Beating the Tax Fear: Strategies to File Early and Reduce Procrastination
This outlines the strategy:
Ready to ditch the annual tax-filing dread? We've got some creative tips to help you conquer your aversion to filing tax returns and encourage you to tackle it earlier in the year. Here's how:
- Reframe Your Mindset: Instead of viewing tax returns as a burdensome chore, consider it a financial health check-up. With a well-prepared return, you can maximize your refund and gain better control over your finances.
- Go Where the Inspiration Lies: Mix the mundane with the enjoyable. For example, allow yourself a tasty treat or take a break after each completed section. Linked the task to something you look forward to, and you'll be more likely to push through.
- Break It Down: Facing a mountain of paperwork can be overwhelming. Break down the task into manageable chunks like organizing receipts first, then tackling each section one at a time.
- Lean on Friends and Social Norms: Encourage others to file early and create a sense of community. When you see your friends and neighbors submit their returns, you'll feel motivated to join in.
- Carrots, Not Sticks: Besides the threat of penalties, focus on the sweet rewards of early filing. Highlight the benefits such as quicker refund processing and available tax credits and deductions that can help reduce your tax liabilities.
- Educate Yourself: Utilize resources like workshops, webinars, and user-friendly online guides to learn about tax incentives and simplify the filing process. Don't hesitate to consult with a tax professional if needed.
- Leverage Technology: Take advantage of user-friendly online filing tools, mobile apps, and real-time support to make filing as convenient as possible.
- Promote Early Filing: Share tips and information through social media platforms, community events, and public awareness campaigns. Help spread the word about early filing benefits and motivate others to join you!
Don't let the fear of filing tax returns hold you back any longer. Embrace these strategies to conquer procrastination, breeze through the process, and get the most out of your tax return.
- About the expert: Dr. Thomas Mathar, head of the Center for Behavioral Research at Aegon UK, has extensive experience in studying the factors that influence financial decision-making. His work focuses on instincts, motivations, and environmental factors that shape behavior towards making better financial choices in the long run.
Sources:
- ntv.de - Christopher Jaesch
- DPA News Agency
- IRS - Refund Processing
- Saver's Credit
- Investment Tax Credit
- Research & Development Credit
- Community organizations could consider hosting vocational training workshops as part of their policy, encouraging individuals to improve their financial literacy and reduce procrastination in managing personal-finance matters, such as tax filing.
- Thomas, being a behavioral research expert, might further study the impact of vocational training on personal finance management and procrastination, potentially uncovering new insights that can help individuals take control of their financial lives.
- Participants who complete vocational training programs focused on finance and business, including tax management, may find it easier to navigate the complexities of tax filing and avoid assuming incorrect information, leading to fewer errors and penalizations.
- In an effort to promote early tax filing and reduce procrastination, some businesses might even offer incentives, such as discounts or bonuses, to their employees who submit their tax returns promptly, mirroring the strategies Thomas has researched and advocated.
