New Yorkers and Tax Day
As Tax Day (April 17th) approaches, many New Yorkers find themselves scrambling to finalize and file their 2011 returns. Did you know that almost 30 percent of all taxpayers wait until the last two weeks to file their taxes?
It’s worth reminding ourselves that electronic filing has made the annual process easier. The share of e-filers in the nation has more than doubled over the past 10 years, from 31 percent in 2001. In 2010, 70 percent of all taxpayers in the nation filed their federal income tax forms electronically, and almost 80 percent of all New Yorkers e-filed their state forms. This growing trend is expected to continue, as some states like New York are now mandating e-filing for most taxpayers.
Percent of Taxpayers Who File Federal Taxes Electronically
Sources: U.S. IRS.gov, TurboTax
Notwithstanding, inevitably there will be filers rushing at the last minute to post offices throughout the City—in particular, at 33rd Street and 8th Avenue, where people have traditionally waited till the stroke of midnight to file their forms. Based on the latest estimates, more than 10 million taxpayers, or about 10% of all filers, across the nation file their taxes late by asking for an extension. Using a similar share for the City, we estimate that there are over 200,000 late-filers in the City.
So, a reminder to get started this weekend and file those taxes if you haven’t already!
StatsBee is a column featuring interesting statistics about NYC, written by economists at the Economic Research & Analysis department within NYCEDC’s Center for Economic Transformation.