Even with all the resources available that allow us to file tax or information returns as early as possible, it’s still common that many of us choose to wait until the last minute to get our taxes filed. And in doing so, we greatly risk the chance of making mistakes and having to pay extra. Surveys have been conducted that prove tax procrastinators overpay hundreds of dollars because of errors from rushing and last minute changes. It also shows that procrastinating taxpayers pay nearly double, if they choose to have their taxes prepared by a professional, and are more distressed, if they file on their own.
So with these major cons associated with last minute tax filing, why do so many of us still choose to procrastinate during tax season? Thanks to psychologists, studies, and mass information from the Internet, there have been seven causes identified with procrastination:
- No Direct Consequences – This basically says that we’ve gotten away with procrastinating so many times in the past, we don’t fear it. Even with tax filings, the IRS really isn’t bothered if you file early or not as long as you file within the deadline. But doing taxes last minute could have errors that could lead to an audit, which could have some very direct costs.
- Excuses – It’s simple for us to come up with a convenient reason why we’re filing late. So much so that the IRS doesn’t require one when filing a tax extension. But for additional time beyond the extension, you better have a good enough reason.
- Perfectionism – For those who need everything exact and perfect, it’s the fear of inadvertently making a costly mistake that forces you to continually push back getting things complete. On the flip side, your habit of being perfect may entice you take advantage of every tax incentive you can find; however, it’s still costing you precious time to file.
- Emotional High – This cause is explained by psychologists as like a turbo charge for procrastinators. By waiting until the last possible moment to attempt something important, you throw yourself into a high-octane mode to get it done.
- Finesse Under Pressure – Psychologists believe this cause stems from the misconception people have of doing their best work while under tremendous stress. We remember many times how we’ve successfully completed rushing through something, but we skim over the many more times we’ve failed through rushing.
- Lazy, Disorganized, and No Discipline – This has been boiled down to what psychologists call “self-regulation failure.”You’re so convinced that you can’t complete your tax filings, or any other tasks, well or on time that you don’t even bother to at all.
- Devil’s Advocate – Also known as “shoot-in-the-foot syndrome,” as there are people who strive to well in whatever they do, there are those who want the complete opposite for some reason or another. As far as tax filings go, they purposely do last minute filings with errors that could have been easily resolved; however, they want things difficult for everyone.
Whatever your particular reason may be to procrastinate with your tax filing, you should know that doesn’t have to be. If you need more time to file, ExpressTaxFilings supports the Extension Form 8809 that gives you an extra 30 days to file. Our services include an automatic audit check for errors so that your forms are transmitted right the first time – no need to worry about mistakes. And our team of live professionals are ready to assist you at any point so you’re not tackling this process alone. Complete your Form 1099s and W-2s with ExpressTaxFilings today!
For any questions or assistance e-filing with our services, contact our live, support team at our office located in Rock Hill, South Carolina. You can call (704) 839-2270 Monday through Friday from 9 a.m. to 6 p.m. EST, email at firstname.lastname@example.org, or live chat with us at www.expresstaxfilings.com.