Millions Illogically Dawdle Until End to File for Tax Refunds

Apr 7, 2014 7:55am

 

GTY tax tk 140407 16x9 608 Millions Illogically Dawdle Until End to File for Tax Refunds

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Morning Money Memo:

The April 15 tax-filing deadline is just over a week away and millions of people still haven’t filled out their forms. Kathy Pickering of the H&R Block Tax Institute says one out of five taxpayers hasn’t filed yet, and “of those people, about 60 percent are still due a refund – on average $2,300. So we’re not sure what they’re waiting for.” Taxpayers last year didn’t claim $1 billion of deductions to which they were entitled, according to H&R Block. The IRS has online tools at its user-friendly site IRS.gov. Taxpayers can get needed forms, check the status of their refund, request a copy of their tax transcript or get an answer to their tax questions.

Pain at the pump. Gas prices continue to rise. Several private surveys show the nationwide average is up to $3.60 a gallon, the highest since August. Gas prices usually go up at this time of year as refineries change the formula to summer fuel requirements. Prices this spring are still below last year’s peak.

Yahoo might be getting into TV sitcoms in a big way. According to The Wall Street Journal, sources say Yahoo is close to ordering four big-budget 10-episode, half-hour comedies. Few details are available but any major move into programming would put Yahoo, an ABC News partner, in direct competition with Netflix and Amazon. CEO Marissa Mayer has repeatedly said that she wants the company to put more resources into video.

Will the stock market shakeup continue? The tech-heavy Nasdaq and small-stock Russell 2000 took it on the chin during Friday’s trading with some of the biggest losses. The Nasdaq lost 2.6 percent, its biggest one-day drop since February. Stock futures and most overseas stock averages are down this morning. The new corporate earnings season starts this week. Alcoa will be the first big firm to report profits later today

Pfizer says an experimental drug has shown encouraging results in treating advanced breast cancer in an early clinical trial. The world’s second largest drugmaker says the drug prevented breast cancer from worsening for 20.2 months in a trial involving 165 patients. Medications on the market now do so for 10.2 months. The drug is known as palbociclib. It’s among a new class of cancer drugs that target specific proteins to block tumors.

U.S. Steel has temporarily halted steel making at its sprawling northwestern Indiana mill because the ice-covered Great Lakes have cut off access to iron ore. The company says in a letter to its customers that it has shut down the Gary Works complex’s blast furnaces and steel making because of “unprecedented ice conditions on the Great Lakes.” The Gary Works complex is the nation’s largest steel mill, stretching seven miles along Lake Michigan.

Richard Davies Business Correspondent ABC News Radio abcnews.com Twitter: daviesnow

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