Reduce your Tax Season Stress with These 3 Tips

There is an old saying that surprised me when I heard it for the first time: “I’m proud to pay my taxes!” But I quickly understood the saying wasn’t over yet. “But I could be just as proud for half the amount” – and instantly everything fell into place again.

But tax – paying is just a part of what we hate in a tax – season. Time, that is the time needed to conclude all tax – return procedures, is equally irritating.

Tax experts have recently estimated that a typical medium – sized business needs at least 264 hours to properly bring off all its tax planning and related procedures!

Most of us are already bewildered by innumerable tasks and obligations, and the idea of making time to tend our tax related issues seems like a torment that we usually postpone for as much as possible.

That’s actually a big mistake that will probably get us in trouble and, in fact, robs time from our busy schedule rather than saves it. Because we are panic stricken we fail to understand that tax issues are just another task that can be easily dealt with the proper guidance.

Believe me I fully understand what you are going through because I’ve been there more than once. That’s why I’ve written down 3 ways to efficiently reduce your stress and transform this seemingly impassable tax labyrinth into smaller tasks that can be easily dispensed with.

1. Group all similar tasks together.

Just take a minute and think: while preparing your tax documents, what tasks will you have to perform again and again? Making calculations? Arranging receipts and invoices?

Whatever the case, the best thing to do is group them together and perform all similar tasks at once. It has been proven that repetition forms a kind of muscle memory. For example, if you have to perform calculations on your calculator and decide to do the whole lot of them, you’ll find yourself becoming faster and faster, having the feel that your fingers are almost automated and do not require any thinking at all. Of course, all this will be gone if you break it up by answering phone calls or arranging some papers.

Or you may have in front of you a pile of invoices and receipts that need to be sorted out and organized into different categories. Don’t hesitate. Breathe deeply, start working and you’ll quickly get the hang of it. Don’t allow other tasks to interrupt you, forcing you to recall again and again what you were doing, unless, of course, you need a break.

Batching avails you a lot more: it obviously helps you remained focused. Concentration fuels your brain and intellectual perception and you will enjoy seeing yourself becoming more and more efficient.

2. Organize them into “hard” and “easy”. 

That’s a truly excellent idea for increased productivity. Organize your work into “hard to do” and “easy to do” tasks and concern yourself with the first only when you feel you have all the necessary energy and patience. On the other hand, preserve the less challenging ones for times when you feel kind of drained.

Of course, what is harder or easier to do is kind of subjective, but, as a rule, understanding the new tax instructions could be hard even for Steven Hawking! So, just leave that aside and deal with it when your mental batteries are fully charged. On the other hand, do not waste your most productive hours in trifles and fillings. If mathematics were never your thing, calculating will prove rather difficult. If you love it, it’s just a breeze. So program your tasks accordingly.

3. Be realistic. 

Realism, tax planning and tax organization are seldom a working combination, but a calm and realistic state of mind will contribute to your productivity. During tax season nothing is easier than complaining about injustices in the tax system, tax snares, rates, tax code ambiguities, poor public services and so forth.

Sadly, irrespective of how justified your complaints are, all this murmuring will only waste your time and energy that should be invested on the already challenging task in front of you. So, it’s better to try and be realistic: just accept what can indeed be changed and concern yourself with the rest.

On the other hand, there are other options to consider when it comes to tax planning. Other options also include other countries! For example, Cyprus, an island which is well known for its lucrative tax benefits such as the 12.5% corporate tax rate. Therefore, you might also want to find out more about tax planning and tax consulting in Cyprus.

 


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October 6, 2016 Reduce your Tax Season Stress with These 3 Tips