Photo Credit: Alonzo J. Adams/iStock

Text Size:

Most people want to get their taxes out of the way, but they don’t want to put in the time needed to work on those taxes. Instead, many people put them off, thinking that they can work on them tomorrow, next weekend, in April. Spend some time educating yourself about tax season so you’re ready, and you'll avoid a great deal of unneeded stress. You can also go to online forums to get information from others who have been in your situation.

Some resources to help you deal with your tax season stress include the following:

• About.com: Reducing Tax Season Stress
• Motley Fool Community Board: Tax Strategies
• J.K. Lasser’s 1001 Deductions and Tax Breaks 2009: Your Complete Guide to Everything Deductibleby Barbara Weltman
• The Ernst & Young Tax Guide 2009 by Ernst & Young LLP
• Surprisingly Simple: Independent Contractor, Sole Proprietor, and LLC Taxes Explained in 100 Pages or Less by Mike Piper

Once you know what documents you need and what forms you need to fill out, you can begin to daydream about the time after taxes. Just don’t let that keep you from working on them! You’ll need to do your due diligence during tax season to make sure you’re filing properly and to keep from paying too much in taxes. Deductions are also important because they reduce your tax burden based on your family size, mortgage interest, investments and other factors. Learning how to get the most deductions can help you save significant money.

If you miss the filing deadline for your taxes, it can be stressful. Besides not having the money to pay, you may have waited too long to get everything together, or you have other concerns when it comes time to reconcile with Uncle Sam. In that case, the best option is filing for an extension. Internal Revenue Service: Extension of Time to File Your Tax Return

Comments / Post a comment