Today is April 15th, which means it is Tax Day! Remember to be extra nice today, as some people are more stressed out than usual because it's the last day to file taxes. Studies show a marked increase in car accidents on April 15th likely due to stress or rushing to a tax preparer. As the lead researcher on one study put it, "That's what makes tax day so special from my perspective. It's a widespread stress quite onerous throughout a large community that is synchronized and repeated on a yearly basis."
Research shows that most Americans are not thrilled with the tax filing process: in a recent Pew report, 56 percent of Americans do not like or even hate doing their taxes. Meanwhile, only a third of Americans expressed positive feelings about doing their taxes (29 percent said they liked it, while 5 percent said they loved it. If you fall into that very intriguging and unusual 5 percent, be sure to check out IHeartTaxes.org for a warm-hearted chuckle).
In the asset building community, April 15th marks the end of tax season, a time of year when Americans of all income levels reflect on their financial lives and often seek out assistance (both paid and free) with preparing their returns. For families and individuals with low incomes, tax filing may produce the largest single influx of funds all year. Therefore, the timing can be perfect for asset building practitioners to work with families on a variety of savings goals, address concerns about debt, and make sure families are claiming any credits (such as the Earned Income Tax Credit) that they qualify for.