Tax Planning First Time Filers: How to Leave the Procrastination Station Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by Jim Wang Published Feb 26, 2018 - [Updated Jul 1, 2024] 4 min read Reviewed by Katharina Reekmans, Enrolled Agent Are you delaying filing your income tax return? Are you maybe hoping it’ll just go away? You may be waiting to start your taxes like some taxpayers. Sadly, it won’t, but the sooner you finish your taxes, the sooner you can leave the procrastination station and get on with the rest of your life. Plus, in 2022, taxpayers received a direct deposit tax refund of $3,252. Here are a few reasons people procrastinate in preparing their taxes, why they shouldn’t, and how to workaround the perceived need to delay. Table of Contents Procrastination is Your Way of LifeFear of Preparing Your TaxesYou Don't Like Stepping Outside Your Comfort ZoneYou Owe Money – Or Expect You WillThere's Something on Your Tax Return that You're Unsure of Procrastination is Your Way of Life For some people, procrastination is a bad habit they’ve adopted. Filing your income taxes isn’t really the obstacle, however putting off obligations may be how you operate. Workaround: This is really a mindset more than anything else, so there’s no scientific solution, but it may help to realize that once you get your income taxes filed, you don’t have to worry about it anymore. You’ll put it behind you, and have one less task you need to procrastinate about. Filing with TurboTax makes filing easy and asks simple questions about you and gives you the tax deductions and credits you’re eligible for based on your answers. There could also be a more tangible motivation if you are getting a refund because the sooner you file the sooner you will get your tax refund. The IRS states that they will issue nine out of 10 tax refunds in 21 days or less of acceptance with e-file and direct deposit. Fear of Preparing Your Taxes Some people have an unnatural fear of preparing their taxes. Maybe you fear it’s too complicated, maybe you fear dealing with the IRS, or maybe it’s your first time and you’re afraid of messing it up. Workaround: If you have these fears, don’t worry TurboTax has you covered. TurboTax asks simple questions about you and gives you the tax deductions and credits you’re eligible for based on your answers. If you still have questions you can connect to a TurboTax Live tax expert to get your tax questions answered or get your taxes prepared in one meeting while a TurboTax Live Full Service tax expert, available in English and Spanish, prepares your taxes. You Don’t Like Stepping Outside Your Comfort Zone Unless you are a professional tax preparer, you probably only prepare a tax return once each year – your own. You spend the other 364 days forgetting how it went, and stepping up to do your return can take you out of your comfort zone. Workaround: TurboTax can make the process a lot more comfortable. You don’t have to have extensive tax knowledge, and you don’t even have to know about recent tax changes. They’re all built into the tax program, which will handle everything for you. And once the job is done, you’ll be free to go back into your comfort zone. You Owe Money – Or Expect You Will This is a perfectly legitimate concern, but the more you delay filing, the more you may owe because the IRS imposes penalties for late filing when you owe money. Workaround: This is, unfortunately, a situation that is best dealt with immediately. The best strategy is to determine what your tax liability will be so you can come up with a strategy to pay. If the balance due is more than you have available, you can always set up an installment plan with the IRS. There will be the penalties and interest imposed on the balance due, but you’ll be given up to 72 months to pay off the balance. That won’t make the problem go away, but it will certainly make it easier to manage. You’ll overcome your fear of filing by accepting a small monthly payment in exchange. There’s Something on Your Tax Return that You’re Unsure of This is another legitimate reason you may procrastinate filing your tax return. Workaround: This is one of those situations where you can connect live to a TurboTax Live tax expert to get your tax questions answered. A TurboTax Live expert can also review, sign, and file your tax return. Procrastination won’t help you get your taxes done and get closer to your tax refund. That’s why you need to leave the procrastination station as soon as possible. File now Previous Post Tres Créditos Tributarios para tu Familia Next Post Most Overlooked Tax Deductions [VIDEO] Written by Jim Wang More from Jim Wang Leave a ReplyCancel reply Browse Related Articles Uncategorized What Is Deferred Compensation & How Is It Taxed? Investments How Does an Inherited IRA Work? Work Choosing Your Business Structure: 5 Types of Businesses… Tax Deductions and Credits Are HOA Fees Tax Deductible? What You Need to Know Crypto Understanding Crypto and Capital Gains Work 7 Things You Need to Know About the New Business Report… Work Using Form 8829 to Write-Off Business Use of Your Home Tax Tips Roth 403(b) vs. Roth IRA: Which Should You Invest In? Life Interest Rates, Inflation, and Your Taxes Investments Essential Tax Tips for Maximizing Investment Gains