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Today is the last day for taxpayers in Indiana and most of the United States to file their 2023 income tax returns.
A new study by Self Financial says Americans will pay $524,625 in taxes throughout their lifetime. In Indiana, Hoosiers will pay $443,271 in taxes throughout their lifetime, ranking at no.32 in the nation.
New Jersey ranked at no. 1 in the nation, with the average resident in New Jersey paying $987,117. Residents of West Virginia will pay the least amount, at $358,407.
Taxes paid on wages is where most of it will come from, the study says, with property taxes also causing a dent.
Some have already filed their taxes this year but there are many who are racing to beat the deadline. If you’re scrambling to get it done on time and fail to make it, this will lead to a penalty that could end up costing 5% of the amount of money owed for each month, or part of the month, that the tax return and payment are late, but not to exceed 25% of the amount due.
Any payments owed are due on the same day as the tax returns, but if filers cannot afford to pay the full amount, they are encouraged to pay some of the funds upfront and set up a payment plan to pay off the rest.
If it looks like you won’t meet the deadline, you can submit a Form 4868 by the end of today to get an automatic six-month extension. However, the form only extends the filing deadline and does not extend the payment deadline, so if money is owed, it would still be accruing from today.
