Procrastinating on Your Taxes? The ONE Truth That Will Make You Stop!
Look, we know that there aren’t too many people who actually look forward to completing and filing their annual taxes. Because of this, it can be said that not everyone’s jumping at the opportunity to figure out his or her total income and expenses for the previous year. Although, this might seem like a pretty simple task, especially if you’re expecting a W2 Form at the beginning of the year, but you’d be surprised at how complicated tax filing season can be once you start the tax filing process. You may discover that there may be documents needed that weren’t required last year. There might also be some life-changing events that will affect your tax filing.
Things Change. They Just Do!
It’s highly unlikely that your annual tax filings will be the exact same every year. Things happen! Career changes, a new home, a new family member, unexpected unemployment, an increase in salary, or an inheritance can all make a significant difference in the outcome of determining if you owe the Internal Revenue Service (IRS) or if they owe you!
So what’s the ONE TRUTH? Here it is…
The longer you wait to file, the worse it may be for you.
This is a truth we prefer you don’t find out for yourself. It can be a costly error.
Procrastinating only makes things worse. Putting off your tax filing responsibilities may cause even more stress, because you’re thinking about how you can put this off for the next day, week, or even month. Carrying this kind of burden over your head may indeed increase the anxiety of doing taxes. By filing as soon as possible, you’re not only fearlessly taking on your finances responsibly, you’re also giving yourself enough time to fix any errors and obtain any necessary documents that may not be readily available.
If you file your own taxes, then you definitely need to allow yourself as much time as possible to complete before the deadline.
Here’s what you can expect if you procrastinate on your taxes:
You may not end up filing on time. This can result in a late filing fee.
If you’ve been charged with a late filing fee, chances are you’ll probably be charged with a late payment fee if you end up owing the IRS. For every day you don’t pay, you are penalized even more. These additional penalty fees are added to the original amount owed, steadily increasing for every day this issue isn’t addressed, increasing your debt.
Expecting a Refund?
Then you can kiss the total amount that was originally expected goodbye! Any late fees and penalties will be deducted from your refund amount. So the more you procrastinate doing your taxes, the less your refund may be. And if you owe, you’ll end up owing more.
And that’s the truth!
So, the bottom line is just to get it done. Don’t be afraid to do your taxes. That only leads to procrastination, and we’ve already addressed what that leads to! If you just prefer to have someone take care of your filing for you, then just give the professionals at Success Tax Relief a call at 877-825-1179, or email us today.