyday. We get questions day in and day out about new tax laws, forms and news items and how they affect everyday people and businesses. Well, here at Henry & Horne, LLP we have set out to do what we do best; help everyday people understand what is going on in the world of state, local, federal, estate and international taxation. We will provide these weekly posts and we encourage you to give us feedback on those posts as well as letting us know what else you would like to know more about. Welcome to "Tax Insights." We hope you find this blog informative and worthy of your time.
Before posting a comment on a blog post please be aware that we do not give free tax advice to non-clients by email, comment response, or phone. Thank you!
- Taxable or Not? What You Need to Know about Income
- Five Good Reasons Why You Should Choose Direct Deposit
- Reflecting on Tax Day
- The End of Tax Season…
- Vacation Home, Rental Property or Personal Residence?
- What You Should Know if You Change Your Name
- The IRS on Social Media?!
- 10 Facts You Should Know about Capital Gains and Losses
- Basic Tax Tips for New Businesses
- Things You Should Know about the Alternative Minimum Tax