There are two types of tax filing fraud - ID theft and those who choose not to file (how many don't file):

There are two types of tax filing fraud - ID theft and those who choose not to file (how many don't file):

Bottom Line: Not that you need a reminder that it's tax day but yeah here we are...hopefully you've survived it mostly intact. The improved news is that the IRS was far more effective at combating tax filing fraud this year (with an estimated 85% success rate in stopping tax filing fraud). There's another form of tax filing fraud and that happens when one doesn't file who's legally obligated to do so. It's more pervasive than you might imagine.

According to IRS data 7.6 million people, who are legally obligated, won't file their taxes this year. Often these are younger adults who either don't grasp the obligation to file taxes, assume that it won't matter, or that they won't be caught. Obviously this isn't a long-term plan for success. So you might want to check in on your kids today to ensure that they've filed taxes if they're needing to do so. What's more is that it's estimated that the average outcome of the majority of those who don't file would be a tax refund. This makes it even less sensible to not file - breaking the law and leaving money on the table at the same time. 

The deadline to file, or file for an extension, is midnight tonight.

 
Brian Mudd

Brian Mudd

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