Consequences for Procastination on Filing Taxes

By
Services for Real Estate Pros with Think Glink Media

Procrastination and tax filing are two things that shouldn’t mix. However, it may happen for you every year. TaxMama Eva Rosenberg writes in today’s Equifax Finance Blog how delaying organization and preparation of your returns can have awful consequences.

- Shortchanging yourself on refunds.

- Filing late, which can result in a late-filing fee, a late-payment penalty, and additional interest.

- Failure to file your own taxes means the IRS and the state will do it for you, and you will get the short end of the stick. They compute your taxes due based on information they get from W-2s and 1099s. You end up with the highest taxes possible in this scenario.

Tax filing is a rigorous process, but these are great incentives to not wait until the last minute. Do you have a last-minute filing story you would like to share? Or any tips for beating procrastination? I would love to hear your comments.

 

 




Ilyce Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com, The Equifax Personal Finance Blogand CBS Moneywatch She is Chief Content Strategist at RealtyJoin.com, a community for real estate investors.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Lending / Financial
Groups:
We Are Women!
Dedicated Bloggers
Almost Anything Goes
Addicted to Active Rain
ActiveRain Rockstars
Tags:
refunds
returns
late filing
procrastination
filing taxes

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Ambassador
1,114,535
Bryan Robertson
Catarra Real Estate, Inc - Los Altos, CA
Broker, Author, Speaker

I've seen late filers literally increase their liability 25+% by paying little in advance, not planning their payments, and filing very late.  If someone doesn't want to use TurboTax or something similar, they should hire a tax filer and get it in on time.  Good post.

Mar 07, 2012 03:46 PM #1
Rainmaker
321,420
Laura Sargent
Carolina One Real Estate - Mount Pleasant, SC

I'm never the first one done but I love getting them done! LOVE love that did it, done, ahhh feeling :)

Mar 07, 2012 05:57 PM #2
Rainmaker
362,682
Ilyce Glink
Think Glink Media - Chicago, IL
Best-selling author, award-winning TV/radio host.

Bryan-

Good advice. If you don't think you'll do it on time by yourself, why not hire someone to handle it for you? Save yourself the hassle and make sure you're done on time. 

Mar 08, 2012 08:23 AM #3
Rainmaker
362,682
Ilyce Glink
Think Glink Media - Chicago, IL
Best-selling author, award-winning TV/radio host.

Laura-

It is always nice to get them done early and not be scrambling in April. 

Mar 08, 2012 08:24 AM #4
Post a Comment
Spam prevention
Show All Comments
Rainmaker
362,682

Ilyce Glink

Best-selling author, award-winning TV/radio host.
Ask me a question
*
*
*
Spam prevention