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47% of TAX FILERS DELAY FILING RETURNSAn independent national survey from TaxAct of over 1,100 tax filers revealed some would rather eat old sushi or clean the oven just to sidestep a little longer the unavoidable, dreaded duty that comes around this time of year. DALLAS, April 8, 2024 /PRNewswire/ -- TaxAct® today released new research that showcases the stress American tax filers feel as Tax Day looms. The State of Taxpayer Stress in America highlights how procrastination gets in the way of starting the process of filing a return—even when people expect to get a tax refund. Why delay filing and retrieval of that sweet refund? Stress. Per the survey, on average, individuals will spend 8 hours stressing over their annual tax preparation this year alone. That's longer than a cross country flight, binge watching half a season on streaming TV, or cooking a pot roast. The tension has a snowball effect. Nearly half of respondents (43%) claimed they spend as much or more time procrastinating than the time it takes to prepare their taxes. The survey data is part of TaxAct's detailed look at the emotions and behaviors that affect how Americans file their taxes. The insights are based on a national survey of 1,100 tax filers ages 18 and older. THE LENGTHS AMERICANS GO TO SET BACK AN UNAVOIDABLE TASK
YOUNGER GENERATIONS REPORT HIGHER RATES OF PROCRASTINATION
How TaxAct Can Help Streamline Tax Filing TaxAct can make taxes less of a hassle so filers can get to the feeling of sweet relief after filing. It offers features and benefits that filers look for in a DIY tax software including ease of use (50%), help with maximizing their refund (48%) and confidence in accurate tax calculations (40%). These resources below can help filers reach the submission stage with less stress:
There is no wrong way to get started. In fact, 22% shared they still use a shoebox or junk drawer to compile necessary files. Chip clips and storage in a water pitcher also make the list of prep tools. Some (14%) said they just dive in with no real system for organizing tax documents at all. Whatever the approach, count on TaxAct.com to get past paralysis and closer to getting them "over with." Survey Methodology This national survey was conducted by Reputation Leaders, a nationally recognized independent research firm, in February 2024 via a 10-minute online questionnaire about tax filing and procrastination issues. TaxAct surveyed over 1,100 tax filers over the age of 18 who file taxes themselves. The results were weighted by age according to demographic information from Table 1.6 of the IRS 2021 All Tax Returns by Age of Taxpayer. About TaxAct To learn more about TaxAct, a business of Cinven, Inc., visit www.taxact.com or connect with us on Facebook, LinkedIn, and Twitter. * The $100k guarantee is limited to $100,000 to pay legal or audit costs and the difference in lower refund or higher tax liability. Additional terms and limitations apply. Read more about the TaxAct Maximum Refund and Accuracy Guarantee. ** TaxAct Xpert Assist is available as an added service to users of TaxAct's online consumer 1040 product. Additional fees apply. Some tax topics or situations may not be included as part of this service. View full TaxAct Xpert Assist Terms and Conditions. Price is determined at the time of filing for online products and at the time of purchase for download products. Price is subject to change. All TaxAct offers, products, and services are subject to applicable terms and conditions. Click for more about TaxAct terms and conditions.
View original content to download multimedia:https://www.prnewswire.com/news-releases/47-of-tax-filers-delay-filing-returns-302110699.html SOURCE TaxAct |