When do you file your taxes? Do you get them prepared right away or wait until the last minute? Now that we are halfway through March, we thought we'd take a look at some excuses for why people procrastinate when it comes to filing their taxes.
Excuse: I might owe money!
Reality: Even if you file now and owe money, it isn't due to the IRS until April 15.
Excuse: I don't know if I have everything I need to file.
Reality: By now, you should already have all forms required for your taxes. If anything is missing, your tax preparer will let you know.
Excuse: Money is tight. I can save by doing my own taxes.
Reality: The tax code has seen more than 4,000 changes in the past 10 years. Missing out on even a single deduction or credit could cost you BIG TIME. Leave it to a tax professional.
Excuse: If I wait, prices for tax prep will probably come down.
Reality: NOW is the time to look for a deal or bargain and beat the last-minute rush.
Excuse: My preparer is too busy.
Reality: You need to find a new preparer.
Excuse: I don't understand taxes.
Reality: That's ok. It's why tax preparers were invented.
Excuse: I have a headache.
Reality: Your headache might very well be caused by an acute case of "tax return procrastination." Our prescription? Visit a tax preparer, STAT, and put your worries aside.
Excuse: My Uncle Ralph promised to help me with my taxes.
Reality: Do you really want a guy more commonly known for his knock-knock jokes to handle your taxes?
Excuse: I can reduce my risk of an IRS audit by filing at the last minute.
Reality: You would be better served to rub your tax return with a chicken bone and mumble magic words. Last-minute filing has no impact on your audit risk.
Excuse: I really don't need a $3,000 refund right now.
Reality: No one actually said this. If you're like most people, you can probably use that tax refund money. File your return, get your refund and get on with your life.