Tax season often brings about more than just the task of filing returns; it can also trigger significant stress and anxiety related to personal finances. Here’s how to navigate through tax season while minimizing stress, according to experts.

Breaking Down Financial Stress

Financial wellness expert Joyce Marter emphasizes that tax season exacerbates existing financial stress for many Americans. Understanding this common experience can help individuals realize they’re not alone in their concerns.

Emotions and Finances

Lindsay Bryan-Podvin, a financial therapist, points out the intricate relationship between emotions and financial well-being. Recognizing this connection is crucial in managing stress during tax season.

Don’t Avoid, Plan Ahead

Dr. Tanya Farber, a psychologist, advises against avoiding financial tasks due to anxiety. Instead, she suggests creating a detailed plan to tackle taxes step by step, starting with gathering necessary documents like W-2s and investment records.

Essential Documents for Tax Filing

• W-2 or 1099 forms
• Savings and investment records
• Eligible deductions and tax credits

Confronting Fear

Fear of making mistakes or owing money can paralyze individuals during tax season. Farber recommends evaluating the likelihood of these fears materializing, as they may be exaggerated in one’s mind.

Prioritize Self-Care

Bryan-Podvin emphasizes the importance of self-care activities during stressful periods. Engaging in activities like exercise, spending time with pets, and ensuring adequate sleep can help alleviate tax-related stress.

Seek Support

Discussing financial concerns with friends or family can provide valuable support and resources, reducing feelings of isolation and shame. Professional support is also available for those experiencing mental health struggles.

Mental Health Resources

• Dial 211 for confidential and free mental health assistance in the U.S.
• Veterans Crisis Line: 1-800-273-TALK (8255)
• Crisis Text Line: Text ‘Home’ to 741-741
• The Trevor Lifeline for LGBTQ Youth: 1-866-488-7386
• The Trans Lifeline: 1-877-565-8860

Conclusion: Prioritize Your Well-Being

As tax season approaches, it’s essential to recognize and address the potential stressors it may bring. By implementing proactive strategies, seeking support, and prioritizing self-care, individuals can navigate through tax season with greater ease and well-being.

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This article is adapted from an original piece by Adriana Morga published on April 13, 2024, by NEWS.ORG 7 Eyewitness News.

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