The stress of tax season is nothing more than one big headache for millions of Americans--quite literally. Tax time brings on added stress, and many of us need to take precautions to avoid serious headaches. According to the National Headache Foundation, an organization dedicated to funding research and various treatment options, stress is one of the leading causes of headache pain, especially stress brought on by financial anxiety. The Foundation says stress can activate profound, chronic headache pains and should be taken very seriously.
Address the Stress Stress factors--anxiety, depression, excitement, worry, shock, and mental fatigue--are commonly associated with tax time. If you find yourself becoming stressed-out, particularly during this time of year, you may want to practice some of the following Foundation tips. These may help to control or prevent the severity and duration of your tax-time headaches:
Casualties of Accounting All this works for the those who file, but consider the stress that is magnified and placed upon the tax preparer. Most of us never learn about taxes in school and simply hire professionals to fulfill this civic duty. What better way to handle tax-season stress, we figure, than to pay someone else to worry about it.
"This is the season that makes or breaks an accounting firm," says Reed. "For some firms, it's like their whole year. Everything they do fits into these two months. Their objective is to take on as much as they can and never say no to a new client. They are under a tremendous amount of pressure to satisfy everyone they take on."
It's no wonder that accountants seem prone to chronic exhaustion, both physical and mental, during tax time. "Some of them look like they've been through war," Reed adds, "and a few even quit after the season is over.
Perks! Give Us Perks! A few accounting firms take a more strategic approach to preventing health casualties. Firm managers have sought alternative, if not outrageous, solutions to boost their employees' emotional wellness and contentment during the strain of tax season. Some of the most innovative approaches are summarized below:
There's Always Next Year As for the regular Joe or Jane, who may just need a little relief from filing returns, planning ahead is the most important way to get your tax season stress under control. And there's no time like the present: Begin planning ways to reduce your stress for next year's tax season.
For one thing, you should be aware of the tax aspects of all your financial moves throughout the year. Tax planning involves far more than an annual scramble to defer income and boost deductions. Take advantage of any tax-deferral strategies that you are entitled to. "Tax-deferred" simply means you delay paying the tax. "Tax-free" means you will never owe tax. Tax-deferred savings plans, like 401(k)s and individual retirement accounts, allow you to invest money and let it grow without paying taxes--until you reach retirement age and withdraw it.
