Coping with tax-time stress

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For most people, the stress that comes with the start of the tax season can be overwhelming that some put off preparing their tax returns until they can’t put it off anymore.

So how does one deal with the emotionally taxing exercise called filing taxes?

Financial experts note that the best thing to do is to have a mindset that taxes need to be filed, whether one looks forward to it or not. And in order to feel better about the whole process, it is best to have all financial records organized at the onset of the tax season. Experts recommend gathering all financial documents—receipts, forms, checks, and statements— and making two categories out of them: income and investments, and deductions.

Another way to relieve the stress that comes with preparing tax returns is to avoid doing so at the 11th hour. It is highly recommended to file returns early. It is also best to prepare returns while listening to music or whatever else makes one feel relaxed.

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Asking for help from a family member, a friend, or a tax accountant can ease the frustration out especially when one is preparing returns on his own. It can be as simple as asking someone to be around to help track down receipts or hiring a professional especially for people with severe math anxiety.

Financial experts believe that it is not really taxes that get people highly stressed. For some people, money is a major source of stress, and during tax time, money takes center stage. To take off some of the resentment towards money, financial counselors recommend re-evaluating one’s financial habits and embracing better money management strategies.

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Visit this Karliner Tax Services Facebook page for updates on the 2013 tax season.