Mar
11

Procrastinate on Your Tax Filings and Miss Great Deals

March 11, 2012

Take care of taxes now to be be ready for the improving economyTons of

tax extensions are filed every year, but some people push them back even further. While it’s one thing to have an extension, there is a small but growing group of serious procrastinators who have been avoiding dealing with taxes. This leads to stiff penalties that hurt your income and lower your

credit score, which can make all manner of financial life difficult. TaxMama Eva Rosenberg explains why you should face the IRS in her article, “

Filing Taxes: Pitfalls of Procrastination,” on the Equifax Finance Blog.

Short term procrastination, like waiting until April 16 to do your taxes in time to send in by the deadline of April 17, can be painful as it frequently leads to errors. These errors can range from entering the wrong data into your forms to not taking advantage of all the credits you can. These errors can cost you thousands of dollars, and refunds for them take months to return if they are caught at all.

Long term procrastination of ignoring notices from the IRS and/or state can be blissful until notices come in registered mail. These are notifications that your taxes have been done for you, but they are no reason to breathe easy. When you don’t prepare your own taxes, substitute tax returns are prepared for you, assuming no dependents and no deductions based on information from your W-2s and 1099s. You end up with the highest taxes possible in this scenario, and then they follow up by impounding your bank account and garnishing wages to make up for shortfalls.

In both ways, procrastinating can cost you money and opportunity when it is much easier to buckle down and file your taxes. If you don’t know where to start, explore the Equifax Personal Finance Blog’s

tax tips section and contact a professional to help get your finances back on track.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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