Tax season officially began yesterday, and for a lot of folks that means a whole lot of stress. A new poll finds that 52% of taxpayers find the whole process of filing taxes stressful, with gathering together their many documents the most stressful thing about it, followed by understanding tax laws, and not knowing whether they did things correctly.
But there is one good thing about tax time, at least for some people – refunds. And while you’d think a good amount of people already have that refund earmarked for some big extravagant gift, it turns out most people are being sensible about it. In fact, 43% of taxpayers plan to put their tax refund into savings, while another 42% will use it to pay off bills.
Of course not everyone is sensible. The truth is, 13% of people plan to treat themselves to some sort of gift like electronics or jewelry, while another 13% will use it for an experience like a fancy dinner or vacation.
- And while we all have until April to get our taxes in, a lot of people aren’t waiting that long. In general, most people will file their taxes by February (35%), with 23% waiting until March, and only 18% of people waiting to file until April 15th or later, with the most common reason for waiting being a natural tendency to procrastinate (28%).
Source: Yahoo Finance