More than 99 million federal taxpayers had filed their returns as of Tuesday, with more than 80 million of those expecting a refund.
People who file at the last minute — and Tuesday is this year's deadline — are somewhat more likely to owe money to the government. And if Congress and the president don't act, next year could see many more Americans paying higher taxes.
That's not because either President Obama or presumptive Republican challenger Mitt Romney advocate a tax increase for most Americans.
When IRS agents raided the house of rapper Young Buck, they seized all his things: his white leather dining chairs, his watches, his craps table, his tattoo kit. Even his refrigerator. The Nashville artist, who was once part of 50 Cent's G-Unit, owed hundreds of thousands of dollars in back taxes.
His lawyer, Robin Mitchell Joyce, said he thought Young Buck's taxes were being handled by his business manager. They weren't.
This is the last day procrastinators have to file state and federal income tax returns. Karen Connelly, a spokeswoman for the Internal Revenue Service says only about 20% of Colorado taxpayers have to write a check to the government when filing their taxes. The other 80% receive refunds.
The day that many dread is here: It's Tax Day. Of the 143 million federal tax returns filed last year, more than 80 percent qualified for a refund. Steve Inskeep talks to David Wessel, economics editor of The Wall Street Journal, about the economics of tax refunds.
Originally published on Mon April 16, 2012 4:45 pm
As we've reminded everyone, April 17 (Tuesday) is the deadline for filing federal income tax returns. It's also the deadline for filing income tax returns in most states. Our friend Alan Greenblatt tells about something he finds surprising: