47% of TAX FILERS DELAY FILING RETURNS

An 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

• 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."
• 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

• 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.
• 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 members of other generations (33%). They also have unique financial situations. While dealing with positive changes in their net worth,¹ disclosing that income can be trickier as they are also more likely to be freelancers,² participate in the gig economy,³ and report student debt.⁴

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:

• $100k Accuracy Guarantee: No need to research jail time for tax mistakes! You can count on TaxAct software to be 100% correct, backed by $100,000.*
• Simple-to-Use Interface: Tax Act's straightforward interface streamlines the filing process so you can get to that feeling of accomplishment faster.
• Self-Employment Calculator: Self-employed filers navigating the gig economy can benefit from access to this easy-to-use tool that can help remove the guesswork from filing.
• Xpert Assist: Don't want to go it alone? Don't worry. Add Xpert Assist to your experience which allows you to easily connect one-on-one with TaxAct's team of experts so you can get the guidance you need to file with confidence.**

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
TaxAct is a savvy, tax-?ling solution that provides filers with a?ordable DIY tax software to successfully navigate the U.S. tax code. As a pioneer in the industry, TaxAct's products enable all users ? regardless of profession, tax bracket or complexity of their return ? to quickly and accurately ?le their taxes all while discovering new ways to leverage their tax situation and improve their ?nancial well-being. At TaxAct, taxes are our expertise, but we don't see them as the end goal. Rather, we believe taxes are a stepping-stone to possibility. Possibilities that are unique for every ?ler and   also enable them to make smart money decisions. We deliver the power of possibility through straightforward technology to help ?lers secure their best tax outcome and elevate their ?nancial lives.

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.

SOURCE TaxAct