Do you suffer from tax-related anxiety? (Is the Pope Catholic?) There’s no need to worry. There are so many who suffer from overwhelming fear or concern regarding their tax

returns as well as their tax bill. IRS, which is why Psychology Today created a word that describes the problem called erotophobia. It’s not just naive anxiety; many individuals are sifting through bureaucratic complexities regarding their taxes and other governmental obstacles.

Sometimes, the expectation is greater than the fact. Many worry about being in jail, and Credit Karma reported that only 0.9 per cent of businesses were reported because of the purpose of an IRS audit (excluding the returns of S-corporations). In the absence of any anxiety about audits, let’s look at why businesses suffer from tax stress and review some tips to assist you in preparing and filing your taxes. You’ll also learn to avoid the dangers of putting off filing your taxes so that costly tax penalties don’t snare your business.

Tax season is full of confusion, cash, and pressures. More than half of Americans (47 percent) worry when they receive any communication from the IRS; almost three-quarters of Americans (29 percent) are worried about being subject to audits. However, it doesn’t have to be this way! There are three methods to ease the stress of tax time and reach a state that is “tax zen.”

1. Review your finances and your feelings.

Consider this question: What aspects of tax season do you fear? What steps can you take to manage and reduce your anxiety? Here are some ideas:

Keep track of your money flow. Knowing how much money you have coming in and out each month is a great method to reduce anxiety.

* Understand your overhead costs. When you review your financial statements, keep track of the business overhead items (labour software subscriptions, transportation, inventory) and what you spend on personal items. When you separate, the expenses will allow you to determine what fees you can deduct as a business expense.

Make sure you know when sales tax is due if you’re in online sales. The state determines the filing frequency you reside in, which can be due each year, every quarter or even weekly. Set a date for the sales tax when it is due to save yourself penalties and interest due to late filing. Pay attention to the self-employment tax when you’re the sole proprietor. I’ve noticed that putting aside 30 per cent of your earnings to pay taxes can provide leaders with peace of mind regarding the end-of-the-year taxes, even if they aren’t sure of the exact amount. You can also reduce some of your expenses.

2. Be aware of your tax landscape.

Tax language can be complicated. Sometimes, it appears confusing, like you’re fighting for your life. However, in reality, you don’t have to be a CPA to know your taxes. Understanding is power and the time to learn about the tax laws is a huge benefit.

Learn about the differences between end-of-month and quarterly taxes. Are you a sole proprietor? You will likely be accountable for tax on income, self-employment taxes, and estimated tax, along with Social Security and Medicare taxes. It is also possible that you will be required to submit the Annual Report or pay a business license cost.

Don’t reinvent the wheel. There are a lot of resources available to help you to get your finances in good order.

3. Sort your bookkeeping into smaller pieces.

Many small-business owners feel overwhelmed when it comes to tax time. Instead of sitting in a chair to review your financials every quarter or waiting till the Federal tax holiday comes around, spend at least an hour or two every week reviewing your financials. It is important to ensure that all your income and expenses are in line with the cash in your account every month, so you don’t face unpleasant surprise expenses. You are giving yourself enough time to check any missing forms and catch any tax mistakes before it’s too late.

It’s usually the most straightforward. What’s the best method to beat the tax season anxiety? Begin early. The better you can get control of your finances throughout the year you will feel less anxious and uncertain when the month of April arrives. With these tools and strategies in your head, you could be able to skip the sweaty palms and be looking towards spring.

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