Tax season is one of the most stressful times of the year for everyone. Whether you are an accountant who is working over 80 hours per week or a single mother who is trying to file taxes and take care of children at the same time, it’s a time of year that is stressful for all types of people in all situations. But the stress doesn’t have to take over your life! Here are four steps you can take to help ease the stress of filing taxes.
One of the easiest ways to avoid stress during the tax season is to file your taxes early. Waiting to file your taxes until closer to the deadline increases your chances of missing a deduction or making a mistake, so taking your time will benefit you in many ways. One other benefit is that the sooner you file, the sooner you’ll receive your refund! You’ll also avoid having to pay a penalty fine for filing late.
Take Care of Your Body
Whether it’s because of long hours or because of stress eating, you’re most likely going to be doing a lot of snacking during tax season. One way to help yourself feel well throughout the whole process is to eat right, drink enough water, and get enough sleep. Good snack options include fruits, vegetables, and salads, which are all pretty simple to prepare and take to the office or keep at home. Keeping up healthy eating habits throughout your tax season will help your mind stay alert and will keep your energy levels up.
Figure Out a Payment Plan
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Another common source of stress during tax season is having to pay off any debts that may be owed to the IRS. By setting up a payment plan, the stress of having to pay off potential debt can become significantly decreased. If your debt is less than $50,000, you may qualify for a payment plan through the IRS directly, which is cheaper and more convenient than other payment plans out there. You can apply for this payment plan online.
File for an Extension
If you’re getting down to the wire and think you need more time to finish your taxes, you can file for an extension from the IRS. Anyone is eligible for a six-month extension by filling out the appropriate paperwork and submitting it to the IRS. Filing for this extension will keep you from having to pay any penalty fees, which can help eliminate extra stress. Some people are exempt from having to ask for more time to file their taxes, so check the IRS website to see if this exemption applies to you.
There are many stresses that come with tax season that everyone deals with. By following these steps, however, you can avoid any extra stress that may come from this time of year. Knowing your payment options as well as your IRS tax relief options will be a great benefit to you in the coming tax season. If you have major problems with your taxes, contact a professional. He or she will help you figure out the best way to take care of your taxes.