Slaying the Procrastination Beast: A Guide to Early Tax Filing
Navigating the subject matter: A guide for tackling various issues head-on
It's a widespread tale as old as time - avoiding the inevitable tax season headache. But why do we do it, and how can we break the cycle? In an attempt to uncover the secret to filing taxes on time, we sat down with the renowned behavioral economist, Dr. Thomas Mathar.
Let's dive right in, Doc. Why are people reluctant to file their tax returns?
Dr. Mathar: Ah, the age-old question! People tend to dodge unpleasant or daunting tasks, like taxes, due to procrastination. Even though it seems more sensible to tackle these tasks promptly, behavioral science offers some key insights.
- First: People find the tax system complex and are fearful of mistakes - a perfect recipe for procrastination.
- Second: There's no instant gratification. While you put in the effort now, any potential refund won't materialize until later.
- Third: It's a silent battle. No one sees whether you’ve filed or not.
- Fourth: Absence of urgency means no action. It's the looming deadline that finally spurs us into motion.
Where does this tax fear stem from, and how can we squash it?
Fear typically stems from past experiences or misconceptions. Changing our mindset can help. Instead of thinking, "Ugh, filing taxes is a hassle I must endure," try adopting a more optimistic perspective: "Wow, imagine how great it would feel to have this done!" By reframing it as a check-up that offers insight into your financial health, you'll approach the task with renewed vigor.
So, how can taxpayers conquer this Procrastination Monster early in the year?
Here are a few tactics that might help:
- Motivation through Rewards: Linking the process of creating your tax return to something enjoyable, like savoring a treat, may help you power through.
- Break it Down: Divide the task into manageable chunks. For instance, instead of diving headfirst into the entire return, start by gathering receipts, then work on calculating deductions, and so on.
- Friend power: Inviting a friend or partner to join you for a focused session can boost motivation and provide the external pressure you need.
- Social norms: Knowing that many others in your community have already filed their returns can also be motivating. As social beings, we're drawn to social norms.
Now, go armed with this knowledge, and beat the dreaded tax season procrastination once and for all. After all, a proactive approach to taxes can lead to a more efficient and even profitable year!
Dr. Thomas Mathar serves as the Director of the Center for Behavioral Research at Aegon UK, where he researches the psychological drivers behind financial decision-making and behavior.
Sources: ntv.de, Christoph Jaensch, dpa and additional insights incorporated for clarity.
Keywords: Tax assessment, Income tax, Tax office, Tax return, Tax tips, Consumer Association of Taxpayers, Employee
- To combat procrastination when it comes to vocational training, one should remember that each session brings new skills and knowledge, offering personal-finance benefits in the long run.
- Dr. Thomas Mathar, a renowned behavioral economist, suggests breaking down the complex task of vocational training into manageable segments, making it less daunting and easier to begin.
- Just as people can conquer procrastination with early tax filing, they can also submit applications for vocational training courses early, taking advantage of any promotions or grants that may be available.
- Seeking support from friends or community members is an effective strategy for combating procrastination, whether it's tackling vocational training or filing taxes - together, we can motivate each other to succeed.
