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Tax Filing Procrastination is Expensive!

Did you know that forty million people don’t file their taxes until the very last week (April 8th to 15th) before the tax filing deadline? I was astounded when I read that statistic. When you consider the average 2008 tax refund will be around $2,975, that’s $119,000,000,000 in refunds sitting in the Treasury until the very last minute. By waiting until the last week, you’re not saving yourself from dealing with taxes, we’re costing ourselves a lot of money!

Did you ever wonder why the tax deadline is April 15th? When the 16th Amendment was ratified by the states in 1913, March 1st was the date specified by Congress. In 1918, Congress pushed it to March 15th. In 1954, the date was pushed even farther back to April 15th. Many sites will cite a Fortune article, that has since been removed, as to the reasoning but many attribute the addition time to two reason: 1) The IRS has more time to handle the work as returns trickle in, and, 2) they get to hold onto your money just a little bit longer!

If you procrastinated this year, vow not to procrastinate next year because you’re letting the government hold onto your money for absolutely no reason!

All stats provided by the PR folks (MSL Worldwide) for TurboTax [3]. They claim that it takes an average of two hours to complete a tax return, which is another reason you should file in February after you get all your forms!

(Photo: blmurch [4])