Posts Tagged ‘Stress’

Manage Your Stress By Managing Your Tax

Sunday, July 4th, 2010

For many Americans, April 15th is the most stressful day of the year. The date when federal taxes are due can strike fear into the hearts of the most stoic taxpayers.


Writing that yearly check to Uncle Sam can be quite distressing, especially if you find you owe more than you thought you would. What can be especially troubling is that the stress can stay with you, year in and year out.


But for many people, the stress begins long before the filing deadline. It may occur as early as December when the tax forms first arrive in the mail. Or it may happen when your W-2 form comes across your desk at work.


It may happen when you hear about tax season on television. Even getting your yearly interest statement from your bank might be enough to put you over the edge.


You may know some people who seem completely relaxed when tax time rolls around. It seems that they have everything in order, and they have little to worry about. For such people, tax day seems to be a virtually stress-free experience. You’ll find them whistling through the hallways at work while you’re hunched over your calculator, wondering whether you can pay your tax bill.


You need to realize that you can handle the stress of tax season without going ballistic. However, this means that you must be pro-active when it comes to handling your taxes. A little bit of planning can go a long way to reducing your taxes and your stress level.


To begin with, it could help you immeasurably if you seek the services of a financial planner. He or she can help you to take control of your finances, which can reduce your stress level considerably. Also, the financial planner can help you to employ certain strategies which will enable you to reduce your tax bill.


Next, you have to seriously consider whether it will do you any good to do your taxes yourself. While figuring out your own tax bill can give you a feeling of control, it can also increase your stress level tremendously.

Therefore, you might seriously consider hiring a tax accountant to handle the stress of your taxes. While such a move will not eliminate your stress entirely, it can seriously reduce it.


Keeping folders of all the documents you need for filing your taxes can also lessen your stress. If you keep the folders current throughout the year, you will not be in a mad rush at tax time to find the papers you need to file your return. You might consider color-coding the folders for easy reference.


Also, keep the folders in a central location. While a filing cabinet might be the best solution, you might also consider a hope chest, an end table, or a desk drawer. And be sure to keep all your records for at least three years in case a question arises about your return later on.


Another strategy for reducing your stress is putting an end to procrastination. While it might be tempting to wait until the last minute to file your taxes, it only increases your stress level. If you file your taxes long before the due date, you can rest easy when April 15th rolls around. You might be amazed at how much easier it is to deal with tax season when you’ve done some advanced planning.


If you find yourself facing a large tax bill, chances are you will feel stress, no matter what time you file. Therefore, you might consider opening a savings account specifically earmarked for taxes.


This way, you can save for tax day throughout the year. Another option is to increase your withholding on your weekly paycheck so that you don’t have such a huge bill to pay at the end of the tax year.


There is no reason to become overly stressed over taxes. They are a natural part of American life, the means by which the government is able to function. If you take a few pro-active steps, you can significantly reduce tax-related stress. It may be hard at first to break old habits. However, once you do, you might be amazed at how relaxed you feel when April 15th rolls around.

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3 Situations That Require a Tax Attorney

Wednesday, January 27th, 2010
texas tax attorney
Hopefully you will never require the services of a tax attorney, although it’s never a bad idea to consult with one on a regular basis in order to have him or her review your files and make recommendations. But if you do in fact require the services of a tax attorney, make sure you spend some time interviewing various attorneys in order to find one who can address your unique needs and with whom you feel comfortable. And before you choose to use the services of a CPA or bookkeeper instead of a tax attorney, remember that a tax attorney is required to keep all of your information confidential while a CPA is not. Here are some situations in which you may find yourself that require the services of a tax attorney:

1. Audits. This is the most obvious reason for hiring a tax attorney. If you find yourself subjected to an audit, the IRS has noticed a problem with your tax return. Whether you prepared your taxes yourself or hired someone to do it for you, now is the time to hire an attorney. An attorney can help you navigate the audit process and can advocate on your behalf.

While the IRS would like you to believe that tax laws are black and white, they really aren’t. A tax attorney knows this and can ensure that those various shades of gray work on your behalf by using loopholes and an intimate, up-to-date knowledge of tax laws. A tax attorney will also field any correspondence and phone calls from the IRS, which can remove a lot of stress from you and free up a lot of your time. IRS agents are intimidating and use strong language to scare taxpayers into simply giving them everything they ask for without putting up a fight. Tax attorneys aren’t intimidated by auditors, however, and can talk to the auditor in your stead.

2. Back Taxes. People who try to work with the IRS without the help of attorney typically end up paying a larger fraction of the taxes they owe than do people who get the help of a tax attorney. Because the information you provide to your attorney is privileged, you can confide in your attorney about exactly why you didn’t pay taxes in the first place. With that information, the attorney can work to get you the best possible outcome.

3. Business Ownership. If you own your own business, a tax attorney can help ensure that you set up your assets in accordance with tax laws. This means that you can potentially save thousands of dollars in deductions and can help you rest easy knowing that you’re doing everything by the book.

If you find yourself in one of the above three categories, you should enlist the services of a tax attorney right away. There is no way to overestimate the help that they can provide and the good that they can do on your behalf. Whether they simply answer a few phone calls for you and respond to a few letters or actually defend you in court, the services they provide can save you a lot of money and heartache. Audits and back taxes aren’t the end of the world, but they can sure seem like it when you find yourself in the middle of one of these sticky situations. They can be overwhelming and cause you to feel like the whole world suddenly has access to the details of your life. But a tax attorney can mitigate that awful feeling for you, and you’ll just feel more at ease when you realize that you have a professional advocating for you. And even if you haven’t had any IRS trouble, consider consulting with a tax attorney anyway just to make sure you avoid any potential trouble in the future. The cost of using a tax attorney is minimal compared to the cost that you might accrue by representing yourself in front of the IRS.

By: Seomul Evans

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President Obama’s Tax Debt Relief Program – Reason With The IRS And Settle Your Tax Debt

Sunday, December 20th, 2009
tax debt relief
It might be tempting when you find out that you owe a large amount of back taxes to try and avoid paying them. With all the stress that accompanies doing that it won’t be worth it. There are other options out there for you to try. We are not talking about bankruptcy or a loan, it is something else.

If you really are in a tight spot and you are struggling with all of your other bills let alone your back taxes, then perhaps you may consider applying for a settlement. You can use an agent or lawyer, or you can complete with process by yourself through the government’s instructions. In doing this, you can make them an offer of what you can afford. If the amount that you can afford is nothing, then have enough proof to back it up. Settling sometimes can be a lengthy process, but at the end there is usually a little less debt to worry about.

This settlement procedure is better than having to declare bankruptcy by far as it will not ruin your credit. It will not get rid of all of your debt, but it will considerably help with it. It is also better than a loan because in taking out a loan you will have to pay even more money back. Though it has a slightly bad reputation for various reasons, maybe because of a bad lawyer or insufficient proof, settling your debt with the IRS is possibly the best way to go if you are caught in a trap.

By: Lindsy Emery

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