Over Half of Tax Payers Find Tax Season Stressful
No matter where you live in the world, tax time is always a stressful time of year. In fact, one EU study found that over half of all taxpayers, private and corporate, began stressing the closer it got to the time they had to lodge their returns. Even sites like news.com.au offer tips on how to alleviate much of the stress that mounts the closer you get to tax season. If you suffer from tax season stress, here are a few tips that could help you step away from the 50 percent of taxpayers who throw up their hands in despair each year.
Procrastination Is Your Worst Enemy
Although 28 February is still half a year away, many Australians are already stressing over how they will file this year - and whether or not they will have the money to pay a professional tax specialist. The worst thing you can do is to avoid ‘thinking’ about taxes until the last moment. Keep your records updated regularly so that you have all your ducks in a row come lodging day.
Don’t Worry About the Cost of Professional Tax Specialists
It’s easier said than done when being advised not to worry about costs associated with tax preparation, but there really is a way to avoid the high cost of consultations. Why not file your tax return online at much less the cost of a brick-and-mortar accountant or tax specialist? Altogether too many people are already living hand to mouth even though the global economy has improved since the Great Recession but lodging your return online can save you a significant amount of money.
Don’t Let Time Be a Factor
Another reason so many people stress is that they haven’t slotted in time for keeping their records straight. Lo and behold, tax season arrives and it’s a mad dash to find all those receipts and invoices they failed to file accurately. If you schedule even an hour a week to go over the week’s paperwork and then file it accordingly, you will not experience the stress that comes as part and parcel with the ‘hunt.’ Some accountants suggest that you also scan every receipt and invoice so that you have a digital file in the event some catastrophe claimed your hard copies.
Periodically Browse the Australian Taxation Office Website
From time to time, the government may institute changes which could affect the way in which you file, the deductions you can claim, and other items important to filing your return. According to the Australian Taxation Office, the latest data showed that the average return was approximately $2,300 AUD last year and that is certainly nothing to stress over! However, if even the smallest change in their regulations alters the way in which you claim and lodge your tax return, you could encounter a significant wait whilst your return is denied until you make the appropriate corrections.
How much stress can these tips alleviate? By making fewer errors and better use of your time, you will not be subjected to the same degree of stress when it comes time to lodge that return. In other words, the best way to avoid tax season stress is to consider every season tax season and keep up with your records. In this way, you will be prepared when the end of February rolls around.
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