File that Tax Return: Strategy Guide for Overcoming Procrastination
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Feel the weight of that tax return looming over your head? Procrastination is a common response to tasks that seem complicated or unpleasant, and tax filing is no exception. We chatted with behavioral economist Dr. Thomas Mathar to uncover why some of us put off our returns and how to overcome our aversion to the dreaded task.
The Root of Tax Return Procrastination
Dr. Mathar explained that taxpayers often procrastinate due to the complexity of the task, the lack of immediate reward, and the absence of social pressure. The fear of making mistakes or penalties can amplify these feelings.
Changing Your Mindset
Emotions play a significant role in our reluctance to handle tax returns. Instead of dwelling on the daunting nature of bureaucratic hassles, see the tax return as an opportunity for financial check-up and improved control over your finances. Asking yourself, "What could I gain by filing my taxes?" rather than "Why is this task so terrible?" can shift your perspective.
Make it a Manageable Task
Breaking the task into smaller, manageable sections can make it less overwhelming. Instead of tackling the entire return at once, start by collecting necessary documents, using cloud-based accounting software to simplify tax calculations, or setting a date with a friend or partner to work on it together.
By rewarding yourself after each completed section or connecting the task to a pleasant activity, you can create a more positive association with tax filing. You could even indulge in a piece of cake or take a short break once you've achieved a significant milestone.
Make it a Habit
Making tax filing a routine can help combat procrastination. Dedicate regular time slots for tax-related tasks and view each step as a learning opportunity rather than a chore. By staying organized and keeping track of income and expenses throughout the year, you can avoid the stress of last-minute filing.
Seeking support from others can also increase accountability and help conquer tax return procrastination. Share your goals with a friend or family member and work together to stay motivated.
Remember, the key to overcoming emotional aversion and tackling tax return procrastination is finding ways to make the process feel less daunting and more rewarding. By changing your mindset, breaking the task into smaller steps, and embracing new technologies, you can transform the dreaded task into a manageable routine.
Sources:1. Kwee MH, et al. (2019). Procrastination and the delay of tax-relevant decisions in the United States and Korea. Journal of Behavioral Decision Making., doi:10.1002/bdm.21472. IRS.gov (2020). Organizing Your Records., https://www.irs.gov/help/ita/what-records-should-i-keep-and-how-long3. RBC Tax Services Inc. (2018). 8 Frequently Asked Questions about Cloud-Based Accounting., https://www.rbctax.com/en/resources/articles/8-frequently-asked-questions-about-cloud-based-accounting4. QuickBooks by Intuit (2019). Top 10 Tips for QuickBooks Online Tax Time Prep., https://quickbooks.intuit.com/r/blog/top-10-tips-for-quickbooks-online-tax-time-prep/
- The community can implement a policy encouraging vocational training initiatives to combat procrastination, as it might lead to improved personal-finance and lifestyle management skills.
- Overcoming tax return procrastination is essential for regular submission, ensuring that one avoids penalties and maintains an organized financial status.
- After filing tax returns, one could invest the time and money saved in further vocational training programs, contributing to education-and-self-development.
- Delaying vocational training could result in missed opportunities for career advancement and a better understanding of financial management, including tax filings.
- Just as breaking down large tax-return tasks into smaller sections helps conquer procrastination, dividing a vocational training program into modules could make it seem more manageable and less daunting.
