Which Group Describes You? | Tax Tip of the Week | No. 203

One in Three People Likes Doing Income Taxes 

The following is an interesting survey we came across recently:True, most Americans (56 percent) have “a negative reaction” to doing their income taxes and 26 percent say they “hate” doing them – but there’s still 34 percent who also say they either like (29 percent) or love (5 percent) doing their taxes, according to a pre-Tax Day survey of 1,003 adults done by the Pew Research Center.When asked why they like doing their income taxes, 29 percent of respondents said that they expect to get a refund, 17 percent “just don’t mind it” or they are good at it, and 13 percent said that doing their taxes gives them a sense of control. The same percentage cited a feeling of obligation.Other, detailed findings:•Among those who dislike or hate doing their taxes, most cited the hassles of the process or the amount of time it takes: 31 percent said that it is complicated, requires too much paperwork or that they are afraid of making mistakes, while 24 percent said that it is inconvenient and time-consuming.•Twelve percent said they dislike doing their taxes because of how the government uses tax money. Five percent of those who dislike or hate doing their income taxes said that it is because they pay too much in taxes.•Forty-one percent of those with family incomes of less than $30,000/year said they like or love doing their income taxes, compared with 30 percent of those with incomes of $75,000 or more.•Three out of five Republicans said they dislike or hate doing their taxes.•Among Independents, 62 percent dislike or hate doing their taxes and 31 percent “like or love it.”•Among Democrats, 46 percent either dislike or hate doing their taxes, while two out of five like or love it.•A third of Americans surveyed said they do their own taxes, while 56 percent said someone else prepares their taxes.No matter which group describes your attitude about preparing income tax returns----we are here to help when you need us.

As always, give us a call with any questions or concerns you may have.You can contact us in Dayton at 937-436-3133 and in Xenia at 937-372-3504.  Or visit our website.Rick Prewitt - the guy behind TTW...until next week.