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
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The survey found 47% of tax filers delay the task. Although some invent creative excuses, for many it is as simple as wanting to put off the inevitable. One imaginative survey respondent shared his go-to defense is “I was at my mother-in-law’s funeral again.”
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When they finally do get around to filing, 61% of tax filers take at least one break from the process before returning to file and taking their victory lap.
YOUNGER GENERATIONS REPORT HIGHER RATES OF PROCRASTINATION
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Members of Gen Z (aged 18-27) join Millennials (aged 28-43) as being the generations most likely to put off filing their taxes, spending about 30-40% more time procrastinating than filing, compared to the older generations surveyed.
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For Millennials, a desire to delay filing might stem from reaching new life stages, such as marriage or homeownership, that can complicate their tax profile. For example, Millennials surveyed are more likely to have dependents (52%) than…
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