10 Ways to take the stress out of tax season

It’s nine o’clock on April 14, and Angela V. has hit a snag. She’s been plugging data into her tax preparation software for about half an hour when she realizes she’s missing a 1099-DIV form. Her anxiety rises since it’s too late to call anyone, and she can’t find it online. She feels a headache coming on.

Tax season is stressful for everyone, but it doesn’t have to be a nightmare. Angela could have avoided her problem with a few simple steps: starting earlier, keeping track of necessary forms, and leaving enough time to address mistakes and gaps.

Approaching tax season the right way: 10 tips to reduce stress

To make your filing season more manageable, here are 10 simple tips for avoiding a meltdown. You may never enjoy doing taxes, but at least you won’t want to climb the walls.

1. Start early

You should receive all necessary tax documents by the end of January. That means you have three months to complete your return. The number one way to reduce your stress is simple:  use this time. Starting early gives you more time to gather all the necessary information and reduces the chances of making mistakes due to rushing.

2. Create a checklist

You can keep tabs on what tax documents you have and what you still need by creating a checklist. Check off W-2 forms, 1099 forms, receipts for deductions, and other documents as you receive them. Be sure to get in touch with the issuer if you’re missing anything.  

3. Organize your documents

Don’t just leave important tax documents in a pile of unread mail. Keep them in one place such as a folder or a designated drawer. Make sure you include all relevant documents such as income statements, investment statements, receipts for deductible expenses, and forms from employers.

4. Use technology

Your tax preparation software can help you organize your documents and streamline the filing process. These tools can help you keep track of deductions, calculate taxes owed, and file electronically.

5. Stay informed

New deductions pop up all the time such as the clean energy credits created in the Inflation Reduction Act of 2022. It’s important to stay ahead of tax law changes and make sure you have the documents you need to take advantage of them.

You can stay informed by checking the IRS website regularly, or you can ask your accountant or tax professional if there are new provisions that may affect your situation. This can help you avoid any surprises or mistakes when preparing your taxes.

6. Break it down

You don’t have to do your taxes in one sitting. Break the tax preparation process into smaller manageable tasks and tackle them one at a time. This can help prevent feelings of overwhelm and make the process more manageable.

7. Set deadlines

April 15 should not be your only deadline. Create a timeline for key parts of your tax preparation process like collecting documents, organizing receipts, and doing a preliminary run-through of your taxes. Mark these dates on your calendar. This will help you stay on track and ensure you have enough time to complete everything before the filing deadline.

8. Ask for help if you need it

If you're unsure about certain aspects of tax preparation or have a complex tax situation, don't hesitate to seek help from a tax professional. They can provide guidance and ensure your taxes are filed accurately.

9. Look it over again before filing

Before submitting your tax return, take the time to review it carefully to confirm all the information is accurate. Double check calculations, deductions, and personal information to avoid errors or potential audits.

10. Start planning for next year

Think about what went right this year in your tax filing process and what created problems. Use these insights to put systems in place that will make next year's tax filing process even smoother. Keep track of lessons learned and implement changes to improve your organization and efficiency for future tax seasons.

Tax season doesn’t have to be anxiety season

It’s normal to worry about taxes. Many people wonder whether they’re filing correctly, getting all the breaks they deserve, and if they’ll be audited. You can minimize stress by taking simple steps to start early and get organized. This measured approach can help give you peace of mind while reducing the likelihood of mistakes and providing more time to explore tax savings strategies. Why not get started today?  

This article is provided for general informational purposes only. Neither New York Life Insurance Company, nor its agents, provides tax, legal, or accounting advice. Please consult your own tax, legal, or accounting professional before making any decisions. 

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