Tax Season Stress
By Valerie Mellema
Taxes photo © Brian Kelly BigStockPhoto
There's a popular saying that has been around for decades that says there are two certainties in life – death and taxes. It certainly goes without saying, that both of these causes immense amounts of stress almost to the point that there should be three certainty's in life – death, taxes and stress. This is definitely understandable for many people, especially as tax season approaches.
Tax season is another component of financial stress that is a huge cause of overall stress and poor health. Financial stress is also known for the toll it takes on marriages and is the leading cause of divorce in the US. Compound typical financial stress with tax season stress and you got a recipe for relationship disaster.
People don't always know how to correctly do their taxes and the IRS punishes them for this through big penalties. The whole prospect of a tax penalty makes the whole tax season very stressful and scary. Additionally, there is always the chance for an audit. This is an even larger source of stress.
However, there are some steps you can take to reduce your tax season stress. First and foremost, know what you're doing. If you're taxes are just for you as an individual, there are many free sites that will walk you through the whole process. You can also purchase software to assist you. If your tax situation is complicated, hire a C.P.A. to assist you.
Just as important as knowing what you're doing is to start early. You should be thinking about your taxes well before the year is over and the New Year begins. Take steps to make tax season easier on you as early as possible. Do not wait to begin your taxes until the tax deadline in April, when you can easily get them done in January. Plus, you'll find that you'll get your refund much earlier if you qualify for one, which can also help to reduce your financial stress.
If your tax situation is complicated, take baby steps to get them done in smaller parts. Work at it a little bit each night or on the weekend. If you need serious motivation, set yourself a schedule and goals to meet so that you get them done in a timely fashion. Also, think about all the financial stress relief you'll receive when you get your tax refund in the mail.
Once you're done with your taxes, reward yourself. Get out of the house and away from all that tax stuff. Take the family out to dinner or a movie so that you can completely get your mind off of your taxes.
Unless your tax situation is very simple, you'll probably benefit the most by simply hiring someone to do them for you. This won't completely eliminate the amount of work you need to do, but a C.P.A. will guide you through the process and tell you exactly what they need so they can get your taxes done in a timely fashion and the whole situation will be resolved quickly and as stress free as possible.
To make taxes easier next year, keep a system of tracking your records throughout the year so there will be less preparation for the next tax season.
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