We know we are obliged to pay taxes, but sitting down to do the work doesn’t seem easy after a long day. And maybe the weekend is filled with a relaxing hike and sunshine in San Francisco; a nap sounds like a great idea instead.
As the weeks go by, there may be more reasons for ignoring this year’s tax returns until the last minute. When that happens tax filing turns into an extreme sport. High-income earners might realize the simple TurboTax path no longer works for them. There are too many investments and liabilities to keep track of, like owning property in several states or managing a business in various countries. There are Health Savings Accounts, mortgage interest statements, and 1099 forms. And it’s just too much to manage before the deadline. Something’s going to go wrong, and it’s possible to get hit with a penalty later, or miss valuable deductions. Around 33% of Americans procrastinate on their tax returns. And 50% admit to rushing through the filing process to get them done and over with.
The top five reasons why people procrastinate are:
- It seems complicated to file and adds to the stress.
- Some are natural procrastinators, so this is no different than how they approach other projects.
- An individual never finds the time to get the work done and file a return.
- Worries about mistakes and reviewing the filing over and over can stunt the ability to move forward.
- They don’t think they’ll get a refund, so what’s the use?
Obviously, many of these seem like excuses rather than real reasons to struggle with filing yearly taxes. But the mind will do all types of things to convince us we can’t do it. It’s why a San Francisco CPA for high-income individuals is here to save the day!
Take a Breath and Clear Your Mind by Speaking with a San Francisco CPA
The psychological price of last-minute filings is real. Even after an individual has turned in their return, they might keep reliving the process. Did they forget to include the new property in Texas? How about that investment in Asia, was it thoroughly claimed?
All this anxiety might make a person promised to themselves that they’ll file earlier next year. But then next tax season comes around, and they go through the same cycle, procrastinating and then regretting it.
We want to be clear, high-income earners have a lot on their plates. And even the most organized Bay Area VIP can find filing their taxes complicated. It’s why a San Francisco CPA for high-income individuals can break the cycle. Our team is familiar with The Procrastinator’s Tax Reckoning. We allow our clients to take a breath and let go of the anxiety they feel during tax season. We handle a full assessment of the situation, make a plan, and filing before April 15th. And if a San Francisco VIP is feeling stressed about their 2025 tax filings? We are here to handle damage control too!
