Tax Procrastination Can Cost You Money

So you're one of those people. You wait until the last possible second to prepare and submit your taxes. You don't think it's such a big deal—you had other things to do, and preparing your taxes was the last thing on your mind. But did you know that being a tax procrastinator can actually be costing you money?

Why accountants charge more for tax procrastinators.

Accountants and/or companies that specialize in preparing taxes actually raise their prices the closer it gets to the tax due date. Some companies even double the rates for those individuals who wait until April to file their taxes.
Accountants or tax preparation companies tend to raise their rates because they become slammed with individuals who wait until the last second to prepare and file their taxes. These accountants have to increase their business hours (or even work after hours) in order to fulfill the needs of every tax procrastinator.  
Most accountants will not accept new clients after a certain date. This way, they can focus on preparing the taxes of their existing customers without having to try and fit in a ton of new clients. Other accountants will accept new clients, but they will charge more money to those individuals who come in after a certain date.
But what about all those tax preparation specials?

Accountants and tax preparation companies usually only offer specials at the beginning of the tax season because they are trying to compete with tax preparation software. Plus, towards the beginning of the season, not too many people are worried about getting their taxes done, so offering specials is one way to get people in the door.
If you wait until the last minute to prepare your taxes, these specials will be long gone. And since some accountants will not take new clients, you will be stuck paying whatever fee an available accountant will charge you.
What about tax preparations software?

A good amount of people use tax preparation software to do their own taxes. The problem is that since they've waited so long, they may not have all the information they need or they may be rushed to get it done that they miss out on an important tax credit or deduction. Missing out on a major deduction, or even filling something out with the wrong information, can cost tax procrastinators a lot of money.
Though preparing and filing taxes can be stressful, you have added stress when you wait until the last minute. You also run the risk of not finding an available accountant, or you can pay double the amount as those who filed back in January or February. Rather than find yourself in this situation, and rather than overspend to file your taxes, it is a good habit to get them done when you have all of your records on hand. The sooner you get them done, the less stressed you will be in the long run, and the less money you will pay out of pocket to submit them.

Charlie Adams is a tech guru and consultant with a large amount of experience when it comes to taxes. To ensure all his work is concise, clear, and free of any grammatical errors he always proofs his texts. In his off time he loves to get lost in the wild Vegas nightlife.