Tax Season: Beating Procrastination

While delaying tasks such as mopping the floor or organizing your closet might be acceptable, procrastinating on your taxes could have financial consequences.

Procrastination is a challenge that many people grapple with, particularly when it involves tasks they'd rather avoid. Filing your tax return is a perfect example.

Putting off the planning and filing of your taxes may cost you extra money or delay any refunds you're owed. If you owe, and don’t pay by the deadline, penalties and interest may apply. If you are due a refund, why let the IRS hold your money?

But how can we resist the temptation of delaying our tax preparation until the last minute?

Filing taxes can be time-consuming, but having all the necessary materials in one accessible location can make the process much quicker and easier. Keeping your tax information well organized throughout the year can motivate you to complete the task in a timely manner. By doing this, you can minimize the chances of procrastination.

Schedule a specific date on your calendar to prepare your taxes. Set up reminders on your computer or smartphone to ensure you remember. By setting a concrete date, especially if it involves making an appointment, you can establish a clear timeline for completing the task. It's best to set this date as early as possible to avoid the last-minute rush common among those who procrastinate and end up filing their forms in mid-April. This also give you plenty of time to locate more information if you’ve forgotten something.

Stress can often get in the way of completing important tasks. Rather than fixating on the potential consequences, such as legal issues or penalties for missing IRS deadlines, try to take a proactive approach. Remember, taxes don't wait! So, don't procrastinate!