There are only eight more days before this tax season comes to a close on April 15th. The IRS expects more than 144 million individual taxes returns will be filed this year. If you haven’t submitted your taxes, don’t worry we have some tax advice. You aren’t the only one. The IRS reports that 20 percent of Americans wait until the last week to file.
In this crunch time here is some mindful, last minute tax advice:
Taxes have been around for 5,000 years and was essential to life in ancient Mesopotamia, Egypt, and Rome. Taxes have become more complicated over the years (in the past taxes were paid by delivering a cow or sheep), fortunately technology helps simplify the process. Since 2010, more than 70 percent of Americans are filing electronically. You can file taxes from your phone or with computer programs. Consider TurboTax. If you file through them, they guarantee the return and will pay for all fees if you get audited by the IRS.
What’s the key to a large refund? It’s researching and learning all the tricks of the trade when it comes to tax deductions. Some commonly missed deductions include travel expenses (such as gas or bus fare) to health care providers or volunteer/ donation expenses (like the travel costs to your local Salvation Army or the cost of ingredients you used to create those pies for the charity bake sale).
You’re Not Alone
As previously stated taxes have gotten more complicated over the years. With the difficult tax codes and the ever changing tax laws (changes to tax laws have occurred 45 times in the past 48 years), filing taxes yourself can be overwhelming. More than 60 percent of Americans seek professional help with their taxes. This will not only insure your sanity, but it will also guarantee that you get the largest refund possible.
No matter how many times an American has filed before, taxes can be taxing on your health. According to some reports during tax season many Americans experience anxiety, insomnia or even bruxism (teeth grinding). If the last minute pressure of taxes is getting to you follow these three Mindful tips.