Tax Time: Procrastination Is Common and Can Be Costly
April 1, 2025
April 15, 2025, is the tax filing deadline for most taxpayers. In a nationwide survey, three out of 10 Americans said they wait until the last minute to file their tax returns, and 50% rush to complete the filing process as quickly as possible. If you procrastinate, you might face an unexpected tax bill with little or no time to come up with the money. It may also be too late to act on opportunities to reduce your tax burden. In fact, taking a thoughtful approach to tax planning throughout the year could help you keep more of your earnings and improve your finances.
Top reasons taxpayers procrastinate
Filing is too complicated/stressful – 51%
Natural tendency to procrastinate – 47%
Filing is too time-consuming – 42%
Making sure information is correct – 29%
Not expecting a refund – 26%
Worried about owing money – 23%
Not a priority – 16%
Source: Chamber of Commerce, 2024
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