Everyone knows Ben Franklin's oft-quoted remark about death and taxes.
That pair showed up again in a recent poll from DealNews. In a head-to-head match-up of life's most frightening constants, almost a third (32 percent) of the survey's respondents said they feared doing their taxes more than death itself.
Now I'm all for a healthy respect for and acceptance of things we can't change, but yikes people. It's only taxes!
If you find your annual filing chore that horrifying, you'd best get a tax professional and soon!
At least Ben will be happy that his observation still has some perverse relevance to today's filers.
Dentists less scary, too: Another 23 percent who took DealNews' survey just as the 2014 tax-filing season was getting underway said they'd actually rather get a root canal than do their taxes.
A root canal? Really?
If the dental and death responses aren't an argument for tax reform, I don't know what is!
At least the poll query about refunds got less sinister replies.
Fifty-one percent of DealNews' readers said that they would save the majority of their refund. That's a 17 percent increase from last year.
And only 9 percent of poll respondents said they would spend their tax cash, down 13 percent from last year.
Refund amounts larger in 2014: How much money will those folks have to save or spend? Internal Revenue Service data through February shows that the average federal tax refund check is $3,034.
That's slightly larger (3 percent) than refund amounts issued at this point last year.
Most people view their payroll withholding as a forced savings account that they can't access until they file their annual 1040 forms.
But if you're living on the edge, paycheck-to-paycheck, you might be better served by adjusting your withholding and getting your tax cash throughout the year. That way you pay your rent and other bills without fear of late charges and credit rating dings.
Of course, everyone's tax situation is unique. If short-term savings account at the Bank of Uncle Sam works for you, fine.
But at least look at the possibility of getting your tax cash sooner.
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Phil Brumbaugh
I have had many experiences with people saying they would rather endure painful activities than file their taxes, as a CPA I cant see why you would rather endure pain than do a simple task…but as my wife always reminds me, its my job, so I know what I am doing!
For those that would prefer a root canal…go ahead and let a CPA do all the work for you!
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