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Yes, it’s that time of year again. Tax season is upon us and many of us are experiencing a high level of stress during this time of year as a result. While filing taxes will be stressful either way, there are definitely things you can do to make this time a little easier for yourself. Here are our tips to tackling your taxes this year.
Use a Tax Preparer or Software
If you have a lot of anxiety around the math portion of filing, do yourself a favor and hire a preparer or buy a software. Yes, it will cost you a bit of money, but that’s definitely worth not needing to stress about your tax calculations. Tax codes change often and are confusing for a reason. If you know that’s not your area of strength, do yourself a favor and invest in something like this.
Don’t wait until the day of the deadline to file; procrastination leaves no room for error and will also increase your anxiety. If you haven’t already, set aside time as soon as you can and get them filed sooner rather than later.
Learn Better Habits
If you experienced a lot of headaches while filing because you didn’t track your expenses carefully, let this experience help you grow into better financial habits. Start tracking your spending and expenditures more carefully. April is tax month, but it’s also Financial Literacy Month. Dedicate yourself to improving your financial health and develop better money habits so that unexpected incidentals, especially during tax season, don’t impact you as harshly.
Get an IRS Payment Plan
If your stress right now is related to the fact that you can’t pay what you owe by the deadline, don’t fret. The IRS offers three payment plan options that extend your deadline for repayment. You have to meet the eligibility criteria, but if you do, these options can afford you a lot more time to pay what you owe. Be aware that two of the three options come with interest penalties. Read each option and timeline carefully to see what works best for your circumstance.