The 2022 tax season is quickly coming to an end, but millions of Americans still need to file their returns to the IRS.
As of April 1, the tax-collecting agency has processed more than 89 million returns and issued more than 63 million refunds worth a collective $204 billion. The average payment so far is worth $3,352 – much larger than last year's average of about $2,800 – though it may change by the April 18 deadline.
"Extension to file is not an extension to pay," Eric Bronnenkant, head of tax at online financial adviser Betterment, told FOX Business. "A common misconception is that you get more time to pay, and that’s not true."Filing your taxes electronically is the fastest way to get a refund, according to the, especially as the agency works its way through a backlog of paper returns that built up during its closure earlier this year in response to the pandemic.
The tax-collecting agency has also identified other frequent mistakes, such as: choosing the wrong filing status, not answering a question on trading virtual currency, forgetting to report all types of taxable income including unemployment benefits, making small typos in the name, birth date and Social Security entries, or mailing the return to the wrong address.
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