Beating the Blues of Tax Filing: Strategies to Overcome Tax Avoidance
Manipulating strategies for execution:
Let's face it, nobody really enjoys filling out tax returns. But what if we told you there's a way to make it less of a daunting task? Sure, it's still necessary, but with the right approach, it doesn't have to be a struggle.
We chatted with Dr. Thomas Mathar, a behavioral economist and author, to understand the psychological barriers that prevent us from tackling our tax returns promptly. Here are some insights and practical steps to help you conquer your tax fears:
Understanding the Emotional and Cognitive Barriers
- Procrastination is a Form of Stress Management: Procrastination occur when we try to avoid stress triggered by the daunting task - in this case, tax filling. This stress is both emotional (fear of mistakes, financial worries) and cognitive (complexity of tax rules).
- Overload: The complexity of tax rules can overwhelm our brain's working memory, leading it to "break" and pushing off the task.
- Emotional Load: Putting off tax filing amplifies anxiety and emotional burden, creating a vicious cycle that makes starting even harder.
Behavioral Science Strategies to Overcome Procrastination on Taxes
- Break Down the Task: Dividing the ultimate goal (complete tax filing) into smaller, manageable steps reduces cognitive load and emotional resistance. For example, gather documents first, then organize receipts, next fill out forms, and finally review and submit.
- Set Deadlines: Setting smaller deadlines before the final due date combats procrastination by creating a sense of urgency and progress.
- Stay Organized: A checklist ensures nothing is overlooked, reducing anxiety caused by uncertainty.
- Recognize Procrastination as a Stress Response: Acknowledge that procrastination is an attempt to feel better in the moment by avoiding stress. Commit to a small, immediate action (even 2 minutes) on the task to build momentum.
- Seek External Support: Engaging a professional or peer support to review tax planning can reduce emotional burden by providing external accountability and expertise.
- Positive Reinforcement: Reward yourself for completing each task to build positive reinforcement and reduce emotional aversion.
Summary
To overcome procrastination and emotional aversion toward filing tax returns, break the process into smaller, manageable tasks and set deadlines to reduce cognitive load and stress. Use a checklist to stay organized and reward yourself for completing each task to build positive reinforcement. Importantly, recognize procrastination as a stress response and use proven motivational techniques to interrupt it. External support can further ease the emotional cost of tax filing.
This approach transforms tax filling from an overwhelming chore into a structured, manageable, and less stressful process. So remember, with a fresh perspective, filing your tax returns doesn't have to be something you dread every year.
- The community policy could encourage vocational training programs to help individuals better understand tax-related matters, making the task of filing taxes less daunting.
- Procrastination, a common hindrance when it comes to tax filing, can be effectively managed by breaking down the process into smaller, manageable tasks, such as gathering documents, organizing receipts, filling out forms, and submitting.
- A well-structured vocational training program could provide practical skills, reducing the emotional burden and complexities associated with taxes, making tax filling more approachable even for those with limited understanding of finance and business, including personal-finance matters.
- Assumptions about the complexity of tax rules should be questioned, as a simplified understanding of these rules can lead to a more efficient and less stressful tax-filing experience, thus encouraging prompt submission.
