This year’s tax season is in full swing. That means lots of paperwork, deadlines, and inevitably tons of stress. Whether this is your first time filing taxes or your twentieth, there is no escaping the anxiety related to tax season. But, why is tax season so stressful in the first place? And what can we do to reduce the levels of anxiety and stress during this season?
Tax Season: The Breakdown
Also known busy season for accountants, tax season is the three-four month period at the beginning of the year when all wage and earning statements are collected to assemble tax returns. A tax return, or refund, refers to the amount of money in taxes you overpaid throughout a fiscal year.
Who Needs to File?
According to the United States official guide to government and information, “You may not have to file a federal income tax return if your income is below a certain amount. However, you must file a tax return to claim a refundable tax credit or a refund on income tax withheld.”
When Is the 2019 Tax Season?
In the United States, tax season lasts from January 1 and April 15 of each year. Despite the government shutdown at the beginning of 2019, tax season this year will resume as previously anticipated with individual taxpayers needing to prepare financial statements and reports for the previous year by April 15.
How to Avoid Tax Season Stress
For many families, tax returns are a vital part of their financial stability and goals. Doing your taxes correctly and on time can help you book your next vacation, pay off your mortgage, or finance your new car. Because there are significant implications associated with tax refunds, many people filing taxes often experience high levels of stress, pressure, and anxiety during this season. In fact, more than half of American adults experience tax season stress according to a survey by TaxSlayer survey, which found that an estimated 52% of U.S. tax filers find the process stressful.
If you belong to that majority feeling stressed about getting their taxes done, there is some good news for you: tax season does not have to be so stressful! There are various steps you can take to make the whole process go smoother and here’s how to start.
Much of the stress related to tax refunds come down to feeling unprepared to handle your returns correctly. If you are filing taxes, the first step to take is to do as much research as possible. When is the last day to file? What documents do you need? Do you have to hire someone to do it for you?
Don’t feel embarrassed to ask your peers or employers for advice or recommendations. Their returns may be similar to yours, so asking for their input may be a smart move.
Once you have compiled all necessary research to file your tax returns, it is imperative that you organize your schedule to make space for all things taxes. As tedious as it sounds, creating a calendar for your tax returns may be the easiest way to get organized and ensure you complete your tax returns on time. Completing your tax forms and submitting your returns may take more than a few days if you are doing it yourself. Schedule some time on the weekends or after work to work on your returns. If you need professional help, schedule a call or meeting with a consultant as soon as you can.
Get Professional Help
Perhaps you heard your coworkers talking about the latest tax software they used to file their returns, which may have gotten you wondering “Should I do my taxes on my own?”
While many choose to file their own taxes without any outside help, not everyone is properly equipped to do so. If you are not too familiar with the process or feel uncomfortable filing your own returns, consider scheduling a meeting with your accountant or a professional tax preparer near you.
Whatever you do, do not procrastinate! The best way to reduce tax season stress is to get your taxes done as soon as possible. Sure, tax season lasts about four months, but that doesn’t mean you should feel stressed for that long. Besides, getting your taxes done early anticipates any inconveniences that may occur.
Reduce Anxiety naturally
If tax stress is affecting your daily productivity and emotional health, it would be wise to consider natural supplements like CBD products. Also known as cannabidiol, CBD works in tandem with receptors in your body to promote a healthy endocannabinoid system (ECS). Studies suggest a healthy ECS may be able to reduce stress and anxiety by regulating the production of serotonin, a neurotransmitter linked to feelings of happiness and well-being. For more information on CBD oil and other products, click here.
If you want to learn more about tax season and how to file your taxes properly, follow this link.