Why wait?
I just have to ask . . .
Why, oh late filers, do you wait for the last minute to file your taxes? I ask in genuine curiosity. Is it the intimidating paperwork? Is it lacking vital pieces of information? Fear of the result? Your accountant? Procrastination? Or some other reason I just don’t know of?
I ask only because Facebook and blogs have revealed that this is a relatively widespread phenomenon. I have always filed mine as soon as all the W2s come in, usually in January, because I want to know if I’m getting a refund - if I’m not, I want to know how much I owe so I can save the money by April 15, and if I am, I want the return as soon as possible. Since I started using TurboTax, even filing our highly complicated taxes - a dozen W2s, two small businesses, deductions on business-related equipment and rent space, plus NYC municipal taxes - took about an hour and a half and we had the refunds directly deposited into our bank account within a week, so there didn’t seem to be a good reason to wait.
Granted, after growing up without much money, I’m always hyperconscious of making the bills (and taxes seem to be just one more bill). But I feel like most other people must be concerned about having enough money to pay their taxes. I’m really just intrigued. Talk to me.
Stacy wrote:
Well, I think most people in the world are simply procrastinators. :) That is the obvious solution.
But I think that a good valid reason to wait is if you owe - why pay early? I sent off my taxes (I owed) just 2 weeks ago - late enough that I kept my money as long as possible, but I was afraid of waiting til the last minute in case I happened to forget that day.
Posted on 17-Apr-08 at 3:18 pm | Permalink
Alissa wrote:
Yeah, I get that, but why not actually put them all together, and get the figure early so you have time to save the money if needed? It seems like most people put all the paperwork off till the last minute . . .
Posted on 17-Apr-08 at 3:20 pm | Permalink
Marie wrote:
I wonder the same thing. Here at the library we of course have tax forms to distribute, and it never fails — on the 15th, we’ll be swamped with people looking for forms or trying to e-file at the last minute. I enjoy doing my share of procrastination, but never to this level!
Posted on 17-Apr-08 at 5:11 pm | Permalink
Vanessa wrote:
Yeah, I don’t get it either. I filed the day my sencond W2 came and I filed Chris’s for him the day his came. I like to be on top of things.
I bet if I didn’t do Chris’s he would have waited till the last minute… just cause he wouldn’t care enough to do it right away.
Posted on 17-Apr-08 at 9:41 pm | Permalink
joy wrote:
Because doing taxes are like going to the dentist, most people only take action when the pain starts. That said, my taxes are still not done as my accountant filed an extension.
Posted on 17-Apr-08 at 10:12 pm | Permalink
Lindsay wrote:
I’m embarrassed to say that we waited until the last minute to file, but it was because we owed a surprisingly huge amount of money and needed time to save up. We did the paperwork two months earlier (around when we’d usually file) and got the figure. It was just a matter of getting the funds.
Posted on 18-Apr-08 at 10:21 am | Permalink
Mary wrote:
This year I was one of the last minute people. But, I knew it would take me very little time to file my taxes. Why did I wait? Partly procrastination, and partly because I am so busy–it was not the priority.
Posted on 18-Apr-08 at 1:05 pm | Permalink
TxnNewYorker wrote:
This year, I went to see my accountant on the 12th. I am a procrastinator with good intentions. I had all my information put aside; but I waited because my time at the accountant’s office usually takes less than an hour; it takes me a while to get there because it’s in a section of Queens that requires I either take two buses or two trains and a long walk; and I knew that I’d be getting money back (which I like to have, but creates less of a feeling of pressure than the looming feeling I’ll owe). Next year will bring interesting results since right now I’m working as a contractor for one of my jobs; for that reason, I intend to see my accountant early on next year.
Posted on 21-Apr-08 at 11:20 am | Permalink