Are you stressed about your business taxes and looking for a tax consultant? You are not alone. Tax season stress doesn’t have to be an annual occurrence. Here are some of the causes of the stress and the things you can do to cure your tax preparation stress:
MONEY = STRESS
Money is a major source of stress in people’s lives. What tax season does is shine a great big spotlight on the issue. According to psychologists, money takes center stage at tax time. Even if you may have been able to push it into the wings during the rest of the year, it comes back with a vengeance in Spring.
MARRIAGE + TAXES = STRESS
Money is also consistently among the top causes of marital contention. For example, if one partner in a marriage is a spender and the other a saver, it could result in resentment and anger between the two. During tax time, partners are forced to examine their habits and how these habits are affecting their quality of life together.
FEAR = STRESS (A Tale of Two Fears)
Fear of the unknown: Did you start a new business in 2016 and don’t understand how the taxes are being calculated? Do you know what your tax bill will be in April this year? Or do you know you should have been making estimated tax payments on your business income? Did you not pay your estimates because you didn’t know how much to pay and you didn’t want to pay too much? Do you have an existing business and you are still paying off last year’s taxes?
Fear of the IRS: Evidence shows that people won’t even take the most common tax deduction because they are paralyzed with fear of the IRS. Some people who have been through a particularly tough IRS audit actually suffer from post-traumatic stress syndrome for years after the audit, especially during tax season.
What You Can Do To Get Some Stress Relief:
- when you work for yourself, you have to create your own structure and pay attention to how you are spending your time.
- when it comes to maintaining your records during the year, set aside a little bit of time each month to work on your business records.
- have a plan with small measurable goals and a timeline so you can feel in control of your taxes.
- be accountable to someone so that you stop procrastinating.
- reward yourself if you stick to your plan and achieve the goals.
- keep balance in your life with regular exercise, healthy eating, and regular prayer/quiet/meditation time.
- Get a business bank account.
- Use a separate credit card for only business expenses.
- Try out an expense tracker phone App.
- Set aside tax every month based on your revenues.
- Set up a comfortable place to work on your business books and records.
- Create simple systems for tracking and filing your business transactions, purchase the software you need and don’t skimp.
Interview and Hire the right CPA firm:
- Many times just speaking with a friendly CPA tax consultant will relieve a lot of stress.
- The right CPA will understand your stress, make you feel comfortable and become your trusted tax advisor and friend. They have seen hundreds of clients that are feeling the same stress as you are.
- The right CPA will help you with your business taxes and in most cases will save you much more in taxes than their overall fees, offering a free initial consultation as well.
If you’re looking for a remedy to your tax preparation stress, call Williams & Kunkel CPA today in Flower Mound at 972-446-1040 to have a chat.
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Source: Beth Williams