HOW TO SURVIVE TAX SEASON

It’s that time of the year again! W2s have been mailed out and tax season is right around the corner. If you’re like the majority of people, tax season can be a major source of stress for you and the people around you. Thankfully, there are steps you can take to reduce the stress caused by tax season.

Reasons Why Tax Season is so stressful:

1 Money:

Money is one of the most common things that people worry about. For those of us that bury our heads in the sand about our spending, tax season can be a huge wake up call, as it throws into the spotlight how much money you are spending and your earning potential for the year.

How to Reduce the Stress:

Get organized! Make a budget plan and analyze how much you want to make vs how much money you want to spend.

2. Relationships:

Not only can tax season be a huge financial eye opener to your own spending habits but it can also be an eye opener when it comes to your partner’s spending habits. Money can be a common source of stress amongst couples, being cited frequently as the most common subject a couple argues about.  This means with tax season approaching, and the spending for the year illuminated, a relationship storm might be on the horizon.

How to Reduce the Stress:

Have an open and honest talk with your significant other about your spending habits and plan out what you want to change and what your spending habits are for the upcoming year.

3. Not being able to pay the tax fee

For those of us that might owe money this year instead of getting a refund, it might be a scary prospect if you don’t think that you will be able to afford to pay the government back. However- don’t panic too much! There are a lot of different options and payment plans that are being offered.

How to Reduce the Stress:

Pursue all payment plans and pick the one that fits best within your budget.