Texas and California - the country's two largest economies and most substantial economic foes - may be similar in a somewhat unexpected way: tax procrastination.
According to TurboTax's annual list of the nation's most tax procrastinating cities, seven out of the top ten are in either Texas or California, with the Lone Star State earning the top spot, Houston, as well as two other cities in the top five: Austin (No. 4) and San Antonio (No. 5).
"Houston had the highest percentage of residents who waited until the final two weeks of the 2010 tax season to file their returns … making this city the biggest tax procrastinator for the second straight year," writes Seth Fiegerman for The Street. "What's more, the city has taken the top spot five of the past 10 years, making it the undisputed king of tax procrastinators."
The tax payment service estimates that more than a quarter of American taxpayers wait until the last two weeks of the season to file their returns.
While there is no penalty for waiting until the last moment to file one's returns - as long as it gets done - entrepreneurs looking to incorporate in California or Texas would do well to embrace some degree of organizational efficiency, and a good place to start would be with taxes.
Tags : ca, incorporation news, taxes, tx
Posted: Apr 4th, 2011