Tax Filing Procrastination on the Rise

The traditional day for taxes to be due is April 15 but thanks to weekends and holidays, it got pushed back to April 18. Still, those extra three days aren’t doing much for Americans filing by the deadline.

In 2016, around one-fifth of tax filings came in the final two weeks before the due date. In 2017, that percentage is growing. On April 7, the Internal Revenue Service (IRS) was four million people behind last year.

The IRS almost always grants extensions to those who ask, giving them until October to file their taxes while avoiding the penalty for late filing. Just remember, even though your filing can be extended, your due taxes are not. If you don’t pay what you owe by the deadline, you can tack on interest and penalties whenever you do end up paying. If you expect a refund, don’t plan on receiving that until you file.

Millennials are the top procrastinators, according to a survey by Adobe Digital Insights, with 22 percent claiming they don’t start thinking about their taxes until a few days before the deadline.

Some Americans with a very low income don’t need to file, but they probably should for the purpose of receiving tax credits. Meanwhile, it’s estimated that six percent of Americans avoid filing taxes illegally.

It’s no wonder procrastination surrounds tax filing. Another survey by Adobe Digital Insights found that filing taxes is ranked fourth in the most “unpleasant experience” behind changing a tire in the rain, getting a filling at the dentist, and arguing with a significant other.

Tax filing websites are making it easy to complete your taxes and thus easy to procrastinate. Instead of standing in a long line at the post office to get that April 15 postmark, just hit send by midnight in the comfort of your own home.

Just don’t forget the storied past of tax parties, where people would congregate for live music and drinks outside of the post office on tax day, celebrating a whole year before you get to procrastinate again.

Crop prices (April 17)

Rio Creek Feed Mill – Algoma

Fox River Valley Ethanol – Green Bay

Basis: The difference between the local cash price for a commodity and the Chicago cash price (where the Board of Trade sets national futures price).

Gas Price Averages

United States: $2.41

United States one year ago: $2.11

Wisconsin: $2.40

Wisconsin one year ago: $2.10

Northern Door: $2.47

Sturgeon Bay: $2.47

Other Commodities

Gold: $1,293.50/troy ounce

Silver: $18.55/troy ounce

Oil: $52.86/barrel

Sources: aaa.com, agweb.com, gasbuddy.com, money.cnn.com, Adobe Digital Insights, brianerard.com, Bloomberg Markets