How to Cope With Tax-Time Stress
Many people find that the anticipation of filing taxes is more stressful than the actual process. To alleviate this, file your taxes as early as possible so you can put the task behind you. If you’re not sure how to file, there are many resources available to help, including free online filing software, tax preparation services, and IRS publications.
2. Get organized
If you’re feeling overwhelmed by the prospect of filing your taxes, take some time to get organized first. Gather all of your tax documents, including your W-2s, 1099-INTs, and 1099-DIVs. You’ll also need to have your Social Security number, bank account information, and a copy of last year’s tax return on hand.
3. Estimate your tax liability
Once you have your tax documents organized, you can estimate your tax liability. This will help you to know how much you will owe or if you will receive a refund. There are many online tax calculators available to help you with this.
4. Set aside money for taxes
If you’re going to owe taxes, it’s important to set aside money to cover the amount due. This will help to avoid any penalties or interest charges.
5. File an extension
If you’re not able to file your taxes on time, you can file an extension. This will give you an additional six months to file.
6. Claim all of your deductions
Make sure you’re claiming all of the deductions you’re eligible for. This can help to reduce your tax liability.
7. Get professional help
If you’re feeling overwhelmed by the tax process, it may be helpful to get professional help. A tax preparer can help you to file your taxes correctly and maximize your deductions.
8. Take some time for yourself
Filing taxes can be stressful, so it’s important to take some time for yourself during the process. Go for a walk, listen to music, or do something else that helps you to relax.