According to a recent survey conducted by the Pew Research Center, approximately one-third of Americans do not mind doing their taxes because they are anticipating a refund. While the Internal Revenue Service (IRS) gives us plenty of time to do our taxes, many of us procrastinate, complete them April 14 and then drop them at the post office April 15.
Procrastination in itself may have negative effects on the preparation of your tax return. You may hurry and make mistakes in an attempt to complete them on time. So then, what can you do this year to keep from procrastinating on your taxes? The five tax tools listed below should help you conquer your taxes long before the April 15 deadline.
1. Make Your Own Tax Day
If you create a deadline for yourself and mark it on your calendar, you may find that you complete your taxes in a more timely fashion. Consider that the sooner you complete your taxes, the sooner you can stop worrying about them.
2. Do Your Taxes in Several Sessions
If you feel overwhelmed when you think about doing your taxes, just complete them in sessions. Break them up as you see fit. You can even use your calendar to set up dates for each of your sessions. By marking off these sessions, you will be able to stay motivated as you continue to move closer to your own predetermined tax day.
3. Recruit a Tax Buddy
If you recruit a family member or friend to be your tax buddy, he can help make sure you are working on your taxes until they are filed.
4. Use the Positive Aspects of Filing Early as Your Motivating Force
By filing your taxes early, you decrease your chances of falling victim to identity theft. If you are supposed to receive a refund and choose to extend, you do not have to worry about penalties or interest accruing, but you do have to worry about having your identity stolen.
The IRS states that identity theft cases that involved stolen Social Security numbers increased more than 80 percent from 2011-12. In 2012, nearly 450,000 people had their identities stolen. Sadly, most people do not know that they are victims of identity theft until they file their tax returns and the IRS rejects it.
5. If You Do Not Complete Your Taxes on Time, It Costs You More Money
This is one of the best tax tools because the last thing any of us wants to do is pay more money, right? So, think about what you could do with that extra money if you file on time. Treat yourself to a nice dinner at your favorite restaurant once you have completed your taxes.
If you need help filing your taxes or resolving an issue with the IRS, Advanced Tax Solutions can help. Our staff is dedicated to assisting you with all your tax needs. Be sure to visit our tax tools section today and learn about the tools available at our site.